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Former Linklaters Managing Partner Tony Angel to Join DLA Piper as Co-Global Chairman?

rebneely — Fri, 28 Oct 2011 08:00:40 +0000

Former Linklaters managing partner Tony Angel may join DLA Piper as co-global chairman, if approved by a partnership vote, as early as November 7^th.

According to the October 27^th blog at wsj.com, DLA Piper Borrows Wall Street Model In Search for Co-Chairman”: “…two people familiar with the matter confirmed that DLA’s partnership is poised to approve Angel”.

It is virtually unheard of to appoint someone from outside the law firm to a top leadership position within the firm. However, DLA Piper is known for pushing the envelope, so to speak, and thinking outside the box. In the last six years, under Frank Burch’s leadership, the firm has become the largest in the world.

Peter Zeughauser, a law firm consultant, was quoted as having told Law Blog: “DLA has broken the mold several times since its inception. It’s difficult to draw parallels.” He also referred to Angel as “one of the top players in Europe”.

If approved, Angel would become co-chairman with Burch, who is currently the sole chairman of DLA Piper. As well, he would become the senior partner of DLA Piper International, which encompasses DLA’s operations in Europe, Asia and the Middle East.

Currently, Angel serves as a non-executive director at SJ Berwin in London.

From 1998 to 2008, Angel served as managing partner at Linklaters. He is given significant credit for assisting with the transformation of the firm into a leading global force. According to the wsj.com blog, according to Legal Week, “he pushed hard to boost individual partner performance and align the firm’s business around premium work for a tighter group of blue-chip clients.”

And, according to the October 26^th article at thomsonreuters.com, “DLA Piper voting on hiring Tony Angel as co-global chairman”, under Angel’s leadership, Linklaters became one of the most profitable law firms ever, boasting annual revenues of over $2 billion and profits per partner of $2.4 million, according to The American Lawyer magazine. That was an increase in profits of nearly 110% over a three year period, which surpassed those of Skadden, as well as Davis Polk.

Most recently, Angel held the position of chief executive at Vantage Diagnostics, a London-based health-care data company. Before joining Vantage, Angel served as the executive managing director at Standard & Poor’s. in that role, he was in charge of the company’s Europe, Middle East and Africa business.

Clearly, Angel is a force with which to be reckoned. With Burch and Angel at the helm, DLA Piper could well be poised for powerhouse status.

Linklaters LLP is a global law firm headquartered in London, United Kingdom and a member of the ‘Magic Circle’ of leading UK law firms. The firm is the world’s fourth largest global law firm by revenue. The firm employs approximately 2,200 legal advisers and 2,800 additional staff in 26 offices in 19 countries.

DLA Piper is a global law firm with 76 offices in 30 countries and over 4,200 lawyers. As of May 2011, it was the largest law firm in the world by number of attorneys. Two partnerships comprise the firm – DLA Piper International, and DLA Piper U.S. the firm’s clients include multinational, Global 1,000 and Fortune 500 companies, to emerging high-tech companies and start-ups.

Clifford Chance Paying Spring Bonuses

joshua — Mon, 14 Mar 2011 18:04:51 +0000

Following a trend started by US firms, Clifford Chance has become the third “magic circle” firm to pay a spring bonus to its US associates. The bonus, announced last week, will be paid to US associates in New York and Washington DC, based on seniority and performance. At the low end, the bonus is lower than rival UK firms Freshfields and Linklaters. Clifford Chance is starting the bonus scale at $2,500, compared to Linklaters $7,500. The top end amount is the same, at $20,000, however associates with three years less experience will qualify for the top end bonus at Clifford Chance compared to the other two firms.

Morning Update

joshua — Thu, 24 Feb 2011 16:38:39 +0000

Good morning everyone! Today is Thursday, February 24, and here’s a look back at yesterday’s stories…

Linsday Lohan is back in court…

Rahm Emanuel is the new Mayor of Chicago…

The Justice Department will not defend DOMA in court…

and Linklaters is paying a spring bonus to US associates…

Linklaters Paying Spring Bonus to US Associates

joshua — Wed, 23 Feb 2011 18:56:44 +0000

In yet another sign that things are looking up in the legal industry, Linklaters became the second Magic Circle firm to announce spring bonuses for its US based associates. Freshfields announced its spring bonuses last week, following a string of New York firms breaking the ice.

Linklaters will pay associates in its US offices as well as US-qualified associates outside the country between $7500 and $20,000 dollars at the end of April. These bonuses match the scale set by US firms like Cravath and Cleary Gottlieb.

