Legal Business

Job openings: Vacancies at real estate legal teams expand quickest in the City in 2014 as legal job market grows

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Property Eversheds Sutherland
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In an indication of the legal job market’s growing strength, research analysing vacancy rates at law firms has shown that job openings across England and Wales were up by 48% in 2014 compared to a year earlier, while real estate teams grew fastest in the City.

The research, which was conducted by Vacancysoft, swept law career portals for new vacancies daily between 1 January 2013 and 31 December 2014, discounting those reposted, to gain an indication of the number of job openings being offered by region, sector and firm. The results shows regional growth in England and Wales at 55%, quicker than London’s 39% – though the capital grew more in absolute terms.

In the City, the fastest growing sector was real estate with a 60% increase in vacancies in 2014 compared to 2013 closely followed by tax and commercial practices. Job openings for banking, M&A and litigation teams also all grew by over a third.

But not all sectors saw growth, insurance was among those going backwards with the number of job openings dropping by nearly a fifth. Technology, media and telecoms, and regulatory also both saw a decline in the number of vacancies.

Regionally the picture was rosier as all sectors saw increases. Insurance reversed its London position to be the fastest growing with double the number of vacancies in 2014 than 2013 while real estate kept up its strong performance with second place. There was also strong growth in corporate, disputes and tax while employment was the worst performing sector with an increase of just 8% in job openings.

Vacancysoft’s numbers were also broken down by which firms had the highest number of new vacancies with Eversheds coming out on top, although the number of openings at the firm fell on 2013. Duncan Lewis came second in the list followed by Pinsent Masons, DAC Beachcroft, TLT solicitors and Osborne Clarke. Linklaters was the only Magic Circle firm in the top 20 at eighth place while Baker & McKenzie saw the largest growth compared to 2013 rising 87 places to 17th in the table.

michael.west@legalease.co.uk

Legal Business

Selling the NEC: Eversheds, Wragge Lawrence Graham and Gateley on Birmingham’s £307m deal

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Corporate Eversheds SutherlandGateleyGowling WLG
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Eversheds, Wragge Lawrence Graham & Co, and Gateley have all led on the sale of the National Exhibition Centre (NEC) to Lloyds Banking Group’s private equity arm LDC, one of the biggest ever sales agreed by Birmingham City Council.

Wragge Lawrence Graham and financial adviser Gleacher Shacklock acted for the council on the £307m deal, while Eversheds acted for LDC and Gateley for management. The transaction is for all NEC Group businesses including a 125-year lease for the NEC site and a 25-year leasehold interest in the International Convention Centre and Barclaycard Arena. However, the council is retaining the leases of the Hilton Metropole and Crowne Plaza hotels on the NEC site.

Wragge’s team was led by corporate partner David Vaughan, who advised on all aspects of the sale including the pre-sale structuring, pensions, leases and other property arrangements, sale process and preferred bidder negotiations. Wragge’s Robert Caddick, commercial development and investment chairman, led on the real estate aspects of the transaction.

Eversheds partner Sue Lewis led the team acting on the LDC side alongside partner Patrick Davis while Gateley’s private equity head Paul Hayward acted for management. Lewis said: ‘We had a large team from Eversheds and although it’s a corporate transaction it is substantially property led as you can tell from the assets included within it. In the Birmingham office we have a strong and longstanding relationship with LDC locally.’

She added: ‘We have been working on this for quite a long time – since late spring/early summer last year. It’s been a long process with lots of time and effort put into it.’

kathryn.mccann@legalease.co.uk

Legal Business

Revolving doors: New Year moves at Eversheds, DLA Piper and HFW

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Strategic recruitment DLA PiperEversheds SutherlandHFW
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Many City partners got the New Year started at new firms, with Eversheds, DLA Piper and Holman Fenwick Willan (HFW) making key hires in the City.

