Legal Business

Asia-Pacific: Taylor Wessing launches in South Korea with local tie-up

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Taylor Wessing has become the latest of in a procession of international firms to set up in South Korea, establishing an association with South Korean full service firm DR & AJU International Law Group.

Founded in 1994 and one of the region’s ten largest law firms, DR & AJU will add 120 lawyers, including 18 partners, to Taylor Wessing’s international reach. The Seoul-headquartered firm also provides offices across Russia, Kazakhstan and Singapore and provides services in M&A, litigation, and various corporate matters.

Taylor Wessing UK managing partner Tim Eyles said: ‘Asia as a whole is one of the world’s most dynamic regions, and Korea is an increasingly important jurisdiction with a mature economy that is only going to grow. It has a global reputation for being at the forefront of thriving sectors such as technology and knowledge-based industries, which align with our own focus on the industries of tomorrow.

‘DR & AJU International Law Group is a leading law firm with an excellent track record, and the addition of this new office will enable us to provide a seamless service to clients with interests in Asia.’

Taylor Wessing’s ongoing bid to increase regional growth in the Asian market has intensified since last summer, when the 1,000-lawyer firm announced its Singapore office – known locally as RHT Law Taylor Wessing – would spearhead a regional network through the forming of alliances with local firms across the ASEAN region. The objective was to offer clients access to more than 950 legal professionals across 23 offices in the EMEA jurisdiction.

The plans began to bear fruit through an exclusive tie-up with PBC Partners in Vietnam in February, which currently has offices in Ho Chi Minh City and Hanoi. The arrangement gave RHTLaw access to 22 legal professionals in the region.

Taylor Wessing also established its presence in Jakarta in October via a co-operation agreement with local law firm Hanafiah Ponggawa & Partners (HPRP); a first-tier Legal 500 firm in real estate and second-tier in restructuring and insolvency. The firm had been a close partner of RHTLaw Taylor Wessing in Singapore for over two years.

The firm’s latest venture follows that of Bird & Bird, which enhanced its global footprint with a co-operation agreement with South Korean firm Hwang Mok Park in late February.

Other firms to launch in South Korea in recent years include Linklaters, Clifford Chance, Cleary Gottlieb Steen & Hamilton and Simpson Thacher & Bartlett.

sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing City duo leave to head legal at client OB10 and boost construction at Wedlake Bell

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Taylor Wessing has lost two senior London partners as UK telecoms head Patrick Clark moves to head the legal team at one of the firm’s clients, City-headquartered global e-invoicing network OB10, and longstanding construction heavyweight Helen Garthwaite joins LB100 firm Wedlake Bell.

Clark returns in-house after nearly four years at the top 20 firm, having previously spent time as lead corporate counsel for North Europe at French global telecoms equipment company Alcatel-Lucent between 2005 and 2010. Before that he worked as a senior associate at Taylor Wessing from 1996 to 2005.

He becomes head of legal at global business-to-business e-invoicing network OB10, which was bought by Tungsten Corporation for £100m in October last year, in a deal led for OB10 by Taylor Wessing corporate partners William Belcher and David Mardle.

Elsewhere, Garthwaite has been a partner at Taylor Wessing for nearly 13 years and led the firm’s UK construction & engineering group for six of those. Acknowledged by the Legal 500 as an individual who ‘pays remarkable attention to detail’, Garthwaite’s clients have included Heron International, on City of London developments including Heron Plaza and Milton Court. Between 1996 and 2001, Garthwaite was head of construction and engineering at Lewis Silkin before her move to Taylor Wessing.

Wedlake Bell managing partner, Martin Arnold said: ‘Helen brings with her a wealth of experience and is an acknowledged expert within the legal profession and her industry sector. We are fortunate to have someone so experienced and well-regarded joining our successful construction team.’

Garthwaite is the latest in a series of punch-above-weight hires for the top 100 UK firm Wedlake Bell, after Berwin Leighton Paisner acquisition finance partner Marcus Jamson joined earlier this year. Last April also saw Dundas & Wilson M&A partner Julian Mathews join the 108-lawyer firm’s corporate team alongside Jai Bal from Farrer & Co, and in August 2013 it hired Squire Sanders’ partner Kris Weber to its pensions & employee benefits team. Last December Pinsent Masons commercial property partner Suzanne Gill joined the firm.

