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Clyde & Co and BLM to merge with partner vote imminent

Clyde & Co and BLM are at an advanced stage of merger discussions, with both sets of partnerships due to vote on a tie-up before the end of March.

Legal Business understands that there is significant confidence that the deal will be green-lit.

According to the latest available LB100 data, the merger would create a £736m turnover firm with a combined headcount of over 2,500 lawyers and in excess of 450 equity partners.

It is understood that the merged entity will be known simply as ‘Clyde & Co’, a reflection of the respective sizes of the two firms. Clydes constitutes £640m of the combined revenue and 1,966 lawyers on its own. There are still details to be ironed out, particularly in relation to a combined leadership structure and what kind of roles BLM’s current managing and senior partners, Vivienne Williams and Matthew Harrington respectively, will be offered.

The combination has been in the offing since late 2019, when Clydes approached BLM and mooted a tie-up. It is a naturally attractive proposition for BLM, as one of many firms feeling the consolidation squeeze in the lower mid-market. In 2017, the firm slashed a considerable number of support staff as part of a wider restructuring effort.

Merger talks stalled as a result of the pandemic, before RollOnFriday broke the news in October 2021 that the two firms were in preliminary discussions.

There are obvious synergies between the two firms, with crossovers in areas such as insurance and professional indemnity. However, BLM will also bring Clydes access to established niche practices in casualty insurance and healthcare. Reflecting that strength, BLM has historically featured on NHS legal advice panels.

Neither firm is a stranger to mergers: In 2011 Clyde & Co combined with Barlow Lyde & Gilbert in a major deal, while BLM was born out of a merger between Berrymans and Lace Mawer. Prior to the Barlow tie-up, Clyde had scant regional UK coverage, but a BLM merger would extend its reach to new outposts in Birmingham, Liverpool and Southampton.

A Clydes spokesperson said: ‘We can confirm that Clyde & Co is in discussions about a merger with BLM. As the world’s leading insurance law firm, we are always looking to grow for the benefit of our clients. We have long sought to significantly increase the scale of our casualty insurance practice in the UK so that we can provide the full scope of services, technology, data analytics and innovation that clients in this dynamic part of the insurance market require.

‘We consider a merger such as this the best way to realise these ambitions. BLM is a firm we have long admired and we believe a merger can be formed on the basis of our complementary client rosters and our shared focus on quality.

‘As this merger is not yet finalised it would be inappropriate to comment further at this stage.’

A BLM spokesperson added: ‘Following detailed discussions and a period of due diligence, BLM and Clyde & Co partners will vote on a proposed merger of the two organisations. The Executive Board set strategic objectives around how best to grow the firm and secure our status as a market leading, innovative and full-service law firm across the UK, Ireland and internationally. We believe that a potential combination with Clyde & Co would provide us with the growth needed to develop our business.

‘The result of the vote will depend on whether, in the respective partner group’s view, combining the firms is in the best interests of our colleagues, clients and the wider businesses.

‘The strategic and commercial compatibility of the two firms is undeniable. We are both dominant in risk and insurance and our respective businesses complement each other. Whilst Clyde & Co is a global business, we both have an extremely strong presence in the insurance sector in the UK and Ireland. Clyde & Co also boasts a strong offering in business and advisory services.

‘More details will be provided as soon as the vote has taken place.’

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Dentons, DLA and Bakers to sever ties with Russia offices as A&O and CC wind down

Baker McKenzie, DLA Piper and Dentons have taken a different course to most international law firms, separating from their Russia practices and leaving independent firms behind, rather than closing the offices entirely as a response to Russia’s continued invasion of Ukraine.

All three firms operate under a Swiss verein structure, which enables the different offices to maintain financial and regulatory independence from one another and allows for quick mergers and demergers.

Dentons announced its intentions on Monday (14 March). The Moscow and St Petersburg offices, which collectively employ over 250 people, will ‘operate as an independent law firm’, according to the firm’s latest statement.

‘This is a difficult decision which we have taken in full consultation with our colleagues in Russia in order to continue meeting our legal and ethical obligations’, said Elliott Portnoy, global chief exec of Dentons. ‘Our hope is that at a future time we will be able to come back together when it is lawfully and practically possible to do so.’

