Hello and welcome to the Fides Weekly Update, your digest of this week’s key legal trends, moves and developments from across the globe.
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This week:
1). Eversheds launches new law offering Konexo
This week, Eversheds Sutherland confirmed the launch of its own global alternative legal services and compliance provider Konexo, to host the firm’s advisory, interim resourcing and managed service offerings. Initially owned by the partnership, Eversheds intends to make it a separate corporate structure with the potential to attract external investment.
According to the firm, the advisory, interim resourcing and managed service segment already accounts for £40 million of annual revenue. It encompasses three teams, known as ES Consulting, Corporate Secretarial and Volume Insolvency, which together saw business grow by 38% last year. The goal is to increase this to £100 million in annual revenue and for the firm to be granted its ABS license.
“This is in response to what we’re seeing as a clear client demand,” said Eversheds Sutherland co-CEO Lee Ranson. There was “a constant theme” in conversations with clients around using technology and moving away from the traditional legal model for “repeatable-type” legal work, he said. Although Eversheds is already doing this in several areas, under Konexo’s structure, each service comes together in a central package offered to clients.
Konexo has about 300 staff, of which half are contractors, and will be headed by financial services partner Graham Richardson. The business is set to launch in Kuala Lumpar shortly, and in the US in September, making it one of the only alternative legal services provider that’s global.
Several other international firms have launched their own entities in recent years to compete with ALSPs.
This month, Greenberg Traurig launched a subsidiary called Recurve, which plans to partner with artificial intelligence providers, staffing firms and others to guide clients toward solutions for their needs beyond traditional legal services.
Pinsent Masons flexible lawyering arm Vario expanded to Hong Kong earlier this year, bringing on Axiom’s former Asia head to lead its Asia presence, whilst Lawyers on Demand, which British firm Berwin Leighton Paisner spun off in 2012, was bought by a private equity firm Bowmark Capital LLP. This week, BCLP also confirmed its service delivery business was set to relaunch this year.
2). Movers & Shakers
Panel Watch
King’s College London Opens Tender for Inaugural Legal Panel
Appointments
A&O’s former Peerpoint CEO lands new role at Thomson Reuters
Allen & Overy’s former CEO of Peerpoint, Richard Punt, is joining Thomson Reuters as chief strategy officer
Bryan Cave Leighton Paisner Elects New Chair, Ends Female-Led Run
BCLP re-elects Lisa Mayhew with fellow co-chair Therese Pritchard replaced by legacy Bryan Cave partner Steven Baumer
Moves
HSF raids Paul Hastings in belated Italian push
An eight-strong team is led by partners Lorenzo Parola and Francesca Morra will join HSF alongside six associates
US firm Scott+Scott Expands in Amsterdam
A month after the firm opened in the city, Damiën Berkhout, Stefan Tuinenga and Marianne Meijssen join to boost the firm’s litigation and competition law practice
‘New Law’ Outfit Facing Uncertain Future Following Mass Defections
Founded by former Fieldfisher partner Andrew Pena, the Holborn-based corporate new law firm Cubism Law stands to lose about 16 lawyers to ‘challenger’ corporate boutique Gunnercooke
Dechert Strikes Again with Third Sidley Partner Hire This Month
Real estate finance partner Aparna Sehgal has joins Dechert after 14 years at Sidley
Two Eversheds Energy Partners Join Hill Dickinson
Highly rated energy partners Mark Aspinall and Paul Sinnott have left Eversheds Sutherland to join Hill Dickinson’s commodities team. They were formerly co-partners in charge of the London office of Arbis Sutherland, pre 2016 the merger with Eversheds.
Fifth Taylor Wessing Partner to Join Goodwin Procter
Goodwin Procter has hired head of tax Rob Young from Taylor Wessing in London, marking the U.S. firm’s fifth lateral pick-up from the outfit to emerge this week
Former Ashurst Managing Partner Joins Squire Patton Boggs
Squire Patton Boggs has hired former Ashurst managing partner James Collis, as the U.S. firm looks to rebuild its London operation following several departures
Crowell & Moring Adds Sixth Former Squire Partner in London in Six Months
Litigator Laurence Winston officially joined Crowell this week as co-head of international dispute resolution
Office Openings & Closings
Simmons & Simmons Opens Office in Shenzhen, China
Eversheds Sutherland takes on the Big Four with high-stakes New Law launch
Baker McKenzie Cuts 46 London Staff Positions
Partner Promotions
Bakers unveils largest City promotions round since 2010
Trowers appoints 12 in real estate-heavy promotions round
Financials
A&O Raises NQ Pay to At Least £100,000
Inclusion and Diversity
Baker McKenzie Sets Six-Year Target For Gender Diversity
Unconscious Bias Biggest Blocker to Gender Parity, Says Law Society Report
Jones Day Bias Claims Spread to Atlanta, New York as More Accusers Go Public
Kennedy’s Ditches Annual Appraisals For Partners and Staff
Innovation and Technology
Eversheds Launches Legaltech Training For All Partners
Legal Market Insights
Survey: Most Companies Will Reduce Legal Spend in the Next 2 Years
In five years, Chinese firms are expected to make up two-thirds of the Asia Pacific Top 50