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<blockquote data-quote="Jaysen" data-source="post: 574" data-attributes="member: 1"><p><span style="font-size: 15px">More to come guys, but in the meantime - here's my initial thoughts: </span></p><p><span style="font-size: 15px"></span></p><p style="text-align: center"><span style="font-size: 15px"><strong><u>Slaughter and May</u></strong></span></p> <p style="text-align: center"><span style="font-size: 15px"></span></p><p><strong>Best friends</strong></p><ul> <li data-xf-list-type="ul">It's no secret that Slaughter and May is an anomaly when it comes to international expansion. In the early 2000s, when the magic circle were busy opening offices and merging with foreign firms, Slaughter and May was pulling out of New York, Singapore and Paris. Over the years, many spectators have criticised Slaughter and May's international footprint, suggesting the firm will fall behind because of its limited overseas presence. So the question is, has it?</li> <li data-xf-list-type="ul">The answer is Slaughter and May's best friend network. But by itself that doesn't explain how Slaughter and May competes against the global elite. Indeed, many firms have foreign alliances, but that doesn't mean they don't need an international presence.</li> <li data-xf-list-type="ul">The difference is that Slaughter and May has cultivated some of the best foreign relationships across the world. For decades the firms have referred work, shared knowledge, offered secondments and operated joint events for lawyers and clients. By partnering with the best firms, Slaughter and May can offer clients a consistently high level of service across different jurisdictions. Ultimately, that's what matters.</li> <li data-xf-list-type="ul">When there's an acquisition worth billions, clients need the best expertise in the market. And Slaughter and May doesn't have to worry about the quality of its bolted-on-merger, it can rely on the quality of service across the pond.</li> <li data-xf-list-type="ul">Slaughter and May and best friend, Hengeller Mueller advised Deutsche Bank after its $2.5bn fine from US and UK regulators for manipulating interest rates.</li> <li data-xf-list-type="ul">Across the Atlantic, Slaughter and May has developed many enviable relationships with elite New York firms like Cravath Swaine & Moore, Paul Weiss and Wachtell, Lipton, Rosen & Katz. In 2016, the firm was shortlisted for the title of Transatlantic Law Firm of the Year by Legal Week. Not bad for a firm without a US presence.</li> <li data-xf-list-type="ul">But some criticism remains fair. Slaughter and May's international capability depends on the strength of its best friend relationships. Take Davis Polk for example. Data from The Lawyer and Thomson Reuters shows that Slaughter and May and Davis Polk were co-counsel on 19 M&A deals between 2008 and 2013. But in 2012, Davis Polk began to develop its own English law capability in London, which led to less referral work between the two firms. And that's the risk. If the other firms decide to develop their English law capability, Slaughter and May may need to find new friends.</li> </ul><p><strong>The Slaughter and May brand</strong></p><ul> <li data-xf-list-type="ul">Slaughter and May is the UK's most profitable firm. At least, that's what legal publications estimate because the firm doesn't report its financial figures. The firm doesn't have to because it's structured as a general partnership and not a limited liability partnership. We think that's a good thing. It stops the media worrying about a one year drop in PEP and lets the firm focus on the long-term picture.</li> <li data-xf-list-type="ul">The fact that Slaughter and May remains a general partnership ties in with its old-school image. It's also because the firm builds its small partnership by promoting people from within rather than aggressive lateral hiring. According to The Lawyer, between 2000 and 2015, Slaughter and May's partner headcount increased by just 7. Compare that to 282 at Allen & Overy or 269 at Clifford Chance.</li> <li data-xf-list-type="ul">Slaughter and May has only ever made two lateral hires. The first was to develop a US law capability in Hong Kong after a number of US firms moved into the region. The second was to boost its pensions capability in London. Unlike the rest of the magic circle, US firms haven't had much luck poaching Slaughter and May partners either. According to The Lawyer, of the new partners that started between 2005 and 2015, 95% remain at the firm.</li> <li data-xf-list-type="ul">All this adds to the image of Slaughter and May as a traditional close-knit firm with loyal partners.</li> </ul><p><span style="font-size: 15px"><strong>Corporate heavyweight</strong></span></p><ul> <li data-xf-list-type="ul">If there's an acquisition on the front page of the FT, chances are that Slaughter and May was involved. The firm is widely regarded as one of the best for high-end UK corporate work.</li> <li data-xf-list-type="ul">That prestige has helped Slaughter and May secure the biggest deals in the market. The firm topped the table for UK M&A deals by value in the first quarter of 2018, according to research by Mergermarket.</li> <li data-xf-list-type="ul">The firm has had a strong start to the year so far, acting for GlaxoSmithKline in buying out Novartis from its consumer healthcare joint venture - the largest deal in the first quarter of 2018. This was closely followed by its work advising engineering giant GKN in the UK's biggest hostile takeover in almost a decade. And, over the next few months, Slaughter and May should finish up advising Vodafone India on its $23bn merger with Idea Cellular. The firm's work advising its longstanding client Vodafone helped it top the Mergermarket's 2017 league tables in India for M&A deals by value.</li> <li data-xf-list-type="ul">The firm advises more UK stock market clients than any other law firm. According to research undertaken by Adviser Rankings, the firm had 115 listed clients in November 2017. That's 34 more than its nearest magic circle rival Linklaters.</li> </ul></blockquote><p></p>