In a statement also issued on Monday, DLA said: ‘In light of Russia’s actions in Ukraine and the resulting humanitarian crisis, and our consequent decision not to act for clients connected to the Russian state, we have concluded that maintaining a presence in Russia is not aligned with our values and therefore no longer viable.

‘Accordingly, after 17 years in the country, we are withdrawing from our operations and will no longer have DLA Piper offices in Moscow and St Petersburg. Our intention is to transfer the Russian business to our team there. We will ensure an orderly transition in accordance with our legal and professional obligations to both our clients and our people.’

Baker McKenzie, which in 2004 was the first major firm to become a Swiss verein, followed suit on Tuesday (15 March), stating: ‘After 33 years operating in the country, Baker McKenzie’s current Russia operations, across both Moscow and St Petersburg, will become an independent law firm.

‘We have made this difficult decision following ongoing consultation with our multinational clients, whose urgent on-the-ground legal needs we are serving, as well as careful consideration of the wellbeing of our many people in the wider region.’

Elsewhere, Clifford Chance and A&O followed the lead of magic circle peers Freshfields Bruckhaus Deringer and Linklaters in announcing their intention to close their Moscow offices.

CC, which houses 33 lawyers in Moscow according to its website, said in a statement last Thursday (10 March): ‘Following our earlier announcements condemning the Russian invasion of Ukraine and our position on Russia related work, we have decided to progress our steps for an orderly wind down of our operations in Moscow.

‘Our priorities are to focus on the safety and wellbeing of our colleagues during this difficult time and on ensuring the winding down of our services is consistent with our legal and professional responsibilities to our clients and our responsible business principles and values.’

Also on Thursday, A&O confirmed that it ‘is to wind down its Moscow office, which will be managed in line with all legal, regulatory and professional obligations. This was not an easy decision to make as we have 55 people there and we needed to make sure that we could take this action with their best welfare in mind. We are very grateful for their hard work over many years.’

White & Case became the latest US-headquartered firm to leave the region. A statement said that after careful consideration’, the firm was in the process of ‘winding down’ its operations in Russia.

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Akin Gump, Freshfields and Latham latest to withdraw in Moscow as mass exodus ensues

Akin Gump, Latham & Watkins and Freshfields Bruckhaus Deringer are among the latest international firms to shut down or suspend operations in Moscow, as pressure to take action has mounted in light of Russia’s sustained invasion of Ukraine.

The news came after Linklaters and Norton Rose Fulbright announced their intentions to withdraw from Moscow in recent days.

As a firm with such strong ties to Russia, Akin Gump’s decision to suspend operations in the region has been particularly striking. In a statement issued on Wednesday (9 March), the firm said: ‘As a firm built by Robert Strauss, the last US Ambassador to the Soviet Union and the first US Ambassador to the Russian Federation, Akin Gump is deeply saddened and shocked by the events in Ukraine and the tragic and senseless loss of life of so many innocent Ukrainians.

‘In light of the ongoing crisis, we are suspending operations in Moscow pending further developments. We will do so in an orderly way, as the safety and well-being of our long-time colleagues and ethical obligations to clients in Moscow remain a high priority.’

Latham also took action this week. In a statement issued on Wednesday, chair and managing partner Rich Trobman said: ‘The firm will immediately begin an orderly transition, consistent with our ethical duties to our clients, to wind down operations in Moscow. During this process our focus will be principally on the safety and well-being of our colleagues in Russia.’

Elsewhere, Freshfields said in a statement: ‘We are announcing today that we will close our office in Moscow. We have been present in Moscow for 30 years and we are very conscious of the impact this news will have on our valued colleagues in Russia. However, in light of the Russian government’s actions in Ukraine, and the clear stance we have taken on Russia-related work, we believe that this is the right course of action.’

Meanwhile, Cleary Gottlieb stated that it would ‘temporarily close’ the Moscow office, ‘pending further developments’. The firm also said that it would be ‘continuing to support’ staff based in the city, but did not elaborate further on what this would entail.

Thursday (10 March) saw Herbert Smith Freehills follow the growing number of peers in intending to abandon the region. The firm, which has one of most developed Russia offerings of any international firm, said: ‘Following a review of our Russia business, we have taken the decision to close our office in the country. We are bringing to an end any work associated with the Russian State, in-line with our legal and professional responsibilities.’

