Guest post – Opinion: SFO confirms 8 Bribery Act ‘Projects’ – enforcement rhetoric will convert into action

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Regulatory

‘We have some 68 cases on our books at present, including matters under development in our intelligence section; these include eight Bribery Act projects. We have also charged our first offences under the Bribery Act 2010.’

said David Green speaking at the Cambridge Economic Symposium [on 2 September].

The SFO may have laid its first Bribery Act charges but they were not against a corporate.

Speaking at the symposium Mr Green went on to say:

‘What the SFO does helps to underpin the recovery by attacking criminal corporate behaviour and thereby encouraging good corporate culture. Similarly, foreign bribery undermines civil society, and ultimately harms the poorest most.’

Blah blah blah. Say some.

Over two years old and brought in with huge fanfare and publicity the lack of visible enforcement against a corporate has created a false sense of security among many.

Tension and infighting as barristers resign from BSB panel over quality assurance scheme

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The Bar

Tensions surrounding the regulation of the various limbs of the legal profession are at an all-time high as this week saw a number of barristers resign from the Bar Standards Board (BSB) disciplinary prosecution panel in protest at the imminent launch of a new quality assurance scheme.

The resignations come in a month that have revealed in more detail than ever the infighting between the various regulatory and representative bodies after the Ministry of Justice called for evidence on how best to regulate the profession going forward.

Virtual law: Mercedes-Benz UK GC sets up Radius Law

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ABS AxiomKeystone LawLawyers On Demand

The virtual law space has a new entrant after former Mercedes-Benz UK group general counsel and head of compliance Iain Larkins this month left his role at the luxury vehicle company to found virtual commercial firm Radius Law.

Speaking to Legal Business, Larkins, who has worked in-house for 14 years, says the fundamental premise of Radius Law is to provide good commercial advice in areas including contract, disputes and competition at a ‘highly competitive’ rate, something he says is still difficult to achieve at many traditional law firms.

Consolidation in the second 50 – Manches and Penningtons confirm talks

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Legal mergers Penningtons Manches

From within the over-crowded space that is the lower of half of the LB100, beleaguered 139-lawyer Manches has emerged as being engaged in advanced merger talks with private client firm Penningtons to create a £60m firm with over 300 lawyers.

Manches was earmarked as a firm in need of a merger in this year’s LB100 analysis, after turning out one of the worst performances of the group – in notable contrast with other firms focussed on the burgeoning private client sector – with revenues down by 13% to £26.3m, shifting the firm down 11 places to 93, its lowest rank ever in the table.

Skadden and Shearman take lead roles as struggling BlackBerry agrees $4.7bn sale

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Corporate Shearman & SterlingSkadden, Arps, Slate, Meagher & Flom

Following dashed hopes that BlackBerry’s new handset would reverse its falling fortunes, Skadden, Arps, Slate, Meagher & Flom and Shearman & Sterling have been assigned as lead advisors as the struggling smartphone maker sells its business to its largest investor, Fairfax Financial, for $4.7bn.

Skadden, which was instructed last month by BlackBerry as it reviewed its strategic options, is being led by New York corporate partners Stephen Arcano, Neil Stronski and Richard Grossman. Canadian firm Torys is also advising BlackBerry, led by corporate finance partner David Chaikof.

Texan draw: Dentons opens in Houston as shale gas draws players in

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US Dentons

Partly thanks to the shale gas energy phenomenon Texas has become one of the most attractive markets in the US and it is little surprise that Dentons yesterday (24 September) announced it is to open in Houston.

Home to energy giants Baker Botts, Vinson & Elkins and Jones Day, the widening draw of Houston was affirmed in 2010 when Latham & Watkins opened an office with the hire of lawyers from Baker Botts and Akin Gump Strauss Hauer & Feld, including former energy head Michael Dillard. In 2011 Norton Rose was reportedly looking at the region: that ambition was achieved this year with its merger with Houston-founded leading energy firm Fulbright & Jaworski.

Surprise and strong words as a nine-partner Hogan Lovells team quits for MoFo’s German launch

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Strategic recruitment Hogan LovellsMorrison & Foerster

While Hogan Lovells has had its integration challenges since the three-year Anglo/American union that created it, the firm’s well-regarded German practice had seemed one part of the empire enjoying prosperous tranquillity.

As such there was some surprise – not least at Hogan Lovells – with the announcement today (24 September), that a nine-partner team is to leave the firm’s Berlin arm to launch a German law practice for top 50 US practice Morrison & Foerster. The team constitutes Hogan Lovells’ entire partnership ranks in Berlin.

Morrison carried out a partner vote to ratify the addition of the team of nine partners, who are currently working with more than 20 associates and counsel. A statement from the firm subsequently confirmed that the US firm had taken on a 30-lawyer team from Hogan Lovells in Berlin.

Herbert Smith Freehills to have a new CEO next year as Bell and Willis step down

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Leadership Herbert Smith Freehills

David Willis and Gavin Bell, joint chief executive officers at Herbert Smith Freehills (HSF), have announced today (24 September) that they will step down from their roles next Spring.

Willis’ term as managing partner was expected to end in April this year but he agreed to a one-year extension following the merger of Herbert Smith and Freehills last autumn. Bell has been managing partner of Freehills since 1995 but due to serious health issues earlier this year, from which he has fully recovered, he has decided to step down and spend more time with his family.

Trial begins in the SFO’s first prosecution under the UK Bribery Act

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Regulatory

The Serious Fraud Office’s (SFO’s) long-awaited first prosecution under the UK Bribery Act began yesterday (23 September), as four men from biofuel investment promoter Sustainable AgroEnergy went on trial in Westminster Magistrates Court.

Four of the men, all former employees of AgroEnergy, which parent company Sustainable Growth is now in administration, are charged with conspiring to conduct a £23m fraud operation in relation to the promotion and selling of bio fuel investment products to UK investors between April 2011 and February 2012, while three of them are also charged with making and accepting a financial advantage contrary to section 1(1) and 2(1) of the act.

Legal aid cuts blamed by Tooks Chambers as set announces its dissolution

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The Bar Nexus Chambers

Leading civil liberties and human rights set Tooks Chambers has announced today (23 Sept) that it is to wind up its operations as a ‘direct result of government policies on legal aid’, following months of speculation surrounding its future.

In a statement published on its website this afternoon, the 30-year old set, which has been involved in tackling many high profile miscarriages of justice, including currently advising on the Hillsborough inquest, was scathing about the government’s legal aid cuts, saying: ‘The public service we provide is dependent on public funding. 90% of our work is publicly funded. The government policies led by Justice Secretary Chris Grayling are cumulatively devastating the provision of legal services and threatening the rule of law.’