Slaughters confirms highly-symbolic legal tech incubator launch as another start-up secures $13m investment

Slaughters confirms highly-symbolic legal tech incubator launch as another start-up secures $13m investment

The burgeoning legal technology scene has seen Slaughter and May confirm it will launch a legal technology incubator in the next year, while highly-rated start-up Tessian raises £9m.

In a highly symbolic move for the industry, Magic Circle firm Slaughters has confirmed the launch of a law tech programme it flagged earlier this year, to sit alongside its existing Fast Forward fintech incubator.

The new incubator will focus on developing legal tech and is expected to open by mid-2019, joining the lengthening list of law firms with similar initiatives. Slaughters holds a 5% stake in legal tech darling Luminance, but the firm does not expect to take further equity stakes in start-ups through the new initiative.

Slaughters head of technology Rob Sumroy told Legal Business: ‘We are now firmly on the path of designing a second incubator, which will be based on the first one, but will be more focused towards legal tech. When we created fintech Fast Forward, we were open to legal tech applicants, but some of the legal tech start-ups have shied away from applying to it.’

Magic Circle counterpart Allen & Overy has its own legal tech space called Fuse while Mishcon De Reya and Dentons have similar ventures. Earlier this year, banking giant Barclays entered the legal tech space through its Eagle Labs programme.

Elsewhere, email security artificial intelligence (AI) company Tessian has announced a new funding round of £9m. The company helps prevent sensitive emails being sent to the wrong person, and has more than 70 UK law firm clients. Balderton Capital led the round with existing investors Accel, Amadeus Capital Partners, Crane, LocalGlobe, Winton Ventures and Walking Ventures.

The latest funding means the company has raised about £21m since its founding in 2013. Tessian, formerly known as CheckRecipient, has expanded its team from 13 to 50 people in that time. As part of the latest investment, Balderton partner Suranga Chandratillake and Accel partner Luciana Lixandru will join the board.

Tessian chief executive Tim Sadler commented: ‘It’s human nature to fear scary things like hackers or malware, but we often don’t think twice about the dangers behind something as familiar and ingrained as sending an email. In reality that’s where an overwhelming threat lies.’

Rounding up a busy few days for technology announcements, cloud-based legal spend management and analytics start-up Apperio has secured mobile-only bank Monzo as a client. With a customer base of over 700,000, Monzo will be another key client for Apperio who already count Dentons, Network Rail and Deliveroo as clients.

Headed up by chief executive Nicholas D’Adhemar, Apperio focuses its offering on in-house legal teams and has raised £3.4m in investment, with the company looking towards expanding its team size in the future.

[email protected]

White & Case sets ambitious Chicago growth plans after opening office with corporate and white collar hires

White & Case sets ambitious Chicago growth plans after opening office with corporate and white collar hires

White & Case is continuing its dynamic growth drive apace as the US vanguard opens an office in Chicago to be spearheaded by Jason Zakia, the head of its disputes practice in the Americas.

The firm has nailed its colours to the mast with a pair of laterals in corporate and white collar, in the form of Gary Silverman and Carolyn Gurland, but plans to expand to more than 100 lawyers in short time.

Zakia, who joined White & Case as an associate in 2003 from Chicago-bred rival Kirkland & Ellis, is relocating to the Windy City from the firm’s Miami office. The new office is part of the firm’s 2020 strategy, which involves targeted, profitable growth, particularly in the US and London, with the aim of cementing a position among the global elite firms.

Silverman is a private equity partner who joins from Greenberg Traurig’s Chicago office where he worked for seven years. Like Zakia, he also has Kirkland pedigree, having worked at that firm for 18 years until 2004. He acts for clients across industries including manufacturing, consumer products, hospitality, life sciences, and media, entertainment and technology.

Gurland is a white collar criminal defense attorney who is returning to White & Case as a partner having worked at the firm’s New York office as an associate. She has been a sole practitioner for the last four years and, before that, served as assistant district attorney in the New York County District Attorney’s Office prosecuting complex, high-profile financial crimes.

The firm’s 2020 strategy is focused on growth in four key industries—financial institutions, private equity, technology and oil & gas—and three key practices—M&A, capital markets and disputes. Oliver Brettle last month stepped down as White & Case’s London executive partner in order to focus on this strategy.

