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Deal view: Ashurst strives to reboot M&A brand but deal market is getting tougher

Ashurst

Ashurst’s once-admired M&A reputation has taken a pounding of late. One former partner delivers representative sentiments: ‘Corporate was the jewel in the crown. The firm has changed from what it was six or seven years ago.’ Another notes: ‘It used to be joint number one with Clifford Chance for private equity. The practice faded away as it focused outside London.’

A controversial Australia merger, a soft run of financial performance and the loss in recent years of prominent partners has taken a major toll on its brand as a serious plc deal adviser. Continue reading “Deal view: Ashurst strives to reboot M&A brand but deal market is getting tougher”

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Who Represents Who: The Data Behind the Story

Monarch Airlines entered administration at the start of October, with KPMG directing corporate affairs. As Legal Business reports on which law firms have been instructed to deal with the aftermath, Who Represents Who (www.legal500.com/wrw) data shows which firms have led aviation instructions in the past 12 months, and which have lost a client due to the collapse of the low-cost airline.

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Comment: The Legal Services Act ten years on – still waiting for the Big Bang

As our October/November issue hits desks, it will be ten years since the Legal Services Act gained Royal Assent, ushering in the most liberal services market in the world by some margin. Given that span of time, and the five years since the most radical elements of the act came into force with the regime for alternative business structures (ABS), it is natural to ask if it has lived up to billing.

There clearly was an impact of sorts, supporting an environment where new business models and fresh thinking were encouraged. That renewed the legal ambitions of the accountants, encouraged the pioneering UK launch of Slater and Gordon, and made Co-op as close as we have got to Tesco law. After a slow initial start there are now over 700 licensed ABSs in England and Wales, representing a significant chunk of the market. Also significant is the messy regulatory fallout and ongoing turf war that it triggered, which has continued with varying degrees of intensity ever since. Continue reading “Comment: The Legal Services Act ten years on – still waiting for the Big Bang”

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Big shoes to fill as Aviva UK Life GC Risam departs after six years

Widely cited for her role in making Aviva’s highly-regarded legal team a pacesetter for the in-house profession, heavyweight UK Life general counsel (GC) and company secretary Monica Risam has left the FTSE 100 insurer after six years.

Risam  (pictured), who held positions including GC for Aviva Europe and GC for Aviva Group, has served as GC for Aviva UK Life since 2015 where she was responsible for all aspects of legal risk management and transactional activity across the business and leading a legal and company secretarial team of over 60 across UK and Ireland. Continue reading “Big shoes to fill as Aviva UK Life GC Risam departs after six years”

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Deal watch: London PE teams lead on Pure Gym buyout as Freshfields doubles-up for CVC

Established private equity players Latham & Watkins, Ropes & Gray and Travers Smith have won roles on Pure Gym’s sale from CCMP Capital to Leonard Green, while Freshfields Bruckhaus Deringer and Morgan Lewis also picked up significant mandates this week.

The Pure Gym deal, announced today (3 November), is valued at £600m according to media reports, and follows Leonard Green’s £2.4bn acquisition of CPA Global earlier this year. Continue reading “Deal watch: London PE teams lead on Pure Gym buyout as Freshfields doubles-up for CVC”

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Sponsored briefing: Adoption of predictive coding for legal document review

Navigant logo

Navigant’s Tanya Gross asks how close are we to mainstream acceptance?

Predictive coding helps tackle large document review exercises. It enables the reviewer to find key documents by training the technology to identify documents of interest (through an algorithm and selected criteria) rather than relying solely on manual human review decisions, which are often subjective. This reduces the time and legal cost associated with review exercises and gets the most relevant documents into the hands of senior counsel quickly. Continue reading “Sponsored briefing: Adoption of predictive coding for legal document review”

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Breaking China – Bird & Bird signs co-operation agreement with local leader AllBright

Shanghai, China cityscape

It has achieved long-term revenue growth through sustained international expansion – particularly in Asia in recent years – but Bird & Bird has made what it will consider a significant step forward for its ambitions in the region – a non-exclusive co-operation agreement with leading Chinese firm AllBright Law Offices.

The deal, which will see both firms work together on a preferred supplier arrangement, will enable Bird & Bird to build deeper relationships with Chinese clients. As part of the agreement, Allbright Law Offices will gain a base in Europe, with the firm opening its own operation within Bird & Bird’s Fetter Lane headquarters, staffed in the medium term by a permanent representative. Continue reading “Breaking China – Bird & Bird signs co-operation agreement with local leader AllBright”

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Keeping home fires burning – DLA Piper chief Picón to join Latham & Watkins in Spain

Moving to the highest-grossing firm in the world from one that used to hold that position, DLA Piper senior partner and global co-chair Juan Picón has left for Latham & Watkins less than two years into his term to spend more time in his native Spain.

He will take over the role of Latham’s managing partner in Spain following the retirement of predecessor José Luis Blanco. He joins from DLA’s own office in Madrid, alongside fellow DLA corporate partners Ignacio Gómez-Sancha and José Antonio Sánchez-Dafos. Continue reading “Keeping home fires burning – DLA Piper chief Picón to join Latham & Watkins in Spain”

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Gordon Dadds makes first strategic acquisition following summer AIM float

West End firm Gordon Dadds has made its first strategic acquisition since its public float in August, acquiring tax advisory business CW Energy for £4m to ‘further the company’s intention to expand its tax advisory business’.

The sum of £4m will be paid equal annual installments over five years and further consideration may be payable depending on the performance of the business. According to a London Stock Exchange announcement made today (1 November), Gordon Dadds has paid £300,000 upon completion of the deal and expects the acquisition to immediately enhance earnings at the firm. Continue reading “Gordon Dadds makes first strategic acquisition following summer AIM float”

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Alexandre Menais, executive Vice President, M&A strategy and corporate development, Atos

Atos is strongly convinced about the importance of diversity as a key value driver for the group’s future continuous growth and competitiveness, and has launched the ‘Atos Group Diversity Program’, with group executive sponsors, a group diversity programme manager and a group diversity committee. Continue reading “Alexandre Menais, executive Vice President, M&A strategy and corporate development, Atos”