I had no intention of doing law. My father was a detective in the Scottish flying squad. I wanted to join the police.
I got a traineeship at Dundas & Wilson where I was the only female trainee. I was also one of the very few that hadn’t been to public school. People were nice but it did feel very odd.
Macfarlanes’ Charles Martin reflects on the paradoxes facing the modern partner
I confess the analogy is not perfect, but reflecting on the bizarre and often contradictory pressures on partners in law firms today brings to mind the world of Alice in Wonderland. Today, many question the appropriateness of the partnership model itself. They certainly question the strange, often opaque feudal master/servant process by which the aspiring lawyer serves their apprenticeship. They then work (following the white rabbit down the hole past many locked doors) until they leave all caution behind and take the option of partnership – a bit like Alice eating the cake with ‘EAT ME’ written on it. Readers of the story will know that the result is Alice growing to such a tremendous size that her head hits the ceiling! The analogy is maybe not so imperfect after all.
Nigel Savage argues that legal education is falling further behind the realities of the industry
Let’s get this in context right off the bat. The Training for Tomorrow proposals by the Solicitors Regulation Authority (SRA) represent the most radical change in legal education for over 20 years. When one considers the massive structural changes in the legal services market in recent years, which have been covered extensively in these pages before, we are faced with a unique situation. The legal services sector has moved on and is tackling fundamental issues provoked by a combination of market forces, regulatory changes and the impact of technology. The SRA needs to reflect that environment within the new test of knowledge and competence (the mooted Solicitors Qualifying Examination (SQE), which is billed as a means of raising professional standards and allowing more flexible routes to qualification). It is, however, constrained by the contradiction of a regulatory framework based as much on historic and largely outdated concepts of ‘reserved’ activity and the reality that a huge proportion of the work that takes place in the market (particularly the City) is not reserved and therefore doesn’t require solicitor status. Even where it is reserved, others can often deliver it at a much lower cost.
Continue reading “It’s high time we moved on – why legal education fails the key test”
We canvassed City partners and in-house counsel for their views on the Law Society and the state of representation in the profession
LATE TO THE PARTY
‘I endorse what the Law Society is doing, particularly chief executive Catherine Dixon. What she’s doing to try to boost representation for the in-house community is laudable and to be encouraged. The difficulty it’s got is that it came to the game slightly later than others and it would admit that. If you look at the number of bodies and institutions that are there to assist in-house, they’re competing and therefore it makes life more difficult. My limited experience is the Law Society is doing the right thing. We would support them but there’s a long way to go.’
Robert Ivens, head of legal, Marks and Spencer
As the golden generation of banking rainmakers retire, Legal Business takes a look at the core teams of the City elite and assesses the talent in the Square Mile’s top finance practices.
‘The days of lawyers being experts only in the investment grade market are a thing of the past,’ reflects Clifford Chance (CC)’s Michael Bates, and, if anyone should know, the Magic Circle firm’s veteran head of finance should. ‘Corporate treasurers are diversifying funding sources, so while you have to be steeped in investment grade knowledge you also need to have a good level of understanding in areas such as the US private placement market, European private placement and institutional lending markets, the investment grade bond world and M&A/stock market-related requirements to ensure different strands of the capital structure work in harmony.’
Continue reading “Golden goodbyes – changing faces and fortunes at the City’s top banking teams”
With cyber risk exploding and storm clouds over the economy, it’s harder than ever to balance risk with commercial realities. Legal Business’ annual risk survey asks how law firms are coping.
While no major law firm has yet fallen prey to the sort of high-profile data breach that the mobile operator Talk Talk suffered in 2015, the threat is front and centre of every risk manager’s mind. For those polled in Legal Business’ ninth annual risk management survey with broker Marsh, ‘IT security breach/data management accident or breach’ was again regarded as the most significant risk to law firms in terms of the damage it could cause and the likelihood of it occurring (see table).
Continue reading “The battle within: Risk management and professional indemnity survey 2016”
In-house teams instructing the Bar has gone mainstream over the last ten years. LB assesses how far direct access can go.
Twenty years ago the idea of any person instructing the Bar other than a private practice solicitor was frowned upon. Although as qualified solicitors in-house counsel always had the right to instruct barristers, convention dictated private practice lawyers acted as gatekeepers of the Bar for companies seeking advice on litigation. But, as the rules have changed and in-house lawyers have expanded their remits, corporate legal teams have come to appreciate the benefits of direct interaction with barristers.
Continue reading “Straight to the source – the pros and occasional cons of direct access”
A strong reputation for derivatives work has seen Ashurst selected to join the Magic Circle’s big four international firms on Credit Suisse’s recently finalised UK panel.
Mishcon de Reya has launched a new venture with e-discovery provider Unified and software developer kCura, agreeing a fixed-price three-year contract that it claims will save clients between 10% and 30% on large disclosure exercises.
