Welcome to the May edition of Byfield Bytes, your monthly update on the biggest stories and issues impacting the business of law.
A busy month drew to an end with a massive story which broke last Sunday and took everyone by surprise: the proposed merger between Allen & Overy and Shearman and Sterling. We think the tie-up has the potential to be a great match. If the merger goes ahead A&O will add to its US growth ambitions and Shearman will expand its presence outside America and rebuild after the failed merger discussions with Hogan Lovells. See our thoughts on the tie-up here
Another highlight this month was London International Disputes Week (LIDW). The event brought together the UK’s disputes resolution community and again explored how London is faring as a global disputes centre post-pandemic and in the current economic and geopolitical situation.
A report by Law Students for Climate Accountability claimed that law firms have facilitated £1.48 trillion in fossil fuel projects. Public pressure will no doubt continue to mount on firms to reconcile client work with their own ESG commitments, and many will be thinking about how to increase their involvement with the renewable energy industry.
Technology continued to be a major talking point in the industry, as more and more lawyers introduce AI into their day-to-day jobs. In particular, junior lawyers’ use of tech was put under the spotlight, as compliance experts warned them, not for the first time, about communicating with clients via social media channels like WhatsApp.
Junior lawyers’ salaries keep on rising, as Magic Circle firms Linklaters and Allen & Overy announced they were increasing NQ’s pay packets. A report by Legal Cheek, however, revealed that aspiring lawyers prioritise a firm’s reputation for being friendly and the quality of work over remuneration, showing that Gen Z lawyers are choosing meaningful work and a better work-life balance over higher salaries.
Finally, the Legal Services Board opened a call for evidence on the role that lawyers’ conduct plays in the misuse of non-disclosure agreements. The Board has announced it will consider regulation to ensure that NDAs are only ever used appropriately.
Big Questions for June
1) Will we see anyone breaking ranks at Shearman and A&O to dispute the proposed tie-up?
2) Will other transatlantic merger discussions materialise as other firms try to keep up?
3) How strong will the deal pipeline look for Autumn and will private equity come back?
4) How will Magic Circle financials match up to their US counterparts?
5) How many more firms will open in Dublin, following Bristows’ news this week?
Post of the Month
-Paul Hodkinson, Editor-in-Chief at Law.com
Lawyer Quote of the Month
Anonymous senior legal counsel: “My opinion is not what is going to happen with A&O Shearman, but what will the other four do next? When it comes to the Magic Circle, they are each slaves to the other. They will follow like they always have done, that’s how they keep the armoury going.”
Byfield Spotlight
- Byfield welcomed two new members to the Mirovia legal PR & communications alliance – Commwiser in India and TriOn in Singapore.
- The Byfield team are currently coming up with innovative ways to raise money for the London Legal Walk, which the team will be participating in on 13th June. If you’d like to make a donation towards London Legal Walk, to help fund much needed frontline free legal advice agencies, then visit the following the link: https://londonlegalsupporttrust.org.uk/our-events/london-legal-walk-2023/.
- Beth, Michael, and Gus were out in full force at London International Disputes Week which welcomed over 500 lawyers to its conference this week. Gus also took part in a roundtable on handling crisis comms in international investigations.
- Mental Health Awareness Week took place between the 15th-21st May and we marked the occasion by coming together for lunch to discuss all things mental health and take part in a quiz prepared by Byfield’s Wellness consultant, Mimi Lunt. We believe it’s important to break down the stigma around mental health and we’re proud that a number in our team are trained Mental Health Champions.
- Ben and Michael presented to the Institute for Turnaround on communication strategies for turnaround situations.
Things you might have missed…
- Meg and I wrote a blog about our views on the announcement of the Allen & Overy and Shearman & Sterling merger.
- Gus and Tom Ziprin co-authored an article about the potential impact of introducing television cameras into UK courtrooms.
- The latest episode of our podcast Counsel Culture features Bob Nightingale, Founder of London Legal Support Trust, who joins Meg to discuss the upcoming London Legal Walk, pro bono work and access to justice.
- Other new episodes of our podcast feature Harneys’ Global Managing Partner William Peake and CMS’ Head of International Arbitration Richard Bamforth.
Fred Banning
Many of us knew Fred Banning from his time at Pinsent Masons, as did many of our readers. Michael paid tribute to Fred on LinkedIn and we’d like to post that again here:
“Whether it was his masterclass of a campaign to secure priority access to vaccines for the terminally ill or the founding of Fifth Day, an organisation to enable law firm business professional pro bono, Fred Banning did more good with the limited time he had left than most people achieve in a lifetime. He set an example for all of us to follow. Rest in peace Fred.”
