Posted on

Guest comment: ESG, the war for talent and the GC

Evangelos Apostolou of the EMEA and Asia-Pacific In-House Counsel group at Major, Lindsey & Africa discusses why demand for ESG-ready in-house talent will continue to grow.

For many, the environmental, social and governance (ESG) movement, which is estimated to move past $50trn of assets globally by 2025, represents a generational opportunity to use the power of capital markets to transform the world. Perhaps even to save it. However, for others, ESG proponents naively confuse philanthropy with the fiduciary duty to maximise return on investment. Continue reading “Guest comment: ESG, the war for talent and the GC”

Posted on

Guest post: Social mobility – does it still pay to be privileged in the law?

Research from the Bridge Group found that among ten leading City law firms 53% of partners attended independent schools and that those from lower socio-economic backgrounds took a year and a half longer on average to make partner. In addition, Covid-19 has revealed and compounded existing inequalities in wealth, race, gender, age, education and geographical location.

Three Travers Smith partners reflect on their experiences of social mobility and offer advice to aspiring solicitors. Continue reading “Guest post: Social mobility – does it still pay to be privileged in the law?”

Posted on

Revolving doors: Sidley makes triple acquisition among spate of senior City hires

It was a significant week of expansion for Sidley as it made a trio of eye-catching partner hires in London. Private equity partners Dan Graham and Paul Dunbar and finance partner Emilie Stewart have all joined from Vinson & Elkins, marking a serious investment in the City.

Graham focuses on advising private equity funds on wide range of transactions while Dunbar’s practice spans private equity M&A, real estate private equity, distressed asset transactions and non-performing loan acquisitions. Meanwhile, Stewart concentrates on cross-border financing deals, also with a focus on real estate private equity. Continue reading “Revolving doors: Sidley makes triple acquisition among spate of senior City hires”

Posted on

Middle East Focus: Light on the horizon

Far from immune to the global crisis – but making concerted strides towards immunity in some instances – the Middle East and North Africa region (MENA) has fared similarly to the rest of the world over the last year. That is to say that the universal impact of the pandemic has been felt across MENA, although the paths that the various countries have taken have been disparate.

Middle East

Early lockdowns in several countries helped to contain the number of coronavirus cases, and a number of success stories emerged from the region with Israel and the United Arab Emirates (UAE) – numbers one and two, respectively – frontrunners in rolling out their vaccine programmes. While distinct, both countries have adopted an agile approach to sourcing and distributing the vaccine. Continue reading “Middle East Focus: Light on the horizon”

Posted on

The Client profile: Ahmed Badr, GoCardless

Ahmed Badr did not want to be a lawyer. A self-professed ‘huge geek’ at school, he was never happier than when sat a computer doing some programming or web design. ‘You would never find me playing football,’ he reflects.

Initially, Badr studied medicine, which he admits ‘was more of a family thing than a me thing’. His dad was a doctor, his mum was a nurse, which led a young Badr to feel compelled to the same fate. But he soon he realised he had no interest in it, and opted to do a business degree instead. Continue reading “The Client profile: Ahmed Badr, GoCardless”

Posted on

Life During Law: Adam Plainer

I didn’t want to be a lawyer. My father wouldn’t let me go to RADA. Acting is what I wanted to do but people from Leeds in 1984 didn’t go to acting school. My favourite uncle said: ‘You’re going to be a lawyer’. So I jumped on a conveyor belt and ended up becoming one.

My father was a taxi driver and mum was a housewife. All our holidays were in Blackpool, St Anne’s and Scarborough. Now everyone’s only allowed to go to those places. Continue reading “Life During Law: Adam Plainer”

Posted on

In memory of Stephen J Doggett

It is with tremendous sadness that we learned that our former colleague and friend, Stephen J Doggett, passed away on 8 August after a two-year battle with a rare form of cancer (synovial sarcoma). He was just 40.

