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‘A real competitor’: Kingsley Napley strengthens employment practice with Archon Solicitors acquisition

City of London

Kingsley Napley has acquired Archon Solicitors to create a combined employment practice of seven partners and 11 associates.

Corinne Aldridge, managing partner of City employment firm Archon, has been appointed as the new head of Kingsley Napley’s employment team. The Archon team will move into Kingsley Napley’s Farringdon offices on 30 September and will no longer operate under the Archon name. Continue reading “‘A real competitor’: Kingsley Napley strengthens employment practice with Archon Solicitors acquisition”

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Private equity bidder closes in on Axiom break-off as sponsors continue New Law push

Axiom

The private equity push into New Law looks to be gathering momentum with Axiom Managed Solutions (AMS) in talks to arrange a sale to MML Capital Partners.

Legal Business has learned that the sponsor had been chosen as preferred bidder after AMS was put on the market earlier this year when the wider Axiom group unveiled plans to pursue an initial public offering (IPO). Though the value of a potential acquisition is unknown, MML buyout tickets normally range from €10m to €50m. Continue reading “Private equity bidder closes in on Axiom break-off as sponsors continue New Law push”

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A&O adds NY capability in London as Freshfields lures Linklaters Paris partner

A double Magic Circle hire today (17 September) has seen Allen & Overy (A&O) hiring financial services regulation counsel Knox McIlwain as a partner from Cleary Gottlieb Steen & Hamilton as Freshfields Bruckhaus Deringer bolstered its own regulatory offering, hiring Linklaters’ Paris FinReg partner Marc Perrone.

The hire of McIlwain reunites him with Bob Penn, A&O’s former financial regulatory services head, who re-joined the firm in June 2018 having defected for a two-year stint at Cleary. It also makes good on A&O’s plan to accelerate investment in its US-law capability following protracted and ultimately fruitless merger talks with Los Angeles firm O’Melveny & Myers. Senior partner, Wim Dejonghe, said that the hire demonstrates the firm’s commitment to growing its top-tier global regulatory practice and building on its US capabilities. Continue reading “A&O adds NY capability in London as Freshfields lures Linklaters Paris partner”

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The Bar – Happy when it rains

Sonya Tolaney QC

Like the rest of Britain, barristers at the commercial Bar are impatiently waiting for some clarity over Brexit: it is a paramount concern because they want London to retain its position as the premier location for international business disputes. But more than three years on from the referendum result, the much-debated uncertainty has not yet had a significant impact on the volume or value of their work.

‘The commercial Bar is thriving at the moment and I expect it to continue to thrive,’ says Sonia Tolaney QC, chair of The Commercial Bar Association. ‘Dealing with the still-unknown consequences of Brexit presents a challenge. But although there has been a period of real uncertainty, the truth is that the health of the commercial Bar is very strong.’ Continue reading “The Bar – Happy when it rains”

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Under pressure – Retail GCs fight to adapt to a brutal High Street

High street - 'Closing down'

The crisis engulfing high-street retailers is showing few signs of abating. May saw the public collapse of almost the entirety of Jamie Oliver’s restaurant eateries, and in June, retail tycoon Philip Green’s Arcadia empire narrowly avoided bankruptcy with a rescue deal severing some 50 clothing stores.

According to data from Deloitte, 125 retailers went into administration last year compared to 118 in 2017, including 26 large companies. Continue reading “Under pressure – Retail GCs fight to adapt to a brutal High Street”

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Life during law: Ian Bagshaw

Ian Bagshaw

I’m less Marmite than I was. Never been deferential. Having a Mancunian directness, I was brought up by people who called a spade a spade. Helps me with clients massively. Sometimes it’s not what other lawyers want. I could be more political and in the past, I’ve tried. You can only be yourself.

I was the first person in my family to go to university. I didn’t grow up dreaming of being a solicitor. I still think football coaching was my true calling. Continue reading “Life during law: Ian Bagshaw”

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Start-ups in India – Reaping what you sow

Start-up culture

2018 was a good year for Indian entrepreneurs. The world’s third-largest start-up ecosystem saw its base expand by 12-15% and investor funding grow by 108% year-on-year, as well as a rise in late-stage funding, according to a 2018 report by industry association NASSCOM and consultants Zinnov. This boom was last year enough to hand unicorn status – valuations on young tech companies of more than $1bn – to more than eight Indian companies.

But just a few years ago, things were not quite so rosy. Despite the success of e-commerce wunderkind Flipkart (sold last year to Walmart for $16bn) and its ilk, investment plummeted from $1.42bn to $583m between Q1 and Q2 2016 (according to CB Insights, October 2016) and businesses started to go under. Continue reading “Start-ups in India – Reaping what you sow”

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The in-house debate: Run the risk

Manu Chopra

Is the job of the legal function to be the ringmaster and cheerleader, managing risk and compliance effectively within an organisation? Should it have to win over the hearts and minds of the board just as much as those on the front line? These were the main discussion points of a recent panel debate between nearly 20 in-house lawyers and private practice risk management specialists gathered at Mayer Brown’s London offices this summer.

