Law firms bearing up to crunch says Legal 500
LEGAL firms in the North West have yet to be hit by the impact of the credit crunch but are cautious about the outlook for the coming months, according to industry bible Legal 500.
The legal publication, which has today released the results of its yearly review of the sector, says that law firms fear how the market downturn will bite in the coming months as banks struggle to finance deals.
“There is a general feeling of caution in the market and less of the ‘boom and bust’ mentality,” it concludes.
However it says that several law firms in Liverpool and Manchester are either extending their office space or moving into new and impressive offices.
“The Manchester skyline is littered with cranes and there is talk that the ‘Manchester Manhattan’ will be built – all of which are signs that the regional economy remains relatively strong. Liverpool is enjoying the title of the ‘European Capital of Culture’.”
To see a full copy of the Legal 500 North West chapter, click here.
In its regional review Legal 500 says that Addleshaw Goddard is a “pre-eminent” name in the North West across a diverse range of areas.
“An example of the sheer depth and strength of this firm was demonstrated by its recent addition to the Rolls-Royce panel.”
Meanwhile Beachcroft had a record year, with revenue exceeding £15m. One highlight for its employment practice was its appointment as adviser to McDonald’s Restaurants.
It said that DLA Piper’s corporate/banking departments in Liverpool and Manchester continue to dominate in the region as is shown by the sheer size and complexity of the deals it has been involved in. An example of this was its advice to Bank of Scotland Joint Ventures on the £1.1bn public-to-private of house builder Crest Nicholson.
Legal 500 picks out DWF as a firm to watch. It plans to move into new offices in Liverpool in 2008 and is strong in its core areas of corporate, banking, litigation and real estate. Its family law team was considerably enhanced by a number of significant lateral hires during the year.
Another big player, Eversheds, was involved in some headline deals such as its representation of Flybe Group in the acquisition of BA Connect. This complex deal created an enlarged airline and involved 25 of the firm’s specialist lawyers.
Halliwells relocated its Manchester HQ to impressive new offices in Spinningfields. All round the firm has been expanding and strengthening its team and announced record turnover of £86.2m for the 2006/2007 financial year.
Hammonds competition capabilities were bolstered by the addition of Diarmuid Ryan. The firm has been actively recruiting at various levels and has an impressive client base among the region’s strongest businesses and brands.
Hill Dickinson relocated its Liverpool office and on the corporate/private equity side it welcomed Darryl Cooke, Andrew Ashley-Taylor on the pensions side, Sue Morrison in employment and Alaisdhair MacPhie for commercial property work.
And Pannone continues to make high-profile, strategic partner appointments across all departments and has recruited some key people from what was formerly Wacks Caller. Its commercial client base includes household names such as Rentokil Initial.
“The perception in the market is that Cobbetts has undergone considerable restructuring, however there is no doubt that this firm continues to be a powerful force, as evidenced by some of the new client appointments which include MediaCity,” concludes Legal 500.
Clients of Weightmans “lavish praise” on its PI department in particular, including its large loss and disease teams. “This firm is undoubtedly a market leader for insurance work in the region”, says Legal 500.
In terms of new players in the North West market, Kennedys opened in Manchester at the end of 2007. Paul McGrath, Mark Dickson and Nightingale are the key partners in a defendant PI litigation team.
McGrigors LLP opened in Manchester at the beginning of 2008 and has continued to build its team, recently bringing in projects expert, Nick Ogden from Addleshaw Goddard.
