Victoria Young assesses legal education sector in wake of Kaplan exit and ULaw sale
With news breaking recently that Kaplan Law School is to close its doors in 2016, a contest between BPP University and The University of Law (ULaw) broke out in September as both institutions grappled for increased market share.
Global 100 firms continue to pile into South Korea, with Allen & Overy (A&O) and White & Case launching in Seoul in recent weeks, while disputes boutique Kobre & Kim has also opened a base in the Korean capital.
White & Case launched an office in Seoul in the summer with plans to relocate three partners and build on relationships with project finance clients. The venture is led by James Lee, who heads the Korea practice group and relocated to Seoul from Los Angeles. He will be joined initially by Mark Goodrich, a construction partner in London who will also transfer to Seoul, and Hong Kong partner Kyungseok Kim, who recently joined the firm’s M&A practice from Linklaters where he was an associate.
Continue reading “Korea still a boon for global firms as A&O, White & Case set up shop”
Asia move continues following India play
Osborne Clarke (OC) said Hong Kong was its ‘key gateway’ as it heads deeper into Asia by formalising its relationship with local firm Koh Vass & Co.
Continue reading “‘A key gateway’: Osborne Clarke formalises Hong Kong JV”
Freshfields and Hogan Lovells win roles on deal
Brewing giant SABMiller turned to Linklaters, alongside its regular adviser Hogan Lovells, as it became the focus of a takeover approach in September from Anheuser-Busch InBev (InBev), which has instructed Freshfields Bruckhaus Deringer on a deal that would create a $275bn company.
Continue reading “Linklaters takes lead role for SAB on proposed mega-merger”
Michael West reports on the introduction of bank resolution protocols
Financial regulatory lawyers returned from their holidays this year to a lot of calls on one topic – bank resolution. The implementation this year of the EU’s Bank Recovery and Resolution Directive (BRRD) combined with the Greek crisis has pushed an issue that’s been simmering for years back up the list of priorities for bank and investment firms’ legal teams.
There’s an old Russian joke about a foreigner who visits the Soviet Union. Knowing his letters will be read by the state censor, he devises a system to communicate with friends back home. If his letter is written in black ink, the message is true. If it is written in red ink, the message is false. Eventually his friends receive a letter from Russia written in black ink: ‘Dear friends, I hope this letter reaches you. Contrary to the lies in our press, life in the Soviet Union is wonderful. Food is plentiful, apartments are spacious and well heated, and there are no shortages. In fact, the only thing I can’t find here is red ink.’
Asking international lawyers about the year they have just had in the Russian market is a similar exercise in reading between the lines. While many firms report that they are still making money, fuelled largely by a boom in restructuring work, this picture is undoubtedly airbrushed by lawyers’ unwillingness to discuss the negatives. No-one, however, is in any doubt that the precipitous decline of the Russian market is hitting revenues. Continue reading “Aboard the propaganda train – sweat and spin amid a turbulent Russian market”
K&L’s Tony Griffiths says the father of business theory has lessons Big Law would do well to learn
Many centuries ago while studying law as an undergraduate, a particularly inspiring corporate law lecturer suggested that I might want to read a book on management theory, as well as immersing myself in case law and precedent. I still have no idea why he suggested it and I believe I was the only one in the company law class who took him up on it.
Continue reading “Profit, delusion and how Big Law became obsessed with the wrong things”
CMS’s Duncan Weston argues that a new attitude to technology will be essential for the best law firms
Against a backdrop of a fast-changing technology environment; value-conscious clients, rising rents, and the need to provide meaningful alternative fee arrangements, law firms are being challenged to deliver innovative services and efficiencies like never before. Embracing new technologies, LPOs and alternative business structures just goes with the territory.
Continue reading “Bespoke, mobile and plugged in – the tech tools clients and staff will demand”
In July, global offshore firm Appleby announced the management buyout (MBO) of its fiduciary business for an undisclosed sum, backed by private equity house Bridgepoint. Completion is subject to regulatory and legal approvals, but is expected to wrap up by the end of 2015.
According to group chair Frances Woo, the sale had been considered for some time, so that the fiduciary arm could continue to develop new products while the legal side could invest in new technology and knowledge management going forward.