Like many legal journalists and law firm consultants of his generation, Stephen (or SJD as he affectionately became known) cut his teeth researching The Legal 500 in the regions. But it soon became clear that he was an exceptional talent, combining a razor-sharp, analytical mind with a gentle, unflappable and unquestionably generous nature – bringing all these qualities together to make him a highly respected legal commentator and, more importantly, a unique and much-loved human being. Continue reading “In memory of Stephen J Doggett”

Posted on

Time to stop sneering at the leaders recognising the value of humanity

It is hard to introduce a column on female leaders without sounding trite or – as a woman – vaguely condescending to those featured. In a blatant attempt to side-step this quandary, I will start with an admission of guilt. In our haste to speak with the new wave of non-male leaders for our cover feature, we had all but neglected to speak to any men. ‘Well, I bet you’ve never had that problem before!’ correctly guessed more than one industry contact as we belatedly, and sheepishly, canvassed them for some token male views.

Meeting many of the new leaders over Zoom, some for the first time, has been an energising experience. Even allowing for the inevitable professional veneer, there is a sense of genuine dynamism among this new cadre of women at the upper echelons of law, and much enthusiasm about their impact on the future of the industry. Continue reading “Time to stop sneering at the leaders recognising the value of humanity”

Posted on

Women leaders: Women of the revolution

‘There’s finally a new wave of senior leadership and it’s in the form of smart women. Whatever the reason, I think it’s great that we have a number across the City right now.’
Natasha Harrison, deputy chair and managing partner of Boies Schiller Flexner

‘I don’t like the gender divide. Everyone should be treated equally. There are a lot of good male leaders out there too. It would really piss me off if I thought I was only appointed because I’m a woman.’
Female London law firm leader Continue reading “Women leaders: Women of the revolution”

Posted on

Nordics: Northern Lights

Much like the rest of the world, the Nordic market couldn’t escape the consequences of the coronavirus pandemic. However, the virus seemingly kept the Nordics in its periphery, while the rest of Europe felt the brunt of the impact. Average GDP across Norway, Sweden and Denmark in 2020 fell by roughly 3% (the wider EU GDP fell by 6.1%) with the biggest impact, unsurprisingly, on the tourism industry (Iceland, a nation heavily reliant on its tourism, saw a GDP drop of 6.6%). However, the predictions for 2021 show GDP growth across all three of the main Nordic countries, with 3.7%, 3.4% and 3% growth predicted respectively.

‘The Nordics have suffered less than many other European countries in the course of the pandemic,’ states Roschier’s managing partner Mikko Manner in Finland. ‘It has been forecast that during the second quarter of 2021, most restrictions will be eased due to vaccinations, and the Nordic economies will be able to start a swift recovery, with economic activity reaching pre-crisis levels later this year.’ Continue reading “Nordics: Northern Lights”

Posted on

European Super League: Caught offside

It was the football story of the year – eclipsing even Lionel Messi’s move to PSG and football not quite coming home – almost beyond belief in its audacity. On Sunday 18 April, The Times broke a story that 12 leading clubs from England, Spain and Italy had agreed to break away from UEFA’s Champions League competition and launch their own independent format: The European Super League (ESL).

To say the proposals were unpopular is a gross understatement: the following 48 hours of football coverage on all networks was a non-stop barrage of condemnation from fans, players and pundits alike. Former Manchester United captain Gary Neville captured the mood of many when he attacked the 12 clubs live on Sky in a red-faced rant that accused them of arrogance and greed. Continue reading “European Super League: Caught offside”

Posted on

The Legal 500 IP: Validity in the opposition

A cursory glance at The Legal 500’s IP coverage – which was recently split into a distinct patents table alongside a trade mark, copyright and design table – makes for a head-scratching read. In a legal discipline that attracts sophisticated, technical expertise, fortune favours the innovative as much as the who’s who of the City elite, or indeed the prestigious US names that are continually encroaching on London territory in the corporate space.

