Legal News: Key Updates You Can't Miss! ⚖️

Cooley turnover hits $2bn mark again even as London revenue falters

Global law firm Cooley has reported a 5.8% rise in revenue, reaching £2.1bn for 2024, marking its return to the £2bn club. Profits per equity partner jumped 9.45% to nearly $3.9m, while revenue per lawyer saw a 4.7% increase to $1.6m.

However, its London office faced an 8% revenue decline, bringing in 94.5m due to challenges in the UK market and recent investments in new talent. Despite this, the firm remains confident about future growth.

Investing in London’s Future

Cooley expanded its emerging companies and venture team with three key partner hires:

• Angus Miln (from Taylor Wessing)

• Ali Ramadan (from Goodwin Procter)

• Helen Pantelides (from White & Case)

London co-partners-in-charge Claire Keast-Butler and James Maton are optimistic about growth, emphasising Cooley’s commitment to supporting high-growth life sciences and tech companies in the UK and Europe.

Key Deals & Achievements

Cooley had a strong year advising on major transactions, including:

• $241m acquisition of Spire’s maritime business by Kpler

• $125m Series D financing for Cresta

• $11m Series A financing for Female Invest by Educapital

• $331m IPO for Septerna

• Strategic collaboration between Autolus Therapeutics & BionNTech

The firm also continued to advise major investment banks like Goldman Sachs, JPMorgan, and Morgan Stanley on key deals.

As Cooley celebrates 10 years in London, it remains focused on expanding its platform and strengthening its presence in Europe’s thriving innovation and tech sectors.

TPG Appoints Debevoise & Plimpton Partner as New Chief Legal Officer

US Investment firm TPG has named Jennifer Chu as its new Chief Legal Officer (CLO), succeeding Bradford Berenson, who will transition into a senior advisor role before retiring later this year.

Chu joins from Debevoise & Plimpton, where she was a partner and deputy co-chair of its M&A group, advising private equity firms and corporations on major transactions. She will officially step into her role on March 31, overseeing all legal matters for TPG’s business and investments.

Leadership Insights

Berenson’s Departure & Legacy

Berenson has served as TPG’s General Counsel since 2017, playing a key role in the firm’s IPO and the acquisition of Angelo Gordon. Before TPG, he held senior roles at General Electric, Sidley Austin, and even served as an associate counsel to President George W. Bush.

Industry Moves

TPG’s appointment follows a broader trend of investment firms strengthening their legal leadership. In January, AE Industrial Partners hired McDermott Will & Emery’s Matthew Friendly as its first-ever General Counsel.

With $246bn in assets under management, TPG continues to position itself as a key player in private equity, credit, and real estate investments.

Commercial News: The Latest Insights You Need to Know! 📈

Shein Faces Lawsuit Over Alleged Coach Counterfeits

Luxury brand Coach, owned by Tapestry, has filed a trademark infringement and counterfeiting lawsuit against Shein in a California district court. The lawsuit, filed on March 13, accuses Shein of selling knockoff handbags, footwear, and accessories that are “confusingly similar” to Coach products.

Key Allegations

Tapestry claims that Shein:

• Designs, manufactures, and sells counterfeit Coach items.

• Uses Coach’s signature “C” logo, brand name, and other trademarks.

• Misleads customers by falsely labeling products as “100% authentic.”

The allegedly infringing items are sold via Shein’s online marketplace, where third-party sellers list products. However, the lawsuit argues that Shein fails to disclose whether items originate from third-party sellers, making it difficult for consumers to distinguish genuine products from counterfeits.

Shein’s response

A Broader Industry Trend

Tapestry is seeking damages and injunctive relief to stop Shein from selling these products. Coach, known for its premium leather handbags and accessories, generates over "$ 4 billion in annual sales from trademarked products.

Shein, one of the most downloaded fashion apps, has faced multiple IP infringement lawsuits, including cases from Ralph Lauren, Dr. Martens, and Levi’s. The lawsuit underscores a rising trend of brands taking action against marketplaces, following a recent Nike victory against reseller StockX for selling counterfeit Nike shoes.

As the case unfolds, it could have significant implications for online marketplaces and brand protection in the fashion industry.

What Will Happen to Office Jobs in the Age of AI?

Artificial Intelligence (AI) is reshaping the workplace, and office jobs are no exception. A McKinsey report estimates that 400-800 million jobs could be affected by AI automation in the next five years.

Industries like law and finance are already seeing changes. Law firms are automating lower-level legal tasks, reducing the billable hours of junior lawyers, while investment banks are rethinking whether they need as many junior analysts.

This raises a big question: How will the next generation of professionals be trained? Some argue that AI could eliminate entry-level roles, limiting hands-on experience. Others suggest a shift towards apprenticeship-style learning, where juniors work closely with top experts to gain skills.

One thing is certain: AI will transform how we work. The challenge is finding a balance between efficiency and career development.

Legal Lingo Unpacked: Your Quick Terminology Breakdown! ⚖️

What is a Private Equity Fund?

It is an investment fund, often in the form of a limited partnership, that uses private investors' money to acquire shares in private companies, either directly or by delisting public securities (hence PE). Some funds lend debt, but these are usually referred to as “credit funds”. Investors in the PE fund, e.g. sovereign wealth funds or pension funds, become limited partners (or LPs) on the PE fund. Via the PE fund, these investors deploy considerable capital in moderate-term investments (often referred to as “portfolio companies”) in expectation of significant returns from the pre-agreed fund investment strategy.

The investments for the PE fund are sourced, implemented and managed by the general partner or manager. In practice, this is a group of individuals otherwise known as “private equity executives” who are rewarded through a combination of bonuses, co-investment and carried interest for executing investment and, in particular, making successful returns.

The investments are then sold for a capital gain, with the profits divided between the LPs and fund managers.