Other firms to follow suit include Bryan Cave Leighton Paisner, Squire Patton Boggs, and Eversheds Sutherland. In a statement issued on Wednesday (9 March), Squires confirmed: ‘Our closure will effectively conclude our relationship with a number of clients in adherence with our professional obligations. All other existing work or new matters we undertake on a global basis will continue to remain in full compliance with all applicable laws and sanctions that are in place.’

The number of international firms yet to announce their intentions regarding Russian outposts is rapidly shrinking, and it now seems likely that the majority with a presence will shortly retrench. Firms yet to confirm they will leave Moscow include Skadden, Dentons and Baker McKenzie, all of which have well-established practices in the area.

White & Case is one firm that, at present at least, is still committed to its Russia office. A statement issued on Wednesday stated: ‘The office remains open and operational and we will provide updates when appropriate.’

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Deal watch: Global London elite turns out for KKR’s Refresco buyout and Macquarie’s Roadchef acquisition

The private equity boom has shown no signs of slowing down in recent weeks, with the London offices of US firms taking the lead on noteworthy acquisitions in the logistics, food & drink, and infrastructure sectors.

Skadden, Simpson Thacher and Latham & Watkins advised on the acquisition by KKR of a majority stake in independent beverage contract manufacturer Refresco. The deal will see existing investors PAI Partners and British Columbia Investment Management Corporation (BCI) retaining a minority stake in the company.

The Skadden team representing Refresco included London M&A partner Bruce Embley and New York M&A partners Paul Schnell and Sean Doyle. Capital Markets advice was provided from New York by Laura Kaufmann Belkhayat, while James Anderson in London handled tax matters.

Speaking to Legal Business, Embley noted that the transaction was reflective of the current market but warned the coming months would be harder to predict: ‘So far, the M&A markets have started 2022 as strongly as they ended 2021. Until very recently, there was no cause to believe that would not continue, but recent political events mean things do now feel less certain. We have already seen that they have caused considerable uncertainty in the capital markets which can have a knock-on effect on M&A.

‘In some ways, it doesn’t make sense to consider M&A as one single market that is either up or down. Different sectors are really their own markets with their own trends. Since the pandemic began this has been further underscored.’

Representing PAI Partners and BCI, the Latham team was led from London by partner Tom Evans, with the assistance of associates Maarten Overmars, Alex McCarney, and Chris Cox. Simpson Thacher advised KKR.

Elsewhere, GXO Logistics Inc announced its £1bn takeover offer of retail logistics specialist Clipper Logistics plc, a deal set to complete in summer 2022, subject to regulatory and shareholder approval.

The offer will see existing shareholders receive 690 pence in cash and 0.0359 GXO shares for each Clipper share they currently hold, effectively valuing a Clipper share at 920 pence. GXO has also obtained undertakings from a number of Clipper shareholders to vote in favour of GXO’s offer.

The target company was represented by Hogan Lovells. Corporate partner Dan Simons, who led the team which also provided assistance with ESI, antitrust, UK and US tax and US debt capital markets, told Legal Business: ‘The logistics sector has been very hot recently and we’ve got a number of deals on in this space. During the Covid pandemic, logistics has been one of the best performing sectors and I think that, over the coming months, we’re going to see a lot more high-profile deals and consolidation in the sector.’

Commenting on Clipper specifically, Simons added: ‘Clipper Logistics became a client of Hogan Lovells in mid-2021. Clipper was looking for legal advisers to assist them in executing potential acquisition opportunities in North America and so they wanted to partner with a law firm that had market leading corporate finance practices in both Europe and the US, so Hogan Lovells was the perfect fit.’

Wachtell, Lipton, Rosen & Katz and Freshfields Bruckhaus Deringer represented GXO. New York duo Gregory Pessin and John Sobolewski led Wachtell’s team, while the cross-border team from Freshfields was led from London by Piers Prichard Jones and Rhys Evans.

Finally, last week Macquarie Asset Management announced its latest acquisition, of motorway service operator Roadchef, for a reported £900m.

Serving 52 million customers a year, Roadchef is one of the largest operators in the UK with 30 locations nationally. Macquarie acquires the company from Antin Infrastructure Partners, which acquired it from an Israeli conglomerate in 2014 for a reported £153m.

Macquarie was represented by Weil Gotshal & Manges. The deal team was led by James MacArthur and included counsel Tom Fisher, associates Rick Wright and Alex Thams. Finance matters were handled by private equity infrastructure finance partner Paul Hibbert and counsel Emma Serginson.

