Goldman Ismail Tomaselli Brennan & Baum LLP’s Post

How much bigger can Kirkland & Ellis get? The firm’s latest results show it has crossed the $7 billion revenue threshold, making it about twice the size of many of its largest rivals. There are several things unique to the private equity industry that explain why it has grown so large, and why it might continue for a while yet… Article in the comments below) #privateequity #lawfirms #growth

WALL STREET'S BIG PLAYERS: GOLDMAN SACHS & MORGAN STANLEY REPORT STRONG Q2 RESULTS - A Boon for M&A Lawyers? In the past week, Goldman Sachs and Morgan Stanley reported impressive second-quarter results, signalling a robust recovery in dealmaking and trading activities. This resurgence is a significant development for M&A lawyers, as increased activity in mergers and acquisitions could lead to a higher demand for legal expertise in this space. 🌟 Key Highlights from Goldman Sachs: Profit Surge: Profits increased by 150% to $3bn, exceeding expectations. Revenue Growth: Overall revenue climbed 17% to $12.7bn. Investment Banking: Revenues rose 21% to $1.7bn, despite lower advisory fees. Trading Performance: Fixed-income trading up 17% and equities trading up 7%. Wealth Management: Revenue up 27% to $3.9bn. CEO David Solomon emphasized that the backlog for deal activity is "up significantly," indicating the early stages of a capital markets and M&A recovery. 🌟 Key Highlights from Morgan Stanley: Earnings and Revenue: Reported $1.82 per share vs. $1.65 estimate, and revenue of $15.02bn vs. $14.3bn estimate. Profit Increase: Profits surged 41% to $3.08bn. Trading Revenues: Equity trading revenue up 18%, and fixed-income trading revenue up 16%. Investment Banking: Revenues soared 51% to $1.62bn, driven by non-investment-grade debt underwriting. Wealth Management: Slight miss on estimates with revenue rising 2% to $6.79bn, impacted by declining interest income. CEO Ted Pick noted that the firm delivered a strong quarter in an improving capital markets environment, continuing to execute on its strategy and remain well-positioned for growth. For M&A lawyers, this uptick in dealmaking activity is a promising sign. As private equity dealmaking and mergers and acquisitions gather pace, the demand for legal expertise in navigating these complex transactions will undoubtedly rise. This news reflects the sentiment of many we have spoken to over the past three months, with many, including myself, keeping a keen eye on whether this bounce back can be sustained as we move through the summer. #GoldmanSachs #MALawyers #InvestmentBanking #Dealmaking #CapitalMarkets #FinanceNews #LinkedInNews #LawFirmInsights #LegalIndustry

Boom or bust? Are PE and M&A markets at tipping point? For almost 2 years, we've seen global M&A and #PrivateEquity activity slow down 📉 (falling to the lowest levels in 10 years in 2023*) due to high interest rates and economic headwinds💨. What has kept most Associates busy is a steady flow of #carveout, #spinoff and #JV work. What's keeping me busy now is keeping up with the moves in the space 🤹♂️ We're seeing a repetition of what Funds Partners' were doing 6 months ago --positioning themselves for the uptick in work to come 🤓🔥 ➡️ Tobias Knapp joins Baker McKenzie after his almost 10 year stint at O'Melveny where he lead the M&A and #PE practice. Allegedly, the move have been based partly on the fall out between O'Melveny and A&O over their failed merger talks. ➡️ Chelsea Darnell joins Paul, Weiss, Rifkind, Wharton & Garrison LLP from Kirkland & Ellis, continuing the battle for talent between the two firms both here and in London. ➡️ Daniel Fayock rejoins K&L Gates after spending time as counsel for a  Fortune 500 company. ➡️ Mike Ringler and Peter Jones have joined Sullivan & Cromwell LLP in California adding considerable expertise to their tech transactions and M&A practices. ➡️ Trent Bridges joins Akin Gump Strauss Hauer & Feld LLP in Texas bringing strong projects experience from Sidley Austin LLP and Magellan Midstream Partners. *Source: Reuters #biglaw #biglawcareers