But even within this diverse, cutting-edge practice area, comprising teams as unique as the clients instructing them, there is much contention as to which approach fits best in a rapidly changing environment. Continue reading “The Legal 500 IP: Validity in the opposition”

Posted on

Southern and Eastern Europe: A long recovery

As with many global sub-regions, southern and eastern Europe (SEE) is slowly emerging from a period of stark economic slowdown as a result of the Covid-19 pandemic, with regional economies affected in a variety of ways. This ranged from tourism-reliant nations such as Croatia and Greece that faced an unprecedented plunge during 2020, relying on EU relief and revived capital spending intervening to restore growth, to Romania, whose resource-rich economy suffered from a decline in industrial production, only to recover during Q3 2020 after foreign trade and investment – particularly from Germany – resumed in earnest.

Although granular policy details have differed, governments have intervened to prevent the spread of Covid-19, while also seeking to protect key economic sectors and also balancing consumer demands and differing political situations. A number of SEE countries faced elections during the pandemic, a situation that has broadly favoured incumbents. Both the Romanian and Bulgarian governments returned, albeit facing a significant loss of support and ongoing questions over their futures, while control of the Cypriot House of Representatives shifted to the conservative opposition. Continue reading “Southern and Eastern Europe: A long recovery”

Posted on

Croatia – ups and downs

Having enjoyed steady economic growth following its accession to the European Union (EU) in 2013, Croatia saw an abrupt halt to its development in 2020. With a projected 10% drop in GDP, the depth of the economic trough appears similar to that of the 2008 financial crisis, though optimism remains that this downturn will be shorter as mitigatory factors, particularly Covid vaccines, begin to make themselves felt.

Aside from the global economic impact faced by most countries as a result of the pandemic, Croatia was perhaps most affected by the affect on the tourism sector, which naturally suffered considerably. However, continued progress on vaccinations and the creation of the EU’s Green Pass have bolstered expectations the sector will soon recover (although a similar pre-vaccine reopening of the tourist economy last summer led to a dramatic surge in infections). Continue reading “Croatia – ups and downs”

Posted on

Romania – bounceback

Romania has seen buoyant growth in recent years, with its economy upgraded to ‘emerging market’ by FTSE Russell in 2019. Gabriel Zbârcea, managing partner at Ţuca Zbârcea & Asociaţii, explains: ‘Until the coronavirus outbreak, business was flourishing in Romania: 26% more deals in 2019 as compared to 2018 with a value of €5bn; also real estate investments went past the €1bn line in 2019, standing 7% higher than in 2018.’

‘2020 has been an interesting year financially,’ says Răzvan Stoicescu, deputy managing partner of Muşat & Asociaţii. ‘We did see a slowdown during Q2 of 2020, but things picked up during the second half of the year and have been on a positive trend. However, since neither us nor our clients have gone through a situation of such a magnitude before, the process was not without challenges. For example, switching abruptly from what was essentially a direct contact way of working for our profession, to virtual meetings, unpredictable schedules and remote work was taxing even if ultimately manageable.’ Continue reading “Romania – bounceback”

Posted on

Sponsored briefing: Romanian criminal judicial bodies must comply with fiscal courts’ final judgments

The Decision of the Romanian Constitutional Court no. 102/17.02.2021 is set to completely change the approach towards tax evasion cases, stating that criminal prosecution bodies must from now on give appropriate consideration to final decisions rendered by fiscal courts that establish the existence or non-existence of a prejudice brought to the consolidated State budget.

In many cases, criminal prosecution bodies are notified regarding a possible tax evasion offence, following fiscal audits carried out by the National Agency for Fiscal Administration. The latter issues administrative and fiscal documents that may be challenged separately, before fiscal courts. Continue reading “Sponsored briefing: Romanian criminal judicial bodies must comply with fiscal courts’ final judgments”

Posted on

Sponsored firm focus: Focus on Musat & Asociatii

Chairman and managing partner: Gheorghe Muşat | Deputy managing partners: Răzvan Stoicescu, Paul Buta

Number of partners: 13 | Number of lawyers and other fee-earners: 100 + | Languages: English, French, German, Italian, Spanish, Romanian

Romania, Bucharest office: 43 Aviatorilor Bd., 1st District 011853 | T: +40 21 202 5900 | F: +40 21 223 3957 | E: [email protected] | W: www.musat.ro

Brasov office: 4 Diaconu Coresi St., 1st Floor, 500025 | T: +0368 006 105 | F: +0368 006 108 | E: [email protected] | W: www.musat.ro

 

Muşat & Asociaţii is a leading, full-service Romanian law firm, advising leading national and international companies alike, as well as governmental authorities and agencies, financial institutions and investment funds. Over 2,500 high-profile clients benefit from top-notch legal expertise and extensive resources, provided via 13 partners and over 100 dedicated attorneys. Muşat & Asociaţii is a pioneer in the business law industry and one of the first established law firms in the country, tracing its history back 30 years.

