Revenue at the London and Paris outposts of US firm King & Spalding surged 11% in 2015 to £41.9m as the firm continues expanding, but profit dropped by 10%. Continue reading “King & Spalding accounts for London and France show revenue up 11%, while profit dips 10%”
H1 2016/17: Nabarro posts solid financials ahead of 2017 mega merger
Ahead of its three-way tie-up with CMS Cameron McKenna and Olswang, Nabarro has increased its half-year revenues to £57.5m for the first six months of the 2016/17 financial year, up 2% on the same period last year.
Continue reading “H1 2016/17: Nabarro posts solid financials ahead of 2017 mega merger”
‘A competitive auction’: Clifford Chance and CMS advise as consortium buys majority of National Grid
Clifford Chance, CMS Cameron McKenna, Linklaters and Eversheds have advised as National Grid has agreed the sale of its gas pipe network with an enterprise value of approximately £13.8bn to a consortium of bidders. Continue reading “‘A competitive auction’: Clifford Chance and CMS advise as consortium buys majority of National Grid”
‘A matter of efficiency’: BAT drops Linklaters from bribery probe
British American Tobacco (BAT) has picked Slaughter and May as its sole legal provider for its investigation into allegations of bribery and corruption, removing Linklaters from the mandate.
Continue reading “‘A matter of efficiency’: BAT drops Linklaters from bribery probe”
Kirkland and Skadden lead on $710m Hong Kong float for selfie app Meitu
Kirkland & Ellis and Skadden, Arps, Slate, Meagher & Flom have both advised on the planned $710m initial public offering (IPO) of Chinese tech group Meitu in a deal that will value the company at up to $5.2bn.
Continue reading “Kirkland and Skadden lead on $710m Hong Kong float for selfie app Meitu”
Comment: Buck-passing and buyers’ remorse as KWM saga nears end
Though it will be outdated by the time this issue hits desks, I am professionally obligated I suppose to return to the subject of King & Wood Mallesons (KWM) as the firm’s troubled European business reaches what must be the decisive chapter of its post-merger tale. Continue reading “Comment: Buck-passing and buyers’ remorse as KWM saga nears end”
Quinn Emanuel takes fraud heavyweight Hastings from Addleshaw Goddard
Quinn Emanuel Urquhart & Sullivan has recruited Addleshaw Goddard partner and fraud specialist Mark Hastings, constituting a major blow to the latter firm’s disputes practice. Continue reading “Quinn Emanuel takes fraud heavyweight Hastings from Addleshaw Goddard”
Cinven returns to Freshfields for €1.69bn sale of HEG to GoDaddy
Freshfields Bruckhaus Deringer has advised private equity firm Cinven’s €1.69bn sale of Host Europe Group (HEG) to GoDaddy. Continue reading “Cinven returns to Freshfields for €1.69bn sale of HEG to GoDaddy”
DAC strengthens presence in LatAm with two new insurance associations
DAC Beachcroft has strengthed its presence in Latin America with new insurance associations in Peru and Central America. Continue reading “DAC strengthens presence in LatAm with two new insurance associations”
‘An important step’: Shearman’s Soundy and Priestley resurface at Goodwin
Goodwin Procter has confirmed Mark Soundy and Sarah Priestley are joining following their resignation from Shearman & Sterling. Continue reading “‘An important step’: Shearman’s Soundy and Priestley resurface at Goodwin”
Linklaters LLPs show profits up 5% as board members share £20m
Linklaters top board members received almost £20m in profits for the 2015/16 financial year, according to the firm’s latest LLP filings. Continue reading “Linklaters LLPs show profits up 5% as board members share £20m”
Barclays takes more security over KWM assets with second debenture
Barclays has moved to take extra security over King & Wood Mallesons‘ assets with a second debenture, Companies House records show.
Continue reading “Barclays takes more security over KWM assets with second debenture”
Global London debate: The eagle has landed
Legal Business teamed up with Scottish Development International for a progress report on US law firms in the City. Has recent political and economic turbulence thwarted their advance at all?
While our 2016 Global London report – published before the Brexit vote on 23 June – identified the continuing rise of premium US advisers in the City, it also sounded a note of caution that 2016 – with Brexit and US presidential elections looming – could be a much bumpier ride for global legal services, conditions that not even the lean and slickly managed US outfits in the UK could avoid. With this in mind, we assembled a group of senior practitioners at some of the City’s most thrusting US firms for a progress report.
