Law Firm Highlights – July 2017

• Pinsent Masons announced details of its unaudited results for FY16/17. The firm achieved global turnover of £423.1m, an 11 per cent increase on FY15/16. Almost 85 per cent of revenues were generated from clients operating in the firms’ five global sectors; with Advanced Manufacturing & Technology (21 per cent) and Financial Services (20 per cent), being the largest contributors. Excluding the impact of currency fluctuations, the firm achieved like-for-like turnover growth of 7 per cent. The firm’s Middle East region contributed to this strong performance with all regional practices recording year on year growth in local currency. Commenting on the past year, Sachin Kerur, Head of Middle East Region at Pinsent Masons says: “Despite the continued uncertain economic conditions, our business in the Middle East has delivered a strong performance and contributed significantly to the firm’s global turnover. Clients continue to seek the advice of our experienced team of lawyers in Dubai and Doha. Pinsent Masons remains strongly committed to strengthening its presence in the Middle East even more and looks forward to continuing to serve clients with the same level of professionalism which they have come to expect from our firm.”
• Norton Rose Fulbright and Chadbourne & Parke announced the successful completion of their combination. The combination significantly strengthens the client offerings as well as the practice and industry capabilities of the newly expanded global firm. After joining forces with Chadbourne & Parke – an international law firm with deep roots in New York and Washington, DC, and more than a century of practice – Norton Rose Fulbright has enhanced capabilities in project finance, bankruptcy, litigation and white collar disputes, tax, and Latin American finance and infrastructure work, among other areas. The combination deepens the firm’s formidable offering in key sectors like energy, infrastructure and finance, and expands the firm’s reach in the critical New York market. Following the combination, Norton Rose Fulbright will be among the 25 largest law firm offices in New York City.
• Kennedys completed its merger with leading US insurance firm Carroll McNulty & Kull (CMK).The merger brings together around 100 lawyers, including 41 partners, from CMK and over 975 lawyers from Kennedys, with additional joint staff numbering 750, creating a firm with an enhanced presence across the Americas, Asia-Pacific, Europe, and the Middle East.In the US only, the merged firm retains the CMK name in recognition of its reputation there, and is known as Kennedys CMK. Now with offices in New Jersey, New York, Pennsylvania, Illinois and Texas, the merger takes Kennedys’ number of offices to 32 worldwide, which are in addition to its 16 associated offices and co-operations. The merged firm’s core business remains insurance – acting for global and domestic insurers, and multi-national corporations. Kennedys CMK specialises in coverage and defence work including general liability, cyber risk, professional liability, medical malpractice, construction defect, property and casualty, surety and fidelity and reinsurance across all sectors, including marine, aviation and financial lines. Chris Carroll, one of the founders of CMK in 1997, joins Kennedys’ Global Strategy Board with immediate effect. Founding partners Joseph McNulty and Gary Kull will also continue with Kennedys CMK, along with managing partner Margaret Catalano and all other pre-merger lawyers and staff in all offices.

• Clyde & Co grew for the 19th year in succession last year according to pre-audit figures released today. Firmwide revenues at the UK-headquartered, multinational law firm surpassed the half billion pound sterling mark for the first time, rising 14 per cent to £508.1 million in the year to April 30, 2017. Profit at the firm also grew, rising nine per cent to £127.6 million. Average profit per equity partner (PEP) was £650,000, compared to £665,000 in the prior year, as partner numbers increased by 40 bringing the total to 397. Currency movements accounted for five per cent of the revenue growth figure. Clyde & Co has been one of the fastest growing major law firms in the world for a number of years. Compound average annual revenue growth over the last five years is 12 per cent per annum. In the last year the firm has also added five new offices across the US, Europe and Latin America. Clyde & Co has been investing in systems and processes that will prepare it for future growth and greater efficiency in client service. These include the creation of the firm’s first global innovation board which will look at enabling change in the business; identifying new forms of value from data; and evolving the range of services supplied to clients as well as continued investments in practice management and workflow systems to improve efficiency.