Brettle told Legal Business: ‘The Midwest economy is as big in GDP terms as the UK or France. It’s a real corporate centre that is home to organisations which are already global or have global ambitions. Opening an office in Chicago that appeals to these businesses will, in time, benefit the rest of the firm including EMEA and Asia-Pacific.’

While only three lawyers strong, the Chicago office is intended to grow dramatically. John Reiss, White & Case’s global head of M&A based in New York, said: ‘We expect the office to expand to 100 lawyers and become a full service location over the next couple of years, and we are working actively to accomplish that.’

In February, the firm acted on its strategic ambitions when it launched a four-partner oil and gas office in Houston. James Cuclis joined from fellow US firm Vinson & Elkins to head up the office, Christopher Richardson and Charlie Ofner went over from local Houston outfit Andrews Kurth Kenyon, while Saul Daniel relocated from the firm’s London office.

At the time, Dave Koschik, head of White & Case’s US growth team, said the firm intended to have at least 15 partners and 50 total lawyers in Houston across the core transactional practices of corporate, finance and projects.

[email protected]

Deal watch: Magic Circle trio banks on Virgin Money sale as €7.1bn Adyen IPO and £1.8bn Equitable Life disposal keep raft of advisers busy

Deal watch: Magic Circle trio banks on Virgin Money sale as €7.1bn Adyen IPO and £1.8bn Equitable Life disposal keep raft of advisers busy

Magic Circle heavyweights Slaughter and May, Allen & Overy (A&O) and Clifford Chance (CC) have scored key roles on the £1.7bn sale of Virgin Money while the €7.1bn Adyen initial public offering (IPO) and £1.8bn Equitable Life disposal drummed up business for numerous City and US advisers.

CYBG, the owner of Clydesdale Bank and Yorkshire Bank, said yesterday (18 June) it had struck a deal to buy London Stock Exchange-listed Virgin Money in a £1.7bn acquisition that will create the UK’s sixth-largest bank.

Slaughter and May is acting for seller Virgin Group in the buyout, with a team including corporate partners Roland Turnill and Rob Innes (pictured), IP partner Cathy Connolly and financial regulation partner Jan Putnis.

Innes told Legal Business: ‘It’s great to be supporting longstanding client Virgin Group on this deal, whom we advised on the IPO of Virgin Money in 2014. The combination of two leading challenger banks under the Virgin brand marks an important event in the UK banking sector.’

Virgin Money was advised by A&O, with a team led by corporate partner George Knighton alongside fellow corporate partners Seth Jones and David Broadley. For A&O, the mandate extended a relationship with Virgin Money that started in 2007.

CC meanwhile acted for CYBG, with a team spearheaded by corporate partner David Pudge and including corporate partners Gareth Camp and Katherine Moir. Partner Stephen Reese led on IP/brand licencing, partner Simon Crown led on regulatory, while head of UK antitrust Alex Nourry advised along with capital markets partners Adrian Cartwright and Christopher Walsh.

Elsewhere, King & Spalding and Freshfields Bruckhaus Deringer have both advised on insurer Equitable Life’s £1.8bn sale to Life Company Consolidation Group (LCCG). As a result of the sale, Equitable Life’s policy holders will transfer to Reliance Life, a subsidiary of LCCG.

Equitable Life, which nearly financially collapsed in 2000 putting pensions at risk, was represented by Freshfields, with a team led by corporate insurance partner George Swan alongside partners Neil Golding and Craig Montgomery, who provided dispute resolution counsel.

Swan told Legal Business: ‘Equitable Life has a bit of history to it! It’s spent the best part of 20 years gradually putting that history behind it. This deal is the culmination of that turnaround story. Reliance Life will be an excellent partner going forward, providing a better result for policy holders than simply winding the company down.’

King & Spalding’s team advising LCCG was headed up by corporate partner William Charnley, with support from employment partner Jules Quinn, regulatory partner Angela Hayes and tax partner Daniel Friel.

Finally, CC and Latham & Watkins won mandates on the €7.1bn initial public offering (IPO) of Adyen, a Dutch payments processor recognised as the country’s only fintech unicorn. Adyen listed on the Amsterdam stock exchange on 13 June, and at press time had a share price of €417.1.

CC, which advised Adyen, deployed lawyers from four international offices covering London, Paris, Amsterdam and Luxembourg. Amsterdam-based corporate partner Hans Beerlage led for the firm. Latham and its London-based capital markets partner Olof Clausson acted for the underwriters and bookrunners of the IPO, including Morgan Stanley, JP Morgan and Citigroup.

