What is a fair and equitable distribution of $7.3bn of global bankruptcy assets between multinational creditors where no legal mechanism exists? This is the unenviable question which the US and Canadian courts sought to answer by their joint rulings in the Nortel Bankruptcy in May 2015, and which the parties will be attempting to renegotiate when they commence further dispute resolution meetings today.
Linklaters and Ashurst win roles as housebuilder Countryside Properties prepares to float
Linklaters and Ashurst have landed roles advising UK property developer Countryside Properties as it prepares to list on the London Stock Exchange, in a float likely to value the housebuilder at around £1bn.
Fintech play: Hogan Lovells hires Pinsent Masons financial services chief Salmon
Hogan Lovells has made a key hire in the City with Pinsent Masons financial services chief John Salmon, in a bid to better position itself for opportunities in the burgeoning financial technology (fintech) market.
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Lockstep transfer: Freshfields Japan partners face profit cut as part of global review
Freshfields Bruckhaus Deringer is set to transfer partners in its Tokyo office from its traditional lockstep to its second-tier lockstep as part of a global profit review, Legal Business understands.
Best in class: One Crown Office Row tops QC appointments list with six members taking silk
Public and civil law set One Crown Office Row (1COR) has seen six of its junior barristers take silk in this year’s round of Queen’s Counsel appointments, constituting over 10% of its juniors.
Killing the golden goose: City concerns as review backs online courts and regional court hearings
A landmark review of civil justice has backed the creation of an online court for claims worth up to £25,000, and suggests more cases should be heard in the provinces.
A&O and Linklaters win mandates as spread-betting company CMC Markets plans float
Allen & Overy (A&O) and Linklaters have landed roles advising online spread-betting company CMC Markets as it plans to float on the London Stock Exchange, in what will be the first initial public offering (IPO) of 2016.
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‘Need to secure value for money and quality’: industry groups welcome competition probe into legal market
In a move welcomed by industry groups, the Competition and Markets Authority (CMA) has launched an investigation into the legal services market over concerns about the affordability and standards of legal services.
Guest post: Law land annual reports -has the partnership model been outgrown?
With the release last week of the Annual Report from Georgetown Law’s Center for the Study of the Legal Profession, the ‘Big Three’ annual reports – Altman-Weil’s Law Firms in Transition, Citi/Hildebrandt’s Client Advisory, and Georgetown’s – are now all out and we can see what trends and developments they seem to discuss in common.
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Bird & Bird’s net debt rises by a fifth, as highest paid member gets 12% more
Bird & Bird‘s net debt rose by 21% in the last financial year to €46.3m from €38.3m in 2014 following a refinancing of the business, while the top paid member took home 12% more, the firm’s accounts show.
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MAB set to close as corporate and property teams move to Veale Wasbrough Vizards
Having endured an exodus of partners in recent weeks, Matthew Arnold & Baldwin (MAB) has confirmed it is to close its doors as its remaining 30 lawyers will join Veale Wasbrough Vizards (VWV).
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Revolving doors: DLA Piper makes commercial contracts play, as Global 100 firms make key hires
In a busy start to the year, DLA Piper has strengthened its commercial practice with the appointment of two lawyers from Simmons & Simmons, while Global 100 firms K&L Gates, Cooley and White & Case have all made lateral hires.
Law firms win pay battle with RBS as Clifford Chance, Linklaters and Allen & Overy reappointed
The tug of war between The Royal Bank of Scotland and its go-to law firms over a proposed pay freeze ended in victory for the lawyers, as Magic Circle firms Clifford Chance (CC), Linklaters and Allen & Overy (A&O) won appointments to the bank’s legal panel for the next three years.
In-house: Barratt promotes deputy to top legal role as GC Keevil retires
Barratt Developments has reshuffled its internal legal team following the retirement of general counsel (GC) Tom Keevil, promoting his deputy Nick Mullen to succeed as head of legal.
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Finance push: DLA Piper ramps up City offering with Latham hire
Fresh from hiring Slaughter and May’s ex-head of derivatives Mark Dwyer and Baker & McKenzie’s former head of structured capital markets Vincent Keaveny, DLA Piper has added Latham & Watkins partner Andy Kolacki to its London office as it pushes its finance credentials in the City.
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Taking silk: Quinn, Gibson and Freshfields heavyweights among new QCs in 107-strong round
A trio of City heavyweights has been appointed among 107 new Queen’s Counsel (QC) announced today (11 January), an increase on last year’s round of 93.
Partner promotions: Reed Smith focuses on London in 24-strong round, as MoFo promotes just one in the City
London dominates the latest promotions round at Reed Smith, with a quarter of the 24 newly-made partners at the US firm based in the City, while Morrison Foerster has promoted one in London in a round of 12.
Holman Fenwick Willan posts revenue and profit slide in latest LLP accounts
The latest to emerge in a run of recent LLP filings is Holman Fenwick Willan, which has seen its revenue dip 5% to £139m from £145m while operating profit fell by 16% to £49.9m from £59m.
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‘Not unexpected’: SFO asks for extra funds for fourth time in as many years
Prosecutors at the SFO have made another request for cash, seeking an additional £21.1m for ‘blockbuster’ cases, after making a £10m request in June last year. The SFO’s core funding budget for 2015-16 is £33.8m.
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Trainee retention: Slaughter and May and Nabarro up their intakes for spring 2016
Slaughter and May and Nabarro improved their trainee retention figures this month with the latter firm retaining 89%, while the Magic Circle firm posted a 95% retention rate.
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