The firm enjoyed a 21% increase in revenues in the last financial year to £26.9m after the firm’s merger with fellow London firm Cumberland Ellis in February 2012. That merger saw the combined practice post a 131% rise in profit per equity partner at the end of the last financial year to £319,000, up from £138,000 at the end of 2011/12.

Meanwhile, other senior departures from Taylor Wessing in recent months include former head of international insurance & reinsurance James Crabtree, who joined Amlaw 100 firm Edwards Wildman’s London office in January, while private equity and investment funds partner Tom Cartwright joined Morgan Lewis & Bockius’ London business and finance practice that same month.

Sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing fills German head of private equity slot with Skadden hire as Bird & Bird bolsters Frankfurt

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Taylor Wessing has hired Skadden, Arps, Slate, Meagher & Flom M&A partner Walter Henle to fill the role of German private equity head. The hire comes as separately, former Skadden Arps partner Peter Veranneman joins Bird & Bird’s Frankfurt and Dusseldorf offices from German bond company DGVA(Deutsche Gesellschaft zur Vertretung von Anleihegläubigern), where he was managing director in Cologne.

Henle will be based in Munich but work alongside M&A partners Michael Stein and Christian Kleeberg in Frankfurt. He is known for his work in the leveraged buyout space and previously represented Apax Partners in the €920m sale of its majority stake in IFCO Systems, and Allianz Capital Partners GmbH on the Fairchild Dornier investment.

Veranneman, meanwhile, focuses on capital markets and corporate law as well as public and private M&A. His experience includes advising UCB on its combined cash/equity takeover offer for Schwarz Pharma, and representing Continental on the sale of its electric motor business to Brose.

Both Veranneman and Henle joined Skadden Arps’ Munich office from Baker & McKenzie in 2004 when the firm first launched in the region. Veranneman left Skadden Arps in 2010.

Bird & Bird German managing partner and international corporate group head Alexander Schröder- Frerkes said: ‘We are delighted to welcome Peter to our team. His excellent reputation and extensive experience in advising public-listed companies on a variety of large transactions make him an excellent addition to our practice.’

jaishree.kalia@legalease.co.uk

Legal Business

Deals: CC, Taylor Wessing and Ashurst act on infra and real estate deals

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Advisers benefit as investors target industrial assets

The shift towards global industrial real estate portfolios as an asset class last month saw Clifford Chance (CC) advise newly-formed SEGRO European Logistics Partnership (SELP) on its €472m acquisition of a portfolio of prime development land in Germany, Poland and France from funds managed by Tristan Capital Partners.

The CC team leading the deal included global head of real estate Adrian Levy, alongside London real estate partner Mark Payne and fellow City-based head of real estate tax David Saleh.

Legal Business

Asia calling: Bird & Bird launches in South Korea as Taylor Wessing and Allen & Gledhill expand Asia footprint

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Bird & Bird has joined a host of international law firms looking to enhance their global footprint with a cooperation agreement in Asia’s fourth largest economy, tying up with South Korean firm Hwang Mok Park (HMP).

Announced today (25 February), the top 20 firm said the aim is to focus on helping clients in industry sectors where technology and regulation are driving change.

Founded in 1993, HMP is acknowledged by the Legal 500 as third-tier in antitrust and competition, banking and finance, corporate and M&A, disputes, employment, and insurance.

Bird & Bird, meanwhile, which currently has a presence in Shanghai, Beijing, Hong Kong, and Singapore through its global association with ATMD Bird & Bird, is, the 966-lawyer firm said, ‘experiencing a period of rapid growth in the Asia Pacific region.’

Bird & Bird’s chief executive David Kerr said: ‘We are impressed with their track record in Korea, where they have a strong base of multinational clients and a broad portfolio of interesting work. We have experienced a significant increase in client demand in the region and this agreement reflects our plans to develop an integrated Asia-Pacific offering.’

Chairman of the firm’s Asian region Justin Walkey added that ‘Korea’s advanced, technology-driven economy is a natural fit for Bird & Bird.’

Bird & Bird expanded its presence Asia Pacific presence last March, having signed a cooperation agreement with Sydney-based digital-economy law firm Truman Hoyle.

