Taylor Wessing’s Emma Danks discusses the evolution of private equity, the firm’s ambitious culture, and her advice for aspiring solicitors

“There’s a huge amount of ambition here and no complacency,” says Emma Danks, head of the UK corporate group at Taylor Wessing, reflecting on what drew her to the firm 15 years ago. After over a decade at a Magic Circle firm, Danks joined Taylor Wessing in 2010 to help grow its then-burgeoning private equity practice. “It was very attractive to join a team that was growing and ambitious,” she recalls. Fifteen years on, she hasn’t looked back.

Qualifying in 2001, Danks cut her teeth amid the mid-2000s private equity boom, and later weathered the 2007-2008 global financial crisis that reshaped the market. The post-crisis landscape sparked her interest in the mid-market segment, making Taylor Wessing’s more entrepreneurial platform an appealing next step. Now a senior partner, she leads the firm’s corporate practice and advises on private equity transactions day-to-day. Danks acts for private equity sponsors on buyouts and private M&A deals, as well as for the management teams of PE-backed companies — a mix that gives her “a really nice view of the whole market,” she notes.

While Danks was initially drawn by Taylor Wessing’s growing private equity practice, it’s “the energy and the entrepreneurial spirit” which is keeping her at the firm 15 years later. The firm is full of “very bright lawyers who are driven to do the best job they can for their clients and to win more market share,” she tells me. This ambitious but collaborative ethos means there’s little room for egos. In short, it’s a “really high performance but friendly place to be.”

Early in her career, Danks found herself drawn to transactional work. “There is a particular inclination most lawyers have, either towards transactional, advisory or disputes work,” she says. For her, deals hold a special appeal because “you’re creating something” for the client rather than fighting an opponent in court. She enjoys digging into the commercial drivers behind a transaction — understanding what the business does and why a deal matters to a client — and collaborating with the other side to reach an agreement (while still “protecting your client’s position,” of course). Delivering a deal that is important to a client brings “a real sense of satisfaction and professional pride,” Danks says.

When Danks qualified as a private equity lawyer, the industry looked very different. “It’s a more sophisticated asset class today”, she notes, with deal structures far more complex than 25 years ago. “There is a wider range and number of private equity funds. So they’ve got different styles of investing,” Danks explains. “25 years ago, it might have been more of a classic ‘we will acquire a majority and hold it for three to five years and then we’ll sell it’ situation. Whereas now you have funds wanting a longer hold period or they might acquire just a minority, which then requires a different negotiating style.” Private equity has also entered the public consciousness as PE firms have acquired household-name brands, she adds, and its techniques have “influenced the broader M&A market in lots of different ways.”

This constant evolution is part of the appeal of private equity for Danks. “I never wanted to get to a stage in my career where I think, ‘I can do this in my sleep,’” she laughs. The ever-changing nature of the private equity space means she is always learning and adapting. That can be frustrating at times, she admits, but it suits lawyers who are “intellectually curious” and like to be challenged — and for her it’s “a really enjoyable part of the job.”

I ask Danks whether one deal in particular stands out in her memory. “I would say one of the standout career highs for me was a deal we did in 2019,” she responds. The Taylor Wessing team advised the private equity arm of Standard Chartered on its spin-out from the bank into a new independent fund. “We were working with brilliant clients. They were at the top of their game, really bright. It was personally very important to them as well because they were creating a whole new fund,” Danks recalls. Complex deals like this don’t get off the ground without some serious hard work, of course: “We were in the trenches all together,” Danks recalls, describing weeks of intense negotiations as lawyers from multiple firms hammered out the terms. A “real career highlight”, the deal landed Danks’ team “Private Equity Team of the Year” at that year’s British Legal Awards. It was also a roaring success for her clients: “They successfully spun out of the bank and have been a very successful private equity fund in their own right – I’ve actually just had the invitation through for their sixth anniversary celebration!” she tells me.

