JD Journal » Linklaters LLP

Linklaters LLP to Issue Staff Restructure Plan

jim — Fri, 09 Dec 2011 23:51:36 +0000

Linklaters LLP, based in the United Kingdom, has announced that it is making preparations to drastically restructure its partnership. This includes its partnership with close to 35 partners, which comes out to 8 percent of the law firm’s total equity partners. These 35 partners could wind up leaving the firm according to reports on Law360 Thursday.

The firm has not released any details regarding how many lawyers will actually leave the firm according to Legal Week. The firm did say that those partners who do leave will be a mix between exits and de-equisitsations. A partner from the firm, speaking anonymously, said that close to 20 partners could be leaving the firm, which is based out of London. The unnamed partner also said that the transactional practice of the firm could be one of the hardest hit within the firm when the restructuring begins.

This would be the second restructuring in three years for the firm. The New World program for Linklaters forced close to 35 partners to leave the firm back in 2009. That restructuring also included major staff reductions according to Legal Week.

The report also said that lawyers working in the transactional practices of the firm could be moved to other, busier practices in the firm in an effort to avoid layoffs involving associates. The transactional practice of the firm was affected by the European economic downturn. Some of the junior lawyers working in the firm could be moved to Linklaters’ restructuring and insolvency, litigation and regulatory practices. All of these practices within the firm have much higher amounts of activity.

Sam Davies, the managing partner for the firm, said that the partner restructuring is based on individuals and trying to estimate the exact number would not be an appropriate thing to do. Davies did go on to say that, “We continually look at our business and partner base in the context of the markets and our clients’ needs. A natural part of this process includes some partners moving on.”

An unnamed partner in the firm did say that the partner restructuring does not come from where the firm’s revenues are coming from at the time. The former head of the firm, Tony Angel, left the firm to become the co-global chairman of DLA Piper.

A new office was opened by Linklaters in Abu Dhabi back in July, which is the second office for the firm in the United Arab Emirates, and its 27^th office overall. The firm’s office in Abu Dhabi was launched practicing specializations in mergers and acquisitions, securities, and other financial issues. The firm also plans to freeze the pay of its associates in the United Kingdom, keeping the pay level the same that it was at in 2009.

Even though the firm is freezing the pay levels, it is still expected to issue performance bonuses for its associates. Linklaters worked on 243 cases that totaled $194 billion in 2010.

Baker & McKenzie Announces Appointment of New Chief Operating Officer to Australia Offices

rebneely — Fri, 02 Dec 2011 14:42:51 +0000

Baker & McKenzie announced it has welcomed James Odell to its Australia offices as national Chief Operating Officer (COO). Odell transfers from Singapore; there he served COO of the firm’s South East Asia operations.

Before joining Baker & McKenzie, Odell was a member of Linklaters’ global Strategy & Planning team based in London and Hong Kong. He began his career as an aeronautical engineer with the UK Ministry of Defence, and possesses nearly two decades of experience in Asia.

Baker & McKenzie Managing Partner, Chris Freeland, was quoted as saying in a press release at the firm’s website: “Australia’s increasing connectedness with global markets, particularly in Asia Pacific, means the need for seamless legal advice, delivered efficiently across borders, has never been greater. In addition to a balance of strategic and operational experience, James brings a drive for efficiency born from his experience as an engineer. We are very pleased to have James on board to further strengthen the value of our offering.”

On his appointment, Odell highlighted Baker & McKenzie’s unparalleled global platform combined with a deep understanding of local markets, and was quoted as saying: “This has positioned us very well to advise investors looking to extend and protect interests in new markets. It’s exciting to be in Australia as it emerges as a key player on the world stage at a firm which has invested in its global offering for so many decades.”

Chris Freeland is National Managing Partner of Baker & McKenzie’s Australian offices and a member of its Asia Pacific Regional Council. Chris has had many years’ experience as a lawyer, strategy consultant and professional services manager in leading global and domestic organizations. He has lived and worked in New York, Beijing, Melbourne and Sydney.

