A high profile Court of Appeal decision has today (3 July) seen Weil Gotshal & Manges and Quinn Emanuel Urquhart & Sullivan see off a challenge against the Barclay brothers and their associated companies over the ownership of three iconic London hotels.
Sir Frederick and Sir David Barclay, represented by Weil Gotshal’s head of litigation Matthew Shankland, successfully defended an appeal by Irish developer Patrick McKillen in a long running dispute over the ownership and control of Claridges, the Berkeley and the Connaught.
The success of litigation-focused firms is again in evidence today (3 July) as Stewarts Law announced an increase in turnover of 29.5% to £45.2m for 2012/13 and average profits per equity partner of £1.1m.
The litigation boutique has seen its turnover almost quadruple from £11.9m in 2007/08 while net profit has hit £20.5m, following a year of key lateral hires and international expansion.
Shearman & Sterling has led for Nokia on its €1.7bn buyout of Siemens’ stake in Nokia Siemens Networks (NSN) in a deal that has seen Slaughter and May step in for the German engineering giant.
Announced on 1 July, Shearman fielded a multi-disciplinary team across London and New York led by City M&A partner Jeremy Kutner for longstanding client Nokia. Slaughter and May led by London corporate partner Tim Boxell advised the Siemens team led out of its German headquarters.
NSN was formed in 2006 in a €16bn joint venture between Nokia and Siemens aimed at offering innovative mobile broadband technology and services. Advising on its formation was former Shearman City-based partner Jonathan Coppin opposite Clifford Chance (CC).
SJ Berwin has scored a significant victory in the important tech area of intellectual property rights in cloud data storage, successfully representing broadcaster Sky on its successful trade mark infringement claim against US software giant Microsoft.
In a dispute dating back to 2011, the High Court ruled last week that the IT giant’s ‘SkyDrive’ cloud service infringed Sky’s brand in the UK and Europe. Sky had filed a claim over a breach of UK and Community trade marks following Microsoft’s use of ‘SkyDrive’ for cloud storage solution.
White & Case has made no secret of its strategic objective to boost its global capital markets capability and last week saw a debt capital markets (DCM) team join in Milan from Magic Circle rival Allen & Overy (A&O).
A&O’s DCM and regulatory partner Paola Leocani (pictured) joins the Milan office alongside counsel Elena Radicella Chiaramonte, two senior associates, an associate and two trainees.
Rated by Legal 500 as third-tier for ECM and DCM in Italy, White & Case claims that it is now one of the only firms in the region with a full spectrum of capital markets and regulatory services across products, at a time when Italy has seen a decrease in bank lending and a corresponding growth in DCM.
Tough new proposed sentencing guidelines for bribery have been published in a consultation which closes in early October.
The proposals are contained in a document running to 130 pages which deals with proposed sentencing guidelines for fraud, bribery and money laundering offences.
After a turbulent year that saw it unsuccessfully attempt merger discussions with both Laurence Graham and Osborne Clarke, Field Fisher Waterhouse has unveiled a disappointing set of financial results, with revenues and PEP both down.
The firm posted a 2.5% drop in revenues to £95m, compared to £97.6m in 2012, while profit per equity partner has decreased by 7% on the figure published in the LB100 last year, from to £434,000 £402,000 – following a 16% drop in 2011/2012. Equity partner numbers are up slightly, from 41 to 46.
It says something about the evolution of the legal market when a single global law firm makes up more partners annually than the total partnership of a sizeable UK practice like Travers Smith but a handful of players are now in that camp.
Passing that threshold with ease is Baker & McKenzie, which has just promoted 71 partners globally as the firm also today (1 July) announced that leading arbitrator Jose Maria Alonso will take over as managing partner of its Madrid practice just over a year after he joined from Garrigues.
The Serious Fraud Office (SFO) last week published a draft Code of Practice setting out their approach to the use of Deferred Prosecution Agreements (DPAs) in a move that lawyers warn will open the floodgates to unduly lenient case settlement.
DPAs are to be introduced by the Crime and Courts Act 2013, expected to come into force next year, and offer a company charged with criminal activity, such as corporate criminal liability under the Bribery Act, the chance to reach an agreement with a prosecutor without going to trial.
Speechly Bircham has posted flat financials for the 2012/13 year following failed merger talks with Withers and a spate of partner exits.
The City-headquartered firm saw a slight drop in revenue to £57.5m from £57.6m in 2011/12, while profits per equity partner decreased from £299,000 to £293,000.