[QUOTE="Jaysen, post: 574, member: 1"] [SIZE=4]More to come guys, but in the meantime - here's my initial thoughts: [/SIZE] [CENTER][SIZE=4][B][U]Slaughter and May[/U][/B] [/SIZE][/CENTER] [B]Best friends[/B] [LIST] [*]It's no secret that Slaughter and May is an anomaly when it comes to international expansion. In the early 2000s, when the magic circle were busy opening offices and merging with foreign firms, Slaughter and May was pulling out of New York, Singapore and Paris. Over the years, many spectators have criticised Slaughter and May's international footprint, suggesting the firm will fall behind because of its limited overseas presence. So the question is, has it? [*]The answer is Slaughter and May's best friend network. But by itself that doesn't explain how Slaughter and May competes against the global elite. Indeed, many firms have foreign alliances, but that doesn't mean they don't need an international presence. [*]The difference is that Slaughter and May has cultivated some of the best foreign relationships across the world. For decades the firms have referred work, shared knowledge, offered secondments and operated joint events for lawyers and clients. By partnering with the best firms, Slaughter and May can offer clients a consistently high level of service across different jurisdictions. Ultimately, that's what matters. [*]When there's an acquisition worth billions, clients need the best expertise in the market. And Slaughter and May doesn't have to worry about the quality of its bolted-on-merger, it can rely on the quality of service across the pond. [*]Slaughter and May and best friend, Hengeller Mueller advised Deutsche Bank after its $2.5bn fine from US and UK regulators for manipulating interest rates. [*]Across the Atlantic, Slaughter and May has developed many enviable relationships with elite New York firms like Cravath Swaine & Moore, Paul Weiss and Wachtell, Lipton, Rosen & Katz. In 2016, the firm was shortlisted for the title of Transatlantic Law Firm of the Year by Legal Week. Not bad for a firm without a US presence. [*]But some criticism remains fair. Slaughter and May's international capability depends on the strength of its best friend relationships. Take Davis Polk for example. Data from The Lawyer and Thomson Reuters shows that Slaughter and May and Davis Polk were co-counsel on 19 M&A deals between 2008 and 2013. But in 2012, Davis Polk began to develop its own English law capability in London, which led to less referral work between the two firms. And that's the risk. If the other firms decide to develop their English law capability, Slaughter and May may need to find new friends. [/LIST] [B]The Slaughter and May brand[/B] [LIST] [*]Slaughter and May is the UK's most profitable firm. At least, that's what legal publications estimate because the firm doesn't report its financial figures. The firm doesn't have to because it's structured as a general partnership and not a limited liability partnership. We think that's a good thing. It stops the media worrying about a one year drop in PEP and lets the firm focus on the long-term picture. [*]The fact that Slaughter and May remains a general partnership ties in with its old-school image. It's also because the firm builds its small partnership by promoting people from within rather than aggressive lateral hiring. According to The Lawyer, between 2000 and 2015, Slaughter and May's partner headcount increased by just 7. Compare that to 282 at Allen & Overy or 269 at Clifford Chance. [*]Slaughter and May has only ever made two lateral hires. The first was to develop a US law capability in Hong Kong after a number of US firms moved into the region. The second was to boost its pensions capability in London. Unlike the rest of the magic circle, US firms haven't had much luck poaching Slaughter and May partners either. According to The Lawyer, of the new partners that started between 2005 and 2015, 95% remain at the firm. [*]All this adds to the image of Slaughter and May as a traditional close-knit firm with loyal partners. [/LIST] [SIZE=4][B]Corporate heavyweight[/B][/SIZE] [LIST] [*]If there's an acquisition on the front page of the FT, chances are that Slaughter and May was involved. The firm is widely regarded as one of the best for high-end UK corporate work. [*]That prestige has helped Slaughter and May secure the biggest deals in the market. The firm topped the table for UK M&A deals by value in the first quarter of 2018, according to research by Mergermarket. [*]The firm has had a strong start to the year so far, acting for GlaxoSmithKline in buying out Novartis from its consumer healthcare joint venture - the largest deal in the first quarter of 2018. This was closely followed by its work advising engineering giant GKN in the UK's biggest hostile takeover in almost a decade. And, over the next few months, Slaughter and May should finish up advising Vodafone India on its $23bn merger with Idea Cellular. The firm's work advising its longstanding client Vodafone helped it top the Mergermarket's 2017 league tables in India for M&A deals by value. [*]The firm advises more UK stock market clients than any other law firm. According to research undertaken by Adviser Rankings, the firm had 115 listed clients in November 2017. That's 34 more than its nearest magic circle rival Linklaters. [/LIST] [/QUOTE]
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