Via Molly Smith: Macfarlanes has retained its position as the U.K. Top 50 firm with the highest profit margin, coming in slightly ahead of Freshfields. The U.K.-only firm, which also topped the table ranked by average profit per equity partner, has a profit margin of 50%, according to Law.com International analysis of numbers for the 2023-24 financial year. The average for the 30 firms with the highest margin was 31.5%. Other firms to feature high up in the table based on Law.com International's Top 50 research included Allen & Overy—just ahead of its merger with Shearman & Sterling—as well as Linklaters, Slaughter and May, and Clifford Chance. 𝗖𝗹𝗶𝗰𝗸 𝗵𝗲𝗿𝗲 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲: https://lnkd.in/etRHQ9rB

Unlocking the Future: Private equity activity is poised for significant growth as alignment between buyers and sellers on valuation strengthens. Insightful words from Majid Ishaq, Co-Head of UK at Rothschild & Co. Change is underway, and the next six months hold the promise of a dynamic and thriving landscape for private equity. At Blackmore Partners, we navigate these shifts with strategic precision and look forward to shaping the future of finance. Check out successful stories: https://buff.ly/406GhTb #PrivateEquity #ValuationAlignment #FutureFinance #BlackmorePartners

Why are so many law firms hiring in investment funds? There are several answers to that, from private equity client relationship opportunities, to broadening private capital fundraisings, to more complex transaction structures, and more. It all means that in the last month or so firms including Kirkland & Ellis, White & Case LLP, Travers Smith, Morgan, Lewis & Bockius LLP, King & Spalding and others have all made such hires in the U.K. and I don't expect it to slow down for a while yet. #PrivateEquity #LawFirms #Funds

Hey, M&A lawyers, are you ready?   In 2024, the M&A landscape seems ready to take off, particularly in private equity.   Private equity deals have dipped over the last two years, but some industry insiders at Cooley LLP, Baker Botts, and Latham & Watkins expect a strong comeback this year, especially in the second half.   Especially interesting is that they’re expecting creative deal-making strategies like carve-outs, minority-stake deals, and intricate debt covenant arrangements, addressing the accumulated demand.   It seems like a lot of work for M&A lawyers! I'd love to hear what you think.   #PrivateEquity #MandA #BusinessStrategy #2024Outlook #LawyerLife #LawNews

Unlocking the Future: Private equity activity is poised for significant growth as alignment between buyers and sellers on valuation strengthens. Insightful words from Majid Ishaq, Co-Head of UK at Rothschild & Co. Change is underway, and the next six months hold the promise of a dynamic and thriving landscape for private equity. At Blackmore Partners, we navigate these shifts with strategic precision and look forward to shaping the future of finance. Check out successful stories: https://buff.ly/406GhTb #PrivateEquity #ValuationAlignment #FutureFinance #BlackmorePartners

Cooley LLP's M&A practice has been recognized on multiple midyear league tables, including Bloomberg, Mergermarket and LSEG Data & Analytics. Despite the unsettled market, Cooley’s M&A and private equity practices continue to handle transactions across a diverse range of industries. View the video for a glance at the rankings, and read more about Cooley's recent M&A work with the link below.

Our 𝗨𝗦 𝗮𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗲 𝘁𝗲𝗮𝗺 has noticed a real uptick in lawyers reaching out to discuss options in the past couple of weeks. The lateral market is very healthy and busier than is usual for August. Our team have candidates interviewing across a 𝗻𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲 𝗮𝗿𝗲𝗮𝘀 including Funds, Leveraged Finance, M&A, Capital Markets, Project Finance, Energy M&A, Tech Transactions and Executive Compensation. See below for a short selection of some of the roles they are actively working on. For more information, reach out to one of our US team – Matt Moody, Bridget White, Sophia Arkley, Gillian Morgan, George Webster or David Nicol. #biglaw #v20 #uslaw #legalrecruitment #marsden