Page 256 – Legal Business

29 January 2018

‘Enormous’ £75.5m currency boost flatters DLA Piper LLP accounts

The dramatic impact of currency markets during the 2016/17 period has significantly bolstered another law firm’s LLP accounts, with the latest beneficiary, DLA Piper International, adding £75.5m to its top line on the back of exchange rate movements last year.

This currency boost accounted for 69% of the international (non-US) revenue improvement for the year ending 30 April 2017, which was up £109.3m to £876.8m. Helped in no small part by this, profit rose to £304.4m from £260.8m, even as operating costs soared 13% to £568.6m – of which £45.9m of the £65.8m increase was again attributed to currency changes. Continue reading “‘Enormous’ £75.5m currency boost flatters DLA Piper LLP accounts”

29 January 2018

And then there were three: DLA Piper senior partner finalists named

DLA Piper’s first senior partner contest in a decade is down to three candidates after the first round of voting closed on Friday (26 January).

London-based international corporate head Bob Bishop, emerging markets managing director Andrew Darwin, and corporate partner Jon Hayes now face 10 days of hustings before the firm’s new senior partner is announced on 12 February. Continue reading “And then there were three: DLA Piper senior partner finalists named”

29 January 2018

In-house: Former Aviva leader Risam lands at Blackstone wealth management firm

The highly-regarded former Aviva UK Life general counsel (GC) Monica Risam has joined Luxembourg wealth-structuring company Lombard International Assurance as its Europe GC.

Risam (pictured) will lead a multi-disciplinary team of about 60 people across legal, regulatory affairs, company secretariat, risk and compliance at the company, which is owned by private equity giant Blackstone Group and has €74.6bn in assets under management. Risam will join the executive committee and report to Lombard Europe chief executive Axel Hörger. Continue reading “In-house: Former Aviva leader Risam lands at Blackstone wealth management firm”

26 January 2018

Societe Generale names a dozen firms to new global law roster

French financial services group Societe Generale (SocGen) has named 12 law firms to its new international panel, with a further six practices instructed for disputes and tax work.

The panel is split into 12 full-service firms, which is broken down further into eight ‘preferred’ firms and four ‘selected’ firms, with a further six specialists responsible for large litigation and tax. The European banking giant said the panel was designed to cover its requirements across the 66 countries it operates in, complemented by local panels in those countries. Continue reading “Societe Generale names a dozen firms to new global law roster”

25 January 2018

HFW strengthens Singapore with South East Asia triple play

Energy and shipping specialist HFW has made a major play in its longstanding Singapore office, bringing in a trio of partners from rivals in the region.

HFW now boasts an 18-partner office in Singapore following the arrivals of finance partner Siri Wennevik, projects and energy partner Alistair Duffield and corporate partner Ivan Chia, taking the firm’s total partner additions in the region to six over the last year. HFW now has over 100 lawyers and 58 partners across its six Asia-Pacific branches. Continue reading “HFW strengthens Singapore with South East Asia triple play”

25 January 2018

‘Embarrassed’ Mishcon partner ‘condemns’ Presidents Club conduct as SDT suspends assault solicitor – more to come for the profession?

Law may have a reputation as a relatively staid career but it was inevitable that the profession would be drawn into the widening debate about the treatment of women sparked by last year’s reports of harassment in the film industry.

Following the latest controversy to grip business, Mishcon de Reya today (25 January) issued a statement of contrition after it emerged that one of its partners attended the controversial City charity dinner at the centre of a Financial Times report alleging harassment. Continue reading “‘Embarrassed’ Mishcon partner ‘condemns’ Presidents Club conduct as SDT suspends assault solicitor – more to come for the profession?”

24 January 2018

Irresistible forces – Within weeks of $10m Freshfields hire, Kirkland targets Cravath for M&A playmaker

Kirkland & Ellis continues to make waves on both sides of the Atlantic as the Chicago-bred juggernaut this week announced the hire of one of Manhattan’s top M&A names.

