Energy giant BP, which has paid around $1bn in external legal fees in relation to the Gulf of Mexico oil spill in 2010, has announced a review of its UK law firm adviser line-up.
Firms have been asked to tender for a place on the FTSE 100 company’s new roster, pending the expiry in May of a three-year panel put in place in 2011. The review will be completed towards the middle of 2014.
Tie-up to create a strong platform in south of England and Wales
Despite talks over the giant south-east combination between Blake Lapthorn, Boyes Turner and Morgan Cole to create a £100m firm falling through late last year with Boyes Turner withdrawing, Blake Lapthorn and Morgan Cole last month announced the two will merge on 1 July to form Blake Morgan, a 120-partner firm with a joint revenue of £72m.
Continue reading “Blake Lapthorn and Morgan Cole announce July merger”
Francesca Fanshawe talks to Addleshaw Goddard’s senior partner ahead of big strategic decisions
There is a lot riding on the strategy Addleshaw Goddard will finalise this year, with the national thoroughbred still struggling to regain its form five years after the banking crisis severely hit its practice.
Magic Circle firm will continue to work with Three Crowns spin off
An undisputed leader in the field of arbitration, Freshfields Bruckhaus Deringer has nonetheless been hit by the recent departures of London heavyweights Constantine Partasides and Paris-based partner Georgios Petrochilos, together with a team out of its German offices, bringing the latest exits to five.
Continue reading “Freshfields remains bullish in wake of heavyweight arbitration departures”
Sarah Downey reports on how a regional arm became the hottest accessory for London firms
How the fashions in professional services can change. Having long disdained moving into lower-cost regions, March saw another two top 20 City players announce ‘northshoring’ ventures, with Hogan Lovells and Berwin Leighton Paisner (BLP) confirming moves respectively into Birmingham and Manchester.
Despite Spanish M&A values dropping significantly in 2013 and amid the country’s continuing well-publicised debt crisis, two of Spain’s big four law firms have reported an uptick in turnover as a note of optimism returns to Europe’s fourth-largest jurisdiction.
Deal value in 2013 was down from $47.6bn to $32.2bn, according to mergermarket, but with a substantially improving pipeline post summer 2013, Uría Menéndez last month reported the strongest growth of the four: a 2.9% increase in revenues for 2013.
Singapore has over the past month dominated much of the legal agenda in Asia, starting with the renewal process early in March of its sought-after qualifying foreign legal practice (QFLP) licences.
Of the original six firms that were awarded a QFLP in 2008 and which came up for five-year renewal, Allen & Overy (A&O), Clifford Chance, Latham & Watkins and Norton Rose Fulbright had their licences renewed for another five years.
Continue reading “Singapore: QFLP renewals, hires for Milbank and a new office for Harneys”
Retail IPO surge on back of increasing confidence
Capital markets partners attest to an end to the jitters that have until now dogged the initial public offerings (IPO) market, with retailers including Poundland, Pets at Home and AO World in recent weeks making their debut on the London Stock Exchange (LSE).
With the latest figures from Thomson Reuters showing that the value of LSE listings is up by 677% compared to this time last year, Pets at Home listed in mid-March at a value of £1.2bn, gifting Simpson Thacher & Bartlett, Clifford Chance (CC) and Travers Smith with lead mandates.
Continue reading “Adviser cheer as City float boom builds momentum with a string of major IPOs”
Top 30 UK firm Irwin Mitchell last month lost its place on energy giant National Grid’s legal panel to Shakespeares, following a review by UK general counsel (GC) and company secretary Karen Clayton.
The 700-lawyer firm was appointed for debt recovery services on the FTSE 100 energy company’s panel in 2011, at a time when it cut its roster of firms by 25% to 16.
Continue reading “Irwin Mitchell replaced by Shakespeares on National Grid’s UK panel after review”
Home entertainment company Virgin Media has completed an overhaul of its executive following its £15bn acquisition by Liberty Global in 2013, announcing Mine Hifzi as its general counsel (GC).
Hifzi was previously senior vice president of commercial and legal affairs for Scripps Networks Interactive, where she held a combined business development, commercial strategy and legal role. She also spent 14 years heading up the international legal and government affairs team at Discovery Communication, and prior to that worked in senior positions at Turner Broadcasting System Europe and United International Pictures.
