It was a busy football transfer window for some of the UK’s leading law firms, with Berwin Leighton Paisner’s Graham Shear and a host of Fladgate partners advising Premier League footballer Gareth Bale on his record-breaking transfer to Real Madrid from Tottenham Hotspur for (€100m) £85m. Slaughter and May and Charles Russell were also both very active on deadline day yesterday (2 September).
Healthy competition: Capsticks takes five partners from DAC Beachcroft
It may be one of its signature practice areas but progressive insurance giant DAC Beachcroft last week (30 August) confirmed five Leeds-based partners will be leaving its market-leading health team for rival specialist Capsticks.
Although departure dates are yet to be finalised, Ian Cooper, Rachael Heenan, Robert McGough, Ron Simms and Claire Reynolds will all make the move to Capsticks next year.
DAC Beachcroft, which has advised the NHS since its inception 65 years ago, has the largest health practice of any UK law firm with 487-strong firmwide team comprising 50 partners and 200 fee earners operating across the independent and public sector, according to the firm.
ABS growing pains: Co-op Legal Service’s losses simply teething troubles, says GC
With news that Co-operative Legal Services (CLS) has posted a £3.4m loss in the for first half of 2013, the group’s recently installed general counsel Alistair Asher says the business is still in its infancy and will flourish, provided it has the appropriate levels of investment. The loss comes despite turnover in the Co-op’s legal arm growing by 5.8% on last year to £18.1m.
GC to the board of The Co-operative Group, Asher said: ‘The top line is growing so the bottom line will improve. CLS is still a start-up business so it is not a case of turning anything around, it’s actually about developing the business and moving forward. CLS is one of the biggest business opportunities for The Co-operative Group right now. We have got the business model we need, we just need to give it support and investment so it can grow.’
Panel review – Aviva reveals new look line up
Global law has largely won the day for Aviva as it today (30 August) announced that Latham & Watkins, Ashurst, DLA Piper, Linklaters, Pinsent Masons and Addleshaw Goddard have won a place on its panel for international and UK work.
Slaughter and May and Allen & Overy (A&O), appointed in April as the company’s most senior legal advisers to the Aviva board, were automatically included in the eight-firm line up. However, Clifford Chance, which lost its place as a board adviser to A&O in April and was invited to tender during this latest stage, has not been selected for the new-look panel.
Barclays goes external to replace group GC Mark Harding
In a surprise announcement, Barclays has today (30 August) revealed that Bob Hoyt has taken over from Mark Harding as group general counsel (GC), following the announcement in February that Harding is to retire.
The decision to appoint an external candidate to one of the most high-profile legal roles in banking ends months of speculation following Harding’s decision to retire at the start of the year, with many calling a two-horse race between deputy general counsel Michael Shaw and global GC for corporate and investment banking Judith Shepherd.
Revolving doors: Macfarlanes continues lateral hiring spree as DWF and Walkers make key appointments
As Macfarlanes’ tightly focused business model goes from strength to strength amid testing market conditions, its rate of lateral hires has increased considerably. The firm’s latest recruit is in fact a re-hire, with Michael Parkinson re-joining Macfarlanes in October after four years as private client group partner at West End firm Russell-Cooke.
Parkinson trained and qualified at Macfarlanes before joining Russell-Cooke in 2009. His experience comprises advising high-net-worth individuals on private client wealth management issues including capital gains tax and inheritance tax matters, landed estates and heritage property and trust law.
Guest post – Syria: the UK can legally use force
In some ways this week, with the recall of Parliament and the UK tabling a UN resolution, seems like a fast replay of the run up to the 2003 invasion of Iraq. Many people’s attitudes to what’s happening are informed by the experience of Iraq, and reflect the view they took of that action ten years ago. Mine too.
So it may be no surprise that, although my legal argument is different here from that in the case of Iraq, and involves undoubted legal controversy, I think there is a proper legal basis on which the UK can participate in military action against Syria.
Keeping up with Kinsella: Slater & Gordon’s slowly but very surely approach to mergers set to continue
If you had reached the impression that Slater & Gordon’s acquisitive streak had come to a natural pause, if only for breath, that impression would be wrong.
Having last week officially declared it is to acquire leading UK claimant personal injury firm Fentons, its fourth buyout in two years, chief executive Neil Kinsella (pictured) tells Legal Business that the ASX-listed group has no intention of stopping any time soon.
‘We continue to look at acquisitions that might make sense strategically –without rushing,’ he explains. ‘We look at who is right for us [and consider whether] it fixes the geographical gap. It’s not just about personal injury either, it’s [also] about consumer legal services. We’re pretty optimistic. We’ll continue to grow.’
Regulatory work: Cadwalader and Cleary face off over Ryanair/Aer Lingus, while Links and HSF advise on PPI compensation pot
In a move being watched with interest by M&A lawyers and competition experts throughout Europe, the Competition Commission (CC) has today (28 August) dealt another blow to Ryanair’s long-held ambitions to buy Aer Lingus by ordering the airline to sell the majority of its 30% stake held in its rival, ruling that the minority stake could allow it to materially influence Aer Lingus in a way that may be anti-competitive.
However, Ryanair has wasted no time in saying it will appeal against the decision, described by Ryanair chief executive Michael O’Leary to the BBC as ‘bizarre and manifestly wrong’. This will meaning more work for Ryanair’s seasoned advisors, Cleary Gottlieb Steen & Hamilton, led by competition partner Nicholas Levy.
Financial results 2013: Bakers reveals double-digit profit growth against global turnover increase of 5%
Baker & McKenzie has revealed above average financial performance for 2012/13, with a global revenue increase of 5% to $2.419bn and profits per equity partner up by 10% to $1.2m. This growth comes in above the Legal Business Global 100 average of 4% increase in turnover and flat profits for the past financial year.