In the latest of a series of headline-grabbing moves, Cravath, Swaine & Moore M&A star Eric Schiele is to transfer to Kirkland’s New York arm. Schiele – who had been at Cravath for more than 17 years, making partner in 2008 – was established as one of the leading lights at the Wall Street leader. Continue reading “Irresistible forces – Within weeks of $10m Freshfields hire, Kirkland targets Cravath for M&A playmaker”

24 January 2018

UK banks’ £14.6bn legal costs account for over half of FTSE 100 litigation liabilities

In the post-Lehman landscape, banking and litigation have become common bedfellows, and research published by Thomson Reuters this week shows that the UK’s four biggest banks’ litigation and regulatory provisions make up over half of the FTSE 100’s litigation costs.

The research showed that overall the FTSE 100 set aside £26.2bn during 2016 to tackle litigation and regulatory investigation expenses (including fines), with £14.6bn of that figure being spent exclusively by the four biggest banks in the UK: Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS). However this is down on 2015, when FTSE 100 litigation provisions hit a record £31.1bn, with money set aside by banks also hitting a record £17.3bn. Continue reading “UK banks’ £14.6bn legal costs account for over half of FTSE 100 litigation liabilities”

23 January 2018

Milbank continues City hiring spree with Shearman high yield guru Gkoutzinis as Vinson nabs Jones Day finance partner

High-yield specialist Apostolos Gkoutzinis is to join Milbank Tweed Hadley & McCloy from US rival Shearman & Sterling, a move which marks the firm’s fifth hire in the space of a week.

The recruitment of Gkoutzinis, Shearman’s head of European capital markets, is another sign of Milbank’s ambitions to make its mark in City finance, coming just days after it secured a four-partner restructuring team from Cadwalader Wickersham & Taft. Continue reading “Milbank continues City hiring spree with Shearman high yield guru Gkoutzinis as Vinson nabs Jones Day finance partner”

22 January 2018

Revolving doors: Baker McKenzie and Clyde & Co double up in the City as international hires gain momentum

The City is stirring during a typically dreary January with at least six firms making lateral partner hires in London, while others bolster in Europe and Asia.

Baker McKenzie and Clyde & Co both landed two London partners in the last week, while Osborne Clarke, White & Case, Fieldfisher and Brown Rudnick added to the City moves with one lateral hire apiece. Continue reading “Revolving doors: Baker McKenzie and Clyde & Co double up in the City as international hires gain momentum”

22 January 2018

Parkinson stays away from SFO director race to take senior partner role at Kingsley Napley

Despite calls for him to succeed David Green as the new director of the Serious Fraud Office (SFO), heavyweight white-collar crime specialist Stephen Parkinson will become senior partner of Kingsley Napley on 1 May.

As a result of Parkinson’s elevation, disputes partner Louise Hodges will take over his role as head of the firm’s top-ranked criminal litigation practice. Continue reading “Parkinson stays away from SFO director race to take senior partner role at Kingsley Napley”

19 January 2018

All-round leader: former Co-op Bank legal chief McKeown appointed GC of British Land

Swapping the banking sector for real estate, former general counsel (GC) of The Co-operative Bank, Brona McKeown, has been appointed GC and company secretary of FTSE 100 company British Land.

She arrives after previous incumbent Elaine Williams left for UK logistics company Eddie Stobart in November 2017 after two years in the role. Continue reading “All-round leader: former Co-op Bank legal chief McKeown appointed GC of British Land”

19 January 2018

#MeToo: Dentons launches investigation and puts partner on leave amid reports of sexual misconduct

With the recent #MeToo campaign shining a light on sexual harassment and misogyny across every industry, a Dentons partner has been put on leave of absence while the firm investigates reports of sexual misconduct made against him.

The firm confirmed one of 62 partners who joined Dentons from Maclay Murray & Spens after the firms merged in October last year ‘will not be attending the office while the investigation is ongoing’. Continue reading “#MeToo: Dentons launches investigation and puts partner on leave amid reports of sexual misconduct”

18 January 2018

‘A no-brainer’: Milbank hires four-partner Cadwalader team to upgrade City restructuring business

It has long been a prestigious New York shop without ever quite gaining critical mass in London, but Milbank Tweed Hadley & McCloy looks to be widening its ambitions after securing a four-partner restructuring team from Cadwalader Wickersham & Taft.