Continue reading “Mishcon signs deal with software provider to launch separate e-discovery business”
With the growth of enforcement activity worldwide, companies are being forced to create or adapt their internal structures and incorporate stricter, more sophisticated risk and compliance management systems, to detect and prevent legal risks and address any wrongdoing that could result in the infringement of domestic or international regulations.
The team at LALIVE, an international law firm renowned for its expertise and experience in international legal matters, in particular dispute resolution, investigations and regulatory advisory services, has been helping clients to successfully navigate and adapt to international regulations for the past 15 years. LALIVE has built a robust business crime defence and investigations practice, led by four partners based in Geneva and Zürich, all established practitioners with strong track records in domestic and cross-border litigation, international investigations, business crime defence as well as best-practice risk and compliance management, who combine an excellent understanding of the legal environment and enforcement agency processes, and practice in Switzerland and abroad.
Continue reading “INVESTIGATIONS: Successfully navigating challenging international regulations”
Bär & Karrer’s Christoph Neeracher and Luca Jagmetti advise on the new rules.
As part of a new Swiss legislation aimed at preventing money laundering and tax evasion, any entity acquiring 25% or more of a non-listed Swiss company must inform the latter regarding the acquiring entity’s beneficial owner and update such information in case of changes.
In standard private equity structures, the administrative burden of the new legislation can be minimised by implementing a practicable solution compliant with the rules. As typically the general partner (GP) takes the relevant decisions regarding the fund and its portfolio companies, the individuals controlling the GP (respectively controlling the ultimate shareholder of the GP) should be disclosed as beneficial owners. If such individuals cannot be determined, the top executive officer (chair or chief executive) of the GP, or respectively of its ultimate shareholder, may be disclosed.
Continue reading “Beneficial ownership in Swiss PE acquisitions”
Homburger’s Andri Hess details the Nagoya Ordinance.
Switzerland is a member of the United Nations Convention on Biological Diversity (CBD) and signed the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization on 11 May 2011. The Nagoya Protocol pursues the implementation of the fair and equitable sharing of benefits arising from the utilisation of genetic resources, which is the third of the three core objectives of the CBD. On 1 February 2016, the main parts of the Swiss implementing ordinance (Nagoya Ordinance) entered into force.
Continue reading “Compliance obligations: genetic resources”
The government is cutting back the number of go-to-firms its uses for external counsel by almost 40% as it prepares the launch of two new panels worth a total of £410m over four years.
Continue reading “Cutting back: Government slashes go-to-firms for public sector by 40%”
Freshfields Bruckhaus Deringer has announced 16 lawyers will make the cut to partnership this year, one less than last year when 17 were promoted.
The Bar Council has released new guidelines for dealing with sexual harassment in a bid to help barristers handle mistreatment after a 2015 report highlighted instances of inappropriate behaviour experienced by some barristers.
EE LEGAL HEAD REVEALS PLANS POST-TELCO MERGER
Following BT’s high-profile £12.5bn takeover of UK mobile business EE, it has emerged the telco plans to consolidate external legal panels, while EE’s general counsel (GC) James Blendis has been appointed to BT’s legal leadership team. Blendis will now sit on BT’s legal leadership board, which comprises senior legal management, including group GC Dan Fitz.
‘In our worldwide business, the volume of mergers is at a record high. However, in Switzerland we can talk about a stagnation of deals,’ says Guy Vermeil, managing partner of Lenz & Staehelin. His downbeat assessment of the domestic M&A market is supported by last year’s numbers. As the broader Swiss economy stalled with GDP growth of only 0.8%, KPMG’s annual transactional review labelled 2015 as ‘troubled for the M&A market in Switzerland’. Transaction volume declined 17% compared to 2014, from 420 to 350 deals, while the aggregate value of completed M&A with a Swiss component fell 55% to $84.9bn.
Benedict Christ, co-head of M&A at Vischer, identifies removal of the currency peg as a particular problem: ‘There was certainly no growth in M&A, that’s probably mostly due to the appreciation of the Swiss franc in early January [2015], which made it considerably more expensive for foreign investors. The hit we took from the appreciation was probably not as bad as it could have been, but this will certainly continue to have an effect on the markets.’
Continue reading “Red dragon, white cross – Can Chinese money kickstart Swiss markets”
Royal Dutch Shell has kicked off a review of its external legal roster after finalising its £47bn takeover of BG Group last month and as their existing panels come to an end. As a result of the takeover, the second-largest energy deal on record, both companies will overhaul their legal divisions.
Linklaters has made a key trusts hire in the City, while US firms Mayer Brown, Baker & McKenzie, Morgan, Lewis & Bockius and Orrick, Herrington & Sutcliffe have all made strategic appointments in London.
Quinn Emanuel Urquhart & Sullivan has added a second partner to its competition practice with the appointment of DLA Piper UK competition head Kate Vernon (pictured).
Continue reading “Quinn Emanuel makes key competition move with DLA Piper practice head hire”
