Legal 500 – a year in review
ACCORDING to industry bible the Legal 500, which has just published, Manchester’s legal market is “vibrant” and continues to thrive under the “buzz” of the Northern Powerhouse, despite the best efforts of Prime Minister Theresa May, it should perhaps add as a foot note.
It has again highlighted “northshoring” as a particular trend for the region, highlighting a number of law firms opting to use the city as a base since last year.
These include Freshfields Bruckhaus Deringer LLP, which has taken new office space in Spinningfields; as well as Berwin Leighton Paisner LLP; and Latham & Watkins.
In Liverpool the report says that firms “continue to act on a range of high-profile corporate, projects, property and public sector matters”, and adds that they are benefiting from inward investment in the city region, particularly in the property sector.
It singles out Hillyer McKeown as a firm that continues to expand, adding a new office in the city centre to its offices in Chester, Wirral and North Wales offices.
Elsewhere in the region, unsurprisingly Chester continues to be is a hub for high-net-worth clientele, the report said.
The annual tome also acknowledges the continued march of accountancy firms into the legal services sector, resulting in a highly competitive sector from a recruitment and retention perspective.
It highlights the loss of corporate partners Paul Devitt and Richard Thomas, from Addleshaw Goddard LLP to EY but the most recent example was last week’s news that business recovery firm Leonard Curtis has set up a standalone legal services division, headed by DWF’s former Manchester office managing partner and head of business restructuring, Andrew Gregory.
The past year also saw some leading names make the leap and set up their own practices.
Matthew Bennett, David Bentham and Edward Canty left Brabners to form specialist sports and media firm Centrefield in December.
Meanwhile, April saw the launch of specialist family law firm Hall Brown by former JMW partners Sam Hall and James Brown. They have since taken on another five lawyers, including Andrew Newbury as partner, who previously headed up Pannone’s family law team from 2010, before being made national head of personal legal services, following the firm’s merger with Slater and Gordon.
Now under the leadership of new ‘leading individual’ entrant Vaqas Farooq, Shoosmiths has signed up to Allied London’s new XYZ building in Spinningfields, where it will take 32,000 sq ft over two floors in early 2017, to accommodate its ambitious growth plans. The firm’s Manchester office was opened in 2008 with the recruitment of a team of six and now has over 150 people. Recent recruits include real estate partners Barbara Rollin from Gordons and Daniel Hargreaves from Pinsent Masons.
But it has also lost its former head of Manchester office and prominent banking litigation lawyer Harold Brako to Addleshaw Goddard, which saw double digit turnover growth this year, up 12% to £192m, and is itself moving to 1 St Peter’s Square in the New Year.
Malcolm Pike, head of the Manchester office at Addleshaw Goddard, said: “The Manchester legal market continues to thrive and remain competitive. Although the Brexit outcome meant a slight lull in activity levels, our transactional and real estate teams, combined with our sector focus in areas like energy and retail has allowed us to advise on a flurry of mandates and buck the Brexit trend.
“We are continuing to grow and have delivered a solid set of financial results, we are also committed to the local market, as can be seen by our recent investment into our new home at 1 St Peters Square.”
In June 2015 Gateley, whose Manchester office is headed by Rod Waldie, became the first law firm to float.
Gateley had forecast annual growth of 7.5% when it was seeking support for its IPO and delivered a 10% increase in revenue and 13% rise in EBITDA in its maiden results as a public company. It paid out £5.9m in dividends and in the last two months – boosted by announcing in mid-July that it generated pre-tax profits of £11m for the year to April – its share price rose 30% to a high of 127.5p.
But the firm remains the only law firm to go public. So far.
Has Legal 500 got it right? Have your say below.
