Debates about innovation in law can be a bit tribal. The Creative Destroyers decry the billable hour. They mock Big Law as a broken model and see law as a dusty rule book in need of big data and a scientific reinvention. Law is vastly complex and inefficient. More traditional folk point to the resilience of law, and law firms. They snigger, not always unfairly, at the self-serving evangelism of the new model insurgents. And they comfort themselves, unwisely I suspect, with any signs that the current crop of innovators are failing. The singularity may not be near, but that does not mean that it is far.
Acquisitive streak: DWF takes on a 50-strong team from Greenwoods
DWF has continued its highly acquisitive streak with the announcement today (11 October) that it has taken on an 11-partner, 50-strong team from LB100 insurance specialist firm Greenwoods.
A statement from Greenwoods said today: ‘Following its merger with Plexus Law in May 2013, Greenwoods has agreed the TUPE transfer of 11 partners and their teams. The transfer to DWF will take place on Monday 28 October.’
Jones Day’s EMEA private equity ambitions grow with hire of BLP’s Weir and McKeeve
Recognised as a strong choice for UK mid-market buyouts and cross-border transactions, Jones Day’s London private equity team has expansive ambitions with the hire this week of Berwin Leighton Paisner (BLP) corporate finance partner Michael Weir on the heels of former BLP colleague Raymond McKeeve.
Weir, who was made a partner at BLP in 2012 and specialises in private equity with a particular leaning towards large real estate funds, joins the top 10 Global 100 firm three months after McKeeve, who he worked with on mandates including Dunedin’s £44m buyout of Red Commerce in 2011, and Darwin Private Equity on its £10m acquisition of organic baby food business Plum Baby in 2010.
Death knell for judge-led inquiries? Lord Leveson refuses to be drawn on MPs’ questions
It is not difficult to see why Lord Leveson’s refusal to assist MPs with their latest questions over the future of press regulation is regarded as unhelpful and, by some, the wrong call.
Assigned on 20 July 2011 by Prime Minister David Cameron to lead an inquiry into the culture, practices, and ethics of the press, the 64-year old president of the Queen’s Bench Division’s remit was ‘in the light of these inquiries, to consider the implications for the relationships between newspaper organisations and the police, prosecuting authorities, and relevant regulatory bodies – and to recommend what actions, if any, should be taken.’
Aviation: Further consolidation predicted as Aegean acquisition of Olympic approved
Aviation lawyers expect further consolidation within the airline industry as Aegean Airlines was on Wednesday (9 October) given the all clear to buy troubled Olympic Air, led by White & Case and Baker & McKenzie.
The European Commission (EC) took the first-time step of reversing its earlier decision to block an acquisition attempt in 2011, approving the buyout from investment group Marfin.
Latham, Matheson, Davis Polk and Arthur Cox close $8.5bn Actavis Warner Chilcott acquisition after competition fears
Despite fears that the US federal regulator would block pharma giant Actavis Inc’s $8.5bn acquisition of Dublin-based Warner Chilcott the deal, which saw Latham & Watkins and Matheson advise Actavis opposite Davis Polk & Wardwell and Arthur Cox, has closed this month.
The Federal Trade Commission at the end of September settled charges that the deal would be anticompetitive, after Actavis agreed to sell its rights and assets related to three oral contraceptives and an osteoporosis treatment.
Strategic hires: Field Fisher head of privacy to join Hogan Lovells but held to 19 month notice period
Hogan Lovells has moved to significantly boost its European privacy capability with the hire of Field Fisher Waterhouse group head Eduardo Ustaran as the departing lawyer is held to a 19 month notice period by his firm.
Having built and led Field Fisher’s first-tier privacy and information law group, heavyweight Ustaran will join 2527-lawyer Hogan Lovells’ global privacy and information practice to manage its European capability.
Guest blog – In the small print: Huge shake up in UK bribery enforcement, US style whistleblowing & UK False Claims Act
Buried in the small print and missed by many in the hullabaloo surrounding the launch of the new UK National Crime Agency (a rebranded roll up of existing crime law enforcement in the UK) are proposals to significantly overhaul the UK approach to dealing with bribery and corruption announced by the UK Home Secretary Theresa May.
Buried in the press release issued by the UK Home Office was the throwaway line:
‘New arrangements for reporting and investigating corruption’
Rising star: Latham hires Clifford Chance private equity partner Tom Evans
Latham & Watkins has secured another heavyweight hire in London with the announcement that Tom Evans, a newly made up partner in Clifford Chance’s (CC) private equity group, is joining the firm’s corporate department.
Evans, who has been tipped as a rising star in the private equity field, follows David Walker, former global head of private equity at CC, who left to join Latham in May. The 2033-lawyer US firm has also made a series of other high profile lateral hires this year, including Dean Naumowicz, former head of derivatives at Norton Rose Fulbright, and Simon Bushell, former co-chair of corporate fraud at Herbert Smith Freehills.
Increased scrutiny of finances by insurers as 185 firms fail to get PII by first cut off
Insurers are joining banks in upping their scrutiny of law firm finances in light of recent insolvencies as 185 law firms fail to obtain professional indemnity insurance (PII) by the 1 October deadline.
The Solicitors Regulation Authority (SRA) received applications for an extended indemnity period (EIP) from 185 law firms. Of those firms, ten have since secured cover, leaving 175 firms in need of PII before the end of the 90-day period afforded by the EIP.