[email protected]

Taylor Wessing’s UK PEP shoots up 20% as global revenue exceeds the £300m mark

Taylor Wessing’s UK PEP shoots up 20% as global revenue exceeds the £300m mark

In another early sign of a good 2017/18 for UK firms, Taylor Wessing has followed up on a disappointing performance last year with a solid 12% revenue growth to £144.6m for its UK business.

In what UK managing partner Tim Eyles (pictured) described as the firm’s ‘best year yet’, UK profits per equity partner (PEP) rebounded to grow 20% and hit £579,000 after last year’s 6% drop to £481,000.

‘We achieved superb growth across our key sectors, especially in technology media and communications, life sciences, and private wealth,’ said Eyles of the last results he will oversee as managing partner. He is to step down after nine years at the helm in October and will be replaced by litigation co-head Shane Gleghorn.

In further evidence that the recent regulatory changes were a good source of business for tech-focused firms in the UK, Eyles also pointed to Taylor Wessing’s work on GDPR as an area of ‘particular success.’

The verein firm’s global revenue grew 12% to £301.5m, again, a stronger performance than last year’s 6% rise to £269.8m.

It was a year marked by changes for the firm. As well as electing Gleghorn last month, the firm appointed a new senior partner in December, with Dominic FitzPatrick replacing Adam Marks after six years.

Gleghorn and FitzPatrick receive a confident handover from Eyles, who took charge in 2009 in the midst of a recession and in the wake of a 7% fall in revenue for the 2008/09 financial year. Eyles is credited with hugely expanding the firm’s international network and giving it a clearer brand, building its non-IP disputes business and its private client offering.

[email protected]

Are You Aware of Your Personal Online Brand?

Are You Aware of Your Personal Online Brand?

With the legal job market becoming ever more competitive, it is not surprising that the selection criteria used by employers may not always be limited to a straightforward CV and interview(s) – your personal online brand can be just as important as the suit you wear to an interview.

It can be tempting to lock down privacy settings on your social media accounts. However this could mean missing out on opportunities; the line between our personal and professional lives is increasingly blurred with the use of social media, and it is nowadays an important tool to use to bolster your personal brand and raise your profile.

Candidates should therefore be careful of how they use their personal social media accounts – derogatory comments, inappropriate profile pictures and poor spelling/grammar can lead to employers making rash judgments.

On the other hand, some employers believe social media profiles demonstrate employee potential as they can show well-roundedness and company-fit. LinkedIn appears to be the most popular method but, perhaps surprisingly, some employers do use Facebook and other sites as information sources.

While only one in ten employers admit to reviewing personal social media as a matter of course, research by OfficeTeam revealed that over a third of HR Managers feel it is inevitable that social media sites, like LinkedIn and Facebook, will replace CVs in the future as they enable instantaneous communication in fast paced sectors like legal services.

Surveys have shown that 90% of recruiters research the online presence of candidates to check there is nothing incriminating to be found by clients that could represent badly on the individual or on their agency. Companies with robust reputations to protect check social media sites as part of the standard recruitment process, so an inappropriate profile could shatter your chances of an interview. This method can and will be used as a way of shortlisting candidates, especially when the job market is so competitive and there is less to differentiate between candidates. According to research up to 70% of employers who have used LinkedIn have decided not to progress a candidate based on their social media profiles, with only 27% giving candidates the chance to discuss the content they have found.

So what should you be doing to ensure your social media profile reflects positively on you and you are using it to your maximum professional advantage, and of course avoiding the rejection pile!

Here are my top tips:-

– Google yourself – if all the results are from non-professional sources then update your professional profiles. LinkedIn has a high visibility in Google search results

– Ensure your LinkedIn profile is comprehensive and really gives an employer a very positive picture of experience and expertise. Remember you can include work related articles/blogs you have written

– If you would be worried about a comment being seen by an employer or somebody who could screenshot it and pass it on, consider whether or not to click post! Where you can, remove any ‘dodgy’ photos or comments

– Avoid swearing and keep your spelling and grammar in check – ‘text speak’ could be viewed as incompetence by prospective employers

– Demonstrate your strengths/interests on your profile – if you have any unique interests this can complement you

– It is important to keep tabs on your privacy permissions – be aware Facebook make regular changes to privacy settings, and Twitter profiles are usually public

