Morning Briefing: Firm expands Asia-Pac footprint
Harneys expands Asia-Pac footprint
Offshore law firm Harneys has announced that it’s expanding its Asia-Pac capabilities with a new representative office in Tokyo. The firm already has offices in Hong Kong and Singapore along with other international locations and has been active in Japan since last year when it hired counsel Junko Shiokawa. The Japan practice has been strengthened with the hire of Investment Funds/Corporate partner Matt Roberts and Japan Representative Yuji Asano.
Law firms report mixed fortunes
More international law firms have reported their financial results for 2014/15 this week with some faring better than others. Simmons & Simmons grew revenues by 8 per cent to AU$598.24 million with net profit rising by 26.6 per cent and PEP up 17.4 per cent to $1.340 million.
Freshfields Bruckhaus Deringer reported revenues up 1 per cent to $2.57 billion. Without the currency changes the firm says revenues were up 4 per cent. Net income fell by 1 per cent and as there are more equity partners than a year ago and taking into consideration the currency impact PEP is down by 8 per cent to AU$2.83 million.
Meanwhile revenues at Ashurst have fallen by 4 per cent to AU$1.157 billion with PEP down by 7 per cent to $1.540 despite some strong performances including its Asia-Pacific region.
Eversheds reported that revenues were flat at $785.08 million with PEP up 2 per cent to $1.544 million.
UK/Canada combi creates new international law firm
A new Global 100 law firm has been created with the merger of UK firm Wragge Lawrence Graham & Co (WLG) with Canadian firm Gowlings. The new international firm will be called Gowlings WLG and will have more than 1,400 lawyers in Canada, UK, Europe, Asia and the Middle East. The two firms have worked together over many years and have complimentary cultures. Gowling WLG will be governed by an international board, comprising each of the founding firms' CEOs and two additional representatives from each founding firm.
New hire for Akin Gump in Hong Kong
Akin Gump has announced that Paul Greening will join the firm in Hong Kong as a partner in its oil and gas practice, effective July 20. His practice focuses on international energy, utilities and infrastructure projects as well as energy-focused cross-border M&A. Greening joins from Vinson & Elkins and is likely to move to Akin Gump’s Singapore office later in the year.