Eversheds hired property partner Clare Whitaker from Clyde & Co as it expanded its City real estate practice in an effort to boost its offering within the hotel and leisure sector. Whitaker has been a partner at Clydes for the last two years, before which she worked at Reed Smith from 2006 to 2012 where she became a partner in 2007.

Whitaker’s experience includes negotiating hotel management agreements and involvement in time share and shared ownership projects. Some of her recent key deals include advising Compass Group on the £3.3bn disposal of hotel brands it acquired through the demerger of Granada Compass and acting for CVC Capital Partners on the £1.7bn successful bidding for the issued share capital of Debenhams. She also negotiated the lease of Microsoft’s central London office headquarters and represented Starwood Capital on its £200m refinancing of a portfolio of English and Scottish hotels.

Meanwhile, commodities lawyer Richard Usher moved from in-house to private practice after he joined DLA Piper as a partner in its City finance and projects practice. Usher has 18 years’ experience of working within the in-house community, most recently, Usher as legal counsel at Noble Group for six months and general counsel (GC) at BTG Pactual Commodities for eight months.

He has also been GC at Global Shipping and Trading for just over a year and a half, head of commodities at Legal EMEA from July 2006 to May 2012, and various other in-house roles prior to this. His experience comprises mainly of advising commodity trading houses and banks, including BTG Pactual, Mercuria Energy Trading and Morgan Stanley, and has particular experience in the oil and energy sector.

Head of DLA Piper’s finance and projects practice Charles Morrison said: ‘I am delighted that Richard is joining DLA Piper, bolstering our position in the market place within the commodities arena. He brings a huge amount of expertise to the team, and will add to the firm’s strength in emerging markets.’

The firm also expanded its trade and government relations practice with the hire of John Forrest, who was a senior civil servant and formerly a senior director at Dechert, as a partner and will lead the firm’s trade practice. Baroness of Vernham Dean Elizabeth Symons, who was the former general secretary of the FDA Trade Union and a Minister of State, and an existing consultant to DLA Piper, also joins the firm to lead the city government relations practice.

The hires comes on the back of growing demand for sanctions, and import and export controls advice, as well as an increase in clients’ needs for strategic government relations counsel. Symons joined at the beginning of the year, whereas Forrest will join the firm in March.

HFW also recruited in the City, but within its employment practice, with the hire of partner Neil Adams, who joins from US firm Edwards Wildman Palmer.

Adams leaves Edwards Wildman as the firm has seen a flurry of exits from its London office. He was at the US firm for ten years, since joining the legacy Kendall Freeman in 2000 before its tie-up with Edwards Angell to form Edwards Angell Palmer & Dodge in 2008. Before 2000, he was a partner at rival firm Trowers & Hamlins for two years. Adams will re-join fellow partners Richard Spiller and Ashwani Kochhar who joined HFW in 2011 from legacy firm Edwards Angell Palmer & Dodge.

Richard Spiller, head of the firm’s insurance and reinsurance practice said: ‘Having previously worked with Neil, I know that his experience of handling complex employment law issues in the insurance sector will add a valuable extra dimension to our existing capability.’

Adams advises on aspects of employment counselling and complex litigation for financial commodities and technology clients. He has experience of advising on both individual and team moves, breach of contract and duty, the enforcement of restrictive covenants and board disputes. His work also involves advising in relation to M&A and restructuring, litigation in the High Court and employment tribunals.

jaishree.kalia@legalease.co.uk

Legal Business

‘A fresh perspective’: Taylor Wessing hires Eversheds GC and new IT director

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Strategic recruitment Eversheds SutherlandTaylor Wessing
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Taylor Wessing has kick started the new year with two key recruits, hiring Eversheds‘ general counsel (GC) Angela Robertson as director of risk and GC, and Kevin Harris as its new IT director.

Robertson’s role will include managing the firm’s regulatory and compliance affairs and advising the board on risk management. She will also coordinate risk issues for the firm internationally and will become chair of the international risk management committee.