Baker & McKenzie’s Australian lawyers have advised on many of the headline Australian transactions of the last four decades. These include the capital raising and listing for International Ferro Metals Limited, the first Australian company admitted to the FTSE 250; the A$4 billion KKR joint venture with the Seven Network; the groundbreaking A$1.85 billion Sims Group merger with the US company Metal Management Inc; and the A$1.2 billion acquisition of Schweppes Australia by Asahi Breweries.

The firm is a trusted advisor to leading Australian and multi-national corporations, State and Federal governments, Australian, international and multilateral institutions.

Baker & McKenzie continues to bring the experience of its global classroom to our clients in Australia through every transaction and every piece of advice. The firm actively ensures that it has harnessed the best legal solution as tested through its global platform. The firm’s ability to accomplish this is enabled by leadership in legal thinking, and by bringing experience across legal and regulatory boundaries to clients in their home markets.

Baker & McKenzie is an international law firm, founded in Chicago in 1949 by Russell Baker and John McKenzie. The firm employs over 3,800 lawyers in 70 offices in 42 different countries.

As a transnational operation, no single nationality dominates the firm, and over 80 percent of its lawyers practice outside the United States. The lawyers come from 60 countries and speak more than 75 languages, with English in common.

Wilson Sonsini Goodrich & Rosati Announces Plans to Open Office in Brussels

rebneely — Thu, 06 Oct 2011 08:00:55 +0000

The law firm of Wilson Sonsini Goodrich & Rosati announced in recent days that it will open an office in Brussels, Belgium.

Michael Rosenthal, who was formerly the managing partner of Hunton & Williams’ Brussels office, will lead the office. He will be joined by Gotz Drauz, the former Deputy Director-General for Competition at the European Commission, and former Hunton & Williams partner Paul McGeown, along with a counsel and three associates.

The team of attorneys combines private practice, industry, and high-level government experience. As well, it offers a broad spectrum of antitrust and competition services at the European Union and national levels in France, Germany, and the United Kingdom.

Chairman Larry Sonsini was quoted as saying in a press release at the firm’s website: “In recent years, the European Commission has become an increasingly important forum for our clients when it comes to antitrust review, particularly concerning mergers and acquisitions and global cartel investigations. Opening an office in Brussels, the seat of the European Commission, is a natural evolution of our mission to serve our clients as they seek to grow and compete on a global basis, and we are excited by the opportunities that it represents.”

CEO Steve Bochner was quoted as saying: “We couldn’t have asked for a finer team to lead our efforts in the European Union than Michael, Götz, and Paul. They are all highly accomplished attorneys whose talents and experience mesh extraordinarily well with the firm’s thriving M&A and antitrust practices. It is with great pride that we welcome them to the firm.”

Dr. Michael Rosenthal joins the firm from Hunton & Williams, where he successfully built that firm’s Brussels office and chaired the European arm of its competition practice. He advises clients on all aspects of EU and German competition law. He is also listed as a leading competition lawyer in the major legal directories, including Who’s Who of Competition Lawyers.

Named as an “elite” practitioner by Global Competition Review, Götz Drauz joins the firm from Shearman & Sterling. There, he practiced antitrust and competition law. Before that, he was a partner in Howrey’s Brussels office. Over the course of his career, he has represented companies in some of the biggest merger, conduct, and cartel investigations in Europe. Before entering private practice, Drauz served for 25 years at the European Commission.

Paul McGeown also joins from Hunton & Williams. He advises clients in a broad range of industries on all aspects of European competition law; he has particular expertise in complex merger cases, industrial partnerships, and State aid matters. He has significant experience representing clients before the EC and United Kingdom competition authorities. McGeown was formerly a partner at Linklaters and, earlier, an associate at Salans in Paris and Slaughter & May in Brussels and London. In addition, he served as in-house competition counsel at a major global engineering corporation.

