Brien Wassner’s Post

A&O Shearman officially launches today. Now comes the hard part: making Big Law's first major transatlantic merger in more than a decade a success. That will be judged largely on how the combo of Allen & Overy and Shearman & Sterling LLP fares in the U.S., the world's largest legal market and a tough nut to crack. The combined firm still lacks the profits and private equity fire power to take on Kirkland & Ellis, Latham & Watkins, Paul, Weiss, Rifkind, Wharton & Garrison LLP and other elite players. Meanwhile, London's other Magic Circle firms (Freshfields Bruckhaus Deringer, Linklaters, Clifford Chance and Slaughter and May) are taking different approaches to trying to meaningfully break into the U.S. "As long as U.S. private equity continues to drive the market, the rest of the U.K. global elite will keep trying to break the U.S.,” said Scott Gibson, a London legal recruiter for Edwards Gibson. “They have no choice if they want to stay elite." Mahira Dayal and Roy Strom are reporting for Bloomberg Law. https://lnkd.in/efmQJxKM https://lnkd.in/eYWAta5k

Kent law firm Thackray Williams LLP open to merger after record results ⚖️🪙 Thackray Williams has posted its best results yet for the financial year 2023/24, positioning it for potential inclusion among the UK’s top 200 law firms later this year. The firm was formed in 2004 following the merger of Thackray Wood and Leigh Williams, and is headquartered in Bromley with offices in Kent. It’s just revealed annual revenues of £12.2 million – up 9.1 per cent on the year prior. The firm’s private wealth department saw the highest growth (24 per cent), followed by the leasehold department (15 per cent) and both employment and corporate (11 per cent). The news follows the launch of a new strategy built around six core sectors – private wealth, real estate, sport, retail-hospitality and leisure, financial and professional services, and education. It also comes alongside expansion in the firm’s corporate/commercial division, which has seen revenues grow 27 per cent over the past three years. Simon Slater, non-executive chair, said... Continue reading... https://lnkd.in/gfi5yVyZ #law #legal #merger #deals #results #finance #opportunity #businessnews #businessintelligence

LONDON LEGAL MARKET IN FLUX⚖️ Only a month before the A&O Shearman merger, Shearman announced the retirement of Ward McKimm, Europe's managing partner and a major figure in high-yield finance. McKimm's departure coincides with the final stages of the merger. But that's not the only change underway in the city. We're seeing notable shifts in firms like Fried Frank, Paul Weiss, and Simpson Thatcher. These moves highlight significant changes and transitions in the London market: some aimed at growth, others at retirement, and some driven by competition. I wonder how these changes will affect the market in the coming months🤔

Latest Megadeals Within the M&A Market! Exciting insights from The American Lawyer reveal some standout deals led by Freshfields Bruckhaus Deringer, Fenwick & West, Simpson Thacher & Bartlett LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates amidst geopolitical concerns impacting the M&A bounceback. Highlights include: 💡 Freshfields led Johnson & Johnson $13.1 billion acquisition of Shockwave Medical 💡 Simpson's strategic counsel with Blackstone Real Estate Partners in its $10 billion buy of Apartment Income REIT Corp (which was represented by Skadden) Read the full article here: https://lnkd.in/eg65Zm7B #MergersAndAcquisitions #DealInsights #LegalNews #MegaDeals #LegalNews #LegalInsights

Gary Lafayette was recently featured in a Law360 article, discussing his journey from public housing to the U.S. Supreme Court and Lafayette & Kumagai’s recent merger with Sanders Roberts, LLP. Discussing the recent merger with Sanders Roberts LLP, Gary states, "I have often explained that one of the reasons I've done what I've done the way I've done it is to demonstrate that lawyers who look like me can handle the most sophisticated work in the world." This was a major factor in the recent merger, which aims to extend their legal presence across California and shows others “that people who look like me can do the work that we do. And we can do it on a platform that looks like this.” The article further discusses Gary’s involvement in a U.S. Supreme Court victory for the Oakland Housing Authority and its ties to his upbring in Dallas public housing. Seeing the conditions of public housing in Northern California, Gary reflects “when you see needles in a playground and some of these things, and you think about whether or not you would want your own child to have to walk through that or see that on a daily basis, then your answer becomes clear.” Read more here: https://lnkd.in/dDqJDVcq #LafayetteandKumagai #SandersRoberts #LegalMerger #Law360

It's fair to say I've been slightly sceptical of this merger - thoughts I've largely kept to myself on the off chance it turns out to be an unequivocal success. Now I don't think law firm mergers are anywhere near as patently stupid an idea as law firm IPOs, at least if you care about the long-term survival of the relevant firm and aren't one of the senior people in line for a major short-term cash grab (I can obviously see the appeal in that), and at least A&O and Shearman are firms that make sense together in many ways. What I would NOT say, however, is that this represents the death of the Magic Circle. If anything, it's the most "Magic Circle" thing I've seen in a while, particularly if you're comparing them with the US elites. As I see it, the Magic Circle (excluding Slaughters) is almost defined by a pursuit of scale and coverage in terms of headcount, offices and practice areas offered. The Elite US firms, by contrast, are defined by a pursuit of profit; operating primarily in the most profitable practices areas for the most lucrative client-bases in a handful of the most profitable jurisdiction. I have no doubt there are certain synergies at play here that may help to boost A&O's profitability over time. But this seems mostly about coverage, primarily of the US market. I'm not sure this is an attempt to become an elite US firm or to take on the US elites at their own game. It is doubling down on being a fully global full-service top-tier law firm, and strikes me as very "Magic Circle" indeed. And just to be clear, I'm not saying that's a bad thing - by any normal standard, magic circle law firms are outstandingly successful and impressive business.

Hey, M&A lawyers, are you ready?   In 2024, the M&A landscape seems ready to take off, particularly in private equity.   Private equity deals have dipped over the last two years, but some industry insiders at Cooley LLP, Baker Botts, and Latham & Watkins expect a strong comeback this year, especially in the second half.   Especially interesting is that they’re expecting creative deal-making strategies like carve-outs, minority-stake deals, and intricate debt covenant arrangements, addressing the accumulated demand.   It seems like a lot of work for M&A lawyers! I'd love to hear what you think.   #PrivateEquity #MandA #BusinessStrategy #2024Outlook #LawyerLife #LawNews

The Next One Sometimes law firm failures are a shock. But rarely to those who watch law firms for a living. We see them from a mile away. In fact, we’re already preparing for the next one. Which firm is it? It’s…. 1. The one that is consistently losing ground to its former peers in terms of profitability and revenue. 2. The one that has had a steady stream of unwanted partner departures over the last several years and that stream seems to be accelerating. 3. The one that has failed to address its growing ranks of unproductive partners. 4. The one that doesn’t know “who it is”, and pursues bright shiny objects rather than carefully considered strategic objectives. 5. The one with management that ignores the advice of its top performers and tells them to leave management to the managers. 6. The one that’s still acting as though it’s the same firm it was in 1980 or 1990 even though everyone who’s still there knows it’s not. 7. The one that is pursuing one failed merger opportunity after another. Firms suffering from several of these conditions may very well be in a death spiral, and it can be very hard to recover from it. Stay. Leave. Help. Don’t. The choice is yours. But don’t ignore the signs.

Private equity firm snaps up Slater Heelis in a major acquisition. This move is making waves in the legal world, and we can't wait to see what the future holds for this new partnership. Check out the full article to get all the details: https://hubs.la/Q02wDN-h0 What do you think about this acquisition? #LegalNews #PrivateEquity #Acquisition #SlaterHeelis #LawFirm #Engagemen