King & Wood Mallesons

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

King & Wood Mallesons
King & Wood Mallesons 2012.png
HeadquartersThe Landmark
Hong Kong
No. of offices27
No. of attorneys2,000+ lawyers
Major practice areasGeneral practice
Key peopleWang Junfeng
(Global Chairman)
Revenue$1.02 billion[1]
Date founded2012 (by merger)
Company typeSwiss Verein structure
Websitewww.kwm.com

King & Wood Mallesons (KWM, simplified Chinese: 金杜律师事务所; traditional Chinese: 金杜律師事務所; pinyin: Jīndù Lǜshī Shìwùsuǒ) is a multinational law firm headquartered in Hong Kong. Its predecessor firms include King & Wood, one of the "Red Circle" of leading Chinese law firms, Mallesons Stephen Jaques, at the time (2012), one of the "Big Six" leading Australian law firms, and SJ Berwin of the United Kingdom's "Silver Circle".

KWM is based in Asia and as of March 2015 is the largest law firm headquartered outside of the United Kingdom, the United States or the European Union.[2][3] It has the 6th most lawyers in the world, and in September 2014 was top thirty by revenue.[4][5]

History[edit]

Gloucester Tower, The Landmark, KWM's global headquarters

Predecessor firms[edit]

Mallesons Stephen Jaques[edit]

Governor Phillip Tower in Sydney, KWM's Australian headquarters

Mallesons Stephen Jaques was one of the "Big Six" law firms in Australia. 'Mallesons' derives from the name of the predecessor firm's founding partner; Alfred Brooks Malleson. Malleson was born at Richmond Hill, on the Surrey side of the Thames in 1831. As a 25-year-old London solicitor he immigrated to Melbourne in 1856. Malleson's obituary in The Argus in 1892 recorded that his expertise was especially "in company law and in the banking business. Several of the associated banks entrusted their legal affairs to the firm, as well as a large number of leading insurance and other companies, so that Mr Malleson had always as much as he could do". In 1858, the firm (then called "Muttlebury Malleson and Coster") handled the legal work to establish The National Bank of Australasia, which remains one of the firm's key clients as the present-day National Australia Bank.[citation needed]

The "Stephen" part of the firm's former name comes from Sydney founder Montague Stephen. He was the second son of Sir Alfred Stephen, the Chief Justice of the Supreme Court of New South Wales from 1844 to 1873. Montague Stephen founded a Sydney practice in 1849. One of his earliest (1853) clients was the "Australian Mutual Provident Society". AMP Limited remains one of the modern firm's key clients. The "Jaques" part of the firm's name comes from a second "Alfred" - Alfred Jaques. He became a partner of the Sydney firm in 1878. In 1888 the firm's name changed to Stephen Jaques & Stephen - a name which continued until the 1980s.[citation needed]

In 1976, Stephen Jaques & Stephen established its London office. In 1982, it merged with Stone James of Perth. The merged firm was called "Stephen Jaques Stone James". Stone James had been established in 1832 by Alfred Stone, Western Australia's first solicitor. The merger reflected a growing importance of Western Australian primary industries as clients to the firm.[citation needed]

In 1987, Stephen Jaques Stone James merged with Mallesons. The firm was renamed "Mallesons Stephen Jaques".[6] The 1987 merger was driven by an assessment that Sydney and Melbourne had become one legal market. The merger enabled the firm to look after clients in Sydney, Melbourne, Perth and Canberra. In 1989, the firm opened an office in Brisbane. The firm opened a Hong Kong office in 1989, and a Beijing office in 1993. It established an alliance with Posman Kua Aisi Lawyers of Port Moresby, Papua New Guinea in 1995. In 2004 the firm strengthened its Beijing resources by taking on lawyers and support staff from Denton Wilde Sapte. Later that year Mallesons merged with the Hong Kong and Shanghai corporate boutique Kwok & Yih.[citation needed]

King & Wood PRC Lawyers[edit]

King & Wood was among the first law firms established in the People’s Republic of China during the modern era. In April, 1993, King & Wood’s founding partners were still working with a state-sponsored organization, the China Council for the Promotion of International Trade, when the central government permitted private ownership of law firms, allowing them to create the firm.[citation needed]

