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Wake Up Call: Allen & Overy’s PEP Jumps on $2.44 Billion Revenue

July 16, 2021, 12:45 PM

In today’s column, London-based Linklaters picked a 24-year lifer at the firm as its new global managing partner; Wells Fargo’s former top lawyer and acting CEO has a new gig; Latham wants its London associates to work mainly in the office when pandemic restrictions end.

  • Leading off, elite U.K. firm Allen & Overy posted revenues up 5% to 1.77 billion pounds (about $2.44 billion) during its fiscal 2020, the latest Big Law firm to report strong results despite the Covid-19 pandemic. The London headquartered global firm’s profits per equity partner bounced back after a drop in 2019, surging 17% for fiscal 2020 to reach 1.9 million pounds (about $2.63 million), according to a report. Most U.K. firms’ fiscal years end April 30. (Global Legal Post)
  • A&O’s Magic Circle rival Linklaters named its global finance head, Paul Lewis, to replace Gideon Moore July 16 as firmwide managing partner. Lewis started at the firm 24 years ago as a trainee. Moore has led the firm since 2016. (LinkedIn.com) (Linklaters.com)
  • In this year’s hot market for associates, lawyers in data privacy, corporate, and insurance practices are the most likely to make a move in 2021, according to a report. (American Lawyer) As firms set out their policies for post-pandemic return to office, the “new normal” could include “floating” remote weeks as a new benefit. (American Lawyer) Latham & Watkins wants its London associates to spend most of their time in office post-pandemic, a report says. (The Lawyer)

Lawyers, Law Firms

  • The median spread between the highest and lowest-paid equity partners is getting bigger, particularly in the second hundred biggest U.S. firms. American Lawyer)
  • Washington law firms and lobbying shops are seeing their business and hiring fueled by Food and Drug Administration discussions and by congressional work on appropriation and health-care preparedness. (National Law Journal)
  • A recent virtual summit of in-house lawyers from prominent retail brands discussed issues ranging from diversity opportunities to antitrust challenges. (National Retail Federation) Three-year-old litigation boutique Selendy & Gay says it wants to break new ground on diversity. (Reuters)
  • Taxpayers have paid close to $800,000 for lawyers representing New York Governor Andrew Cuomo and his top aides in their defense against various charges. (New York Post)

Laterals, Moves, In-House

  • Barnes & Thornburg’s new Boston office added intellectual property partner Andrew Rejent, associates Alex Nagorniy and Liza Hadley, and a paralegal, all from Nutter McClennen & Fish; Withers said it opened a Boston office in Cambridge’s Kendall Square, staffed by its team of life sciences, pharmaceutical, and venture capital-focused attorneys; immigration law firm Fragomen said it’s opening an office in Salt Lake City, Utah, led by partner Rebecca van Uitert. Van Uitert recently rejoined the firm after stints as a career services dean at Brigham Young University’s law school and as human resources VP at AgReserves, Inc., an agricultural and land development multinational. (Fragomen.com)
  • Holland & Knight grabbed Orrick corporate partner Bryan Gadol to lead its California corporate, M&A and private equity practice. Gadol and Orrick of counsel Wendy Kottmeier joined Holland & Knight’s Orange Country, Calif. office as partners; Hinshaw & Culbertson said it hired financial services partner Julia Terry in New Orleans. She was most recently vice president and corporate counsel at Hancock Whitney Bank; Blank Rome added consumer finance associate Brandon Dawoodtabar in Los Angeles. He arrives from Goldberg Segalla; Clark Hill’s Las Vegas office hired gaming industry lawyer John T. (J.T.) Moran as senior counsel in the firm’s litigation group. (ClarkHill.com)
  • Former Wells Fargo senior executive vice president, general counsel, and acting CEO C. Allen Parker joined the advisory board of Litify, a legal client management system built on Salesforce. Parker, who spent 33 years at Cravath, Swaine & Moore, including as presiding partner, briefly led Wells Fargo after the bank’s sham-account scandal forced out CEO Timothy Sloan. (Newswire.com) WarnerMedia’s senior vice president and chief counsel, litigation and public policy, Stephanie Abrutyn, said on LinkedIn that she’s leaving to become general counsel at digital news startup Confidential on Aug. 16. Confidential’s founders are an ex-editor for Politico and Vox.com and a former reporter for ABC News and executive for Smithsonian Enterprises and National Geographic. (Corporate Counsel)

To contact the correspondent on this story: Rick Mitchell in Paris at rMitchell@correspondent.bloomberglaw.com

To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Darren Bowman at dbowman@bloomberglaw.com