MacArthur said: ‘This deal demonstrates our continued proficiency advising the largest global private equity clients on their strategic investments in infrastructure assets.’

White & Case advised Antin out of London. Caroline Sherrell led the team, assisted by associates Heidi Blomqvist and Johanna Wagner.

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Linklaters renounces Moscow office as Russia attacks Ukraine and peers react to invasion

Linklaters’ abandonment of its Moscow office in response to Russia’s sustained invasion of Ukraine has prompted peers to react, with many more likely set to follow suit.

Linklaters announced the move to shutter the Moscow office, which houses more than 70 lawyers, including 10 partners, on Friday (4 March). The firm said in a statement: ‘We will wind down our operations in Russia and close our Moscow office. We will continue supporting our people there in the process, doing all we can to help them transfer to new roles within Linklaters or otherwise.’

Further, the Magic Circle firm vowed: ‘We will not act for individuals or entities that are controlled by, or under the influence of, the Russian state, or connected with the current Russian regime, wherever they are in the world. We will wind down existing work in accordance with our legal and professional obligations. We will continue to assist international clients in dealing with the implications of the current crisis and in unwinding their Russian business interests.’

Similarly on Monday (7 March), Norton Rose Fullbright noted in a statement: ‘We are winding down our operations in Russia and will be closing our Moscow office as quickly as we can, in compliance with our professional obligations. The wellbeing of our staff in the region is a priority. We thank our 50 colleagues in Moscow for their loyal service and will support them through this transition.

‘Some immediate actions are possible and we are taking them. We are not accepting any further instructions from businesses, entities or individuals connected with the current Russian regime, irrespective of whether they are sanctioned or not. In addition, we continue to review exiting from existing work for them where our professional obligations as lawyers allow. Where we cannot exit from current matters, we will donate the profits from that work to appropriate humanitarian and charitable causes.’

Other firms have, thus far, stopped short of seeking to withdraw from the region entirely. Freshfields Bruckhaus Deringer announced that it ‘took immediate steps to terminate, suspend or decline mandates’ and that it ‘will not act for companies or individuals with close ties to the Russian state, with connections to the wider leadership regime, and/or who play a role in supporting or facilitating the current Russian military action.’ This has included terminating its major litigation mandate with VTB, a Russian state-owned bank, but the firm has not yet announced plans to close the Moscow office.

Meanwhile Allen & Overy is taking similar measures, stating in a Linkedin post: ‘We are reviewing our Russia-related portfolio, and as a result we will refuse new instructions and stop all Russia-linked work that goes against our values.’

These sentiments were echoed by Clifford Chance, with the firm saying it would not accept new work from a ‘Russian state entity, Russian state-owned enterprises or individuals identified as having close connections to President Putin.’ It also said that it will ‘review’ existing mandates to ensure that it ‘remains consistent not only with the letter and the spirit of the international sanctions but also with our responsible business principles and values’, although the statement did not explicitly say the firm would seek to terminate any matters.

Elsewhere, Mishcon de Reya is one of the few firms to announce that it will ‘continue to act for Russian clients who are not affected by sanctions’, pointing to the fact that some of their clients ‘are themselves the target of President Putin’s government’. While not having a physical presence in the region, the firm is well known for its ‘VIP Russia’ product, which offers high-net-worth clients advice on investment, property and immigration issues.

Elsewhere, Herbert Smith Freehills has said it would be keeping a weather eye on the evolving crisis. ‘We have been shocked and deeply saddened by what continues to unfold in Ukraine. Our first immediate concern is looking after our Ukrainian and Russian colleagues. The firm’s policy will ensure that we take full account of this rapidly changing landscape in the way in which we conduct our business. This will include our ceasing to act for certain of our Russian clients and on certain Russia-related work,’ HSF said in a statement.

Similarly, White & Case said: ‘We are reviewing our Russian and Belarusian client representations and taking steps to exit some representations in accordance with applicable rules of professional responsibility. Our Moscow office is open and continues to operate. We are complying fully with all applicable sanctions, and we continue to closely monitor this rapidly evolving situation.’

