The best news and analysis from Legal Week over the last seven days

Legal Week | Editor's Comment
June 22, 2016

A Brexit bonanza and some high profile Freshfields exits - the best of Legal Week over the last week
The best news and analysis from Legal Week over the last seven days

With the EU referendum now only a day away, leading UK law firms have been ramping up their efforts to Brexit-proof their business and client offerings as they brace themselves for the very real possibility of a UK exit from the European Union.

As Legal Week revealed last week, the mounting fears have prompted lawyers from firms including Freshfields Bruckhaus Deringer and Slaughter and May to start registering in Ireland in order to ensure they can still practise EU law.

Firms are also preparing their client offering, with Dechert among those launching a hotline for clients.

While Brexit may be bad for the economy in the long run, in the short-term law firms would likely see a hike in advisory mandates and, for some, instructions are already coming in. Lewis Silkin for example has been appointed to advise car maker Nissan as it prepares to sue the Vote Leave campaign for using its logo in campaign materials.

In non-Brexit news, Latham & Watkins has branched out from hiring magic circle partners in Europe by recruiting Freshfields executive partner Michael Lacovara for its New York office - a rare example of a partner in leadership leaving straight for a rival. The UK firm is also set to see M&A star Mark Rawlinson leave to join Morgan Stanley as the new chair of its UK investment banking arm.

Meanwhile Deloitte published the first snapshot of the financial performance of the UK's top law firms in 2015-16, with its latest quarterly survey. Elsewhere recent associate payrises in New York are continuing to spread overseas. In London Allen & Overy and Freshfields are matching New York pay for US-qualified associates, with the former joining a smaller band of firms matching pay in Asia too.

Other non-Brexit related highlights on Legal Week over the last seven days:

Sir Philip Green slams Olswang's due diligence on BHS sale

Barclays asks panel firms for three-tier fee structure

Dealmaker: Clifford Chance's Roger Leese on client pool parties and Concorde trips

Weil and Clifford Chance face off in US$65bn financing arbitration

Bond Dickinson seals transatlantic alliance with Womble Carlyle

Partners predict lawyer redundancies will follow support cuts

Slaughters and Covington act on $8.6bn mobile gaming deal

Ashurst launches partnership with Axiom to support banks

KWM promotes 12 to partner in Australia

Charles Russell Speechlys and Orrick on board Paddington Bear's IP sale