The move greatly expands Milbank’s City finance team, and includes Cadwaladers’ global financial restructuring co-chair Yushan Ng. He will be joined by partners Jacqueline Ingram, Karen McMaster and Sinjini Saha. Clients of the team include brand name sponsors Oaktree, KKR, Centerbridge Capital Partners and Blackstone. Continue reading “‘A no-brainer’: Milbank hires four-partner Cadwalader team to upgrade City restructuring business”

18 January 2018

Charles Russell restocks sports team with takeover of high profile boutique

With the sports sector rapidly transforming from a collection of national cottage industries into big business, Charles Russell Speechlys (CRS) has substantially beefed up its practice with a takeover of boutique Couchmans.

Founded in 2001 by Nic Couchman, the four-partner firm has seven other fee earners. Heavily focused on sports clients, its practice covers corporate, data protection and intellectual property. Once the combination is complete, Couchman will become head of sport at the top 50 UK law firm. The other three transferring partners are Jody MacDonald (commercial and IP), Nick White (IP) and Satish Khandke (corporate). The takeover will further position CRS in the sports field, where the firm has nine partners operating. Continue reading “Charles Russell restocks sports team with takeover of high profile boutique”

17 January 2018

Panel reviews: Vodafone and Yum! Brands shake up external adviser rosters

Mobile phone giant Vodafone has completed a review of its legal panel, with seven firms making the cut, while KFC, Taco Bell and Pizza Hut owner Yum! Brands has also finalised its roster.

The number of firms on Vodafone’s panel remains the same as the last time it was reviewed in 2014, but DLA Piper and Eversheds Sutherland have lost their slots this time, replaced by Squire Patton Boggs and TMT specialist Wiggin. The firms remaining on the roster are Magic Circle outfits Slaughter and May and Linklaters, alongside Hogan Lovells, Norton Rose Fulbright and Osborne Clarke. Continue reading “Panel reviews: Vodafone and Yum! Brands shake up external adviser rosters”

17 January 2018

On your marks: eight DLA Piper partners line up in tight senior partner race

A large pool of partners have entered DLA Piper’s first contested senior partner race in a decade following last year’s surprise departure of Juan Picón to Latham & Watkins.

Eight partners, including five from London, will vie to replace Picón in a two-stage election process which will whittle the candidates down to the most popular three before the new senior partner is announced 12 February. Continue reading “On your marks: eight DLA Piper partners line up in tight senior partner race”

16 January 2018

Quinn Emanuel lays down outstanding marker with 61% surge in City revenue and profit

Disputes powerhouse Quinn Emanuel Urquhart & Sullivan has seen London revenues rise by a startling 61%, with net profit increasing by the same margin.

The US-based player’s revenue stands at £71.9m, up from last year’s figure of £44.8m. Net profit also rose from £32.6m to £52.6m. As a result, the firm’s profit margin is now a staggering 73%. Continue reading “Quinn Emanuel lays down outstanding marker with 61% surge in City revenue and profit”

16 January 2018

‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo

The march of US advisers into the City’s disputes scene continues with Latham & Watkins today (16 January) announcing the hire of two litigation partners from Hogan Lovells.

The London-based partners, Jon Holland and Andrea Monks, focus on financial services litigation and related regulatory work, two of the most in-demand practices areas currently. Continue reading “‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo”

15 January 2018

‘The missing piece’ – Ropes & Gray recruits Clifford Chance white-collar heavyweight Seddon in London

Ropes & Gray has hired Clifford Chance white-collar crime partner Judith Seddon as co-head of its London international risk practice in a move designed to bolster its English-qualified litigation firepower.

Seddon (pictured) will co-lead the seven-strong team alongside Amanda Raad, a US-trained partner who moved over from the US some four years ago to establish its London white-collar crime practice. Continue reading “‘The missing piece’ – Ropes & Gray recruits Clifford Chance white-collar heavyweight Seddon in London”