Robertson will succeed Neil White as GC when he retires in April 2015. White joined the firm in 1975 and was a partner in the construction and engineering practice before becoming the firm’s GC in August 2011. Robertson joined Eversheds in March 2011 before which she was the director of conflicts at Clifford Chance for eleven years, after being a solicitor from 1988 at the firm.

Eversheds is not recruiting for a new GC but instead is currently seeking a director of risk and compliance. Compliance director Chris Belcher will take over as interim director until a successor is found.

Taylor Wessing has also brought in a new IT director, Kevin Harris, who was previously technology director at Deloitte UK. During his time with the accountancy giant he managed its technology projects portfolio and led a team of 100 staff.

Tim Eyles, Taylor Wessing managing partner, said: ‘We look forward to benefitting from Angela’s wise counsel both in the context of risk and as general counsel. Kevin will help us to develop genuine differentiating and revenue-generating technology for our clients, by aligning IT investment to our business goals. Both Angela and Kevin bring with them a fresh perspective and superb experience. I’m confident that they will add real value to our business.’

jaishree.kalia@legalease.co.uk

Legal Business

Adviser review: Eversheds and Hill Dickinson win spots on Metro Bank’s lending and securities panel

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Adviser reviews Eversheds SutherlandHill Dickinson
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Eversheds and Hill Dickinson have been newly appointed to Metro Bank’s lending and securities panel alongside 12 others, following the bank’s first review since 2012.

The tender process, which began in June 2014 and was finalised in early November, has resulted in 14 firms being named on the new roster.

The full list of successful firms is: Blake Morgan, Bircham Dyson Bell, Breeze & Wyles, Cripps, EMW, Eversheds, Herrington & Carmichael, Hill Dickinson, Howard Kennedy, Hugh James, Lawrence Stephens, MW Solicitors, Philip Ross and Pitmans.

The bank’s general counsel Sally-Ann James commented: ‘We’re pleased to announce the results of our lending and securities panel review, following a rigorous selection process. We look forward to working closely with the refreshed panel going forward.’

The lending and securities panel is one of four panels that Metro Bank has in place for external counsel. The other three are commercial, property and employment, however lending and securities is the largest.

Blake Morgan is the only firm on the lending and securities panel to sit on another, with places on both commercial and property. The full list for each panel is:

Commercial panel

Blake Morgan

Wragge Lawrence Graham & Co

DWF

Addleshaw Goddard

King & Spalding

Property panel

Blake Morgan

Wragge Lawrence Graham & Co

Dentons

Employment panel

Travers Smith

Dentons

kathryn.mccann@legalease.co.uk

Legal Business

Revolving Doors: NRF makes a key finance hire in the City, Eversheds bets on Scottish real estate and Dentons hires a team in Paris

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Strategic recruitment DentonsEversheds SutherlandNorton Rose Fulbright
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Last week saw Norton Rose Fulbright (NRF) and Duane Morris grow their capital markets and employment teams in the City respectively, while Eversheds looked north of the border with an addition in its Edinburgh office. Meanwhile, Dentons hired a 5-lawyer team from Dechert in Paris.

As the debt markets continue to be busy for most firms, NRF boosted its London offering with the hire of capital markets partner Daniel Franks from Fieldfisher. The move is a significant boost for Franks who joins the top ten LB100 firm and will help expand the practice’s transactional offering in derivatives. He will also work closely with the regulatory practice to assist financial institutions in navigating the sector’s growing rule book.

Franks comes with experience of advising on structured derivative products, structured finance and securitisation matters. He joined Fieldfisher (then Field Fisher Waterhouse) in April 2012 after being counsel at Magic Circle firm Allen & Overy, where he gained experience in advising on privately negotiated derivatives.

‘Consistent with derivatives being so widely used in business and finance, derivatives transactional and advisory capabilities are an essential part of our global practice,’ said Jeremy Edwards, global head of banking and finance at Norton Rose Fulbright. ‘Daniel’s arrival will further enhance our offering to clients in transactions, particularly in financial institutions, infrastructure, mining and commodities, energy and transport.’