Its most recent limited liability partnership accounts for the 2012/13 financial year show that its overdraft facility rose 55% to €21m from €13.6m in 2011/12, while net debt was up 20% from €22.6m to €27.1m during that period.

Other firms to launch recently in South Korean include Linklaters, Clifford Chance, Cleary Gottlieb Steen & Hamilton and Simpson Thacher & Bartlett.

Last week, Baker & McKenzie made a further strategic push into Asia, becoming the latest global player to launch an office in Myanmar. Confirmed last Tuesday (18 February), the firm said the launch of a branch in the city of Yangon was to be led by infrastructure and corporate partner Chris Hughes, who is currently based in Sydney.

Last week also saw Taylor Wessing’s Singapore arm, RHTLaw Taylor Wessing expand its regional footprint with an exclusive tie-up with PBC Partners in Vietnam, which currently has offices in Ho Chi Minh City and Hanoi. The arrangement will give RHTLaw access to 22 legal professionals in Vietnam. That tie-up comes only four months after RHTLaw announced its cooperation agreement with Indonesian law firm, Hanafiah Ponggawa and Partners.

Meanwhile, leading Singapore law firm Allen & Gledhill has also entered the Southeast Asian market by launching associate firm Allen & Gledhill (Myanmar), which came into force on 4 February. Headed by the former chief executive of the Singapore international arbitration centre, partner Minn Naing Oo, the launch follows the establishment of associate firm, Allen & Gledhill (Laos) in Vientiane in 2013.

The launches come after Jones Day confirmed this month its intentions to open an office in Perth in April this year, a region it described as ‘the mining and energy centre of Australia,’, with the hire of Allens Linklaters construction and energy litigation partner Stephen McComish.

Jones Day’s managing partner Stephen Brogan said the firm ‘continues to believe in the growing importance of Australia to the advancement of the global economy.

‘In the next decade, Western Australia in particular will play a critical role in supplying the energy and other commodity needs of Asia. If economic advancement is to benefit the largest number of people in Asia, then access to Australia’s resources will be essential,’ Brogan added.

sarah.downey@legalease.co.uk

Legal Business

LLP latest: Taylor Wessing posts 4% increase in UK fee income

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Taylor Wessing has become the latest LB100 firm to post its limited liability partnership accounts via Companies House, which show its UK fee income increased by 4% to £102m. This compares to total revenues of international business reported as £228m for the 2012/13 financial year.

UK members’ profit for the financial year fell slightly to £29.4m from £30.3m, while operating profit also dropped marginally at £38.2m compared to £38.9m in 2011/12.

Staff costs of the UK LLP increased by 9% from £37.6m to £41.1m last year, which follows alongside an increase in fee-earners from 251 to 260.

The highest paid member took home £809,532 – a 6% drop compared to 2011/12, when that figure stood at £860,551.

UK managing partner Tim Eyles said: ‘We try to combine being ambitious with efficiency in our financial management; remaining bank debt free, for example, which should put us in an advantageous position as we continue to pursue our growth strategy.’

In November, the Anglo-German firm joined a band of leading City firms to have announced a double-digit increase in revenue for the 2013/14 half year (H1), unveiling a 10% increase in its UK turnover.

The 960-lawyer firm has embarked on a period of strategic expansion, growing its partnership by 15% to 365 in the last financial year, after making 15 lateral hires and 16 promotions globally and adding offices throughout Europe and Asia, including Bratislava, Brno, Budapest, Kiev, Klagenfurt, Prague, Singapore, Vienna and Warsaw.

The firm credited this extensive investment, including international expansion and a series of lateral hires for the uptick in its performance, which internationally saw its H1 revenues increase by 9%.

These results follow transatlantic firm Hogan Lovells, which yesterday (29 January) unveiled a 5.4% increase in profit before tax from £197m to £208m and an enviable lack of debt on comparison to some recent filings by its competitors.

Sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing loses former insurance head to Edwards Wildman in second US raid

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In the second US foray into Taylor Wessing’s partner pool this month, the top 20 firm has lost its former head of international insurance & reinsurance James Crabtree, who joins Amlaw 100 firm Edwards Wildman’s London office as a partner.