– Be careful of your ‘likes’ and be aware of the organisations/people you are ‘linked’ with

Iona Kobbekaduwe is an experienced consultant based in our Manchester office. For more discussion and/or advice please do contact her on 0161 828 5415 or [email protected]

Doing Good at Dechert

Doing Good at Dechert

Pro bono, from the Latin ‘pro bono publico’ meaning ‘for the public good’, may not be something which is automatically associated with big law firms. Except Dechert, that is. The US firm has won several awards for its pro bono work, both in the UK and across the pond, and was recently ranked #1 for international pro bono and #7 for US domestic pro bono by The American Lawyer. The Lex 100 speaks to Dechert about the key to making pro bono a success.

The concept of providing free legal advice to those who may not otherwise be able to afford it isn’t a novel one. In fact, it’s a principle which has been ingrained in the legal industry for centuries. But whilst a strong commitment to pro bono has long been common practice for law firms in the US, it hasn’t always enjoyed quite the same prominence in the UK.

Team Spirit

Three years ago Dechert’s London office introduced the bold requirement that every lawyer at the firm was required to undertake at least 25 hours of pro bono a year. “And that is absolutely everyone, including the chairman, the chief executive and all of the firm’s practice group leaders”, explains Sean Geraghty, partner in Dechert’s corporate and securities group and a member of the London pro bono committee.

Impressively, Dechert pledges 3% of its chargeable hours to pro bono per year and often goes beyond that commitment. The results speak for themselves: “the fact that no one complains about the commitment which we require is demonstrative of the culture that we are genuinely committed to pro bono as a firm”, reflects Charlie Wynn-Evans, head of Dechert’s employment practice in London, chair of the London pro bono committee and a member of the firm’s global pro bono committee.

So how has Dechert made such a success of its pro bono scheme? By committing to it, says Charlie. “From the top down, we actually mean what we say and deliver on it. It’s not just ‘oh it would be nice to do pro bono’, rather it’s a core aspect of who and what we are as a firm”. Sean agrees: “Pro bono is an integral part of the firm’s practice and is treated in the same manner as the rest of the firm’s work, with the same staffing, resources and commitment. Our chairman is closely involved in a number of pro bono matters in the States and that atmosphere pervades the whole firm”.

Trainees get involved too. Sonali Sullivan-Mackenna is the second-year trainee representative on the London pro bono committee. Among her many responsibilities, Sonali is in charge of maintaining the trainee clinic rota, circulating pro bono-related materials to all fee earners and assisting the committee in organising pro bono referrals. But being on the committee has also brought with it an unexpected benefit. “The committee is made up of people from different seniority levels and practice areas so it means that I meet other people at the firm who I may not have otherwise”, explains Sonali.

Unsurprisingly, there’s no shortage of people who are in need of Dechert’s expert pro bono skills, and for employment lawyer Charlie, pro bono opportunities are in abundance. “Whether it’s assisting with tribunal cases, handbooks, policies or contracts, there is always plenty of advice needed”. Likewise, corporate lawyer Sean, who recently assisted on the merging of two African charities, finds that his area of expertise is often in demand. “Both charities were trying to raise money to do largely the same thing and in an era where charities are facing increased challenges in terms of attracting funding, it makes sense to pool resources”, says Sean. “Corporate skills lend themselves quite well to the needs of pro bono clients. We do broadly the same types of work as for our fee-paying clients”.

Mixed Bag

But it may not be so straightforward for lawyers working in other practice areas. “A lawyer in a specialist finance practice may not find it so easy to find something they feel comfortable doing on a pro bono basis”, says Charlie. The key, he says, is having a variety of opportunities on offer so that everyone can get involved.

More often than not however, it is the transferable skills of lawyers, applicable to myriad situations, which pro bono clients find most useful. “We are trained to explain to people what they need to do to achieve their goals in as simple and clear a way as possible”, Sean explains. “Whether it’s something as formal as acting for people on death row in the US or a simpler task like helping someone who has received 25 letters from the Council Tax office and can’t work through the documents, we are trained to do that. It’s important to help people who can’t help themselves and as lawyers we have a lot of tools at our disposal that can effect change.”

Stand-out moments

Sean Geraghty – Sean helped a father of a disabled son to set up a charity which provided counselling and support for other parents in a similar situation. “Because it came from someone who had actually worked through the issues themselves on a personal level, it was particularly gratifying to help set up the charity and formalise it so that [the father] could then help others who find themselves in the same position”.

