Australasian M&A set for growth despite slow first quarter
A survey of senior executives of U$1 billion plus companies has revealed optimism in the Australasian deals market. International law firm Herbert Smith Freehills discovered that, despite a slow start to the year, 28 per cent of global dealmakers expect to see significant increase in Australasian M&A over the next 3 years; 43 per cent expect moderate activity.
The poll also found that 40 per cent of Australian respondents are prioritising capital for deals compared to 28 per cent three years ago. Three quarters expect to make at least one acquisition in the next three years and 57 per cent expect to make two or more deals.
The Australian respondents also said that there are not deterred from deals following a turbulent first quarter; 83 per cent said it would not impact their plans in the next 12 months and 66 per cent said it would not impact plans over the next 2-3 years. Sixteen percent expected to increase M&A deals in the next 3 years.
According to the Report, outbound activity is also predicted to do well, with all Australian respondents saying that at least one of their planned deals in the next three years is likely to be cross-border, and 50 per cent saying that two or more deals would target international assets.
Clyde announces record number of partners
Growth and financial performance has led to a record number of promotions at Clyde & Co. Although more than half of the new partners are in Europe, 19 per cent are in Asia-Pacific.
Half of the new promotions are women and insurance, dispute resolution, corporate, infrastructure and energy all have newly promoted partners.
The Asia-Pac partners are: Sapna Jhangiani, Singapore (disputes); Avryl Lattin, Sydney (corporate); and Janette McLennan, Sydney (insurance).
Survey reveals lower pay for female in-house counsel
Female in-house counsel are paid less than men, even when they have been in the job longer. A survey for the Canadian Corporate Counsel Association by Bramm Research found that women have longer average years as both legal counsel and senior counsel and yet earn 15 per cent less than men.
The CCCA said that it has worked hard on diversity and is disappointed by the findings. It says it will be increasing its focus on the issue.
Among other findings, the average earnings of Canadian in-house counsel has increased $10,000 since 2012 to $165,000.
By industry, four sectors of in-house counsel have the highest average base salaries: resources/mining/forestry, real estate, oil and gas,and retail/hospitality.
The most substantial downward shifts in annual base salaries were in the sectors of IT, media/gaming/entertainment, and utilities.