The insurance disputes lawyer joins Wildman’s 15-strong insurance team in the City. Prior to joining Taylor Wessing almost eight years ago, Crabtree served as head of insurance and reinsurance disputes at Pinsent Masons, and was also previously a partner at Stephenson Harwood.

Crabtree specialises in disputes concerning marine and energy market claims, asbestos, environmental pollution and health hazard losses, and financial institutions claims.

Wildman’s co-chair of insurance & reinsurance, David Kendall said: ‘[James] brings a good client following and has strong experience in a number of areas, including many specific areas where the firm has considerable strength including international claims, run-off portfolios and arbitration.’

A spokesperson for Taylor Wessing said: ‘We all wish James the very best of luck in his new role.’

Crabtree’s departure follows that of private equity and investment funds partner Tom Cartwright, who earlier this month joined Morgan Lewis & Bockius’ London business and finance practice.

Cartwright, who joined Taylor Wessing in 2007 from legacy Hammonds, where he became a partner in 2004, advises private equity and hedge funds based in London and New York.

Christopher Harrison, co-managing partner of Morgan Lewis’s London office said: ‘Tom’s addition continues the expansion and meaningful transformation that our London office has undergone in recent years as part of an effort to provide UK and international clients counsel across a broad range of matters.’

sarah.downey@legalease.co.uk

Legal Business

Deal watch: Taylor Wessing and Freshfields advise on HSBC Jordan bank deal

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HSBC’s steps to streamline its business by disposing of non-core global assets has gifted Taylor Wessing and Freshfields Bruckhaus Deringer with a significant Middle East mandate, as Arab Jordan Investment Bank (AJIB) acquires the international retail bank’s local assets.

Taylor Wessing’s City-based corporate partner Ronald Graham advised AJIB on the deal, which constitutes one of the biggest banking agreements that Jordan has ever seen, with support from local firm Dajani & Associates.

Freshfields’ Dubai office, led by corporate partner Michael Hilton, advised HSBC.

Announced on 20 January and expected to complete during the first half of 2014, AJIB has agreed to pay an undisclosed sum for HSBC’s business in Jordan, which on 30 September last year comprised of four branches with gross assets worth approximately $1.2 billion.

AJIB’s chief executive, Hani AL-Qadi said that the bank was ‘pleased to have signed the agreement which has full regulatory backing’, according to a statement, which also stated the deal is part of AJIB’s growth strategy as it consolidates its market share in the Jordanian market.

The move comes as the wider Middle East region has seen a number of international entrants or firms expanding their presence, with Morgan Lewis & Bockius; White & Case; Cleary, Gottlieb, Steen & Hamilton; Baker & McKenzie and Addleshaw Goddard all recently setting up in Dubai.

sarah.downey@legalease.co.uk

To be included in future Deal Watch round ups please send your announcements to caroline.hill@legalease.co.uk

Legal Business

Real estate round-up: Clifford Chance, Taylor Wessing and Burges Salmon start New Year on front foot

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Clifford Chance (CC), Taylor Wessing and Burges Salmon have emerged as the pace setters for real estate work in the first few days of 2014, with each having completed significant UK commercial property deals recently.

Clifford Chance advised GIC, Singapore’s sovereign wealth fund, on both the purchase of a 50% interest in the Broadgate Estate from Blackstone Real Estate Partners Europe III and Blackstone Real Estate Partners VI and GIC’s 50:50 joint venture with British Land to ‘enable the future development of the estate,’ according to the firm.

The joint venture aims to focus on widening Broadgate’s appeal from a traditional City-focused occupier base to ‘cater for the growing creative district centred around Shoreditch and the emerging tech-focused area around Old Street’. British Land’s 2013 annual report cites the portfolio value of Broadgate at over £3bn.

As befits a deal of this scale, a very senior multi-disciplinary team was led by corporate partner Mark Poulton, alongside global head of corporate and incoming global managing partner Matthew Layton. The deal also featured London head of real estate Jonathan Solomon, corporate partner Adrian Levy, real estate finance partner Jane Cheong Tung Sing, real estate partner Nigel Howorth, head of real estate tax David Saleh, corporate partner Steve Curtis, and antitrust partner Greg Olsen.