Charlie Wynn-Evans – Charlie is currently working for a London-based charity on discrimination claims brought by a member of staff in ongoing proceedings. He has assisted the charity, of which he has previously been a trustee, on a variety of employment matters over the years. “Sometimes pro bono is very episodic – you can go to a clinic, meet someone, give them advice and never see or hear from them again, but there are other clients who you see through thick and thin. You build up a really valuable ongoing relationship with them”.

Sonali Sullivan-Mackenna – “I was working as part of a team assisting a London-based organisation which aims to identify and recover looted property on behalf of a particular family whose grandparents were persecuted by the Nazis and had to give up a piece of valuable artwork. This case was about working for the restitution of the piece of Nazi-looted art and was completely different to anything else I had worked on. It was really tough because it went beyond just legal ideas but was nevertheless completely fascinating”.

Fringe Benefits

For trainees and junior lawyers in particular, of the plethora of benefits they can derive from pro bono work, one of the most important is client contact. Whilst trainees at Dechert are given as much exposure to clients as possible, it’s fair to say that the bulk of client-facing work is usually reserved for more senior members of the team. By taking on pro bono work, trainees are guaranteed more client contact.

What’s more, in contrast to the primarily sophisticated client base Dechert has built up since its inception in 1875, the firm’s pro bono clients come from all sorts of different backgrounds. The diverse problems these clients present, from social housing issues to parking fines, are also a far cry from the high-level transactions and cases routinely dealt with by the firm. “It’s rarely the stuff you deal with in your day job at Dechert but that doesn’t mean it’s not really interesting, challenging and great for personal development”, says Sean.

For the last few years, Dechert has been working in partnership with the Islington Law Centre, where trainees are required to undertake three sessions  at the Advice Clinic during their training contract. “You sit in a little room where it’s just you and the client”, explains Sonali. “The first time I went it was a bit daunting, but it’s not necessarily a case of having to give hard advice then and there. It’s more of a fact-finding mission. You ask the client the right questions and you go away and do further research and draft any necessary documentation”.

Through their work at the Law Centre, trainees gain the invaluable experience of meeting clients, taking instructions and writing them up, not to mention case management skills. After the initial meeting it is the trainees’ responsibility to carry out any necessary research and draft the follow-up documentation. This enables them to develop skills which are crucial for any lawyer and which will inevitably stand them in good stead for their future career.

By no means are trainees unsupervised, however. After each Advice Clinic, recruits meet with Charlie to run through the client’s problem, what they discussed and decide what the next steps are. “It’s guaranteed that you’ll speak with him after the clinic. He checks through your follow-up letter and any other documents you’ve drafted before they are sent off”, Sonali clarifies. Evidently the approach to pro bono at Dechert really is top down.

Balancing Act

Surely it can’t be all that easy though. After all, trainee solicitors and junior lawyers don’t always have control over their own workload and often find themselves faced with conflicting deadlines and competing obligations. So does Sonali have any tips as to how to balance pro bono with fee-earning work? “A lot of the time it’s just common sense. Sometimes something really interesting will come through but you don’t take it on if you don’t have capacity, just like with any other work”. And if trainees do find themselves in a corner, “the pro bono work that we do is not to be treated in any way differently to other work for paying clients. It is not a second-class form of work” emphasises Charlie, “It is the fact that it is firm work which is important”.

Thrusting DWF primed for largest law firm listing yet but eyebrows raised at touted price

Thrusting DWF primed for largest law firm listing yet but eyebrows raised at touted price

Thrusting national operator DWF is gearing up to be the largest UK firm float yet with a London Stock Exchange listing later this year. The top 25 UK law firm initially went into standard non-denial mode today (15 June) over reports it is aiming to float later this year with a supposed price tag of £1bn.

The presence of City PR shop Finsbury, which was today distributing ‘background briefing points’, signalled that DWF was being positioned for an offering. Within an hour the firm anyway changed its public position to issue a statement (see below).

Such a valuation would raise eyebrows in the profession, given DWF’s 2016/17 revenue of £199.3m, with profit last year slightly down to £43.5m from £45.5m. Profit per equity partner (PEP) fell 6% to £300,000. Even valuing the business at a generous 15 times earnings would suggest a valuation of well under £700m. Standard valuation models for such a business would be in the £400m-£600m region.