Today, the market presents new challenges. The past few years have been “turbulent,” as Danks puts it. A post-pandemic surge of mergers and acquisitions (M&A) activity in 2021 gave way to a slowdown as interest rates rose and political and economic uncertainty made many businesses cautious about making significant investments. “Markets like stability,” Danks says. “Changes of government around the world and US tariffs early this year have meant a lot of dealmakers have paused to let everything settle. However, although the volume of deals has dipped, I’ve found the deals which have happed have been more high value.” And there have been certain sectors bucking the trend. Tech and life sciences assets “have continued to be really competitive.” She shows particular excitement around artificial intelligence, where acquiring an AI-driven company can be a “fast-track” for traditional businesses — why spend years developing a new technology in-house “when you can buy a company that’s already done it”?

In this uncertain climate, lawyers have a crucial role in helping clients navigate deals. Danks sees her job as twofold: first, offering clients a broad perspective on market “commercials” gleaned from her experience across many transactions. Her team works on far more deals each year than any single client, so “they like us to give some market insights,” she explains. Second, a good lawyer will “future-proof” agreements to withstand whatever arises from the counterparty or the wider business environment in the months and years to come.

Before wrapping up, I ask Danks what career advice she would give to her younger self or a new trainee. She recommends gaining as broad experience as possible and being unafraid to question things. “Take time to get as much experience as you can,” she advises, “and always try to look into the corners of every issue — maintain an intellectual curiosity at all times.”

Emma Danks will be speaking on the panel at Legal Cheek’s upcoming virtual student event ‘Inside the global dynamics of M&A — with Taylor Wessing’, taking place virtually on Wednesday 24 September. Apply now to attend.

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Profit wavered for some

Five firms have unveiled their financial results, revealing generally positive figures for 2024-25 — although some reported a decline in partner profits.

Leading the charge is Ashurst, which has seen its revenue surpass the £1 billion mark — a milestone described by Global CEO Paul Jenkins and Global Chair Karen Davies as a “first in our 200+ year history”.

This achievement follows nine consecutive years of revenue growth, with an 8% increase on last year, matching the firm’s average annual growth rate. Profit per equity partner (PEP) has also remained strong, in line with the average 10% growth rate over the past decade, and is reported this year at just under £1.4 million.

Taylor Wessing, meanwhile, hit a global revenue of €619 million (£537 million) — an increase over 10% on last year — whilst UK PEP soared past £1 million. Zoning in on UK stats, Taylor Wessing has reported 80% growth since 2020, with revenue up 15% to almost £284 million and profit up over 12% to £103 million.

UK managing partner and global co-chair Shane Gleghorn said:

“We are delighted to see strong growth across our business, as the strategy that we implemented is proving effective. Our ongoing focus on premium, high-profile transactions, complex disputes and critical regulatory work in our core sectors is paying dividends.”

HFW posted a record year, with revenue rising 8% to £270 million. However, this was accompanied by a 3% drop in profit per equity partner (PEP), which fell from £855k to £828k — though revenue per lawyer rose by 12% to £465k.

Bird & Bird saw its revenues climb by some 6% to €673 million (£584 million) in its 33rd consecutive year of growth, with net profit rising by 3%. The firm’s PEP also saw a dip, dropping 1% to €831k (£721,000) after last year’s 8% increase which had brought it to €837k (£704,300).

Meanwhile, listed law firm Gateley has reported a revenue rise by some 4% to £180 million. This comes with a rise in underlying profit before tax by 1.2% to £23.3 million — however, when that stat is adjusted for outgoings, the firm saw profit fall by almost 55% to £6.4 million. The firm chalks up decreases in cashflow to a return in bonus payouts over 2024 and a net debt of £6.6 million to cash being used for “equity recirculation” and expansion.

Gateley CEO Rod Waldie said the results represent “another year of revenue and underlying profit growth for Gateley, set against an unpredictable economic backdrop for much of the year. We are particularly pleased that this growth was driven by the combination of positive returns on our recent investments with an increase in activity levels and active management of cost inflation.”

