News in brief – October 2014

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LORD CHANCELLOR ACTED ‘UNLAWFULLY’ IN LEGAL AID CONSULTATION

Kingsley Napley and 11 KBW last month acted for the London Criminal Courts Solicitors’ Association and the Criminal Law Solicitors’ Association in their successful challenge against the Lord Chancellor’s failure to disclose the contents of two reports during the legal aid reforms consultation process. The Treasury Solicitor instructed Blackstone Chambers’ James Eadie QC and Fraser Campbell, and 4 New Square’s Richard O’Brien on the case.

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When will the US become a land of opportunity for Freshfields?

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Tom Moore looks at Freshfields’ recent expansion in Manhattan

Freshfields Bruckhaus Deringer has made growing its US practice its number one priority and the firm has even stepped on a few Wall Street toes in 2014 with its aggressive hiring strategy. In the space of a month, six new partners have been drafted in, including Shearman & Sterling M&A veteran Peter Lyons and former Wachtell, Lipton, Rosen & Katz dealmaker Mitchell Presser to boost an underweight transactional group. Despite success in US disputes and investigations work, Freshfields has lacked a real M&A engine in New York but has pinned its hopes on the duo putting a change to that.

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‘There will be uncertainty’: partners discuss consequences of Scotland voting ‘no’

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Scotland’s ‘no’ to independence last month returned confidence to the markets with a spike in sterling and share prices of FTSE 100-listed Scottish companies.

The legal profession breathed easy too as while independence would have signalled a surge of work over the first few years, long term the outlook was tied to uncertain economic fortunes.

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The $50m question – will Akin Gump’s record-breaking City acquisition pay off?

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There was a rushed engagement before the union and there is unlikely to be a long honeymoon for the 26 Bingham McCutchen partners, including ten financial restructuring partners, switching to Akin Gump Strauss Hauer & Feld later this month. Such is the size of the investment the Dallas-bred giant has made, with the total number of lawyers set to transfer across London, Hong Kong and Frankfurt expected to reach around 60, the team led by financial restructuring guru James Roome will have to hit the ground running when they transfer in late October. This is, after all, a team with around $50m in annual revenue, by some yardsticks the largest team hire ever executed in the Square Mile.

The move, which Legal Business first revealed online in early September, shifts virtually all of Bingham’s London arm, minus two partners whose futures are undecided.

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A&O, Clifford Chance, Links and CMS lead on Phones4u administration

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Allen & Overy (A&O), Clifford Chance (CC), Linklaters and CMS Cameron McKenna landed the key roles when high street retailer Phones4u entered administration last month.

With PwC acting as administrator, the company went into administration on 15 September after the withdrawal of EE, O2 and Vodafone products from its stores, placing nearly 5,596 jobs and more than 700 outlets at risk. However, some stores and staff were relocated with mobile carriers EE and Vodafone, as well as Dixons Carphone purchasing assets.

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US law firms cash in on Alibaba and Citizens flotations

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King & Wood Mallesons and US firms were the main beneficiaries of the largest initial public offering (IPO) in history, Alibaba’s $25bn listing, which generated $15.8m in legal fees while The Royal Bank of Scotland (RBS)’s Citizens flotation also saw US firms take leading roles.

Simpson Thacher & Bartlett advised Alibaba on US federal securities and New York state law with China head Leiming Chen and partners Daniel Fertig and William Hinman advising, while Sullivan & Cromwell partners William Chua, Jay Clayton and Sarah Payne advised the underwriters, including Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup. Maples and Calder advised on Cayman Islands law, while Chinese law was covered by Fangda Partners for Alibaba and King & Wood Mallesons for the underwriters.

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Edwards Wildman and Locke Lord set to combine

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Fellow US firm Cooley plans London office takeover

Dallas-bred Locke Lord and Boston’s Edwards Wildman Palmer became the latest US duo to announce plans to merge last month, as consolidation continues in the US national market. The news emerges as California firm Cooley prepares to launch in London, potentially taking on a major proportion of Edwards Wildman’s City team in the process.

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BLP scales back Paris office just eight years after opening as local head departs

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Clifford Chance boosts French corporate offering with HSF and Willkie Farr hires

Last month saw much strategic decision-making by Legal Business 100 firms located in Paris, with Berwin Leighton Paisner (BLP) scaling back its offering in the French capital and leaving only a liaison outpost following the departure of French head Antoine-Audoin Maggiar, just eight years after opening. Meanwhile, Magic Circle firm Clifford Chance (CC) has made efforts to boost its Paris offering, having hired longstanding Herbert Smith Freehills’ (HSF) securities partner Alex Bafi and Willkie Farr & Gallagher private equity partner Fabrice Cohen.

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Uría Menéndez takes stake in first major Latin America tie-up

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As Dentons hires IDB’s general counsel in hunt for regional mergers

Last month saw leading Iberian law firm Uría Menéndez acquire a 30% stake in the merger of its best friend firms and national heavyweights, Chile’s Philippi and Colombia’s Prietocarrizosa, as part of its strategy to consolidate its commitment in the region.

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Life During Law: Jeremy Hoyland

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I always wanted to be an architect. Unfortunately I’m very messy and that’s a bad combination. Building useful things, such as bridges and roads, would be a great job.

My father was a history teacher and my favourite subject was history, but I knew I was never going to be a history teacher as I could see what it was like for him. I did law to keep my options open and was offered a job by Simmons, which felt like a phenomenally well-paid job. It wasn’t my life plan.

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