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David Harrison, Mayer Brown: A common challenge across practice areas is how to move away from historical perceptions of compliance and risk – that this is for the lawyers and could get in the way of the business, with the result that it’s underfunded. It often takes a crisis, typically an investigation or a major breach, for significant resources to be deployed. Continue reading “The in-house debate: Run the risk”

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Project India – Meet the GCs charged with building on a vast scale

infra planning process

As the world’s second most populous country, India accounts for 17.5% of the world’s population. And it is rapidly catching up with the number one, China. On an annual basis, India’s population growth rate of 1.2% is more than double that of its Asian neighbour.

But while population growth is largely seen as a means of economic development, it comes with costs. The burden on cities and infrastructure of a rapidly-growing population must be addressed if the country is to reach its full potential. The need is such that the infrastructure question was a cornerstone of this year’s election. The Bharatiya Janata Party, led by returning Prime Minister Narendra Modi, pledged $1.44trn towards infrastructure – a stark contrast to its main opponent, the Congress Party, which instead focused on alleviating poverty and job creation. Continue reading “Project India – Meet the GCs charged with building on a vast scale”

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Deal View: Five years on – How Akin Gump’s Bingham acquisition turned bust to boom in the City

James Roome

‘Our team was nearly twice the size of Akin Gump’s London team. There was potential for vulnerability on both sides. They didn’t want their entire lives disrupted by a very large cuckoo in the nest.’ Five years on, restructuring partner James Roome reflects on the potential pitfalls of Akin Gump Strauss Hauer & Feld’s 28-partner acquisition of the City arm of his former shop, Boston’s ill-fated Bingham McCutchen.

In contrast to more ostentatious US counterparts, the Texas-bred Akin Gump has since flown under the radar to turn Bingham’s bust into its boom, thanks largely to the trophy restructuring team fronted by Roome. City growth has culminated in a blistering 2018 run as revenue spiked 28% to $123.5m, catapulting it into Legal Business’ Global London top ten firms by revenue. Continue reading “Deal View: Five years on – How Akin Gump’s Bingham acquisition turned bust to boom in the City”

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Big pharma, small partners: the key transactional trends in life sciences

panel

Given that mega mergers coming out of the pharmaceutical and life sciences sector have dominated the corporate agenda for decades, it was fitting that an afternoon session of our inaugural Corporate and M&A Summit focused on transactional trends in this area. Chaired by Laura Anderson, co-chair of Bristows life sciences group, it gathered a collection of in-house experts from big pharma.

Responding to a question posed by Anderson as to whether the spate of significant deals in the sector will continue, Dr Sahar Shepperd, senior legal counsel at Johnson & Johnson, pointed to his company’s recent $30bn acquisition of Actelion as a sign the pipeline for M&A deals in the sector is healthy, along with the recent acquisition of Shire by Takeda. ‘That deal was about accessing Shire’s rare disease portfolio. If you bring in an entire portfolio of assets into the pipeline, you have obviously done the maths and are mindful of the fact that that will generate revenue for the next ten years or so.’ Continue reading “Big pharma, small partners: the key transactional trends in life sciences”

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Auctions – how to play the game

panel

The final session before lunch in our Corporate and M&A Summit looked at the mechanics of auctions and how best to handle the competitive bid process from both the buyer’s and seller’s perspective. The session, moderated by co-chair of Greenberg Traurig’s global corporate practice, Fiona Adams, brought together panellists experienced in the auction process. Joining Adams was colleague Paul Maher, veteran corporate lawyer and vice chair of Greenberg, along with Jessie Gill, head of legal at Stemcor; Chris Hunt, group head of M&A for Rentokil Initial; and Nick Johnston, partner at Perella Weinberg.

Adams kicked off the core of the session by asking the panellists how sellers can successfully handle an auction process, to which Gill stressed the importance of an even-handed approach. Auctions are long processes and there is a need to foster a spirit of compromise: ‘Use up your currency when it matters and do not be a nightmare counterparty.’ Continue reading “Auctions – how to play the game”

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The Takeover Panel – that crucial first week

It was fitting that one of the first morning sessions of our inaugural Corporate and M&A Summit dealt with arguably the trickiest period of any public M&A deal – the first week, and specifically critical initial dealings with the Takeover Panel.