Areas of practice

M&A/PRIVATISATIONS: acting on complex cross-border transactions and on a full range of deal structures.
Clients: Penta Investments, Spectrum Brands, DAMEN Shipyards Mangalia, Sterling Resources, Enel Group, SABMiller, GDF Suez, Abbott, CRH Ireland.

CORPORATE AND COMMERCIAL: structuring and negotiating complex secured and unsecured transactions.
Clients: Amazon, Google, Facebook, Emerson, Dell, Nokia, Penta Investments, Premier Capital.
Contacts: Gheorghe Mușat, managing partner ([email protected]); Răzvan Stoicescu, deputy managing partner ([email protected]); Iulian Popescu, partner ([email protected])

LITIGATION AND ARBITRATION: the full spectrum of representation, from lower courts to the High Court of Cassation and Justice and the Constitutional Court.
Clients: Damen Schelde Naval Shipbuilding, BCR Banca pentru Locuinţe, FirstBank, Kaufland, Enel, thyssenkrupp, Roche, Abbott, Oracle, Eli Lilly, Colas, TriGranit, GDF Suez, Panalpina, KMG International, Copisa Constructora Pirenaica.
Contacts: Cosmin Libotean, partner ([email protected]); Paul Buta, deputy managing partner ([email protected]); Răzvan Stoicescu, deputy managing partner ([email protected])

REAL ESTATE AND CONSTRUCTION: advises on the acquisition of land, construction and maintenance, permitting aspects, residential, office and commercial projects, as well as mixed-use scheme developments and asset management work.
Clients: Brookfield, Adesgo, Novares, Teconnex, CRH, InterCora, Kaufland, Buck Consultants, TriGranit, ING Real Estate, Sogeprom, Daimler, Grupo Lar, CAF, Italferr, European Investment Bank.
Contact: Monia Dobrescu, partner ([email protected])

ENERGY AND NATURAL RESOURCES: experienced in encompassing energy trading, generation, distribution, transmission and supply licensing, emissions trading and renewable energy and environmental legal aspects related.
Clients: Electrica, Hidroelectrica, Electrica Furnizare, Repower, Nereo GreenCapital, Electromagnetica, Wellbore Integrity Solutions, Kraftanlagen Romania, Omya Calcita.
Contacts: Iulian Popescu, Partner ([email protected]); Răzvan Stoicescu, deputy managing partner ([email protected])

INFRASTRUCTURE AND PPP/PUBLIC PROCUREMENT: assists clients in public tenders, property finance and leasing, concession of public assets and services, drafting and negotiating PPPs and concession agreements, feasibility studies.
Clients: Solar Turbines, CCCC, Harris Corporation, Elbit, Sutech, CAF, European Investment Bank.
Contact: Iulian Popescu, Partner ([email protected])

BANKING AND FINANCE: advises on syndicated loans; structured, acquisition, asset and project finance; securitisation.
Clients: EBRD, PPF banka, UniCredit, Citi, Raiffeisen, BRD Societe Generale, Ciech S.A., European Investment Fund, Barclays PLC, Nokia, Alcatel-Lucent, Novares, Alior Bank, Google Cloud Platform, Goldman Sachs & Co. LLC.
Contact: Monia Dobrescu, partner ([email protected]); Răzvan Stoicescu, deputy managing partner ([email protected])