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

Morning Roundup

joshua — Fri, 09 Jul 2010 12:18:10 +0000

Good morning everyone! Today is Friday, July 9th. Here’s a quick look back at yesterday’s stories.

Clifford Chance was the highest grossing firm among UK firms…

Sonnenschein added a veteran Exxon Lawyer to its Energy Practice…

Ogletree opened a Portland office…

Gonzalez Saggio & Harlan added two partners to its IP team…

A survey of nearly 700 women law firm partners revealed an “intense dissatisfaction” with the compensation gap between men and women…

A former Texas representative joined Greenberg Traurig’s Austin office as an of counsel in the governmental affairs practice group…

A shareholder in Greenberg Traurig’s Tampa office, was appointed chairman of the Florida Bar Board of Legal Specialization and Education…

Morvillo Abramowitz was recognized by Chambers & Partners for the 7th consecutive year…

Clifford Chance Leads Rough Year for U.K. Firms

joshua — Fri, 09 Jul 2010 00:32:53 +0000

Revenue at the U.K.’s magic circle firms suffered a decline of 11 percent for the fiscal year ended April 30. Leading the way as the highest-grossing firm for the year was Clifford Chance.

Clifford Chance returned to the top spot despite suffering a 5 percent decline in revenue to $1.8 billion, Bloomberg reports.

Linklaters, last year’s highest-grossing U.K. firm, fell to 2^nd on revenue of $1.78 billion, which was an 8.8 percent decline from the prior year. Rounding out the magic circle firms were Freshfields Bruckhaus Deringer LLP with $1.73 billion, a drop of 11 percent; and Allen & Overy LLP, which reported revenue of $1.59 billion, a four percent drop.

Revenue is down a bit, but you always expect it to come down as the recession unwinds,” Tony Williams, founder of Jomati Consultants in London and a former managing partner at Clifford Chance, told Bloomberg. “The initial panic from the financial crisis and the Lehman collapse caused a lot of work, and there’s been a period where everyone sort of licks their wounds.”

Bloomberg cited a major decrease in mergers & acquisitions work as the reason for the declines.

Wilkie Farr & Gallagher Adds Pair to Bankruptcy Practice

joshua — Tue, 08 Jun 2010 18:43:52 +0000

Wilkie Farr & Gallagher has bolstered its New York business reorganization and restructuring department with the addition of two partners. Joining the firm are Mary K. Warren, who was formerly a partner at Linklaters, and Joseph G. Minias, a former partner at Quinn Emanuel Urquhart & Sullivan.

Warren brings experience in banking and bankruptcy litigation with a focus on matters related to bankruptcy cases and litigation trust claims. She regularly represents institutional creditors and recently handled complex international bankruptcy issues in connection to the Lehman Brothers proceedings, the firm said in a press release.

Minias’ practice focuses on the representation of creditors, creditor committees and sophisticated investors. Last year he was one of 12 attorneys nationwide selected as a top “outstanding young restructuring lawyer” by Turnarounds and Workouts.

Wilkie Farr & Gallagher is an international law firm with approximately 650 attorneys with offices in New York, Washington, Paris, London, Milan, Rome, Frankfurt and Brussels.

Linklaters, Magic Circle Firms Make Partner Promotions

joshua — Tue, 27 Apr 2010 17:05:40 +0000

Linklaters is among a handful of magic circle firms that recently announced partner promotions, according to a report by Cityam.com. Linklaters, the UK’s largest law firm based on revenue, has promoted 14 associates to partner, which is a slight decrease from the previous year when 18 made partner.

“These promotions highlight our continued commitment to investing in our global practices in order to enhance the breadth and depth of expertise we offer our clients,” said Linklaters senior partner David Cheyne.

Cityam.com reports the promotions puts Linklaters right in line with magic circle competitors Freshfields Bruckhaus Deringer, Allen & Overy and Slaughter and May.

Allen & Overy promoted 18 to partner this year, two less than a year ago, and Slaughter and May promoted just two, which is the same as last year. Freshfields added 18 associates to its partner ranks, which is an increase from the 14 that were promoted last year.

Cityam.com reports reports Linklaters promoted eight London partners, Freshfields six London partners, and Allen & Overy two London partners. Allen & Overy managing partner Wim Dejonghe said “over half of the firm’s turnover continues to be generated outside the UK and two-thirds of our work is cross-border.”

Fellow magic circle firm Clifford Chance is slated to make its partner promotions in July.

