The most popular news, features and analysis from Legal Week in recent days

Legal Week | Editor's Comment
May 3, 2016

High street turmoil, a partner promotions glut and $6.6m average PEP - Legal Week's most read
The most popular news, features and analysis from Legal Week in recent days

One of the lessons law firms and their clients have learnt from the financial crash is that sitting pretty is not a strategy. Today's market is far less forgiving of businesses that are not clearly defined and do not have a niche.

On the high street the recent collapse into administration of both BHS and Austin Reed prove the point. The retailers' collapse has generated high profile mandates for Weil, DLA and Squire Patton Boggs but past advisers of BHS have also been in the headlines, with advice given by Linklaters and Olswang during last year's sale of BHS set to come under scrutiny as the pair face parliamentary questions over their roles.

Among the law firm community, those in the process of reviewing their strategy include Linklaters, where new managing partner Gideon Moore's aims have seen him bring in Deloitte as part of a review into its business services function. Herbert Smith Freehills' (HSF's) joint CEOs meanwhile have set out their views for the future, which could include the firm looking beyond law, while over at Addleshaw Goddard, plans to change the partnership exit terms have some partners up in arms.

Turning to the US, Legal Week's sister publication The American Lawyer published its annual table of the 100 largest firms in the States, which, despite the slowest growth period since the crisis, shows just how far UK firms have to go to bridge the divide.

Elsewhere the start of May has signalled a flurry of partner promotion announcements, with firms including Clifford Chance, Herbert Smith, Linklaters, Norton Rose Fulbright, Eversheds and Stephenson Harwood among those revealing the latest additions to their partner ranks.

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