Dentons is another of several firms which is keeping the situation under review: ‘In light of the rapidly accumulating sanctions, we are conducting a thorough review of existing work and new business acceptance criteria to ensure compliance with our legal and ethical obligations, firm policies, and our values. As part of this review, we have already concluded certain relationships and declined certain instructions.’

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A&O opens in Boston as Simmons launches in Silicon Valley

UK firms have made significant moves stateside, with Allen & Overy and Simmons & Simmons announcing the opening of new US offices.

Allen & Overy’s US expansion project appears set to continue. With a new office in Boston set to open following the arrival of a five-partner group from Goodwin. The firm, which has been recruiting across numerous US practice areas since the collapse of the planned merger with O’Melveny & Myers, welcomed the new partners into its intellectual property litigation practice, significantly bolstering its offering in the life sciences industry. Elizabeth Holland will join the New York office and is set to become the head of the US life sciences practice, with Bill James joining the firm in Washington.

The new Boston office is set to be established by the additions of John Bennett, Nick Mitrokostas and Daniel Margolis, all of whom bring experience of litigation in life sciences.

US senior partner Tim House said: ‘Our sustained expansion across the US speaks to our strategy to become the only elite global law firm to offer scaled, coordinated, top tier intellectual property litigation capabilities to life sciences businesses across the US, UK, continental Europe and Asia-Pacific. The ability to develop coordinated, cross-border IP protection strategies from within a single firm with a uniform commitment to quality and client service is something that is requested by more and more of our global clients.’

The new arrivals are the latest in a string of hires in the contentious life sciences space and follow the addition of Sapna Palla and Stephen Neuhaus, who joined the New York and Germany groups in July and May 2021 respectively.

Elsewhere, Simmons & Simmons announced the opening of its first US office, with the new Silicon Valley practice poised to open in May.

The new office, which will not practise US law, follows the introduction of a Shenzhen practice in 2019 and signifies the overarching strategy of the firm to establish itself as a significant presence on the international tech market. Commenting on the development, head of TMT Alex Brown said: ‘This is a globally significant move for the firm’s TMT sector service. Silicon Valley is the epicentre of the global technology sector and is home to many of the world’s largest technology companies. With Simmons’ existing TMT sector expertise and its new on-the-ground presence, the firm is poised to win new work and forge stronger relationships with our existing US TMT sector clients. Together with firm’s office in Shenzhen, this will give us a presence in the two largest tech hubs in the world.’

Situated in San Francisco, the office is to be headed by new recruit Emily Jones. Having spent the previous five years leading Osborne Clarke’s practice in the area, Jones specialises in technology and data privacy and will oversee a practice focused on serving US TMT clients.

Jones said: ‘Having spent the last five years building my client base and reputation in Silicon Valley, working closely with companies as they expand outside the US and gaining valuable experience and understanding of the issues and challenges that are most important to them, I am ideally placed to represent Simmons on the US West Coast. It’s a time of tremendous growth and innovation in the technology market and Silicon Valley remains the focal point of this activity.’

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Stephenson Harwood re-elects Foord for fourth senior partner term

Roland Foord’s long-standing tenure as senior partner of Stephenson Harwood has been extended with his election to a fourth two-year term, starting 1 May 2022.

Foord’s re-election will push his leadership stint to well over a decade, having initially been appointed senior partner after he stood uncontested in 2012. A firm stalwart, Foord joined Stephenson Harwood’s litigation team in 1985 before being made up to partner in 1989. At the time of his first election, Foord also led the firm’s professional services and art law teams.

Chief executive Eifion Morris, who succeeded veteran leader Sharon White in 2019, commented: ‘Roland’s experience during a decade in which the firm grew significantly, will be an important attribute as we look to realise our ambitious plans for the next five years. His commitment to the firm – and the regard in which he’s held by everyone at Stephenson Harwood – is reflected by his re-election.’

Following a stall in revenue growth in 2019/20, revenue dropped 2% in 2020/21. Since then, the firm has bolstered its London practice, most recently this month (February 2022) with the additions of commodities trade finance specialist Philip Prowse from HFW and commercial technology partner Simon Bollans who, having trained at the firm, rejoined from Osborne Clarke.

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Hogan Lovells hails ‘record’ financial results as revenues and profits soar

In what it calls the ‘most successful year in the firm’s history’, Hogan Lovells has added $300m to its top line as revenue increased 13% from $2.3bn to $2.6bn.