Wilson Sonsini Goodrich & Rosati’s antitrust team is uniquely positioned to assist clients on the most important bet-the-company matters as well as with regular counseling and compliance matters. With over 525 attorneys, the firm is recognized as the premier provider of legal services to technology, life sciences, and other growth enterprises worldwide.

Squire, Sanders & Dempsey Expands Global Finance Capability in NY Office

rebneely — Tue, 03 May 2011 10:56:47 +0000

Marianne Rosenberg and Jill Davidson will join Squire, Sanders & Dempsey in the firm’s New York office.

Rosenberg joins as a partner, and Davidson as of counsel in the firm’s Financial Services Practice Group. Both join from Cozen O’Connor.

James J. Barresi, head of Squire Sanders’ Financial Services Practice Group was quoted as saying in a press release at the firm’s website: “Marianne is highly skilled in cross-border transactions, particularly in the transportation sector. Jill’s experience includes a range of cross-border financings and acquisitions. Their combined expertise gives Squire Sanders significantly increased ability to advise clients regarding complex multinational transactions.”

Rosenberg is a well-known and respected member of the global financial world. Her career has included leadership roles at White & Case LLP, where she was head of the Equipment and Facility Finance Group and Linklaters LLP, where she was the U.S. managing partner. And, she is one of only four lawyers worldwide to be named a “market shaper” by Airfinance Journal.

Rosenberg advises clients on cross-border financings and other transactions. She works with banks, railroads, hedge funds, private equity funds and energy companies operating throughout Europe and the United States. Her practice focuses on finance and acquisitions including asset and structured finance.

Rosenberg was quoted as saying: “As a result of its combination with UK-based Hammonds, Squire Sanders has the expansive global platform our clients rely on in order to do business. We look forward to helping the legal practice build its global finance practice.”

Founded in 1890, Squire, Sanders & Dempsey has lawyers in 36 offices and 16 countries around the world and includes the nearly 500 lawyers from leading UK legal practice Hammonds.

McDermott Will & Emery Joins Firms to Offer Employees Tax Offsets for Domestic Partner Health Benefits

marvins — Tue, 14 Dec 2010 00:48:03 +0000

McDermott Will & Emery LLP, a premier international law firm, was the latest firm to provide a tax gross-up payment for its employees in same-sex domestic partnerships beginning in 2011. The new benefit will reimburse their gay employees for the tax liability they incur when they elect to add domestic partners to their health benefits plans. McDermott Will & Emery will now allow their gay employees to get health benefits for their domestic partners without being taxed on the value of their partners’ medical, dental and vision benefits, unlike the previous industry practice. McDermott Will & Emery joined the ranks of other law firms who also adopted the same policy previously such as Cadwalader, Wickersham & Taft and Linklaters and recently, Morrison & Foerster LLP.

Peter Sacripanti, the New York-based co-chair for McDermott, said that this recent decision was the right thing to do and a move toward the right direction. “This is something we think is important.” He also revealed that McDermott has been offering benefits to the same-sex couples since 2002 because about 2% of their lawyers and 3% of their staffs have openly identified themselves as gay. He added: “By law firm perk standards—where associate bonuses at top New York law firms are hitting $7,500 to $35,000 this year—the amounts involved in the gross up to lawyers and staff is relatively small. Regardless, the benefit will have an immediate effect on McDermott employees.”

D’Arcy Kemnitz, the executive director of the National LGBT Bar Association, said that the adoption of this policy is now becoming popular throughout the entire US. “Law firms are now adopting the benefit in response to announcements by corporations who are potential clients to show they welcome diversity. It’s picking up steam.”

The National Association for Law Placement reported that around 1.88% of lawyers in law firms identified themselves as LGBT based on November’s record. This number was up slightly from last year’s tally. But the total number of all LGBT lawyers fell to over 2.8%, which was equivalent to 2,137.

Morning Roundup

joshua — Wed, 09 Jun 2010 12:42:36 +0000

Good morning everyone! Today is Wednesday, June 9th. Here’s a quick recap of yesterday’s stories.

