Welcome to the September edition of Byfield Bytes, your monthly update on the biggest stories and issues impacting the business of law.
The most anticipated news event of the year is on the horizon as voting for the A&O and Shearman merger opened last week. Partners have until 13 October to cast their ballots and the results will be announced shortly after that. The merger is widely expected to go ahead but whether A&O Shearman will fulfil its ambition to be ‘the first fully integrated global elite firm’ remains to be seen. If they prove that a big transatlantic union can be done successfully, who will be the protagonists of the next big merger?
In other big news, the number of departures from Kirkland & Ellis to Paul Weiss in London has continued to grow. Following Neel Sachdev and several other senior lawyers’ departure in August, this month three more Kirkland partners and eight associates joined Paul Weiss. Kirkland has itself recruited a partner from Paul Weiss and is reportedly offering millions to retain partners who are considering leaving the firm. This poaching battle may well continue in October and is proof that the war for talent in the sector is not slowing down, particularly when it comes to private equity specialists.
The poaching war is also taking an interesting turn in the US, where KPMG partners have been told that they will be put on a 50% pay over six months of gardening leave if they quit to join another Big Four firm. This decision means Deloitte, PwC and EY may have to reach deep into their pockets to increase payments for the partners they’re stealing. Many are wondering if we will see this being replicated in London firms.
Finally, earlier in the month Schillings announced it is setting up its own PR and communications agency in response to “an increasingly complex world where licenses to operate for individuals and organisations have become dependent on reputation”. The announcement underlines the need for a clear PR strategy in situations involving litigation and shows that public opinion can be as important as a court ruling. More importantly, Schillings decision is an acknowledgment that legal action isn’t always the answer and shows that an integrated approach where PR plays a bigger role is often the best solution. But will we see law firms acquiring PR agencies? We’ll let you know if we get any calls….
Big Questions for October
- What will be the immediate consequences of the partnership votes for A&O and Shearman & Sterling?
- Will more UK firms look to tighten belts by reducing headcount?
- After a succession of dramatic swoops, what’s next for Paul Weiss?
- In light of the Axiom Ince revelations, is the credibility of the SRA at risk?
- Is the impact of the recent Supreme Court ruling starting to be felt in the litigation funding world?
Social Media Post of the Month
Angus Walker, Partner at BDB Pitmans:
Lawyer Quote of the Month
Tom Canning, Milbank’s London co-managing partner, on the news that the UK Law Commission issued its final report and bill for reform of the UK’s Arbitration Act 1996:
“The changes, in my view, which are most helpful in terms of promoting London as a centre for arbitration are the codification of an arbitrator’s duty of disclosure and the introduction of a statutory summary disposal mechanism. The first goes squarely to the overriding principles of independence and neutrality which clients expect from an arbitrator. The second will hopefully see the end to one long-running criticism of arbitration, being that it takes longer than it should do, and longer than it does in the High Court, for unmeritorious claims to be dispensed with.”
Byfield Spotlight
- Ben co-chaired a PRCA panel about what journalists want from PR professionals. The speakers included Rose Walker from Bloomberg Tax, Rachel Moloney from The Lawyer and James Booth from Financial News.
- Byfield continues to grow! This month we welcomed Account Director Ammaarah Hafezi and Account Manager Matilda Lloyd Williams, as well as Graduate Account Executives, Darshini Arunachalam and Evie Harrington.
- Byfield has also enhanced its capabilities with the appointment of three new special advisers, Funke Abimbola MBE, Chris Lynch, and Charles Metherell.
- Our very own Meg Tillay won Global Rising Star of the Year at the PRCA Platinum Awards. It’s great to see Meg’s talent and effort being recognised.
Here’s a few you might have missed…
- In a special episode of Counsel Culture, Meg was joined by James Booth, Professional Services Reporter at Financial News.
- Our new special adviser, Funke Abimbola wrote an article on why diversity, equity and inclusion should still be at the top of law firm’s agendas.
- Charles Metherell and I wrote a piece on the Global Legal Post about the key priorities for law firm leaders when going through financial distress.
- I sat down with Meg on the podcast to talk about Schillings opening PR arm and what we should expect to see in the transactions space during the last quarter of the year.
