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 signs deal with software provider to launch separate e-discovery business
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.
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INVESTIGATIONS: Successfully navigating challenging international regulations
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.
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Beneficial ownership in Swiss PE acquisitions
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.
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Compliance obligations: genetic resources
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.
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Cutting back: Government slashes go-to-firms for public sector by 40%
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.
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Partner promotions: Freshfields drops round to 16 following steady increases since 2013
Freshfields Bruckhaus Deringer has announced 16 lawyers will make the cut to partnership this year, one less than last year when 17 were promoted.
Bar Council releases guidelines for tackling sexual harassment after report highlights inappropriate behaviour
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.
News in brief – March 2016
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.
Red dragon, white cross – Can Chinese money kickstart Swiss markets
‘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.’
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Shell starts panel review as BG Group legal team undergoes post-acquisition restructure
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.
Revolving doors: Linklaters makes private client play in a big week for US firm moves in the City
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 makes key competition move with DLA Piper practice head hire
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).
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Linklaters and Clifford Chance take roles on latest lender float as Metro Bank lists
Magic Circle duo Linklaters and Clifford Chance have advised British lender Metro Bank on its float on the London Stock Exchange.
KWM loses historic SJ Berwin client as buyout firm NorthEdge picks Paul Hastings for £300m fund raising
Paul Hastings has won a first time instruction from UK buyout firm NorthEdge on the launch of a £300m fund, the second mandate the US firm has taken from King & Wood Mallesons (KWM) in as many months after it recently acted for historic KWM client Investindustrial.
Second time lucky: Nabarro elects real estate head Carvalho as senior partner
Nabarro has today (7 March) announced its real estate chief Ciaran Carvalho (pictured) has been elected as senior partner of the firm, to succeed incumbent Graham Stedman on 1 May 2016.
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City and Hong Kong members join Clifford Chance’s partnership council
Clifford Chance‘s partnership has elected City energy partner Jeremy Connick and corporate partner Neeraj Budhwani, who is based in Hong Kong, to its partnership council.
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Veteran KWM litigator Mervis exits for Arnold & Porter
Seasoned litigator Hilton Mervis has become the latest partner to quit King & Wood Mallesons’ (KWM) London office after agreeing to join Arnold & Porter.
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Mayer Brown PEP breaks $1.5m barrier on the back of solid revenue growth
Profits per equity partner at US firm Mayer Brown broke the $1.5m barrier for the first time in 2015 as revenue rose 3% to $1.26bn.
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In-house: ISDA general counsel Geen to step down after almost a decade
After almost a decade, the general counsel (GC) for the International Swaps and Derivatives Association (ISDA) David Geen has stood down from his position.
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