Morning Roundup

sara — Thu, 01 Apr 2010 11:24:55 +0000

Good morning everyone! Today is Thursday, April 1, and here’s a look back at yesterday’s news…

Bestattorneysonline.com announce the top ten environmental law firms in Alaska…

The Entrepreneurs Law Group is formed in South Carolina to advise businesses and individuals…

42 of 58 county district attorneys in California oppose the nomination of Goodwin Liu to the Ninth Circuit…

Linklaters is returning to lockstep compensation for it’s associates…

Quarles & Brady open an office in Tampa, Florida…

Weil Gotshal & Manges earn big bucks in the Lehman bankruptcy case…

A federal judge in Boston has ruled that mutual fund companies are subject to the Sarbanes-Oxley Act…

A U.S. District Court judge ruled that wiretaps were illegally installed on phones owned by the Islamic Foundation under the now ended Terrorist Surveillance Program…

Lehman Brothers Collapse Detailed in Report by Jenner & Block LLP

joshua — Fri, 12 Mar 2010 14:59:54 +0000

After a year of arduous investigation, Anton Valukas and his Chicago based law firm, Jenner & Block, LLP, have produced a 2,200 page report regarding the bankruptcy of Lehman Brothers Holdings.

The bankruptcy court appointed Valukas as an examiner to investigate what led to Lehman’s collapse and determine whether creditors could bring claims against Lehman’s estate or former officers.

The report details evidence that Lehman employed “balance sheet manipulation” by utilizing an accounting practice known as “Repo 105”. Essentially, directly before a reporting period, Lehman would enter into an arrangement to sell and then repurchase financial assets. These would normally be classified as “transactions”. However, by adding a cash element Lehman was able to classify them as “sales”. This allowed Lehman Brothers to portray a false picture of financial health.

In The Times Mar 12 article, Valukas was quoted as saying, “Unable to find a United States law firm that would provide it with an opinion letter permitting the true sale accounting treatment under United States law, Lehman conducted its Repo105 programme under the aegis of an opinion letter the Linklaters law firm in London.”

The American Lawyer Global 100

joshua — Thu, 01 Oct 2009 16:28:13 +0000

The American Lawyer has published its Global 100 list for 2009. Even with the recession in full bloom, the top 100 law firms managed to increase revenues by two percent, but revenue per lawyer dropped by three percent.

In the category of number of lawyers, US firm Baker McKenzie topped the list with 3,949 attorneys in offices in 39 countries. 82% of Baker McKenzie’s lawyers work outside of the United States. The top UK firm, ranked number 2 overall, is Clifford Chance with 2,837 attorneys in 21 countries. Spain’s Garrigues ranks number 12 with 1,835 lawyers in 9 countries.

The top three firms for revenue are all from the UK with Linklaters coming out on top. Linklaters posted revenues of just over $2.4 billion. The highest ranked US country is Skadden at $2.2 billion, ranked 4th.

Wachtell, Lipton, Rosen & Katz posted the highest profits per partner at just over $4 million.

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.

Linklaters to Go Forth With “Project New World”

todd — Mon, 02 Feb 2009 17:14:39 +0000

Managing partner at Linklaters, Simon Davies, defended the firm’s decision to cut 270 jobs in London, stating that the move was crucial if the firm is to become the top global law firm.

The firm has begun a strategic program named “Project New World” which will involve restructuring to become a smaller and more profitable organization.

“We’re confident that we’ve got our strategy right,” said Davies. “We’ve made it very clear that we want to emerge as the leading global law firm. We’ve got a very clear path to achieve that.”

Details of the ‘New World’ plan are still being worked out, however, Davies did say that the palns would involve more than just layoffs.

“New World is a wideranging strategic response to the changes in the financial markets,” he said. “An element of that is the need to match the headcount of the firm to actual demand. It’s vital for us to ensure that the firm’s in the right shape to meet the challenges of this new market.”

The law firm will first significantly reduce its number of employees across the globe. Most of the layoffs will occur in London.

Freshfields to Represent Xtrata; Linklaters to Represent Banks

todd — Sat, 31 Jan 2009 01:23:27 +0000

Freshfields will act as the main corporate adviser to Xtrata, a mining group who is set to launch a £4.1billion rights issue.

Julian Makin, a corporate partner at Freshfields has been working on that deal, and has also been briefed for the rights issue along with corporate partner Graham Watson.

Linklaters will be acting for the banks, which include JPMorgan Cazenove and Deutsche Bank. Corporate partners Charlie Jacobs and John Lane will act as the heads of the case.

Xstrata plans to use any processed of the share issue to pay off some of its debt as well as purchase coal assets in Columbia.

Freshfields and Linklaters both won roles in Xstrata’s last rights issue which took place in 2003. Linklaters’ head of banking John Tucker advised theunderwriting banks, JPMorgan and Deutsche alongside Charlie Jacobs.