Also in the City, Duane Morris made an important hire, bringing in Elena Cooper to build its employment, labour, benefits and immigration group, by heading the employment practice in London. Part of her role, will see her strengthen the firm’s international capabilities, and also expand the Duane Morris Institute (DMi), which runs training workshops focused on employment, benefits and immigration issues, into London.

She joins from Fasken Martineau, before which she was a senior associate at Dundas & Wilson from October 2006 to March 2012. She has experience of advising clients on transactional, contentious and HR issues with a particular focus in financial services, hotel and leisure, media, oil and gas, construction, IT and transport.

Meanwhile, in Paris Dentons hired two partners from Dechert along with a team of three associates as it sought to boost its life sciences practice. Both Olivia Guéguen and Anne-Laure Marcerou are partners with experience handling life sciences M&A and both have followed the same career path to date having started at Archibald Andersen, moving on to the Paris office of Coudert Brothers, and then joining Dechert in 2005.

Tomasz Dabrowski, Dentons chief executive Europe commented: ‘Their arrival further bolsters our presence in the life sciences field in Europe which is of strategic importance to the Firm.’

In the UK again, but out of the City, Eversheds grew its Edinburgh office with Hazel Tait joining as partner in the real estate team. Tait joins from Gillespie MacAndrew and advises on all aspects of property law but specialising in clean energy. She has experience in acting for both developer and landowner clients and has been involved in large and small scale energy projects in development and construction.

Before her career in private practice at Gillespie MacAndrew, Tait worked in house at Scottish & Southern Energy. Previously, she negotiated the final suites of property agreements arising from successful bids including transferring offshore transmission assets. In addition, she has covered the submission of bids for large scale clean energy schemes.

‘Hazel’s strong technical ability will make her a valuable member of the team as we continue to capitalise on Scotland’s buoyant real estate market,’ said David Watkins, head of real estate at Eversheds.

jaishree.kalia@legalease.co.uk

Legal Business

‘A testament to our strategic direction’: Naunton and Jones ditch real estate boutique dream to join King & Wood Mallesons

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Strategic recruitment Eversheds SutherlandKing & Wood Mallesons
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Senior Eversheds partners William Naunton and Clive Jones, who handed in their resignations at the start of this year with plans of launching a City boutique for high-end real estate work, will join King & Wood Mallesons in the New Year.

Naunton, Eversheds’ former international head of real estate, and Clive Jones, the firm’s former London head of tax, began a 12-month notice period in January with plans to setup a real estate boutique but will now spearhead the growth agenda at KWM’s structured real estate team.

The duo are joined by former Eversheds partner Cornelius Medvei, who stepped down from the firm in April 2014 after 26 years of service. Medvei held a number of management positions during his time at Eversheds, including a three-year stint as London senior partner that ended in 2009 and eight years as head of real estate.

The team will be key to KWM’s aim of expanding its structured, high-end real estate work. While Naunton and Medvei will be situated in real estate and Jones in tax, the work they do will be cross-departmental and international. Jones, who joined Eversheds six years ago from Clifford Chance, spent much of his time at Eversheds advising on structured real estate transactions and investment structures.

Head of property litigation Jason Juden and property partner Ed Page were recently elected co-heads of UK real estate at KWM after former co-head William Boss was appointed as King & Wood Mallesons’ next managing partner for EMEA and co-head Simon Ricketts stepped down from the role.

Boss said that the trio’s decision ‘to join us instead of pursuing their standalone offering is hugely exciting and a testament to our strategic direction both in the real estate group and more generally as a firm’.

Medvei commented: ‘Increasingly, the market’s focus is on international real estate opportunities, with a clear trend towards Asian, Australasian and Middle Eastern investors seeking opportunities in Europe and across the globe. The strength of King & Wood Mallesons in those markets, the breadth of their footprint and their corporate strength perfectly complements and enhances our offer.’