Continue reading “Making gains – to be or not to be in the fiduciary business”
Mythical triangles notwithstanding, the island state of Bermuda plays host to the prestigious America’s Cup in June 2017. But while it may be two years before the world’s sailing elite descends on the island state, competition for the local offshore firms has already arrived. In May, Cayman-based Walkers announced it would open in Bermuda later this year. This came just one month after Bennett Jones’ (Bermuda) law practice was launched through an association with Canada-based law firm, Bennett Jones.
These are significant changes for the islands, which have little experience of overseas firms on their territory, save for Sedgwick Chudleigh, which opened in Bermuda in 2006 in conjunction with international firm Sedgwick. Subject to regulatory approval, Walkers’ opening will be the first major offshore firm headquartered outside the islands to open in Bermuda. It wasn’t the only major player to show a keen interest this year either: British Virgin Islands (BVI)-based Harneys at press time announced a combination with Bermudian firm Hurrion & Associates to form a full-service practice, Harneys Bermuda. Continue reading “Changing Tack – Bermuda triangulation”
Andreas Haviaras and Stalo Papoui of Haviaras & Philippou discuss the new development in Cypriot property law.
The main problem the Cyprus property market currently faces is the failure of the developers, due to their financial problems, to issue title deeds to the buyers who paid for the property bought or to transfer the title in cases where it has been issued. In this sense, the buyer who paid for the property but did not receive a title is a trapped buyer as he cannot exploit the property.
Continue reading “The legislative framework for ‘trapped’ property buyers”
BDA’s Ross Webber highlights the benefits international entrants bring to the market.
Recent moves by leading global law firms to set up offices in Bermuda mark something of a watershed for our jurisdiction. Bermuda has been renowned for its strength and depth with regard to quality lawyers – however, it has not always been heralded for its variety of choice. That looks set to change.
Continue reading “Bermuda’s evolving legal services landscape”
Geoff Cook of Jersey Finance discusses the role of offshore jurisdictions.
International finance centres (IFCs) have for some time known that they make a considerable, positive contribution to global economies, but until recently empirical evidence to reflect that has not been readily available.
Continue reading “Research reinforces the global value of IFCs”
Litigators at the London arms of Debevoise & Plimpton and Reed Smith have been drafted in on a €578m (£418m) professional negligence claim brought by British American Tobacco (BAT) against Big Four accountancy firm PwC.
It will be the end of an era at Allen & Overy (A&O) come May 2016 when senior partner David Morley and global managing partner Wim Dejonghe step down from their current leadership roles, with Morley retiring from the firm after 36 years.
Continue reading “Allen & Overy gears up to replace its C-suite as Morley to retire in 2016”
Allen & Overy and Linklaters secured advisory roles as the private equity owners of meat-substitute Quorn offloaded it to a Filipino noodle maker for £550m.
Continue reading “Allen & Overy and Linklaters win key roles on £550m Quorn acquisition”
Canadian firm Fasken Martineau has confirmed its London office is under consultation and up to 70 roles could be cut. Legal Business also understands that City office head Gary Howes has resigned.
Continue reading “Under review: Fasken Martineau to cut up to 70 roles in London”
To celebrate our annual GC Power List report, Legal Business this summer teamed up with DLA Piper and Thomson Reuters to hold an evening reception and debate to explore the topic of teamwork and give senior in-house counsel an informal chance to network.
Our discussion panel comprised British American Tobacco’s Western Europe legal head Benoit Belhomme, Credit Suisse’s EMEA general counsel (GC) Maria Leistner, ITV’s GC Andrew Garard, Diageo’s GC Siobhan Moriarty and AIG’s EMEA legal head Chris Newby. Bringing a private practice view to the proceedings was DLA Piper co-chair Sir Nigel Knowles, with Legal Business editor-in-chief Alex Novarese chairing the discussion. More than 50 senior in-house counsel attended the reception at the The Ivy’s private members’ club on 24 June.
The GC Power List will return in 2016.
Continue reading “GC Power List Summer Reception – In search of excellence”
Disputes practitioners contend another hike will deter foreign litigants
City lawyers have voiced concerns over government policy once again as submissions closed this month on the latest round of court fee hikes proposed by justice minister Shailesh Vara.
Continue reading “Concerns raised as consultation closes on court fee hikes”
FIRST-TIME GC FOR BRITISH LAND
Property developer British Land has hired HSBC deputy company secretary and former Freshfields Bruckhaus Deringer partner Elaine Williams as its first general counsel. Williams, who was a partner at Freshfields between 2000 and 2011 before joining HSBC in 2011, will become British Land’s first ever general counsel when she starts in November.
