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February 07, 2007 | International Edition

Paul Weiss bucks US trend with modest results

Paul Weiss Rifkind Wharton & Garrison has unveiled its financial results for 2006, with the Manhattan outfit posting modest rises in both turnover and profits despite the boom in transactional work in the US. The firm announced a 6% rise in revenues to reach a mark of $594m (£302m), with profits per equity partner (PEP) up just 1% to $2.5m (£1.3m).
2 minute read
February 02, 2007 | International Edition

Latest Dewey departure is for Milbank NY

Dewey Ballantine has been hit by another partner departure with the news that compensation and benefits head Paul Wessel is to join Milbank Tweed Hadley & McCloy. Wessel, who had been a member of Dewey's management committee, joins Milbank in New York as a partner.
2 minute read
January 31, 2007 | International Edition

First among equals

The news that Freshfields Bruckhaus Deringer is to shed some 50 or so partners in the next year may have surprised a few at the firm's Fleet Street HQ, but at Linklaters the shock was that its arch rival had not acted sooner. Over at Silk Street, they have long shed the softly, softly approach to partnership that used to characterise the profession and managing partner Tony Angel has taken the firm in hand with obvious results.
6 minute read
January 31, 2007 | International Edition

Macquarie-style US push could show lawyers the way

Given the insecurity that has dogged projects teams at top London firms in recent years, evidence of a revival in the sector will be manna from heaven for hard-pressed partners. The year-end tables from Infrastructure Journal make clear the extent of that revival with the global value of projects in 2006 up 35% against 2005, and the number of deals rising from 323 to 437. Add in surging investment in renewable energy and it was the best year in projects since the 1990s.While much of the attention has focused on the wealth of projects work coming out of the Middle East and intense competition for infrastructure assets in Europe, it is interesting to see Allen & Overy (A&O) highlight the opportunities opening up in the US. This revolves around the drift towards European-style project finance structures. To the very casual observer, this appears odd given the maturity, size and sophistication of the US market. But for the private sector, the backbone of the US projects market has always been power. Backed by a highly-efficient system of federal funding and tax breaks, transport/infrastructure work has largely been financed, and built, through public money.
4 minute read
January 25, 2007 | International Edition

Dewey shakes up management after failed merger

Dewey Ballantine is to modernise its governance following its failed merger bid with West Coast giant Orrick Herrington & Sutcliffe, it has been confirmed.The New York firm, which is currently run by a 14-partner management board headed by chairman Morton Pierce, is set to introduce a nine-partner finance committee and add two more European partners to its board in a bid to give its foreign offices a stronger executive voice.
1 minute read
January 25, 2007 | International Edition

Orrick reveals double-digit partner profits rise

Orrick Herrington & Sutcliffe has announced its year-end figures with revenue up 19% from last year to more than $660m (£335m). The firm has also posted double-digit growth in profits per partner, up 15% from $1.24m (£630,000) to a new mark of $1.43m (£725,000). The figures will come as a boost to the firm following the failure of its merger talks with US firm Dewey Ballantine this month.
1 minute read
January 24, 2007 | International Edition

Diary managerial masterclass: with Ralph Baxter

7. Ralph Baxter's souped-up Orrick"You have to see the bigger picture. In my case, it was a picture of a bigger wallet. Or a bigger picture of the same wallet, depending on your perspective.
2 minute read
January 19, 2007 | International Edition

Dewey rejigs management after failed merger bid

Dewey Ballantine is set to rejig its management structure following its failed merger bid with West Coast giant Orrick Herrington & Sutcliffe
2 minute read
January 17, 2007 | International Edition

Dewey can learn from predatory Leboeuf

LeBoeuf Lamb Greene & McRae’s London office is getting something of a predatory reputation for its London hiring - something the firm's appointment…
3 minute read
January 17, 2007 | International Edition

LeBoeuf London gains from latest Dewey losses

Capital markets duo quit Dewey as fall-out of failed merger continues
2 minute read

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