A five-member intellectual property team left Holland & Knight’s Washington D.C. office for Roetzel & Andress…

Jackson Lewis opened an office in Milwaukee…

Fitzpatrick, Cella, Harper & Scinto was recognized by ILASA as “Best US IP Law Firm”…

Wilkie Farr & Gallagher added two partners to its Bankruptcy practice…

Sidley Austin Appointed Arbitration Global Coordinators…

A Fish & Richardson attorney was named One Of Nation’s Best Advocates…

Lockstep Returns to Linklaters

joshua — Wed, 31 Mar 2010 16:57:51 +0000

UK-based firm Linklaters, which last year lowered associate pay raises, announced it is returning to full lockstep compensation for its associates and that performance-related bonuses will also be issued to its top performers.

According to LegalWeek, newly-qualified associates at the firm will earn the equivalent of $93,428 in base salary. Salaries will then move up the ladder on an annual basis to $103,291 and $110,886.

Linklaters UK human resources director, Caroline Rawes, explained the move to LegalWeek: “We look carefully at our salaries on an annual basis and take into account what the market is doing and we thought it would be appropriate to reward, both in pay and bonus, the contribution that our associates have made to the firm over the last 12 months.”

Last year, Linklaters reduced the percentage-raise of associates to between 2% and 4%.

Linklaters has 26 offices in 19 countries and is one of the five members of the “Magic Circle” of prominent UK law firms.

Linklaters’ ‘New World’ Faces Legal Action from Redundant Staffer

Erik Even — Mon, 10 Aug 2009 17:24:15 +0000

British blawgs are reporting that Linklaters wants to avoid legal action from a former employee let go during a massive redundancy consultation that targeted 400.

The firm confirmed that it is in talks with the ex-staffer, but would not elaborate on details.

A global restructuring initiative called “Linklaters New World” saw the layoffs of about 200 lawyers and 200 staffers, plus compensation changes. The firm is also encouraging up to 35 partners to leave the firm this year.

Linklaters has 26 offices in 19 countries, and is one of the five members of the “Magic Circle” of prominent UK law firms.

Law Firm Hirings & Firings

Erik Even — Thu, 06 Aug 2009 17:43:54 +0000

Recent laterals and layoffs in the legal sector:

John Brownlee joins Holland & Knight as partner in the firm’s McLean, Virginia and Washington DC offices. He was US Attorney in the Western District of Virginia from 2001 to 2008. He joins the firm’s enforcement defense and government contracts practices. He received his JD from the College of William & Mary in Virginia.

Sergio A. Pozzerle joins McDermott Will & Emery in Houston, as a partner in the energy & derivatives markets group. He joins from Pillsbury. His JD is from Yale Law School, where he was senior editor of Yale Law Journal.

Tim Jeveons joins Greenberg Traurig from White & Case, to launch the firm’s capital markets practice in London. He joined White & Case in 2003 from Linklaters.

Morning News Roundup for Monday

Erik Even — Mon, 06 Jul 2009 12:00:07 +0000

Good morning! Here are the top stories:

This week in law firm layoffs: 49 lawyers, 11 staff, 175 undisclosed…

A JDJournal tipster tells us that Mishcon de Reya has begun a round of redundancies, targeting 10 to 12 staffers…

Winstead which has let go 20 employees, according to the Dallas Morning News…

Linklaters is now the UK’s largest law firm by revenue, reporting income of £1.3 billion ($2.13 billion)…

Ruden McClosky has laid off eight associates…

Linklaters Profit Up to $2.13 Billion

Erik Even — Fri, 03 Jul 2009 23:17:49 +0000

Linklaters, which announced in April salary cuts for starting lawyers and reduced salary increases, is now the UK’s largest firm by revenue, reporting income of £1.3 billion ($2.13 billion).

But profit per equity partner fell 9.6% to £1.3 million ($2.12 million).