The 1,200-lawyer practice had 70 equity partners last year, with a further 154 salaried partners. Turnover was up about 8%, though a float would also focus attention on the firm’s borrowings, which have increased in recent years to currently exceed £40m in bank debt, a relatively high level for a law firm. A note in the firm’s latest annual report says the firm held discussions with its banks about future borrowing requirements and while no formal bank facility documentation had been completed, the lenders intended to make these available.

DWF’s recent history has been marked by a spate of office openings in Europe, North America and Asia-Pacific, as well as the acquisitions of legal cost business NeoLaw last June and claims management firm Triton Global.

It also brought in the man who spearheaded DLA Piper’s meteoric rise from regional upstart to global giant, Sir Nigel Knowles, as chair in September last year. DWF is seen as a firm which has long modeled itself on Knowles’ former parish. Knowles was also known to have been intent on taking the legacy DLA public before the firm instead opted for the three-way US merger that created DLA Piper.

One former partner expressed surprise at the move and the touted £1bn market capitalisation, noting relatively low profitability for a top 50 UK law firm. ‘I am sitting here struggling to understand what the hell is going on,’ he added: ‘We looked at a flotation three years ago and decided against it, now they’ve obviously had a change of heart. If [chief executive Andrew] Leaitherland was playing poker, he’s just gone all in.’

Another former DWF veteran noted previous discussions around attracting private equity investment. He commented: ‘It’s very efficiently managed but debt is an issue. They have a consistent profitability track record but I’m not sure the international offices have been working as well yet.’ He noted that a float could be used to pay down debt, ‘wiping the slate clean’.

DWF’s IPO would be the sixth UK float, and the largest by some distance since Slater & Gordon’s troublesome listing on the Australian stock exchange more than a decade ago.

DWF’s statement: ‘To enable us to deliver on our strategy and for us to better serve our clients through an increasingly international and differentiated offering, we have plans to increase our investment in information technology and connected services. The current corporate structure of our business continues to work very well and has enabled us to deliver our key business objectives with record growth this year – but as a business which is committed to “doings things differently” it is also important to consider alternative structures which can set us apart from other legal businesses. To that end, we have been considering a number of strategic options for our business, including the possibility of an IPO on the London Stock Exchange. If we were to proceed with an IPO, we believe that it would enable us to achieve our strategic objectives more quickly, while also enhancing our ability to attract and retain the best talent and to incentivise our people by aligning them through offering ownership within the business. We are focused on an IPO. However, a number of options are available to us, and we can still continue to build on our success to date, with the support of our clients, under our current structure. For the time being, it is very much business as usual for us, our clients and our business partners as we continue to focus on delivering the excellent service which our clients have come to expect of us.’

[email protected]

CMS cites ‘19%’ UK profitability hike as turnover tops £500m in first post-merger results

CMS cites ‘19%’ UK profitability hike as turnover tops £500m in first post-merger results

CMS Cameron McKenna Nabarro Olswang has released a selection of financial highlights for the year following its three-way merger but disappointingly kept some key metrics under wrap.

The firm revealed on 14 June that the 25 offices in its UK LLP turned over £518m in the year to April 2018, £29m up on the consolidated results of the three legacy firms Cameron McKenna, Nabarro and Olswang, which merged in May last year.

It said like-for-like profitability was up 19%, but did not disclose profit or profit per equity partner (PEP). Like-for-like comparisons are difficult, however, because Nabarro and Olswang did not release their financials in the year before the merger.

‘Collectively we have achieved a tremendous result in our first year together as a combined firm,’ UK senior partner Penelope Warne said. ‘It has been a transformational year for our people, filled with new opportunities and challenges and I’m very proud of what we’ve achieved together.’

LLP books published in January provide some light. They revealed revenue at Olswang plummeted 14% to £99.96m in 2016/17, were marginally up 1% at Nabarro to £131.14m and up 4% to £273.2m at CMS Cameron McKenna. This year’s combined turnover is therefore up about 3% from last year’s £504m.

The LLP accounts also showed operating profits fell at all three legacy firms in the pre-merger year. They were down an eye-catching 76% to £8.36m at Olswang, while Nabarro saw a more modest decrease from £47.9m to £42.6m and Cameron McKenna fell from £74.1m to £71.5m. The combined operating profits were therefore about £122m in 2016/17.