The firm’s clients included Citigroup, China Life, Wal-Mart, PetroChina, Bank of China, the Beijing Organizing Committee of the 2008 Summer Olympics.[7] Prior to merging with Mallesons Stephen Jacques, King & Wood was aligned with Australian law firm Gilbert + Tobin.[8][9]

SJ Berwin[edit]

SJ Berwin was founded by lawyer Stanley J. Berwin 1982.[10] From 1992 the firm underwent a strategy of European expansion. In 2009 the firm opened three offices in Hong Kong, Dubai and Shanghai respectively.[citation needed]

Merger[edit]

King & Wood Mallesons formed on 1 March 2012 as a combination of Chinese firm King & Wood PRC Lawyers and Australian firm Mallesons Stephen Jaques, following votes in November 2011.[11][12]

In 2013 a merger was announced between King & Wood Mallesons and the UK Silver Circle firm SJ Berwin.[13]

The firm used a Swiss Verein structure, and had four financially independent partnerships: Australia; Europe and the Middle East; Hong Kong; and Mainland China, Japan and the United States.[14]

Demise of KWM Europe[edit]

In 2016 a substantial number of important partners at KWM Europe left the firm, and attempts to find merger partners failed. It was subsequently announced the firm was being advised by external administrators.[15]

In November 2016 a memorandum was circulated to European partners of KWM outlining terms of a potential 'bail out' under which they would have to commit to a 12 month lock-in period, and provide capital to the firm. Additional capital would be provided by the Chinese arm of the business. This deal failed to win approval, and by the end of November KWM announced it would merger its European partnership.[16] The law firms of Goodwin Procter and Covington & Burling were in discussions to hire key partners from KWM Europe.[17] In January 2017, the European arm became subject to administration and ceased operations.

The Australian, Chinese, and Hong Kong portions of KWM, which are financially and legally separate, were otherwise unaffected.[17][18]

Contemporary firm[edit]

Following the end of KWM Europe's operations, the firm established a new business to maintain a strategic presence in the UK, Europe & the Middle East to service the needs of its global clients. KWM now has core practices in London, Frankfurt, Madrid, Milan, Brussels and Dubai. New companies of the KWM network have been established in the UK (KWM Europe LLP) and Germany (KWM Europe Rechtsanwaltsgesellschaft mbH). The new European platform focuses on Corporate M&A, Finance, Competition and Dispute Resolution and has more than 30 partners, together with associates and support staff.[19][20]

Operations[edit]

Finances[edit]

In 2012-13, the firm's total global revenue was US$1 billion,[21] with revenue per lawyer of US$453,000 in China,[22] and profit per equity partner of AU$1.08 million in Australia[23][24] and £610,000 in Europe.[25]

Pro bono[edit]

The firm has a pro bono practice.[26] It also has a dedicated human rights group[27] and, in conjunction with the Ted Noffs Foundation, provides free legal advice for people aged from 14 to 25.[28]

Notable cases and transactions[edit]

Australia[edit]

China[edit]

United Kingdom[edit]

  • Advised Lion Capital LLP on a string of deals including the on the acquisition of fashion chain AllSaints from Icelandic banks Kaupthing and Glitnir, and the £1.4 billion acquisition of French frozen food business Picard Surgelés.[34]

Alumni[edit]

The following list includes people who have worked or consulted for King & Wood Mallesons, or its predecessor firms:

Joanne Cameron - Victorian Supreme Court Judge (2014–2020).[35]

References[edit]