Europe and the Middle East produced 83% of Linklaters’ revenue; Asia produced 11%; and the Americas generated 6%.

Founded in 1838 as Dods & Linklater, Linklaters has around 540 partners and 2,400 qualified lawyers, more than 60% of whom are based outside the UK.

Law Firm Hirings & Firings

Erik Even — Mon, 29 Jun 2009 17:57:41 +0000

Recent laterals and layoffs in the legal sector:

Linklaters has hired Robin Maxwell away from Goodwin Procter for its New York financial regulation group. She specializes in banking regulation and mergers & acquisitions.

Thorp Reed & Armstrong has brought on Richard H. Taylor as Senior Counsel in the firm’s Commercial & Corporate Litigation Practice Group. For now he will work our of Pittsburgh, before relocating to Wheeling. He joins from the San Francisco office of Perkins Coie. His JD is from the West Virginia University College of Law, where he was a member of the Law Review.

Milwaukee’s Whyte Hirschboeck Dudek is losing CEO Mark Miller at the end of the year. He is leaving for an entrepreneurial opportunity. He will aid in the search for a new firm leader. The firm, with offices in Milwaukee and Madison, has more than 150 attorneys and paralegals practicing in more than 40 areas of law.

Linklaters Cuts Pay for Incoming Associates

Erik Even — Thu, 30 Apr 2009 16:27:36 +0000

Linklaters is cutting pay for starting lawyers, and shrinking salary increases. The firm will pay new lawyers £61,500 ($91,300), down from £66,600 pounds in 2008.

Associates will get salary increases of two to four percent based on seniority, down from six to 10%.

Linklaters is freezing pay for non-lawyer staffers.

Lawyers and staff may qualify for merit-based bonuses, and will get £1,500 profit-related awards.

Linklaters has 26 offices in 19 countries, and is one of the five members of the “Magic Circle” of prominent UK law firms.

Herbert Smith Poaches From Linklaters for Madrid Office

Erik Even — Tue, 28 Apr 2009 17:10:07 +0000

Herbert Smith will launch a new office in Madrid, Spain with a group from Linklaters.

Alvaro Sáinz, Miguel Riaño and Ignacio Paz were partners at Linklaters. Ignacio Díez-Picazo was a senior consultant, and joins Herbert Smith as a partner.

Current Herbert Smith finance partner David Wyles will join the group in Madrid.

This month Herbert Smith announced a redundancy consultation at its London HQ, targeting 84 positions.

Herbert Smith was founded in the City of London in 1882 by Norman Herbert Smith, and today has 230 partners and 1,200 fee-earners. It is widely considered to be the UK’s leading litigation practice.

Linklaters Defers Start Dates

Erik Even — Mon, 13 Apr 2009 16:15:40 +0000

London’s Linklaters has pushed back its trainee start dates for September 2009 and March 2010, offering future trainees £10,000 to go away for one year.

The firm will select 15 incoming associates for the deferral program.

Associates due to start in September 2009 who take a 12 month deferral will get the 10 grand. Associates due to start in March 2010 can either defer for 12 months and get £10,000, or defer for six months an get £5,000.

Linklaters is believed to have about 125 lawyers across the two intakes. All deferrals will be voluntary.

Linklaters has 26 offices in 19 countries, and is one of the five members of the “Magic Circle” of prominent UK law firms.

DLA Piper Lawyers Angry Over Severance

Erik Even — Wed, 11 Mar 2009 17:19:10 +0000

An internal document leaked to the press reveals that DLA Piper lawyers in the UK are angry over the severance package being offered to redundant attorneys.

The firm launched its second UK redundancy consultation in February, with up to 80 lawyers and more than 100 support staff targeted.

Employee representatives believe the severance package is less that what laid off attorneys are receiving st comparable UK firms.

Those DLA Piper lawyers volunteering for redundancy will be paid up to 20th March, and then receive their contractual notice period plus one month’s pay. Those that have been with the firm for at least two years will also receive statutory redundancy equating to one week’s pay for each year’s service, capped at £350 ($483) a week. Those not volunteering receive the same package without the additional month’s pay.

