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Dealwatch: CC beats Coronavirus jitters with two mandates as DLA drinks up Danone deal

Clifford Chance

An ‘all over the place’ market which saw Coronavirus impact transactions did not stop Clifford Chance (CC) from advising on two high-profile mandates, as DLA Piper led on Danone’s acquisition of Harrogate Water.

CC advised US-based private equity investment firm Clayton, Dubilier & Rice on its £400m acquisition of healthcare communications and public relations group Huntsworth. Huntsworth provides marketing and medical communication services to pharmaceutical companies and recently reported revenue of £264.9m for 2019. Continue reading “Dealwatch: CC beats Coronavirus jitters with two mandates as DLA drinks up Danone deal”

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‘Building on the momentum’: Latham appoints banking veteran Kensell as London head

Stephen Kensall

Latham & Watkins’ executive committee has appointed Stephen Kensell as London managing partner, just four years after he joined from Allen & Overy (A&O).

The appointment, effective yesterday (5 March), sees the banking veteran take over from fellow finance partner Jay Sadanandan, who leaves the post after five years. Continue reading “‘Building on the momentum’: Latham appoints banking veteran Kensell as London head”

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More partner conferences suspended amid spike in coronavirus cases

Linklaters

Coronavirus is increasingly having its impact felt in the business of law, with Simmons & Simmons the latest firm to postpone its partner conference as the virus spreads across Europe.

In a statement, the firm said: ‘In response to the ongoing outbreak of coronavirus across parts of Europe and Asia, Simmons & Simmons has regretfully decided to postpone its partner conference until a later date. The firm believes that this decision will safeguard the health of employees across its international network.’ Continue reading “More partner conferences suspended amid spike in coronavirus cases”

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‘Natural attrition’: Sidley’s London growth grinds to virtual halt as global revenue nears $2.4bn

Christian Iwasko

Sidley Austin’s City base grew by less than 1% and missed expectations it would turn a profit in 2019, as the firm’s global growth also slowed.

The Chicago-bred firm reported yesterday (4 March) revenue of £98.1m for its City base compared to £97.5m the previous year, despite a 6% increase in its London lawyer headcount to 153. Continue reading “‘Natural attrition’: Sidley’s London growth grinds to virtual halt as global revenue nears $2.4bn”

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Knights puts hand in pocket again for £28.6m double acquisition

David Beech

Knights has made its largest splash to date, taking £28.6m out of its war chest to acquire two more regional firms, while also launching a £20m share placement towards funding the deals.

The listed firm has agreed to acquire Leeds-based outfit Shulmans for approximately £20.1m and south east firm ASB Law in a deal worth up to £8.5m. The respective acquisitions will see a total of 219 fee earners decamp to Knights upon completion. Continue reading “Knights puts hand in pocket again for £28.6m double acquisition”

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Coronavirus hits Central Europe as Wolf Theiss partner hospitalised and three staff test positive

Vienna, Austria

The coronavirus epidemic has spread to Austria and hit one of Central Europe’s most prominent law firms, with a partner at Wolf Theiss hospitalised in serious condition and three more employees testing positive to Covid-19.

A spokesperson for Wolf Theiss confirmed that on Thursday last week (27 February) it learned one of its partners had contracted the virus. The firm began testing all its Vienna staff within 24 hours, with more than 200 employees tested on Friday and another 80 on Monday. Three tested positive. Continue reading “Coronavirus hits Central Europe as Wolf Theiss partner hospitalised and three staff test positive”

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‘Smarts and experience’: Freshfields adds more NY firepower with Latham tax hire

New York City, US, cityscape

Freshfields Bruckhaus Deringer has built on the momentum of its recent Manhattan hiring spree with the addition of tax partner Lori Goodman from Latham & Watkins.

The move is another boon for the City giant’s lofty US aspirations after the much vaunted acquisition last October of a four-partner Cleary Gottlieb Steen & Hamilton team, led by prominent M&A veteran Ethan Klingsberg. Continue reading “‘Smarts and experience’: Freshfields adds more NY firepower with Latham tax hire”

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Ashurst ramps up corporate investment with City tech partner and Milan PE head

Ashurst London office

Ashurst has fired up its corporate hiring drive by adding a second corporate partner in as many days in the form of high-growth and tech lawyer Jonathan Cohen from Clyde & Co.

The London hire comes hot on the heels of yesterday’s recruitment of Fabio Niccoli from CDP Equity, where he was general counsel, to lead the firm’s private equity offering in Milan. Continue reading “Ashurst ramps up corporate investment with City tech partner and Milan PE head”

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In-house: RPC and DWF among four new firms on Dixons Carphone’s expanded roster

Currys PCWorld/Carphone Warehouse store

Retailer Dixons Carphone has added four firms to a revised legal roster, with DWF, RPC, Bristows and Carson McDowell winning spots.

The panel will run for four years following the expiration of its previous arrangement in March, which was the result of a 2016 review. The new additions join ten firms Dixons Carphone has kept panel relationships with, including Addleshaw Goddard, Clyde & Co, DAC Beachcroft, DLA Piper, Doyle Clayton, Fieldfisher, Freshfields Bruckhaus Deringer, Pinsent Masons, Shoosmiths, and Worthingtons. Continue reading “In-house: RPC and DWF among four new firms on Dixons Carphone’s expanded roster”

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Shearman & Sterling quiet on London amid muted 1% global revenue growth

Shearman & Sterling

Global revenue at Shearman & Sterling barely grew last year as the firm marginally improved its key metrics while not revealing London results.

