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GC for National Grid spin-off to overhaul adviser roster this year

Following National Grid’s £13.8bn separation of its gas distribution business to create Cadent, general counsel Mark Cooper will hold a panel review later this year.

Since its spin-off, a roster of 12 firms that previously acted for National Grid continues to advise Cadent. The firms are Addleshaw Goddard, CMS Cameron McKenna, DLA Piper, Eversheds Sutherland, Herbert Smith Freehills, Linklaters, Berwin Leighton Paisner, Bircham Dyson Bell, Dentons, Irwin Mitchell, Norton Rose Fulbright and Shakespeare Martineau.

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Market report: Southern Europe – A long recovery

While Turkish firms have dropped out of The Euro Elite this year, recession continues to plague firms in Greece

The financial crisis in Greece continues to affect the legal market and reduce volumes of work, following the unsettling negotiations between the Greek government and its international creditors, and the six-month anti-austerity strike by Greece’s lawyers last year. However, some argue a modest rebound is in sight.

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‘Fiddling around the edges’: CC votes for more lockstep reform to keep pace

Partnership votes to raise compensation levels two years after last shake-up

In its most recent bid to compete with high-paying US rivals, Clifford Chance (CC) last month voted through another round of changes to its remuneration structure, two years after last introducing more flexibility to its system.

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End of the carrot and stick? Litigators react to legal privilege implications in SFO case

Last month the High Court ruled that documents prepared by mining giant Eurasian Natural Resources Corporation (ENRC) relating to a Serious Fraud Office (SFO) investigation were not protected by legal professional privilege.

The SFO began investigating ENRC in 2013 over allegations of fraud, bribery and corruption. As part of its investigation, the agency requested relevant documents from ENRC. ENRC refused on the basis that the documents were privileged. But Mrs Justice Andrews ruled that the SFO was warranted in its request to see the documents, stating that there is a ‘recognised public interest in the SFO being able to go about its business’.

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Market report: Benelux – Neighbourhood watch

Benelux firms have to contend with global competitors as geopolitical uncertainty hangs over the region

The Benelux countries have experienced mixed fortunes over the last year, with Belgium and Luxembourg recovering from Brexit-related instability to begin economic acceleration. In the Netherlands, a fragmented political landscape threatens such recovery, although the economy is noticeably stronger than this time last year.

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Market report: Russia and the CIS – The new silk road

While deal flow in Russia remains hampered by sanctions over the war in eastern Ukraine, local firms have made efforts to plan around these and develop new products and services to compensate for a decline in traditional mandates. The Russian market is also beginning to attract considerable volumes of work from the broader CIS region as well as Asia.

After promoting three new partners in 12 months, Russian firm Pepeliaev Group has now reached 24 partners globally. Sergey Pepeliaev, the firm’s managing partner, argues that the Russian market is becoming more sustainable and steadily diversifying.

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Emerging empires – Bakers, CMS and DLA Piper rise up the ranks as global giants march on

Ella Marshall and Jonathan Armstrong assess the latest EMEA rankings from The Legal 500

The market continues to evolve in Europe’s key heartlands, as a band of expansive globalised firms spread out their tentacles, while another grouping of more transactionally-driven players strip down their businesses with an eye on profitability. Following the recent publication of The Legal 500 Europe, Middle East & Africa (EMEA) 2017 edition, we look at the winners and losers among major international law firms this year.

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‘Reflecting market pressure’: DLA and Latham pick up lead roles on largest toll road merger

DLA Piper, Latham & Watkins and Legal Business Euro Elite leader Gianni, Origoni, Grippo, Cappelli & Partners all picked up mandates as Italian infrastructure company Atlantia launched a €16.3bn bid to acquire its Spanish rival Abertis.

The offer comprised an all-cash bid that values Abertis at €16.50 per share or a share alternative structure. The merger will be the largest foreign acquisition by an Italian company since utility company Enel bought Spain’s Endesa in 2007 and would create the world’s biggest operator of toll roads.

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‘Much busier than expected’: White & Case and Freshfields advise Alfa Financial Software on IPO

White & Case’s City growth strategy is seeing results with the US firm and Freshfields Bruckhaus Deringer winning places advising Alfa Financial Software on its planned float on the London Stock Exchange. The initial public offering (IPO) is expected to value Alfa at more than £800m.

The float of the company, which specialises in software for the asset finance industry, will be the largest UK tech listing in the past two years. Alfa’s clients include Bank of America, Barclays and Mercedes-Benz.

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Dealwatch

SKADDEN PULLS MOODY’S IN €3BN DEAL

Allen & Overy (A&O) and Skadden, Arps, Slate, Meagher & Flom led as Moody’s agreed a €3bn (£2.6bn) deal to buy Dutch data group Bureau van Dijk from Swedish private equity company EQT. Skadden advised Moody’s, alongside Dutch adviser Stibbe, while A&O acted for EQT. Latham & Watkins advised the banks, while Baker McKenzie acted for van Dijk’s managers. Simmons & Simmons is also playing a role, providing employment and pensions advice to Moody’s.

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A new venture: Ashurst replenishes Singapore offering with alliance

After losing three partners in Singapore last year, Ashurst has launched a formal alliance with local law firm ADTLaw following approval from regulators.

Last month Ashurst said it will now operate under the name Ashurst ADTLaw, advising on arbitration and civil litigation, corporate, and banking and finance, including derivatives and structured products.

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‘It’s not rocket science’: Investor-state arbitrators wary of post-Brexit landscape

Tom Baker reports on a busy period despite case volume falling in 2016

Despite growing investor-state arbitration caseloads over the last five years, City international arbitration partners are uneasy about the impact of Brexit and anti-globalisation sentiment on their business.

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‘I am trying to start a conversation’ – Pearson law chief’s new book creates playbook for the modern GC

While there is a body of writing on how to run an in-house legal team, much of it is dominated by US authors. Aiming to fill the void, Bjarne Tellmann, the outspoken general counsel (GC) of FTSE 100 publishing empire Pearson, has just published Building an Outstanding Legal Team. Tellmann discusses the book with Tom Baker.

 

LB: What’s the general theme of your book?

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‘A bit like Brexit’: SRA super-exam draws strong reaction but is it knee-jerk resistance to change?

Kathryn McCann assesses the regulator’s controversial new route to qualification

In April, the Solicitors Regulation Authority (SRA) announced that its planned Solicitors Qualifying Examination (SQE), also known as ‘the super-exam’, would be in place by 2020 following two formal consultations. This is despite garnering considerable, but not unexpected, criticism from the profession and education providers alike.

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The Finance View – Polish and range assured but does CC still have ambition to excel in the cut-throat levfin world?

Victoria Young and Georgiana Tudor assess the Magic Circle firm’s deal finance practice

‘Clifford Chance (CC)’s decline has been significant,’ one leading leveraged finance partner opines. ‘Ten years ago I would have pegged them as in the leading three or four in this space, but they are gently scaling down.’

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