By comparison, Linklaters is offering three weeks’ pay for every year with the firm, plus three months’ notice.

DLA Piper HR manager Helen Waterson reportedly told the representatives, “The firm has made its decision – to say ‘increase the package’ is not constructive as we’ve said that isn’t an option.”

The document reveals that 7% to 8% of its partnership has recently left the firm. Since the London office implemented a recruitment freeze last June, it has seen only 37 hires, despite the loss of 145 employees.

We previously reported anger at DLA Piper over redundancy criteria that included severe penalties for taking sick days.

DLA Piper is one of the largest law firms in the world, with more than 3,700 lawyers in 28 countries and 66 offices throughout the world.

March 9th Worst Day for Law Firm Layoffs So Far

Erik Even — Tue, 10 Mar 2009 16:32:48 +0000

Despite the fact that February 12th is still known as Black Thursday and generally considered the worst day for law firm layoffs since the economic meltdown began, the truth is it’s only the third worst day to date.

Yesterday, March 9th, had the largest number of single day layoffs: White & Case announced 400 layoffs (although the victims have yet to be informed), Morgan Lewis cut 216 and K&L Gates cut 121.

Total: 737.

January 29 was the second worst: Linklaters (270), Morrison & Foerster (201), Ropes & Gray (106), Fish & Richardson (70) and Clifford Chance (5).

Total: 652.

And the widely lamented Black Thursday: Holland & Knight (243); DLA Piper (180); Goodwin Procter (74); Bryan Cave (58); Epstein Becker (53); Dechert (19); and Cadwalader (16).

Total: 643.

Update: Linklaters Makes 30 Redundant

Erik Even — Wed, 18 Feb 2009 17:42:05 +0000

Final details of Linklaters’ “New World” are starting to emerge, with 14 associates in the firm’s banking practice and 16 in corporate selected for redundancy.

The firm started informing those affected this week.

Around 30 lawyers in capital markets appear to be facing layoffs, while specialist corporate areas could see 13 jobs lost.

Linklaters’ redundancy consultation puts 270 staff at risk in total, with up to 120 lawyers, 40 secretaries and 95 business support staff at risk. All those affected are this week entering into one-to-one consultations with partners and HR.

Linklaters has 26 offices in 19 countries, and is one of the five members of the so-called “Magic Circle” of prominent UK law firms.

Clifford Chance to Cut Partners, Lay Off 106 Lawyers

Erik Even — Wed, 04 Feb 2009 17:15:36 +0000

Clifford Chance LLP, the world’s largest law firm by revenue, will cut its partnership ranks under a restructuring plan.

The firm has asked partners to contribute £60 million ($87 million), about £150,000 each, and will cut as many as 80 lawyers in London and 26 in the US.

London-based Clifford Chance has more than 600 partners.

Linklaters LLP, the second-largest London law firm by revenue, said last month it would cut as many as 120 salaried lawyers and up to 150 support staff.

Eversheds LLP, a London-based firm with about 2,000 lawyers, is withholding quarterly profit drawings to partners.

Clifford Chance advises some of the world’s largest banks, and clients have included Royal Bank of Scotland Group, Barclays, Banco Santander, and bankrupt Lehman Brothers.

Update: Linklaters Set to Eliminate Up to 270 Jobs

Erik Even — Thu, 29 Jan 2009 21:36:11 +0000

Just a week after announcing mass layoffs, Linklaters is launching a formal redundancy consultation, with up to 120 lawyers and 150 business support staff in London expected to lose their jobs.

The firm said today that all UK staff are involved in the consultation, which is likely to affect between 100 and 120 lawyers, representing up to 18% of the firm’s UK non-partner fee earners; and between 130 and 150 business services staff losing their jobs.

Linklaters has 680 lawyers in the British Isles, excluding partners, consultants, trainees and paralegals, though the firm also has a number of UK-qualified lawyers based in foreign offices. The firm has 1,197 support staff in the UK.

