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.
Continue reading “‘Fiddling around the edges’: CC votes for more lockstep reform to keep pace”
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’.
Crude oil prices may still be hovering between $45 and $50 a barrel but the Nordic economies and the independent law firms based in these markets are suffering less than in previous years.
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.
Continue reading “Market report: Benelux – Neighbourhood watch”
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.
Continue reading “Market report: Russia and the CIS – The new silk road”
Serious Fraud Office to be absorbed by National Crime Agency
The proposed scrapping of the Serious Fraud Office (SFO) and the planned rules to reform M&A transactions emerged as key issues for City lawyers as the Conservative Party released its manifesto last month.
Continue reading “City partners react to Conservative manifesto”
In a major blow for White & Case’s City private equity practice, EMEA private equity co-head Richard Youle will join Skadden, Arps, Slate, Meagher & Flom, ending his long-running pairing with partner Ian Bagshaw. The duo has known each other since they were at Eversheds in the 1990s.
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.
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.
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.
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.
Magic Circle firm seeks local joint venture as OC opens fledgling practice
Linklaters and Osborne Clarke (OC) are the latest Legal Business 100 firms to make moves in Shanghai, with the Magic Circle firm finally putting its plans in play to practise local law.
Continue reading “Linklaters and Osborne Clarke latest to make moves in Shanghai”
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.
Continue reading “A new venture: Ashurst replenishes Singapore offering with alliance”
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.
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?
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.
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.’
Some 9,000 Royal Bank of Scotland (RBS) shareholders have accepted a last-minute 82p per share out-of-court deal from the bank over its 2008 share sale, ahead of this morning’s court appearance.
Disputes leader Stewarts Law has made a rare partner hire in its core commercial litigation practice after recruiting Dechert litigation veteran David Hughes.
Continue reading “Stewarts Law brings in Dechert veteran to bolster fraud practice”
As Freshfields Bruckhaus Deringer continues its profitability drive, almost a quarter of the global partnership is expected to be on the firm’s second-tier lockstep as early as 2020.
