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Overview
The firm until recently known as Nabarro Nathanson is ensconced firmly in the mid-tier of City law, alongside broadly comparable rivals such as Berwin Leighton Paisner (BLP), Travers Smith and Lawrence Graham. It was BLP, also viewed as a somewhat sleepy, property-driven practice, that Nabarro used to attract the most comparisons with, though recent years have seen BLP maintain more robust growth and aggressive expansion in corporate and banking.
Despite lacking the M&A punch of firms such as Travers and Macfarlanes, Nabarro has shown signs of renewed ambition in recent years, with the firm clearly looking to expand its practice further beyond its real estate heartlands. Evidence of that drive has been seen in the firm’s recent recruitment and a solid run of financial performance, culminating in 13% growth in revenues in 2007 to bill £121m. Partner profits have also improved, notably this year when the firm managed a 20% hike - even if, at an average of £545,000, it is still a distance behind London’s top firms.
The firm, which now has over 100 partners, also completely rebranded this year, including the name change. The distinctive campaign initially attracted some digs from rivals but actually has been rather well-received.
History
The 1990s were a somewhat turbulent period for Nabarro, which went through several changes of international strategy, including weathering the break-up of its alliance with New York firm Weil Gotshal & Manges when the US firm decided to launch a UK law practice. That period was regarded as unsettling for the firm as Nabarro took time to settle on a strategy and performed variably in financial terms.
Nabarro has moved along a more steady course for the last 10 years – perhaps too steady, according to some rivals. However, it has avoided some of the discord and partner departures that have afflicted rivals. The firm opened a new chapter in 2001 when the Australian-born Simon Johnston took over the leadership of the firm as senior partner from David Bramson. At the time, Johnston was the first corporate partner to head the firm and, at the age of 39, the youngest to ever hold the role. He also beat substantial competition to secure the role in a vote against then head of corporate Rhidian Jones, litigation head Peter Sigler and respected pensions lawyer John Quarrell. Johnston assumed the role just as the City faced a prolonged downturn and Nabarro suffered considerably, with profits dropping in 2002 and 2003.
However, the firm has been a stronger performer since 2005. Johnston is aided in senior management by Nicole Paradise (pictured) - who, as managing partner, is one of the few women at the helm of a major UK legal practice.
The hallmark of the firm’s management in recent years has been to tilt the practice towards the upper end of property and expand in mid-market corporate work. That has seen a down-scaling of its public law and private client presence and the closure in 2005 of its Reading branch.
At the start of 2008, Nabarro announced that it was to become a limited liability partnership, joining a long list of City firms to have already converted.
Culture
Shifted somewhat from a reputation as a rather sleepy partnership. Generally regarded as having become more energetic without edging into ruthlessness. Not viewed as a sweatshop. The firm made great play of its down-to-earth approach in its recent rebranding, a quality that most neutral observers would recognise in the firm.
Key departments
Property is still a key department for the firm, even though it has made no secret of its ambition to substantially bulk up its practice in corporate and projects. Perhaps surprisingly, it is not viewed as having followed BLP as so actively targeting the upper end of the real estate market, notably in lucrative areas like property finance.
In corporate the firm is most identified with building a solid practice founded on the Alternative Investment Market (AIM), the London Stock Exchange’s ‘junior’ market for growth companies. With AIM surging in popularity over the last three years, that is a useful niche to have. Nabarro was also active advising in the once-feted online gambling sector, though with major regulatory uncertainties now hanging over the industry, that is perhaps a mixed blessing.
National/international coverage
An unusual national footprint for a City firm. Despite closing its Reading branch in 2005, the firm maintains a sizeable Sheffield arm, which it says it is still committed to. Aside from a small Brussels branch, Nabarro has so far largely avoided international expansion. In recent years it has focused more on developing informal referral relationships. The exception is the firm’s relationship with Paris firm August & Debouzy and Germany’s Gassner Stockmann & Kollegen, which have both operated as formal allies to Nabarro since 2002. The relationship between the three, which share secondments, has apparently grown closer in recent years.
Key clients
Clients that have handed the firm substantial instructions include HMV Group, Babcock & Brown and Bank of Ireland. The firm’s active AIM practice acts for a number of nomads, including Numis and KBC Peel Hunt. As a major player in property, the firm acts for a host of top names, including Land Securities, Slough Estates, Hammerson, Quintain Estates, Grosvenor Investments, Paddington Development Corporation, Hermes and Morley Fund Management.
The firm also recently won a coveted place on the Government’s much-touted centralised ‘super panel’, the Legal Services Catalist Framework.
Leading partners
Prominent corporate names include Iain Newman and Graham Stedman, the former head of corporate at legacy practice Theodore Goddard. In real estate, key names include Amanda Howard and department head Deborah Parry.
Career prospects
Good. The firm has a reputation for promoting internally. Likewise, the refocusing of the practice means that opportunities are there in growth areas such as corporate. Takes on around 30 trainees a year.
Salaries
The firm pays near the top for City rates: £62,500 for newly-qualifieds. This rises annually to £69,500 at 1PQE, £75,000 a year later and £82,000 by the third year. First-seat trainees get £32,000.
(Can we get some details on the bonus? - Wiki Ed.)
Recruitment
Work-life balance
By City standards, pretty good. The firm gives 26 days holiday and has an annual billing target of 1,500, which would be considered fairly civilised by the yardstick of most comparable firms. Also reported to take a progressive attitude towards staff working flexible hours.
Diversity