He added: ‘The opportunity to move more swiftly and strongly into that market than we could have done on our own, coupled with the alignment we feel exists between King & Wood Mallesons’ aspirations and culture and our own, made the opportunity an irresistible one for us.’

tom.moore@legalease.co.uk

Legal Business

Eversheds’ sole adviser mandate under threat as Severn Trent starts tender process

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In-house Eversheds SutherlandSevern Trent
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FTSE 100 company Severn Trent Water is to kickstart its tender process in a matter of weeks, as its current single-supplier mandate with Eversheds expires at the end of March 2015.

Eversheds has been in a Tyco-style sole adviser role with the UK water company since 1 April 2010, with a relationship dating back to October 2007. Under the arrangement, managed by client partner Ian Gray, Eversheds carries out the entire range of plc activity, including regulatory, commercial, competition, employment and property.

Although the company deals primarily with Eversheds, it does farm out some treasury and substantive M&A work to Herbert Smith Freehills (HSF) and in May 2013, the water company turned to HSF to reject a preliminary takeover offer by a Canadian, Kuwaiti and UK consortium, reportedly valued at £5bn.

It is understood that Severn Trent, which has a 12-member in-house team led by group company secretary and general counsel (GC) Bronagh Kennedy, is only looking to tender work currently handled by Eversheds at the moment, keeping the arrangement with HSF in place. It is likely that the company will either select a similar sole adviser mandate, or may alternatively split the work between two firms. At the time of writing, Eversheds did not confirm whether it would be involved in the new tender process.

Speaking to Legal Business, Stuart Kelly, head of legal at Severn Trent, said: ‘The sole provider model has served us well and I can see a world where that continues – with a provider decided by the tender process. A broadly similar commercial model would be the most likely option.’

He added: ‘It’s not only the sole provider arrangement that’s worked. We have a substantial fixed fee structure within that and that has been the centrepiece to the relationship. The problem I have is what we do next and how we remain one of the best in class. We can’t just roll into the next five-year block and expect the same arrangement to perform for us. I’m very keen that this is a properly-run tender process with a fair outcome and clearly defined outputs.’

Eversheds has been successful in obtaining single-supplier mandates and managed to extend its sole adviser role with Tyco last month. The deal saw Tyco EMEA GC David Symonds ask the firm to look at cutting all legal analysis to one-page documents.

kathryn.mccann@legalease.co.uk

Legal Business

Conditional Fees – who wins?

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Litigation Eversheds Sutherland
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 MARKET VIEW – LITIGATION 

Ian Gray, Litigation head at Eversheds, looks back on the firm’s experience of alternative fee arrangements in commercial disputes, explains the lessons learned, and looks ahead to the future of dispute funding

One-off conditional fees

I remember being told around 1998, just prior to the introduction of conditional fees, that the general counsel of one large client was fed up that litigation lawyers did not have any ‘skin in the game’ and that, as a result, they ran cases too far, without a care for the costs. In the years that followed, we did a series of small and large conditional-fee cases. In truth, we had some tough experiences along the way, at times losing more than just some skin.

Legal Business

Ireland: Tracking Dublin’s Young Tigers

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Ireland Arthur CoxEversheds SutherlandMcCann FitzGerald
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Ireland is breathing a little easier again. With more than five years of economic turbulence battering both businesses and reputations, the nation has finally managed to hoist itself out of recession. Having officially exited its €67.5bn bailout programme in December 2013 – a move described by finance minister Michael Noonan as Ireland being ‘handed back her purse’ – this summer also saw the Central Statistics Office announce economic growth of 2.7% for the first quarter of 2014.

While the situation is still deemed perilous in many parts, with a mammoth public deficit, a woeful property market and high unemployment, a sense of confidence is returning to Ireland’s legal elite. And such is the battle-hardened resilience of the young lawyers that made partner around the time the economy crumbled – including those at Arthur Cox, McCann FitzGerald, A&L Goodbody, William Fry, Matheson and others – that a crop of up-and-coming individuals are emerging as the next generation of stars to define Ireland’s legal market in the years ahead.