White & Case’s high-profile private equity head Ian Bagshaw is set to leave the firm in June to pursue other opportunities outside of law.
The White & Case partnership was informed of Bagshaw’s departure in an internal announcement this morning (16 April). In a LinkedIn post published today, Bagshaw said: ‘After seven years at each of Eversheds, Clifford Chance, Linklaters and White & Case, I have decided that my race in big law has now been run.
Another blistering week of deal announcements has seen corporate advisers tasked with a diverse selection of mandates, from the much-anticipated £3bn initial public offering of Darktrace to a $12bn disposal by Aramco and an unusual joint offer for Globalworth Real Estate Investments valued at €1.6bn.
The proposed listing on the London Stock Exchange of British cybersecurity start-up Darktrace has elicited much market speculation, coming as it does after the IPO of food delivery company Deliveroo, which many have termed disastrous.
In a dense round of disputes-heavy lateral partner recruitment, firms and chambers have made key additions to their rosters of senior advisers this past week.
Firstly, White & Case’s highly-rated commercial litigation partner Hannah Field-Lowes has joined Goodwin in London after a three-year stint. Field-Lowes has over 15 years’ experience in complex cross-border and domestic cases, particularly in disputes arising from the private equity market.
Kirkland & Ellis has added $680m to its top line to trounce Latham & Watkins yet again as the world’s highest-grossing law firm, as global turnover surged 16% to $4.83bn.
The Chicago-bred giant had a significant uptick in private equity work to thank for its stellar 2020 results, which saw revenue surge from $4.15bn in 2019.
The special purpose acquisition company (SPAC) frenzy and coronavirus have continued to drive the market in recent days, with transatlantic corporate teams steering the multibillion-dollar Cazoo and Arrival deals, while an agreement for the acquisition of Covid-19 vaccines has proved a shot in the arm for Slaughter and May and Covington.
The Cazoo de-SPAC heralded key mandates for Freshfields Bruckhaus Deringer, Kirkland & Ellis, Slaughters and Cravath, Swaine & Moore. The deal will see the UK online car retailer and AJAX I, a publicly-traded SPAC, merge to form a company with an enterprise value of $7bn. The combined company will retain the Cazoo brand and will be listed on the New York Stock Exchange.
In the latest round of lateral partner hires, Simmons & Simmons has significantly strengthened its presence in the Netherlands through a pair of lateral partner appointments.
David Shearer, formerly a partner at Dentons, and ex-AKD partner Robert Jean Kloprogge will join Simmons’ Amsterdam office. Both Shearer and Kloprogge are corporate and M&A lawyers. Head of Simmons’ Dutch operations, René van Eldonk, said the appointments were ‘a hugely significant step in the achievement of our ambitious growth plan in the region. This spate of recent hires demonstrates our ongoing commitment to growing our offering to clients across Europe.’
Skadden has made up its largest haul of new partners in London since 2008, a further showing of support for the City office after an uncharacteristically expansive stint in the lateral recruitment market of late.
The move sees the famously conservative Wall Street giant promote three new partners as part of a 17-strong global round, matching a commitment to organic growth in London last seen 13 years ago.
Vodafone has completed the latest refresh of its legal advice panel, selecting eight firms based on a commitment to shared diversity and ESG best practice.
Latham & Watkins, Deloitte and TLT are the new additions from the last review in 2018, alongside Hogan Lovells, Linklaters, Osborne Clarke, Slaughter and May and Wiggin, which have retained their spots. This is a slight increase from the seven firms selected in 2018’s overhaul . The panel will provide broad legal cover on commercial, real estate, employment, regulatory and litigation, as well as support for legal transformation.
As the City marks the one-year anniversary of the first coronavirus lockdown, elite playmakers continue to do deals from their living rooms, with a sizeable National Grid acquisition and Deliveroo’s multibillion-pound initial public offering making headlines in recent days.
Last week (18 March) FTSE 100 utility National Grid emerged as the winner of a competitive auction to acquire Western Power Distribution (WPD), the UK’s largest electricity distribution business, from PPL Corporation for an equity value of £7.8bn.
Ever-expansive listed firm Knights has made its latest major acquisition through the £5.3m buyout of Surrey-based Mundays.
The purchase sees Mundays’ 34 fee-earners, including six partners led by Weybridge-based managing partner and head of corporate Neale Andrews, join Knights, bringing with them key strengths in corporate, real estate and private client law.