  1. ^ "KWM global revenue drops 1% as firm unveils 2020 strategy and restructures London practice". Legal Business. 19 February 2016. Retrieved 24 January 2021.
  2. ^ "King & Wood Mallesons - Overview". thelawyer.com. Archived from the original on 2 April 2015. Retrieved 7 March 2015.
  3. ^ "KWM - About us". www.kwm.com. Retrieved 19 April 2018.
  4. ^ "2015 Global 100: Top-Grossing Law Firms in the World - Law.com". americanlawyer.com. Retrieved 19 April 2018.
  5. ^ "The Global 100: Most Revenue". The American Lawyer. 29 September 2014. Retrieved 24 January 2021.
  6. ^ Top law firms to merge Canberra Times 5 November 1986, page 17. Via Trove
  7. ^ "King & Wood Mallesons – Beijing – Law Firm Profile - Chambers Global 2014 – Chambers and Partners". chambersandpartners.com. Archived from the original on 29 February 2012. Retrieved 7 March 2015.
  8. ^ The New Lawyer (2011). Mallesons, China's King & Wood, plan alliance The New Lawyer , Archived 14 August 2011 at the Wayback Machine. Retrieved 7 October 2011.
  9. ^ "King & Wood Mallesons - True Picture". Chambers Student Guide 2012. chambersstudent.co.uk. Retrieved 7 March 2015.
  10. ^ Financial Times (2011). Australian law firm votes for Chinese merger. Retrieved 28 November 2011.(subscription required)
  11. ^ Taylor, Margaret (23 November 2011). "King & Wood and Mallesons plan for post-merger globalisation". The Lawyer. Retrieved 24 January 2021.
  12. ^ King & Wood Mallesons and SJ Berwin Combine to Create first global law firm headquartered in Asia. 31 July 2013
  13. ^ Taylor, Margaret (28 February 2012). "King & Wood and Mallesons iron out confidentiality issues ahead of merger". The Lawyer. Retrieved 24 January 2021.
  14. ^ Legal Business (2016) Crunch time for KWM as partners meet over Chinese bailout deal. Retrieved 20 November 2016.
  15. ^ Kinder, Tabby (18 November 2016). "Exclusive: Dewey administration adviser drafted in on KWM rescue deal". The Lawyer. Retrieved 20 November 2016.
  16. ^ a b Sullivan, Casey. "Big Law Firms Circle a Global Firm Under Stress". Bloomberg BNA. Retrieved 1 December 2016.
  17. ^ Coade, Melissa (27 December 2016). "King & Wood Mallesons Europe arm severed". Retrieved 1 November 2017.
  18. ^ "KWM - King & Wood Mallesons' plans for UK, Europe and the Middle East". www.kwm.com. Retrieved 19 April 2018.
  19. ^ "KWM - Deutschland". www.kwm-europe.com. Retrieved 19 April 2018.
  20. ^ "King & Wood Mallesons and SJ Berwin confirm commencement of the first global law firm headquartered in Asia". mallesons.com. Retrieved 7 March 2015.
  21. ^ "Rules_And_Laws". The Economist. 31 January 2015.
  22. ^ Australian Financial Review (2013). King & Wood Mallesons. Retrieved 10 November 2013.
  23. ^ Mao, Debra (16 December 2011). "King & Wood, Mallesons Join to Form Asia's Largest Law Firm". Bloomberg.
  24. ^ Kinder, Tabby (7 July 2015). "Exclusive: KWM Europe and Middle East PEP jumps 39 per cent to £610k". The Lawyer. Retrieved 24 January 2021.
  25. ^ "Annual Report–Archived copy" (PDF). Archived from the original (PDF) on 21 August 2014. Retrieved 13 December 2014.
  26. ^ "KWM | Australia". mallesons.com. Retrieved 7 March 2015.
  27. ^ http://asklegal.com.au Archived 30 March 2013 at the Wayback Machine
  28. ^ "Asian Legal Business". au.legalbusinessonline.com. Retrieved 7 March 2015.
  29. ^ "Now, From China, the World's Biggest Company - US News". usnews.com. Retrieved 7 March 2015.
  30. ^ "SEC Info - Petrochina Co Ltd - SC 13E3/A - Jilin Chemical Industrial Co Ltd - On 12/23/05 - EX-99.(C).5". secinfo.com. Retrieved 7 March 2015.
  31. ^ "- King & Wood Mallesons | Susan Ning". globallegalinsights.com. Retrieved 7 March 2015.
  32. ^ "Legal Week - King & Wood Mallesons acts for Microsoft on China anti-monopoly probe". legalweek.com. Retrieved 7 March 2015.
  33. ^ "SJ Berwin advises Lion Capital and Goode Partners on the acquisition of All Saints fashion chain". SJ Berwin.
  34. ^ "Past judges and associate judges". www.supremecourt.vic.gov.au. The Supreme Court of Victoria. Retrieved 24 January 2021.

Further reading[edit]

External links[edit]