Paid year-long placements at outfits including DWF, Hill Dickinson, and Taylor Wessing

A group of law firms has partnered with Liverpool University’s law school to launch a new law degree that allows aspiring lawyers to gain valuable on the job experience as part of the programme.

The new four-year LLB, dubbed ‘Law with a Year in Industry’, guarantees students the opportunity to spend up to a full year working within the Liverpool office of one of six participating firms.

The year-long internships are paid and take place in the third year of the degree, with students returning to university in the fourth year to complete their studies.

Liverpool Law School, one of the largest law faculties in the UK, also says that some of the time spent with a firm also counts toward the two years of Qualifying Work Experience (QWE) required to qualify as a solicitor in England and Wales

The participating firms are Brabners, DWF, Hill Dickinson, In-House Legal Solutions, Taylor Wessing, and Weightmans.

Introduced alongside the Solicitors Qualifying Exam (SQE), the changes to on-the-job experience allow aspiring lawyers to effectively bypass the traditional training contract process. They can now complete two years of qualifying work experience (QWE) with up to four different employers, including law firms, in-house legal teams, and law clinics.

Commenting on the new partnership, Paul Maddock, director at DWF, said:

“We are incredibly proud to support the University of Liverpool’s ‘Law with a Year in Industry’ programme. This initiative not only opens doors for students but also ensures they gain meaningful, hands-on experience in a real-world setting. By providing them with opportunities to rotate through various legal teams, we are helping to shape the next generation of legal talent.”

Prof Valsamis Mitsilegas, dean of the School of Law and Social Justice at the University of Liverpool, added: “This initiative is transformative for our students, offering them invaluable practical experience within high-calibre legal environments. By working alongside seasoned professionals, they will not only enhance their legal expertise but also gain vital insights into the real-world challenges and opportunities that define today’s legal landscape.”

This isn’t the first time law schools have collaborated with law firms to provide students with real-world experience. Queen Mary University of London runs a similar programme for its students, where one year is spent at a partner firm. The outfits on offer include: BCLP, Bindmans, Mishcon de Reya, Paul Hastings, Reed Smith, and Simmons & Simmons.

Al Watson, Taylor Wessing’s head of UK planning and environment, discusses data centre real estate, early morning starts and how to plan for the future

“I skipped to work years ago, and I skip to work now,” says Al Watson, real estate partner and head of UK planning and environment in Taylor Wessing’s London office. Talking to Watson from the sunny Maltese island of Gozo (he’s enjoying some well-earned down-time), he gives me the insight into his work and his day-to-day at the firm. “I start at half past six in the morning, so I get the first tube into the City at 05.31am. That’s always been my preference because I followed in the footsteps of those I looked up to, and over time it’s become habitual. My client mentor said, ‘if you want to work with me then you come into work early!”

Watson also learned the importance of ‘catching the worm’ in the early hours as a trainee under Ann Minogue, who was the only female Construction Partner in the City at the time. “Ann always started early, so as her trainee, you had to do the same,” he explains. “Now, the early mornings mean that I can get a head-start on billable work and sit down as a team and focus on site visits and meetings with clients outside the office in the afternoons.” He has found, particularly in real estate, that his clients are eager for face time with their solicitors. “It’s a common theme that clients want to see their lawyers in a deal environment, and more importantly they also want to see their advisers when deals aren’t happening,” Watson tells me. “They want to know the market intel; they want to hear your views and thoughts and ideas.” So, working at a high-level in partnership clearly means investing significant time in building client relationships.

Starting his career as a paralegal at McKenna & Co (now CMS), Watson reflects on his initial attraction to real estate, planning and environmental law. “When I was younger, I wanted to become an architect, but I couldn’t — mostly because I can’t draw!” he jokes. “Working in planning means you get to deal with a whole range of experts from architects and engineers to highway consultants. You’re looking collectively at visual impacts, rights of light, massing and design — all these aspects of real estate mean working in a large team. And I love this ‘one team’ aspect,” he says. Similarly, he talks to me about the benefits of working on tangible projects. “With planning as part of real estate work, you can physically see and touch the results,” he says. “In IP, patents, and tax, the law can be incredibly esoteric, but you can’t tangibly feel the outcomes of that work like you can with real estate.”