Introducing the topic, moderator Simon Wood from Addleshaw Goddard – who spent two years on secondment with the Takeover Panel – said: ‘A bit like with Charles and Diana’s wedding, it sometimes feels in an M&A transaction that there are three parties, and that third party is the Panel.’ However, he stressed it is not a regulator to fear but a well-respected organisation that encourages consultation and is relatively easy to deal with. Continue reading “The Takeover Panel – that crucial first week”

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Tougher competition – the growing impact of antitrust marquee deals

Claudio Calcagno

A key morning session of our 2019 Corporate and M&A Summit saw Linklaters London competition head Nicole Kar chair a lively debate on competition law and policy and its effect on M&A. The panel of three featured economist Dr Claudio Calcagno, a vice president at Analysis Group and an expert in the competition arena, and John Gray, partner at Finsbury and head of its competition practice, who focuses on public affairs aspects of merger control cases, both in the UK and the EU.

Kar introduced the topic: ‘If you ask many general counsel what keeps them awake at night on a big deal, they will say: “Whether we are going to get clearance and at what price.”’ Set against this, she observed that competition policy is undergoing an existential crisis. A number of pressure points are causing this, namely a narrative among competition agencies and policymakers that there has been under-enforcement, particularly in the digital sector, and that competition policy should take account of wider social objectives alongside a defining philosophy that big is bad; and the general sense that major corporates wield too much power. Continue reading “Tougher competition – the growing impact of antitrust marquee deals”

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Nice problems to have – Where now for Stephenson Harwood as veteran chief hands over?

Sharon White

With longstanding chief executive Sharon White bowing out, Stephenson Harwood can look back on a strong ten years. Thomas Alan assesses its record and prospects

‘My understanding is the Stephenson Harwood of 2002 needed a new strategy because it was doing very badly,’ reflects corporate head Andrew Edge, looking back on the City thoroughbred’s much-publicised problems. ‘It was losing people and the finances were extremely precarious.’ Continue reading “Nice problems to have – Where now for Stephenson Harwood as veteran chief hands over?”

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Letter from… Amsterdam: Dutch lawyers find a deft balance amid testing times in cross-border trade

Amsterdam - ABN AMRO

The secret to making your country attractive to foreign investors at a time when populism is reshaping global politics and protectionism is on the march? A stable and business-friendly government, an open society, a well-trained and internationally-minded workforce, and reliable infrastructure are not bad places to start.

And, luckily for Amsterdam’s legal elite, the Netherlands has them all. ‘In these uncertain times, the country has been able to show some stability and that’s appealing,’ says Allen & Overy (A&O)’s local senior partner Brechje van der Velden. ‘Its attractiveness was and still is its reliability – multinationals having security for the future,’ notes Baker McKenzie’s Kim Tan. ‘We know what’s going to happen. The government is co-operative and transparent.’ Continue reading “Letter from… Amsterdam: Dutch lawyers find a deft balance amid testing times in cross-border trade”

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The price of everything – Law firm metrics cannot measure broader values that will define their future

Richard Foley

Pinsents senior partner Richard Foley argues the industry needs new benchmarks for success

As Legal Business publishes its LB100, it seems apt to step back and ask ourselves whether the industry is focusing on the right things as it seeks to measure success. It should be uncontroversial to say that if law firms are to work better – for themselves, the wider business community and society – they must be diverse and inclusive of all talents. Measuring that type of success is every bit as important as whether a firm moves up or down a place or two in the financial league table. So, perhaps one measure we should look to in the next year’s LB100 is the progress firms are making in tackling issues of inclusion and diversity? Continue reading “The price of everything – Law firm metrics cannot measure broader values that will define their future”

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Ireland: Follow the money

Dublin

Since it exited from an emergency bailout from the European Commission, the European Central Bank and the International Monetary Fund, and began its rapid recovery, Ireland has enjoyed star-performer status in Europe. Ireland’s GDP grew by 6.7% in 2018, making it the region’s fastest-growing economy for the fifth consecutive year. Simultaneously, according to the EY Attractiveness Survey Europe, foreign direct investment (FDI) in Ireland has been reborn, leaping a remarkable 52% compared to 2017 while the EU suffered an overall decline.

Of the 265 new investment projects announced in Ireland last year, 134 featured first-time investors – the highest total in a single year, according to IDA Ireland. ‘The challenge now,’ says the IDA, ‘is to make sure the FDI portfolio grows further’. This is some challenge given the headwinds of Brexit and a broader economic slowdown. Although such external factors may ultimately derail their ambitions, Irish law firms have been making good while they can. Continue reading “Ireland: Follow the money”

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The Last Word: Sound methods

Colin Passmore

No-deal Brexit, accountants, Millennials and soothsaying – LB100 leaders give their views on a hazy 12 months ahead

Change is gonna come

‘You cannot continue having 10-15% growth every year – not even the Chinese economy has achieved that! The profession as a whole has had a good year, but the rate of growth has slowed down. The comforting factor is that every single business is in the same place as us. We are all doing our best to protect and predict. Anyone who tells you what’s going to happen… well, that’s just guesswork.’ Continue reading “The Last Word: Sound methods”