The landmark Yukos decision has forced governments to consider the consequences of entering into international treaties that allow foreign investors to take disputes to arbitration. With the likes of Indonesia and South Africa having already torn up agreements, Russia having withdrawn from the Energy Charter Treaty that gave the Yukos shareholders jurisdiction and India mulling an exit from bilateral investment treaties, could the $50bn award lead more states to withdraw their consent to arbitration?
After a patchy 2013 and a high-profile finance departure, can Weil sustain its City momentum?
Tom Moore assesses the recent upheaval at Weil and talks to City head Francies about its ambitions
Life has never been dull at the City arm of Weil, Gotshal & Manges, but even those familiar with the firm’s eventful run since its launch in the mid-1990s turned their heads at the departure this summer of Stephen Lucas for Kirkland & Ellis. The former Linklaters partner, whose exit came shortly before his three-year guaranteed pay package expired, had been regarded as highly successful at building a deal finance team at Weil.
A&O joins US firms on Walgreens’ acquisition of Alliance Boots
US advisers take the lead on £5.6bn takeover of UK institution
The Walgreen Company has instructed New York law firm Wachtell, Lipton, Rosen & Katz and Allen & Overy (A&O) to handle its acquisition of the remaining 55% of Nottingham-based chemist Alliance Boots in a £5.6bn deal.
The pharmacy giant already has a 45% stake in the group, which owns UK high-street favourite Boots, which it acquired in August 2012. This new deal will create the combined entity of Walgreens Boots Alliance, with more than 11,000 stores in ten countries and a portfolio of retail and business brands.
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Dechert gains Singapore licence after eight-month wait as PwC completes local tie-up
Dechert and PwC step into Singapore as global players sustain push into key Asian hub
This summer saw continued interest by advisers in the Asian legal market, as top-50 US firm Dechert finally received the green light to open an office in Singapore eight months after applying for a Foreign Legal Practice licence. Meanwhile, Big Four accountancy giant PwC made a move to enhance its legal offering in the Asia-Pacific region, having entered into a tie-up in Singapore with local firm Camford Law.
Chadbourne closes Kiev arm as Freshfields duo set up in Barcelona
Political tension and economic turbulence have seen more law firms retrench in the wider European region, with Chadbourne & Parke and Freshfields Bruckhaus Deringer both confirming office closures. US firm Chadbourne last month confirmed that it was closing its Kiev office, a move which saw Dentons benefit as it snapped up Kiev-based corporate partner Adam Mycyk. Meanwhile, a pair of Freshfields lawyers have established an IP/IT specialist boutique following the closure of the Magic Circle firm’s Barcelona office in April this year.
Mycyk, who is also the former managing partner for CMS Cameron McKenna’s Kiev office, will join Dentons as a partner in its corporate practice just 18 months after moving to Chadbourne.
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A chance to turn the corner for the SFO but a high-stakes test on ‘blockbuster’ cases could define its fate
Michael West assesses the prospects for the agency after settlement of the Tchenguiz claims
He was always going to have a painfully full in-tray on taking over as head of the troubled Serious Fraud Office (SFO) a little over two years ago, but even against that context, the previous 12 months must have looked something like an annus horribilis to David Green QC. Lows during this period saw the Public Accounts Committee issue trenchant criticism of the body, important investigation documents misplaced and the chaotic collapse of the trial against Victor Dahdaleh.
Life During Law: Neel Sachdev, Kirkland & Ellis
I had training offers from a couple of Magic Circle firms, but I chose SJ Berwin because at that time they were at the forefront of private equity – it was a dynamic firm then. On qualification I wanted to be a finance lawyer and felt I would have got strong technical training in a firm like Freshfields.
I moved to Kirkland as a fourth year to develop business. I felt there would be more freedom to develop client-winning skills as well as doing deals. I am happy with my choices. It wasn’t a conscious decision that private equity would be such a prominent area – I’ve enjoyed a lot of luck.
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News in brief – September 2014
Squire Patton Boggs loses 23-strong team in Middle East
Squire Patton Boggs saw the departure of five partners and 18 supporting lawyers from its Middle East offices after tensions arose as the recently merged firm integrated its regional affiliates. The exits came as legacy Patton Boggs’ Khalid Al-Thebity was appointed managing partner of the Riyadh office.
Clydes settles whistleblower case
Clyde & Co has settled its dispute with former partner Krista Bates van Winkelhof out of court after she alleged she was forced to leave after blowing the whistle on the managing partner of its Tanzanian associate firm and announcing her pregnancy. The case involved a landmark Supreme Court decision which held that members of an LLP could be considered workers. Continue reading “News in brief – September 2014”
Barclays cuts legal roster by 30% in global panel review
US firms find success as preferred advisers
Barclays has turned to a raft of US firms, including Skadden, Arps, Slate, Meagher & Flom and Latham & Watkins, for its preferred legal advisers as its latest panel review sees the banking group cut its legal roster by around 30% and move to a streamlined two-tier system of ‘preferred’ and ‘approved’ firms.
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Mishcon de Reya sees PEP soar by 16% while Pinsent Masons posts 4.6% revenue increase
Mishcon de Reya has hit its target of £100m in revenues by 2016, with 2013/14 turnover up 18% to £104.6m and profit per equity partner (PEP) up by 16% to £975,000, constituting 107% growth since 2009.
The results come as Pinsent Masons enjoyed an uptick in its financials for a second successive year, with revenue up 4.6% to £323.3m, while profit per lawyer increased by 11% from £40,000 to £44,500. PEP increased 4.7% from £387,000 to £405,000.