Six finance partners left Freshfields Bruckhaus Deringer at the end of April, with two more losing equity status as the Magic Circle law firm implemented a restructure of its finance practice.
The charges related to the use of a client bank account as a banking facility, in direct breach of the Solicitors Regulation Authority (SRA)’s money laundering regulations. Duffy and Purnell admitted they failed to take on guidance of the Law Society’s rules on fraudulent financial arrangements in acting as an escrow agent on behalf of the client.
The announcement last month came as the polls suggest a clear lead for the Conservative Party, while May said she is seeking a direct mandate for her plan to deliver a smooth British exit from the EU.
Super-exam to be used from September 2020
Despite some considerable hostility, the Solicitors Regulation Authority (SRA) announced last month that its planned Solicitors Qualifying Examination (SQE), dubbed ‘the super exam’, will be used from September 2020.
Tom Baker speaks to corporate crime specialists as Freshfields advises supermarket on UK’s fourth-ever DPA and hires top SFO lawyer
Last month the fourth deferred prosecution agreement (DPA) in UK history was approved by judge Sir Brian Leveson, enabling Tesco to pay a £129m fine and escape criminal charges relating to the false accounting scandal of 2014.
Senior management discuss closures in non-essential markets
Simon Levine, DLA Piper’s global co-chief executive, has said that the firm’s recent office closures in Berlin, Tbilisi and Canberra are a result of ‘nothing more than a mature business reviewing strategically where it needs to be from time to time’.
Continue reading “DLA Piper resolute as it shuts down three minor offices in a month”
Clifford Chance (CC) has picked up its first significant deal for Prudential Capital Group in the UK government’s £11.8bn sale of buy-to-let mortgages from failed lender Bradford & Bingley.
Slaughter and May, Allen & Overy (A&O) and CC all picked up advisory roles on the disposal of loans purchased at the height of the financial crisis.
In response to a pair of competing takeover bids, Linklaters won the mandate to advise the target Bovis Homes, taking the role from regular adviser Freshfields Bruckhaus Deringer.
CMS Cameron McKenna advised prospective buyer Galliford Try, while Slaughter and May won a place acting for rival bidder Redrow.
Victoria Young assesses the advisers targeting the alt lending crowd
‘Almost every partner in our team is working on a direct lending mandate right now and that’s reflective of where markets are moving,’ notes White & Case partner Gareth Eagles. ‘It began as a niche, but it’s now a regular part of the funding mix. It’s not alternative finance. People said the Beatles were alternative in 1962 but they didn’t by 1966!’
PINSENTS LAUNCHES IN MADRID
Pinsent Masons has launched in Madrid, the firm’s third international office in less than a year. The new office comprises six partners, four from local Madrid firm Ramón y Cajal Abogados. The firm has also hired from contractor OHL and promoted a Pinsents associate to partner.
MAGIC CIRCLE ADVISE ON VODAFONE’S INDIA MERGER
Slaughter and May, Allen & Overy (A&O) and local advisers S&R Associates, Vaish Associates Advocates and Bharucha & Partners all gained mandates as Vodafone struck a deal to acquire Indian rival Idea Cellular. The merger will create India’s largest communications business by revenue, valued at more than $23bn. Slaughters and S&R represented Vodafone and Vodafone India, while A&O, Vaish and Bharucha advised Idea.
Continue reading “Deal watch: Corporate activity in May 2017”
Hogan Lovells is piloting a new model of reviewing associates, dropping formal annual reviews in favour of a programme of continuous feedback. Continue reading “Hogan Lovells pilots radical associate assessment programme”
After being hit by a number of recent financial crime and anti-money laundering scandals, Deutsche Bank moved to establish a new anti-fraud, bribery and corruption team for the EMEA region last month. Continue reading “‘A reaction’: Deutsche Bank to establish new EMEA anti-fraud, bribery and corruption team”
With the merger between its former Scottish arm and Addleshaw Goddard due to go live on 1 June, Gateley is looking at options for a new Scottish tie-up and has approached a number of firms in the market. Continue reading “Gateley makes approaches to secure new Scottish tie-up”
The High Court has ruled that documents prepared by mining giant Eurasian Natural Resources Corporation (ENRC) in relation to a Serious Fraud Office (SFO) investigation were not protected by legal professional privilege (LPP). Continue reading “Signature Litigation client ENRC to appeal as High Court rules in favour of SFO in legal privilege claim”
Freshfields Bruckhaus Deringer and White & Case have won places advising on Alfa Financial Software’s planned float on the London Stock Exchange (LSE), which is expected to value the company at more than £800m. Continue reading “Freshfields and White & Case line up on Alfa’s £800m IPO in biggest UK tech listing in two years”
A Manhattan jury has found former Dewey & LeBoeuf chief financial officer (CFO) Joel Sanders guilty of altering the US firm’s accounts to cover up its shaky financials ahead of its demise. Continue reading “Former Dewey & LeBoeuf CFO Sanders vows to appeal guilty verdict”
NHS Shared Business Services (NHS SBS) has launched a tender process for a £20m panel to cover a wide portfolio of legal work. The framework, which is split into ten lots, is due to be finalised in August this year. Continue reading “Adviser review: NHS launches £20m tender for shared business services panel”
US employment powerhouse Littler Mendelson has announced it is launching in the UK, through a merger with London-based boutique GQ Employment Law. Continue reading “US employment firm Littler goes big with London takeover”
Following its recent agreement to combine with Norton Rose Fulbright to create a $2bn firm, Chadbourne & Parke has lost the head of its Moscow office, Andrei Baev, to Reed Smith. Continue reading “‘A natural fit’: Reed Smith takes Chadbourne Moscow managing partner Baev ahead of NRF merger”