Illustrating his passion for his specialism, Watson details the economic impacts of real estate and planning work. “In this digital world, there will always be the need for data tomorrow — we will never have less data. At Taylor Wessing, we do a lot of work on data centres; they need water, power and land to operate. So, this digital revolution we’re going through is real estate based,” he explains. And even when it comes to general planning and development across the UK, it can become very political, Watson notes. “Beyond the headline of ‘broken Britain’, one of the main issues is planning reform, which is now being delivered by the new Labour government. This will help to bring about a development boom which the country needs in terms of infrastructure, homes and the digital economy,” he says. “What you plan for now is a clean line of sight into what the economy is going to look like in three, four or five-years’ time.”

I’m also keen to explore another legal aspect of Watson’s role — the environment. I ask him how the UK planning system tries to alleviate the tensions between (over) development and environmental concerns. “It’s a tough question to answer,” Watson acknowledges. “There are many reasons why the UK is fortunate. Namely, we have a moderate climate without extremes. Here in Gozo,” he says, “you see some extreme weather patterns. But we also constrain ourselves in the UK by declaring development restrictions on greenbelt land, AONB land (areas of outstanding natural beauty) and in national parks. This is part of our natural heritage,” he says.

Watson acknowledges that developers must embrace and consider environmental impacts through both the planning and the funding of their projects. With our developer clients we understand that the way to secure planning permission is to mitigate environmental impacts,” he explains. “And banks will provide funding on sustainable development projects because they also need it to fulfil their own ESG reporting standards. . So, this push and pull is important when it comes to mitigating against the effects of climate change. This is a long answer,” he admits, “but the short answer is: it’s very difficult to balance the two.”

Taylor Wessing has temporarily relocated for two years to a location down the hill from its London New Street Square office, with sustainability considerations being front and centre in the firm’s decision to renew the lease for its London headquarters. “The refurbed London office will support our carbon reduction agenda,” says Watson. “This is important to our people and to attract the best talent for the future.”

Talking of talent, I ask Watson why planning and environmental law often flies under the radar for aspiring solicitors looking to make it in the City. “I guess it’s because planning and environmental law does not appear in many law courses at university,” he says. “But then again, law students taking land law soon realise that real estate is very different once they experience the practice.” Students perhaps don’t realise that it’s a hugely varied and interdisciplinary practice area, he tells me. “In the team that I am part of, we are a mix of history, economics, environmental science, as well as business and planning law graduates!” And on why budding lawyers should perhaps consider the practice area, Watson answers, “It is the future. And the future is happening now.”

You can find out more about life at Taylor Wessing at ‘The ESG real estate transition — with Taylor Wessing’, a virtual student event taking place on Monday 23 September. Apply now to attend.

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Boosts SQE grant too

Taylor Wessing has become the latest law firm to increase the salaries of its newly qualified (NQ) lawyers, upping rates by £15,000.

The boost sees NQ rates move from £100,000 to £115,000, an uplift of 15%.

The Legal Cheek Firms Most List shows the additional cash put the firm’s NQ on the same levels as their opposite numbers at US outfit Katten and £5k better of than of those at DLA Piper, which upped pay from £100,000 to £110,000 earlier this month.

TW also confirmed that it has increased the financial support for future trainees, raising its SQE grant from £12,500 to £17,000. The firm’s TC holders study with The University of Law.

News of the pay boost comes as TW announced that global revenues had hit a record £481 million and profits had climbed more than 12% to £91.7 million.

2Birds, Macs, Simmons and Taylor Wessing

The 2024 law firm financial results season is gathering pace, with a raft of City outfits posting positive numbers.