Trainees will not be affected by the cuts, which are expected to be concluded within the next few months, but paralegals may be cut.

The firm’s New York office will lose less than five associates. Support staff cuts are still under consideration.

A “New World” indeed.

Linklaters to Cull 70 from Partnership, Decimate Associates

Erik Even — Fri, 23 Jan 2009 17:13:14 +0000

London’s Linklaters, the world’s second largest law firm by revenue, will eliminate 70 partners and 10% of associates.

The initiative is said to be called “Linklaters New World.” We’ll let that sink in for a moment.

There will also be redundancies among support staff. The Magic Circle firm’s offices in Western Europe are said to be most vulnerable to cuts, which are expected to occur all at once in mid-February.

Last year Linklaters slashed its client base from 11,000 to 6,000, with the expectation that the list will number 3,000 by the time the scheme ends. The initiative saw the firm get rid of small clients that could conflict it out of acting for larger players.

Addleshaw Goddard, Britain’s fifteenth largest firm, is poised to lose 19 partners; while Ashurst, its City rival, has 223 partners as risk.

Founded in 1838 as Dods & Linklater, Linklaters has around 540 partners and 2,400 qualified lawyers, more than 60% of whom are based outside the UK.

World’s Law Offices Head To Dubai — Canada Stays Put

todd — Wed, 21 Jan 2009 23:26:19 +0000

In the past few years, international law firms have been opening up offices in Dubai. Now, US firms, like Weil Gotshal Manges, and Kilpatrick Stockton, have announced plans to open up offices there.

They join other prominent firms such as Clifford Chance, Allen & Overy, DLA Piper, Linklaters, and Latham & Watkins, who all have offices in places like Dubai and Abu Dhabi.

However, as oil prices near $30 a barrel, and Dubai’s real estate market collapses, prices on real estate have dropped by 30%. That drop has hurt those firms who have set up office in the United Arab Emirate country.

Dubai has the largest population among the UAE and is determined to become the financial center of the Middle East. Dubai set up the Dubai International Financial Centre (DIFC) in 2002 in order to benefit economic development in the region. Essentially, the DIFC is a 110-acre tax haven that encourages foreign investment. There is a zero rate tax on income and profits.

William Tuer, managing partner of Macleod Dixon, said that Dubai is a “well-saturated market, featuring the biggest firms in the world. It’s highly competitive…[and] a very expensive market.”

Tuer also called it a “very expensive market” and noted that this may keep Canadian firms from ever opening up there.

Hugh MacKinnon, chairman and CEO of Bennett Jones in Toronto, claimed that Canadian law firms tend to stick to their core markets like London or New York. He also noted that a law firm needn’t possess a foreign office to do work in a particular region. He claimed that Canadians excel at working offshore.

“We get work from the entire Arabian gulf, usually energy-related stuff,” said MacKinnon. “We do pretty well just carpet bagging.”

Linklaters’ Top-Paid Lawyer Earned “Satisfactory” £3.4 Million in 2008

Erik Even — Fri, 12 Dec 2008 22:39:16 +0000

Linklaters LLP, the second-largest London law firm by revenue, paid its top earner £3.4 million pounds ($5 million in real money) in 2008. This ranks the unnamed Linklaters’ partner among the top-paid lawyers at London’s so-called “magic circle” firms.

Linklaters, whose partners earned £1.44 million on average, didn’t say which of its 2,644 lawyers raked in the five mil.

In 2008, managing partner Tony Angel stepped down, and the firm laid off 125 lawyers in Eastern Europe.

London’s Clifford Chance, the world’s largest law firm by revenue, paid 14 management committee members £1.28 million each; and Allen & Overy paid partners between £658,000 and £1.65 million pounds.

The three firms billed record fees of more than £1 billion during fiscal 2008, a performance Linklaters described in its accounts as “satisfactory.”

Via Bloomberg.