Poulton said: ‘We were delighted to advise GIC on this major real estate acquisition and were able to field a multi-disciplinary team in order to meet the client’s requirements. This type of complex corporate real estate transaction is where we can really add value to our clients by bringing together our corporate, real estate, real estate tax, real estate finance specialists from across our real estate sector group.’

Simpson Thacher & Bartlett’s City-based corporate partner Michael Wolfson led the team advising Blackstone, alongside Berwin Leighton Paisner.

Meanwhile Taylor Wessing advised longstanding client Wainbridge, a private real estate investment group, on the purchase of 11-15 Grosvenor Crescent, SW1, from the Grosvenor Estate, in a £350m scheme that will comprise eleven exclusive apartments overlooking Belgravia, with associated parking and leisure amenities.

Taylor Wessing real estate partner Keith Barnett led the team, which included finance partner Martin Yells, and corporate tax partner Robert Young. The team also advised on the related acquisition and development debt funding provided by Urban Exposure and Letter One, marking the latter’s first financing in the European real estate market.

Principal and co-founder of Wainbridge, Rob Rackind, said: ‘Taylor Wessing were instrumental in our achieving the acquisition of this prime freehold site and in securing its funding. They have provided us with outstanding support.’

Meanwhile, Bristol-based top-50 firm Burges Salmon has acted for the Crown Estate, for which it is a panel firm, on the sale of Honda’s biggest storage depot in Cabot Park, Avonmouth to the BlackRock UK Property Fund and Canmoor for £31m.

Led by senior associate Matthew Sims, the deal forms part of a spate of £130m transactions that the Crown Estate unveiled at at the end of 2013.

Commenting on the sale, Sims said: ‘The firm’s real estate team acted for the Crown Estate in its purchase of Honda’s site in Avonmouth in 2005 and also in the sale of part of Honda’s original site in 2011 for £10.5m, which is now used by The Co-operative Group as a major regional distribution centre. Given our previous involvement, we were delighted to act for the Crown Estate again in its strategic disposal of this site.’

Sarah.downey@legalease.co.uk

Legal Business

H1 2013/14: Taylor Wessing reveals UK revenue increase of 10%

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Taylor Wessing has joined a band of leading City firms to have turned out a double digit increase in revenue for the 2013/14 half year (H1), unveiling a 10% increase in its UK turnover.

The 960-lawyer firm has credited extensive investment, including international expansion and a series of lateral hires for the uptick in its performance, which internationally saw its H1 revenues increase by 9%.

Commenting on the results, managing partner Tim Eyles (pictured) told Legal Business: ‘This is a credible performance. Being up double digits in this market is very pleasing, its consistent with where we hope to be, and reflects a performance that’s pretty good across all our jurisdictions.

‘We’ve also had an active lateral hire programme. It’s something we wish to continue with and be proactive in general on geographical coverage, industry focus and lateral hiring; these are some of the explanations for the pleasing start to the year.’

The top 20 firm has seen a strong performance from its litigation team and an uptick in transactional activity, and Eyles added: ‘There’s also improvement in corporate, real estate, finance and our intellectual property practice is performing well. We’re quietly confident for the New Year.’

In late May the firm announced a 7% 2012/13 global revenue increase from £212m to £288m, while UK revenue grew by 4% to £104.5m.

Taylor Wessing has seen its partnership grow by 15% to 365 in the last financial year, after making 15 lateral hires and 16 promotions globally. It also added a number of offices throughout Europe and Asia, including Bratislava, Brno, Budapest, Kiev, Klagenfurt, Prague, Singapore, Vienna and Warsaw. This heavy investment came on the back of its merger with Austria-based enwc in May last year. More recently, the firm launched in Jakarta via a cooperation agreement with local law firm Hanafiah Ponggawa & Partners (HPRP) in October.

These latest H1 results follow a swathe of positive reports from LB100 firms, including Olswang, which saw revenue up by 15% to £57.6m and Osborne Clarke, up by 12% to €71.6m.

Elsewhere, Bird & Bird this morning attributed a 5% increase in its half-year revenues to the strengthening of its international offering, and newly-merged Ashurst also today reported a 5.8% increase in turnover during the first half of 2013/14 to £298m, attributing the rise to improved economic conditions and an uptick in transactional work.

Sarah.downey@legalease.co.uk