Bird & Bird saw its revenues climb by more than 10% to €632 million (£545 million) in its 32nd consecutive year of growth, with net profit rising by 5.4% from £108.4 million to £114.3 million.

The firm’s profit per equity partner (PEP), reported in Euros, increased by a little over 8%, rising from €774,000 to €837,000 (approximately £704,300).

CEO Christian Bartsch said: “It’s been a positive year for the firm. The sectors that Bird & Bird chooses to operate in are being transformed and we are able to guide our clients through that transformation. Our five-year strategy has given us that momentum and we are poised to take advantage of it.”

Next up is Macfarlanes. The Silver Circle firm saw its profits jump by over 23% to £174 million, driven by a 13.7% increase in turnover, which reached £309 million. The firm’s PEP figure climbed a whopping 23.8% to £2.6 million.

Senior partner Sebastian Prichard Jones commented: “We were fortunate that our mix of practices saw high demand in 2023-24 in a challenging economic environment. We saw particularly strong performances from our transactional practices, especially with clients operating in the financial services space.”

Meanwhile, fellow City player Simmons & Simmons enjoyed a 10% increase in revenues to £574 million, which contributed to an 8% boost in profits, reaching £204 million. PEP increased from £1.001 million to £1.076 million, representing a 7% rise.

Simmons’ managing partner Jeremy Hoyland commented:

“These latest financial results demonstrate another year of growth from the firm in the face of a challenging market. The success we’ve seen over the last year is driven by our four sector strategy, our commitment to innovation, and our focus on premium work. The investments we’ve made right across the firm — in particular in our people — have also been crucial to our success. Today’s positive results also reflect how we’ve been able to adapt to the rapid advances in AI and technology. The firm is well placed to seize the opportunities of a changing legal market.”

Finally, Taylor Wessing saw global revenues climb to a record £481 million, with UK revenue contributing £246.6 million, thanks to an 8.6% increase from the previous year. Firm profits climbed more than 12% to £91.7 million.

The firm did not disclose its PEP figure, but Legal Cheek understands that it is now slightly over £900,000.

UK managing partner and global co-chair Shane Gleghorn commented:

“We are pleased to see strong growth across our offices, especially the progress in the UK and major European markets. That growth has been based on our position as a legal powerhouse in our core sectors of TMC, Life Sciences and Healthcare, Real Estate, Infrastructure and Energy, and Private Wealth, and our key practice areas. It has taken incredible hard work and focus by our people to secure this strong outcome and they are committed to achieving our ambitious objectives in the next three years.”

Taylor Wessing partner Leona Ahmed discusses her life at the firm

Having joined Taylor Wessing in Spring 2023, Leona Ahmed says she’s “settling in really well” as a new partner in the firm’s real estate, environment and planning team. Driving her decision to move to join the leading firm was its stellar real estate reputation, strong international offering and of course, the people.

“One of the things that struck me very early on was that there are lots of people who have been at the firm a very long time, from partners, associates, support teams, PAs and many others,” she explains. “They are the guardians of the firm’s culture. That doesn’t mean it wasn’t easy to integrate — everyone was very welcoming and open to hearing new ideas and things we can do differently.”

So what does Ahmed’s day-to-day look like as a real estate lawyer and a law firm partner? “I’ve got some key components that make up my day — an important part of that is talking to clients about what they are looking to do; whether that’s buying, selling or recalibrating a building. Sometimes, we consider strategic growth for their business in new markets or sectors. Another aspect is focusing on the career development of junior lawyers within my team. Lastly, there is also working with colleagues in other parts of the firm — whilst I am a real estate specialist, I work a lot with tax structuring and finance lawyers as they are also vital parts of the transactions I work on”, Ahmed explains.

While the real estate market is no doubt a different arena post-Covid, Ahmed notes that the change is one being seen by a range of other sectors as well. “One of the positives of the UK real estate market is that it has always attracted investment from overseas, as it is seen as a safe market, and a relatively liquid market”. She adds that this is supported by a well-respected and trusted legal system.

