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07/27/07

London law firms climb higher on the economic ladder


Law firms on both sides of the Atlantic are seeing a boom with their profitability growing rapidly. With more and more lawyers turning rainmakers for these firms clinching top-notch business deals, the firms' growth chart has seen a rapid escalation on the economic graph. Not only are the UK law firms doing roaring business, but also the U.S. law firms who have expanded their bases on the British shores have seen booming business. According to Financial News report, the UK's legal industry, particularly London-based firms generate more than £1 billion ($2.04 billion approx.) in fees each year from its international clients.

The top-drawer names in UK include Clifford Chance , followed by Linklaters, and Freshfields Bruckhaus Deringer. Clifford Chance has a global turnover of £1.2 billion ($2.48 billion approx.) and has a dominant practice in banking and finance and private equity. Linklaters, who makes a turnover of £1.1 billion ($2.3 billion approx.), does good business through its practice in M&A, capital markets, and banking. Freshfields Bruckhaus Deringer, with £1 billion ($2.1 billion approx.) annual turnover also reaps profitably from its M&A, private equity, and Anglo-German deals.

Among the U.S. firms to make it big in the European soil is White & Case with a turnover of $186.9 million (approx.) from practices in debt finance and capital markets, followed by Latham & Watkins with $152.6 million (approx.) from its deals in leveraged finance, high-yield, M&A, capital markets, and private equity. Next comes Shearman & Sterling with its London business yielding $124.8 million (approx.) from practicing in capital markets, M&A, and leveraged finance. Other firms like Sidley Austin and Skadden Arps Slate Meagher & Flom are also not lagging far behind.

Three new faces in Thompson & Knight's Trial Practice team
International law firm Thompson & Knight, LLP, has expanded its Trial Practice Group with three lateral hiring in its offices nationwide. Robert F. Brodegaard has joined Thompson & Knight's New York office, while Richard J. Zook will be based in the Houston office, and Jennifer Rudenick in the firm's Dallas office.

These new attorneys add to the firm's already 170-attorney strong trial practice team spread across its 12 offices. Brodegaard, who joins the firm as a partner has more than three decades of experience in international dispute resolution and U.S. commercial litigation. Trial lawyer Zook is a partner in the Houston office and has nearly 20 years of legal experience handling complex business lawsuits in state and federal courts and in arbitration. Rudenick rejoins Thompson & Knight as an associate in the Dallas office and will practice in litigation and dispute resolution. William L. Banowsky, leader of the group stated that the firm hopes to leverage from the vast experience of these attorneys who have joined the firm from varied legal backgrounds

Founded in 1887, Thompson & Knight has around 420 attorneys in its offices spread across the world.

BIZARRE NEWS

Police Chase Disabled Senior Citizen on scooter; Loses Him
A pensioner in Middlesbrough, UK, made the police chase him on his electric scooter, which reached a top speed of 8mph. The low-speed chase started when the police asked the man to pull over. According to on-lookers, the senior citizen used foul language on the police and sped away on his battery-operated vehicle. He drove off the carriageway and gave the officers a slip. Cleveland Police said that the man eventually pulled over and officers helped him get out of traffics way. A traffic officer informed that the scooter was road legal. He said that there are two types of vehicles-Class two that is limited to 4mph and usually runs on footpaths, and Class three which is limited to 8mph, and can go on roads too.

Latham & Watkins LLP.

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