CAPITAL MARKETS: handles transactions involving publicly held companies listed on the Bucharest Stock Exchange.
Clients: Goldman Sachs & Co. LLC, HSBC, JP Morgan, Citibank, Northern Trust, BNY Mellon (members of the Association of Global Custodians), Barclays PLC, Romanian Financial Supervisory Authority, UBS, Swiss Capital, BT Securities, Citi, Raiffeisen, Société Générale.
Contact: Răzvan Stoicescu, deputy managing partner ([email protected])

TELECOMS, IT AND MEDIA: advises in all areas of communications, broadcasting, E-commerce, internet services, software development and licensing, infrastructure and equipment finance.
Clients: Verizon, Porsche, Disney, Sony, Google, Apple, Intel, Intact Media, AT&T, Amazon.
Contact: Iulian Popescu, Partner ([email protected])

COMPETITION AND ANTITRUST: legal assistance in all stages of antitrust proceedings and investigations carried out at national and EU level, concerning both cartel-type behaviour and alleged abuses of dominant position.
Clients: Electrolux, Damen Shipyards Group, Roche, Generali Holding, Penta Investments, Eli Lilly, Servier, Orange.
Contact: Paul Buta, deputy managing partner ([email protected])

RESTRUCTURING AND INSOLVENCY: covers pharmaceuticals, real estate, oil and gas, maritime technology, transportation, and construction.
Clients: First Bank, Aegean Airlines, Damen Shipyards Group, Termoelectrica, Sermedic, ECE Projektmanagement International GmbH, Dubai Aerospace Enterprise, Chloe Acquisition Consulting, Gordian Holdings, PVS International (S) PTE. LTD.
Contact: Mihai Popa, partner ([email protected])

TAXATION: advises on structuring in a wide range of corporate and financial transactions and fiscal matters.
Clients: Amazon, Emerson, Servier, SABMiller, Sermedic, Universal Music.
Contact: Razvan Graure, partner ([email protected])

HEALTHCARE AND PHARMA: counsels on M&A, restructurings and reorganisations, regulatory, competition and compliance-related advisory work.
Clients: Eli Lilly, Servier, Abbott, Lundbeck, Novartis, Astellas Pharma.
Contacts: Paul Buta, deputy managing partner ([email protected]); Dan Minoiu, partner ([email protected])

INTELLECTUAL PROPERTY: experienced in acquisition, development, implementation, enforcement, licensing and other exploitation of IP rights, as well as in patent, trademark, and copyright regulatory matters.
Clients: Deutsche Telekom, ZTE, L’Oréal, Blue Air, Otsuka Pharmaceuticals, Apple.
Contact: Paul Buta, deputy managing partner ([email protected])

TRANSPORT: advises on trade and transport of goods by sea, road and air, such as sale/purchase, charter, cargo insurance, recovery, arrest, execution, cargo, and freight claims.
Clients: CAF, Tip Trailer, China Gezhouba, Aerovista.
Contact: Iulian Popescu, partner ([email protected])

Posted on

Ukraine – green shoots and uncertainty

Ukraine has broadly seen an improvement in its economic outlook since the 2019 election of comedian and actor Volodymyr Zelenskiy to the presidency. After years of turmoil, culminating in the 2014 defenestration of pro-Russian president Viktor Yanukovych and the Russian invasion of the Crimea, Ukraine has deepened its ties with the EU, adopting reforms that closely map those of European legislation. This has encouraged foreign investors, while legislative reform continues apace, with a new capital markets law coming into effect in 2020 that implemented the provisions of key EU law, including MiFID II, MiFIR, and CRD IV. There are also ‘grandiose governmental plans for the privatisation of state property and large-scale infrastructure projects’, in the words of Armen Khachaturyan, senior partner at major domestic firm Asters, while the legalisation of the gambling industry in July 2021 is also driving client activity.

Ukraine frequently competes with Moldova as the poorest country in Europe, despite its huge agricultural exports, though this is partly due to a lack of transparency in the economy, in which much economic activity goes unreported. Since 2014, the National Bank of Ukraine (NBU) has closed a huge percentage of the country’s commercial banks, partly to clamp down on corruption and money laundering, but state control of banks is part of the reason why inflation and interest rates remain high. Continue reading “Ukraine – green shoots and uncertainty”