Ahmed says that her clients are generally based in Asia and the Middle East and goes on to tell me about some of the recent deals she has worked on. One of her highlights is the recognisable Battersea Power Station, where she worked on the sale of the Power Station itself.

She also discusses buying the site for the new Chinese embassy site near the Tower of London, an “unusual transaction, as the site becomes sovereign land belonging to China”. So, rather uncharacteristically for her regular real estate work, this deal saw Ahmed spending a lot of time in discussions with various UK government departments, such as the Foreign Office, about how the transaction would be treated. “It’s a different beast altogether”, she confesses. “You’ve got to see it as more of navigating diplomacy and its protocols, than real estate”, says Ahmed.

I went on to ask Ahmed about her views on the impact of rising interest rates on the real estate sector, and the role of a lawyer in navigating this for their clients. “This is a macro-economic environment that all businesses are having to navigate. Its impact on the real estate industry is significant, because most people, whether they are buying a home or an office building, will probably have to factor in the cost of borrowing money”, notes Ahmed.

That said, she also explains that there are a range of entities who buy real estate who cannot take debt, such as pension funds. The flipside, however, is the fact that they will want prices to reflect the fact that they are using pure equity and so need to reflect that in their returns.

“Moreover, there are also some investors who hold equity and can buy now and add the debt element to the transaction later, once the debt terms improve”, adds Ahmed. This entails a careful balancing act between buyers’ and sellers’ expectations around pricing and risk that real estate lawyers need to navigate in today’s economic climate.

Another notable feature of the current environment is clients seeking advice about how to structure a deal in order to maximise their returns on the transaction – “looking at which structure best suits the tax position of the investors so we can make a deal more financially viable”, clarifies Ahmed.

Ahmed went on to discuss the role of sustainability as a metric in real estate transactions today, noting that this is not a new development, but has been around in the sector for quite some time now – “it’s higher up the agenda now, for sure”, she notes.

“What has been really significant since the pandemic is that when people are looking for new office space in particular, the ESG credentials of those buildings are much more important to tenants. They want wellness areas and more open space for their people. They are not content with just a desk and a chair and want more facilities from their workplace”, she notes. “Most business will have their own ESG measures they are seeking to meet, so when they are looking to lease a building, they want to be able to show their stakeholders how the space contributes to that objective”, notes Ahmed.

The implications of this on the real estate market are multi-fold, she points out. Developers are now having to think very carefully about where they are sourcing their materials from and reusing materials as well as possibly what work opportunities they are giving to people in the local community, how they are providing for those affected by the developments, and so on. “All the players in the real estate world, from the developers, funders, investors and tenants are all considering ESG credentials and we will continue to see this focus”, explains Ahmed.

We also spoke about the future of the retail sector post-Covid, given the rhetoric around ‘the death of the high street’. Ahmed notes that this too, is not a recent development, and that what we are witnessing now is another iteration of something that has been affecting retail for a while.

She points out that this consideration first emerged with the rise of covered shopping centres, followed by online shopping changing shoppers’ patterns over the past decade. She also points out a further nuance post-Covid. “Some local communities have actually seen an improvement in their high street after the pandemic, as more people are working from home and want to be able to pop out to a local coffee shop or grocery store in their breaks”, observes Ahmed.

To finish up, I asked Ahmed what advice she has for students and young lawyers who want to build up an international practice like her and develop global client relationships. “I didn’t set out to have an international client base”, says Ahmed. “If you decide you want to become a real estate lawyer, the most important thing is to understand the assets. When I travel to go see clients in Asia and the Middle East, we rarely talk about the law per se — what they want to know is what the market is looking like in terms of pricing, debt terms and distress in the market”, she explains. The crucial aspect is to be a rounded advisor to your clients who are often investing outside of their home market and your understanding and integration into that market is valuable, Ahmed notes.

Leona Ahmed will be speaking at ‘Real estate lawyers reshaping the future — with Taylor Wessing’ a virtual student event taking place on 2 October 2023. Apply now.

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