Turnover hit $968m at the New York-headquartered firm, a 1% increase on last year’s $955.5m. Profit per equity partner (PEP) was up just under 3% to $2.46m from $2.4m while revenue per lawyer was up almost 5% to $1.13m. Continue reading “Shearman & Sterling quiet on London amid muted 1% global revenue growth”

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Revolving doors: White & Case appoints Sidley tax lawyer as McDermott returns to Hogan Lovells for corporate partner

Oliver Brettle

US players dominated the City recruitment drive last week as White & Case appointed a partner to its global tax practice, McDermott Will & Emery hired another Hogan Lovells partner and DLA Piper’s UK tax head rejoined Greenberg Traurig.

White & Case added Sidley Austin partner Will Smith to its global tax practice in London. Smith advises on international and UK tax matters particularly on tax aspects of cross-border investments, the setting-up of acquisitions, financing structures, real estate deals, M&A transactions and group reorganisations. Continue reading “Revolving doors: White & Case appoints Sidley tax lawyer as McDermott returns to Hogan Lovells for corporate partner”

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Coronavirus fallout continues as Latham suspends NY partner conference while Bakers re-opens London branch

Fears around the spreading coronavirus have yet again affected the business of law, as the world’s second-highest grossing firm Latham & Watkins called off its annual global partnership meeting in New York citing safety concerns.

Meanwhile Baker McKenzie has re-opened its London office today (2 March) after an employee taken ill with suspected symptoms last week tested negative to the COVID-19. Continue reading “Coronavirus fallout continues as Latham suspends NY partner conference while Bakers re-opens London branch”

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Seward misses out as A&O names its Price for managing partner successor

Gareth Price

After a hard-fought election which saw four vie for leadership, the Allen & Overy (A&O) partnership has thrown its weight behind Gareth Price as its new managing partner.

The global head of both the projects and energy group, Price joins Wim Dejonghe, who was earlier this week re-elected to a second stint as senior partner, to complete the City giant’s leadership. Continue reading “Seward misses out as A&O names its Price for managing partner successor”

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‘This raises serious questions’: More SFO failure as former Barclays execs escape fraud convictions

Barclays

The Serious Fraud Office (SFO) is facing criticism after suffering another high-profile defeat in its only financial crisis prosecution after three former Barclays bankers were today (28 February) acquitted of fraud.

Barclays’ ex-investment banking chief, Roger Jenkins, its ex-European financial institutions head, Richard Boath and the former head of its wealth division, Thomas Kalaris, were all accused of creating fraudulent advisory services agreements as a means to disguise payments worth £322m to Qatar. Continue reading “‘This raises serious questions’: More SFO failure as former Barclays execs escape fraud convictions”

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Dealwatch: Kirkland lift first Cinven mandate since Maguire hire as Links, Gowling and Jones Day bed roles in week of PE records

Adrian Maguire

Kirkland & Ellis has this week won roles advising on one of the largest European private equity transactions since the financial crisis and the UK’s largest-ever private real estate transaction.

Kirkland advised private equity houses Advent International, Cinven and the RAG foundation in their €17.2bn acquisition of Thyssenkrupp’s elevator business and acted for Blackstone in its $4.7bn purchase of iQ Student Accommodation. Continue reading “Dealwatch: Kirkland lift first Cinven mandate since Maguire hire as Links, Gowling and Jones Day bed roles in week of PE records”

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Steady global growth for Reed Smith outpaces a subdued year in the City

Reed Smith

Reed Smith produced a comparatively muted showing in the City last year, with global revenues seeing the more meaningful gains.

London saw revenue creep up 3.3% from $208.2m to $215m as global turnover almost doubled the City’s growth rate with an increase of 6% to $1.247bn, compared to 5% growth last year. Firmwide profit per equity partner was up almost 5%, reaching $1.32m compared to $1.26m last year. Continue reading “Steady global growth for Reed Smith outpaces a subdued year in the City”

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Climate change trumps arguments as Leigh Day halts Heathrow’s third runway

Carol Hui

Controversial plans for building a third runway at Heathrow Airport run the risk of being abandoned after campaigners led by Leigh Day proved victorious in the Court of Appeal today (27 February).

The case involved five separate claims against the Secretary of State for Transport, who had been pursuing the policy of creating an invidious third runway at Heathrow Airport. However, the policy was deemed unlawful following a successful appeal which rested on novel arguments around the runway’s potential impact on climate change. Continue reading “Climate change trumps arguments as Leigh Day halts Heathrow’s third runway”

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‘Doesn’t fit a law firm’: Kennedys looks to prove smarts with IQ technology arm spin-off

Kennedys has become the latest firm to spin off part of its services offering and open up to external investment in a bid to rapidly scale across the globe.

The firm has today (26 February) launched Kennedys IQ, a technology and software services business owned by, but separate to, the LLP partnership. This brings together a decade’s worth of technology and data initiatives, such as its personal injury claims ‘virtual lawyer’ KLAiM, onto a platform it sells to clients. Continue reading “‘Doesn’t fit a law firm’: Kennedys looks to prove smarts with IQ technology arm spin-off”

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Beckwith takes SDT misconduct decision to High Court appeal

Freshfields Bruckhaus Deringer

Former Freshfields Bruckhaus Deringer partner Ryan Beckwith has filed a High Court appeal against the Solicitors Disciplinary Tribunal’s (SDT) finding against him in a case of sexual misconduct.

The appeal follows last October’s high-profile judgment that Beckwith knew or ought to have known that the junior member of staff he had sexual activity with was intoxicated and her judgement impaired and that he knew or ought to have known that his conduct was inappropriate.  Continue reading “Beckwith takes SDT misconduct decision to High Court appeal”