It posted an even more striking profit result, with PEP shooting upwards 26% from $2m to $2.5m. Revenue per lawyer also saw a healthy 17% increase from $884,000 to just over $1m.

The 13% revenue hike far outstrips last year’s 3% increase in global fee income. Remarkably, the 26% jump in PEP is lower than last year’s startling 31% rate, although this was caveated by the introduction of a compensation floor for some partners in response to the pandemic.

Chief executive Miguel Zaldivar (pictured) hailed a stringent ‘financial discipline’ driving profitability: ‘There was no significant change to the partnership structure in the last year – we got invoices out early and converted WIP into revenues.’

Embodying the firm’s transatlantic focus, 47% of Hogan Lovells’ business originated from the Americas, with an equal 47% being generated from its EMEA business. The remaining 6% was derived from Asia. The UK specifically made up $534m of the firm’s overall revenue, representing 21% of the business.

Zaldivar said the results were a reflection of his ‘balance, balance, balance’ mantra: ‘We’ve had record years in every market. The economy in the US is booming, and we saw record performances in London, Germany and France. In our business, that geographical balance used to be a hedge, but it has now become a driver of success.’

In terms of practice groups, Hogan Lovells’ corporate and finance group represented 42% of turnover, with global regulatory and intellectual property, media and technology at 30%, and litigation, arbitration and employment at 28%.

Headline mandates for the period included the firm’s US practice, led by Silicon Valley M&A partner Keith Flaum, advising Oracle Corporation on its $28.3bn acquisition of Cerner Corporation. And in a notable disputes matter, Hogan Lovells is representing ENRC in its high-profile claims against the UK Serious Fraud Office following the conclusion of a long-running fraud and bribery probe.

Deputy chief executive Michael Davison told Legal Business: ‘Usually when there’s an M&A boom, there’s a slowdown in contentious work, but we’ve had both. It’s been a record year for our litigators.’

Hogan Lovells also announced this week plans to relocate to a new London headquarters in 2026, swapping Atlantic House for soon-to-be built premises at Holborn Viaduct. The firm will occupy all 12 floors of the building, which will comprise 266,000 square feet.

For an in-depth look at Hogan Lovells’ track record since its 2010 transatlantic merger, see ‘Winning Hartson minds’.

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Rocketing revenues at White & Case as London sees another double-digit boost

Ensuring that last year’s striking financial performance was no fluke, White & Case has unveiled another set of enviable results as 2021 global revenue jumped 20% from $2.4bn to $2.87bn.

London partner and executive committee member Oliver Brettle (pictured) told Legal Business that the firm’s global revenues had grown by 76% in five years, and that the latest increase marked White & Case’s largest annual jump in 25 years.

In London, the firm has maintained a similarly electric pace with turnover increasing 12% from $397m to $445m, although this is slower than the 18% growth rate recorded in the City last year. Brettle pointed to an impressive 53% boost in London turnover since 2016, and a strong recent track record of City recruitment. Last year, White & Case hired Allen & Overy litigation veteran Lawson Caisley, and in December added M&A heavyweight David Lewis from Clifford Chance.

And in terms of London work highlights, White & Case has joined many firms in riding an M&A wave in the past year, acting for Avast on its $9.2bn merger with NortonLifeLock in August. In another standout mandate, the firm assisted Hertz Global Holdings on a successful financial restructuring, providing a full $19bn payout in debt and claims while returning more than $1bn in value to shareholders.

The results made for good reading all round for White & Case, as the firm’s profit per equity partner (PEP) grew 17% from $3m to $3.5m, marginally bettering last year’s 16% increase and was coupled by a modest 6% swell in equity partner numbers from 342 to 363. Overall lawyer numbers grew by a larger margin, 9% from 2257 to 2464, meaning revenue per lawyer climbed by 10% from just over $1m to $1.165m.

It was a bumper year for White & Case in Asia, with revenues climbing by an impressive 30%. The Americas was similarly successful at 23%, while EMEA grew 15%. Brettle hailed this global influence on the firm’s results: ‘Each region has been incredibly strong; we are a truly global firm. In our last set of partner promotions, 64% were non-US-based, which really underlines the point.’

And on the people front, the firm also boasted an impressive record from its last set of global partner promotions, with 50% of those elevated in London being women, and 24% of those from the US and UK self-identifying as from an ethnic minority.

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