Continue reading “Global London debate: The eagle has landed”
Life during law: Jonny Earle, Gibson, Dunn & Crutcher
I don’t take anything for granted. I’ve been lucky, had some good breaks and people have invested time in me.
I can’t sing or dance. My partner thinks I’m like Carlton from The Fresh Prince of Bel-Air when I dance. That’s one reason I went into law. I fancied doing something City-based. I didn’t know what. I came out with my degree and thought: what do I want to do? I applied for a law summer scheme to see what it was like and that was it.
Continue reading “Life during law: Jonny Earle, Gibson, Dunn & Crutcher”
The right platform – trying to find a long-term approach for Africa
‘There is no African law firm that does infrastructure the way we do; it’s front and centre of our strategy. There is a real gap in the market for a sector-based law firm.’
This bold statement comes from Richard Laudy, head of infrastructure at the latest foreign entrant into the increasingly popular South African market, Pinsent Masons. The national UK firm announced in July that it would be opening formally in Johannesburg in early 2017 with an office staffed by 20 lawyers and seven partners, including two partners taken from local heavyweight, Bowman Gilfillan, including head of construction Rob Morson and disputes partner Shane Voigt. Continue reading “The right platform – trying to find a long-term approach for Africa”
Too big to fail? The battle to keep ring-fencing reforms on track
Envisaged in the wake of the financial crisis, ring-fencing reforms will tie up banks and legal advisers for years. Legal Business asks if the process is on track
Experienced financial regulation partner Bob Penn, who moved to Cleary Gottlieb Steen & Hamilton last year and advised HSBC on the controversial bank ring-fencing reforms while at Allen & Overy (A&O), is clear on whether those reforms are fit for purpose. ‘This is a hugely unwelcome and disruptive process, and frankly yet another distraction from running a profitable bank at a time when they are already facing a cascade of regulatory reform and the prospect of Brexit.’
Continue reading “Too big to fail? The battle to keep ring-fencing reforms on track”
Shell moves to ‘appropriate’ fee arrangements for all matters following panel review
Royal Dutch Shell has implemented a rule that all new legal matters must be priced using ‘appropriate’ fee arrangements (AFAs), following the oil major’s most recent panel review in April 2016.
AFAs, which include capped fees, fixed fees and contingency fees, have been in place for all litigation work since June 2014, but now apply to all legal matters. In addition, every piece of work will be put out to tender to three or more panel firms.
Joyce stands for re-election as Addleshaw partners vote through Scottish merger
Addleshaw Goddard managing partner John Joyce is to stand for re-election for a second term beginning May 2017, it was revealed at the end of November as partners at the firm voted to acquire HBJ Gateley’s three Scottish offices in Aberdeen, Edinburgh and Glasgow.
Joyce, who was appointed into the role in May 2014 for a three-year term, is hoping to serve another four years as managing partner, following recent changes to the firm’s partnership deed that extended the terms of both managing partner and senior partner by a year.
Continue reading “Joyce stands for re-election as Addleshaw partners vote through Scottish merger”
‘A combination of poor decisions’: KWM’s plan to recapitalise European business fails
Legacy SJ Berwin on the brink as global managing partner stands down
Persistent troubles at King & Wood Mallesons’ (KWM) beleaguered European arm came to a head in November as the partnership, which is carrying more than £30m in debt, failed to get a deal over the line to recapitalise its business. As Legal Business went to press, the firm was assessing its options for a merger or pre-pack administration deal. It was understood that a shortlist of potential suitors had been drawn up.
Quinn Emanuel’s Jagusch says modern arbitration has become ‘riddled with rogues and corruption’
Arbitration today is full of routine corruption and rogue elements disrupting the process, argued Quinn Emanuel Urquhart & Sullivan’s Stephen Jagusch QC (pictured) at Legal Business‘s International Arbitration Summit in November.
The second annual arbitration event held at The Brewery saw a panel comprising a quartet of silks, including Jagusch, Boies, Schiller & Flexner’s Wendy Miles QC, Fountain Court Chambers’ Brian Doctor QC and 20 Essex Street’s Duncan Matthews QC.