- Feb 17, 2018
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Leader in M&A, litigation and competition
Corporate
In 2006, Allen & Overy approached Freshfields with a merger proposal. Freshfields rejected the proposal.
Corporate
- In 2017, Mergermarket named the firm European M&A Legal Adviser of the Year, with the firm advising on a deal value of $272,510bn from 175 deals. The firm regularly tops Mergermarket's European M&A rankings for deal value and deal volume.
- In the first quarter of 2018, Freshfields topped the European deal value according to Mergermarket. The firm also rose to second place in the global M&A rankings.
- Freshfields works on many of the biggest M&A deals in Europe including the sale of Pret to JAB Holdings and Comcast’s £22bn bid for Sky.
- According to The Lawyer, almost every private equity head in London names Freshfields as the firm with the leading private equity practice. However, Freshfields was recently hit by the loss of its star partner David Higgins. Higgins left to become co-managing partner of Kirkland's London office in "one of the most significant departures ever from an elite London law firm", according to Legal Business.
- US firms lack the established M&A brand Freshfields has built across Europe.
- At the Transatlantic Legal Awards 2017, Freshfields was named "Transatlantic Private Equity Team of the Year".
- In November 2017, Freshfields launched its "Global Transactions Practice", which covers its corporate, finance and real estate practices. The firm has the largest corporate team in the UK according to the number of its fee earners.
- Freshfields is unique in the magic circle for its balanced split between corporate and litigation.
- The revenue from Freshfields’ litigation team grew significantly after 2008. It now contributes approximately 33% to the firm's total turnover.
- Freshfields has the largest litigation practice in the City in terms of revenue generation.
- The firm's disputes team has acted on many headlining deals, including representing Volkswagen during its emissions scandal and Tesco following investigations into the false accounts of its profits.
- According to The Lawyer’s Global Litigation 50, for several years, Freshfields has led the magic circle in disputes fee income.
- Freshfields has heavily invested in its US disputes practice – particularly its global investigations team -- which has been its gateway into the US.
- Freshfields finance team has historically lagged behind its corporate and litigation practice. And especially behind the finance heavyweights Clifford Chance and Allen & Overy.
- The team recently shifted to focus on borrower-side work, which has led to the lateral hires of several partners to build its capability in this area.
- Freshfields recently restructured its finance practice to focus on a smaller number of practice areas. The firm has dropped aviation finance.
- According to the Global Competition Review (GCR) 100, no law firm matches Freshfields’ global competition team, which spans 14 jursidictions.
- Freshfields topped the GCR 100 rankings between 2010 and 2017.
- Freshfields’ is ranked highly for its expertise in merger control, competition litigation and antitrust matters.
- Freshfields acts on many of the biggest competition matters each year. The firm recently advised AB Inbev on the third largest merger in corporate history. Despite pressures to close quickly, Freshfields was able to secure merger clearance in over 30 jurisdictions.
- Freshfields is one of the few non-US firms that has built a strong antitrust practice in the US.
- Freshfields has historically boasted higher profits than the rest of the magic circle (excluding Slaughter and May).
- In 2016-17, Freshfields' drop in profits causing the firm to place fourth in the magic circle. According to Legal Week, this ultimately led to the resignation of managing partner Chris Pugh.
- But all law firms have bad years and now, Freshfields is back on top of the pack. In 2017-18, Freshfields’ average PEP reached record levels after rising by 12%.
- According to The Lawyer, since 2012/13, Freshfields’ PEP has risen by 24%.
- Freshfields’ mergers with Deringer Tessin Herrmann & Sedemund and Bruckhaus Westrick Heller Löber in 2000 were game changers for Freshfields. The firm became the largest international law firm in Germany.
- Over the years, Freshfields continued to have the most successful German practice among the magic circle law firms. In 2007, the firm had 420 lawyers in Germany, almost double their domestic Germna competitors.
- But Freshfields recently restructured to focus on higher value deals and disputes work. The firm closed its office in Cologne in 2016, a trio of partners left to start a boutique law firm, and between December 2015 and May 2017, Freshfields saw 20% of its partners exit its German practice. This came as Latham & Watkins declared its plans to take on Freshfields’ leading practice in Germany.
- Elsewhere, the firm has taken a relatively cautious international approach. In 2017, the firm had the smallest number of offices in the magic circle, a big contrast to Allen & Overy’s 44 offices.
- But Freshfields’ international strategy isn’t to be everywhere. Instead, the firm concentrates on building depth in key financial centres.
- The firm has openly said it doesn’t want to be treated as a magic circle firm. Instead, the firm says, it wants to be known as part of the international elite.
- Unlike other law firms trying to break into the US, Freshfields’ began with a finance practice in the US. It then shifted into growing a litigation and antitrust practice. The firm has invested heavily in growing this practice as it aims to build a global regulatory and investigation practice to advise cross-border clients. The global team has 160 partners spanning 13 jurisdictions.
- Freshfields has flexed its lockstep model to offer higher pay packages to star partners in the US.
- Freshfields offers an eight seat rotation for trainee solicitors. Trainees will be exposed to more departments for a shorter amount of time.
- Freshfields has the second smallest headcount in the magic circle
- Freshfields has an all equity partnership unlike Linklaters.
- The firm recently overhauled its lockstep model, allow star partners to earn a far higher salary – a move to attract and retain partners amid the thread of US firms. The decision is more radical than Linklaters' set of reforms, which has been to keep its lockstep in place.
- In 2015, Freshfields opened its Legal Services Centre in Manchester.
- The firm has invested heavily in nearshoring to deliver cost effective legal services-- the centre now holds 700 staff. The legal support team conducts process work, with staff carrying out due diligence checks and completing document review tasks.
- The firm is now hiring qualified lawyers to its team.
- Freshfields will be using AI software from Kira Systems in its Legal Services Centre to aid its delivery of legal services.
- Freshfields recently announced plans to launch a new centre in Berlin where it plans to hire 100 staff. The roles will include legal support and legal tech jobs.
- Freshfields has partnered with AI company Neota Logic to provide a course on legal technology at the University of Manchester
In 2006, Allen & Overy approached Freshfields with a merger proposal. Freshfields rejected the proposal.
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