This year’s highlights include advising HP on its $1.05bn acquisition of Samsung’s printer division and LandSec on the £1.28bn disposal of its joint venture interest holding in 20 Fenchurch Street to LKK Health Products Group. The firm also picked up a sole legal provider mandate for the Crown Estate’s £2.5bn regional retail portfolio.

The firm also released today global revenue for the broader CMS international group, which hit €1.3bn in the 2017 calendar year, up 31% from last year’s €999m. It means the alliance, which includes 74 offices in 42 countries combined together under a European Economic Interest Grouping, returned to growth after a flat 2016.

The firm was busy expanding globally last year, striking an alliance in Saudi Arabia and opening a new office in Monaco.

[email protected]

Norton Rose Fulbright raises LPC maintenance grant to £10k

Norton Rose Fulbright raises LPC maintenance grant to £10k

Norton Rose Fulbright has upped its Legal Practice Course (LPC) maintenance grant by 43%.

The firm will now provide trainees with a £10,000 allowance – a substantial increase from the previous £7,000 figure.

The increase will apply to those who started their LPC in February of this year as well as future joiners to the firm. Trainees will have to complete the vocational course at the Holborn campus of BPP Law School, and do so at an accelerated pace (seven-and-a-half months as opposed to the usual 12).

The move is one of the latest in a series of maintenance loan boosts which have been making headlines this year. Heavyweights Kirkland & Ellis and Hogan Lovells similarly upped their LPC grants to five-figures some months ago.

Employment partners rue ‘conservative’ Supreme Court judgment in highly-anticipated gig economy case

Employment partners rue ‘conservative’ Supreme Court judgment in highly-anticipated gig economy case

A Supreme Court decision which was expected to have significant ramifications for the ‘gig economy’ has disappointed employment partners who hoped the ruling would move questions around workers’ rights further forward.

The Supreme Court today (13 June) unanimously ruled in favour of heating engineer Gary Smith in his claim against Pimlico Plumbers, establishing that he was a ‘worker’ and not self-employed. This meant he was entitled to certain employment rights such as holiday pay, although not wider rights given to full-time staff.

The ruling, handed down by Supreme Court president Lady Hale alongside Lady Black and Lords Wilson, Hughes and Lloyd-Jones, was closely-watched by employment lawyers as it was seen to have wide implications for a range of workers in what has become known as the ‘gig economy’.

Taylor Wessing employment partner Sean Nesbitt said the judgment would be of major interest to Uber, with the ride-sharing company fighting a similar case. He described the Pimlico judgment as ‘conservative’, but said it was still helpful guidance. ‘Conservative judgments tend to produce more certainty.’

Luke Bowery, employment partner at Burges Salmon, added: ‘It’s a largely fact-sensitive decision. The Supreme Court found that the original employment tribunal was entitled to find that he was a worker and didn’t therefore look in great detail at the various tests for worker status. In that sense it doesn’t move us that much further forward.’

Mishcon de Reya has been advising Pimlico on the case since 2011, led by employment partner Susannah Kintish. Kintish predictably played down the decision, telling Legal Business: ‘They very much limited their decision to the facts of the case. It’s a wasted opportunity. We’ve ended up with this middle ground where Gary is not self-employed or an employee. It’s really disappointing that individuals can’t apply any principles or have any strong guiding hands in future employment claims.’

Blake Morgan employment partner Matthew Smith, however, described the case as the leading authority for determining the employment status of ‘gig economy’ workers. He commented: ‘The case will have significant cost implications for organisations in a number of sectors where people have been treated as contractors rather than workers but the decision will be welcomed by many thousands of people who have been missing out on key employment rights because they are classed as self-employed when, in reality, they are workers or employees.’

The claim dates back to August 2011, when Smith brought an employment tribunal action against Pimlico, alleging that he had not been paid for a period of statutory annual leave among other grievances. The tribunal ruled at the time that Smith was a ‘worker’ under the Employment Rights Act 1996 and could therefore legitimately proceed with claims against Pimlico. The plumbing business however appealed to an appeal tribunal before moving upwards to the Court of Appeal and then to the Supreme Court.

Mishcon instructed Matrix Chambers’ Thomas Linden QC and Devereux Chambers’ Akash Nawbatt QC. Smith was represented by TMP Solicitors, which instructed Matrix Chambers’ Karon Monaghan QC and 1MCB Chambers’ David Stephenson.

[email protected]