Deal watch: Corporate activity in June 2015
US CITY TEAMS TAKE LEAD ROLES ON GHG’S £1.5BN DEBT RESTRUCTURING
General Healthcare Group (GHG)’s £1.5bn debt restructuring, involving two commercial mortgage-backed securitisations (CMBSs), saw Paul Hastings’ London office win a role advising Capita Asset Services, which acted on behalf of the senior lenders. Milbank, Tweed, Hadley & McCloy represented the junior lenders, while Weil, Gotshal & Manges acted for Barclays, which had roles both in the CMBSs and as counter-party to an interest rate swap. Sidley Austin and Clifford Chance acted for other swap counter-parties, while Simmons & Simmons acted for GHG.
Continue reading “Deal watch: Corporate activity in June 2015”
Taking the firm to the client – traditional rainmakers are gone
Simmons senior partner Colin Passmore argues a new breed of collaborators are the rainmakers of tomorrow
When I qualified (was it really 30 years ago?) I had this impression about how law firms worked. The partnership was made up of different people. There were the technical geniuses – the lawyers who were the equivalent of the rocket scientists at the investment banks. There were the managers who made things work, like meeting the deadlines. Then there were the rainmakers.
Continue reading “Taking the firm to the client – traditional rainmakers are gone”
Getting a grip on the ‘slippery ladder’ – women and law
Reed Smith’s Tamara Box argues the profession needs to fight the gender stereotypes that stop women advancing
Imagine, in sequence, a football player, a surveyor, a figure skater and a managing partner of a law firm – all without gender association. Were you able to do that? Now imagine a carpenter. When you have that image settled in your mind, tell me the colour of her hair.
Continue reading “Getting a grip on the ‘slippery ladder’ – women and law”
The Last Word: Progress Report
As part of our Global 100 report, law firm leaders give their assessment on how their firms are performing.
Self-efficiency
‘For us, the last year has been a continuation of a strategy we launched five or six years ago and was refreshed two years ago to provide some differentiation. There’s no doubt the market is better now than then and we’ve had the two mergers during that time. The intense pressure of cost efficiency on the industry has really benefited the firm generally by forcing us to look at the impact revisiting infrastructure can have on a law firm. During the last five years, the firm has saved €100m through its efficiency drive.’
Duncan Weston, managing partner, CMS Cameron McKenna
Wragges in surprise union with mid-pack Canada firm to create 600-partner global player
There has been plenty of speculation about US and UK firms moving into Canada, but until now UK stalwart Wragge Lawrence Graham & Co (WLG) had not been high up the list of suitors in the profession’s mind. Nevertheless, WLG this week made the surprise announcement that it is to combine with the sizeable Canadian practice Gowlings in a move that will create a 622-partner law firm across 18 cities. Continue reading “Wragges in surprise union with mid-pack Canada firm to create 600-partner global player”
Financials 2014/15: Simmons returns to form with strongest-ever results
With its fortunes tied to its large financial services client base, Simmons & Simmons has brought to an end a period slow growth to post a record-breaking year, with revenues up by 8% to £290.1m, while profits per equity partner soared by nearly £100,000 to hit a new high of £649,000.
Continue reading “Financials 2014/15: Simmons returns to form with strongest-ever results”
Budget 2015: Banks off the leash as Osborne clamps down on non-doms
With inevitable consequences for City Law, UK Chancellor George Osborne yesterday (8 July) pushed back the date the country will rebalance its books, ditched the bank levy and tinkered with the fiercely-criticised non-dom status.
Continue reading “Budget 2015: Banks off the leash as Osborne clamps down on non-doms”
News in brief – July 2015
FRESHFIELDS BREAKS CITY LOCKSTEP TO BRING IN KIRKLAND’S McKIMM
Freshfields Bruckhaus Deringer’s hire of Kirkland & Ellis high-yield heavyweight Ward McKimm made waves in the City in June. Joining as co-head of European leveraged finance, McKimm’s salary is understood to be well above the firm’s City top of equity.
Global 100: Clifford Chance – The shoulders of giants
The trailblazing global law firm has had more than its share of knocks since the banking crisis. Will a popular new leader and strategic shake-up help Clifford Chance regain the magic?
‘There seems to be a point at every lunch and every cocktail party where the conversation turns to Clifford Chance. It always happens with conspiratorial whispers and knowing laughter, lawyers in City firms recount the latest tittle-tattle about the second largest firm in the world…
‘Why are people so obsessed with Clifford Chance? Because it is big? Because the lawyers are aggressive? Because the firm challenges City convention? Or it is because they are pioneers? Whether competitors know it or not, Clifford Chance has become a marker by which they measure themselves.’
Legal Business, June 1993
Continue reading “Global 100: Clifford Chance – The shoulders of giants”
Candidates emerge as CMS gears up for autumn managing partner election
CMS Cameron McKenna is gearing up for its managing partner election this autumn as chief Duncan Weston prepares to stand down from the role after eight years, with potential successors across the firm’s corporate and disputes practices already coming to the fore.
Continue reading “Candidates emerge as CMS gears up for autumn managing partner election”
Clause and effect – The arbitration backing Africa’s investment boom
As foreign investment into Africa grows, so does the demand for dispute resolution. We team up with Simmons & Simmons to assess how clients can get the best out of that crunch arbitration clause.
The attraction of Africa, and its abundance of natural resources, is undeniable. In 20 years, foreign direct investment (FDI) rose by 853% from just over $6bn in 1994 to $57.2bn in 2013, compared to a global average of 466% growth. It is unsurprising then that the increase in African-related arbitration has been robust. Where international investment goes, disputes invariably follow.
Continue reading “Clause and effect – The arbitration backing Africa’s investment boom”
Asia: Mayer Brown to form local JV in Hong Kong as Cleary takes Shearman partner
Mayer Brown‘s Asia arm is in the final stages of forming an association with the Hong Kong office of Chinese firm Jingtian & Gongcheng, subject to regulatory approval from The Law Society of Hong Kong, while Cleary Gottlieb Steen & Hamilton has hired Shearman & Sterling capital markets partner Shuang Zhao.
Continue reading “Asia: Mayer Brown to form local JV in Hong Kong as Cleary takes Shearman partner”
Survival of the fittest
RBS’s James Tsolakis on why law firms must adapt
On so many levels, the business of law is changing and the velocity of change has never been greater. These changes are creating unforeseen tensions within law firms and they challenge some of the fundamental principles that have historically defined the legal profession in the UK, a profession characterised by a tradition of conservatism and consistency, which are both foundations on which the enduring stability of the profession was founded. Continue reading “Survival of the fittest”
In-house: JP Morgan appoints a new GC as Cutler takes on vice-chairman role
JP Morgan Chase will appoint its current corporate and investment general counsel (GC) Stacey Friedman as GC early next year as incumbent Stephen Cutler takes on the vice chairman role.
Continue reading “In-house: JP Morgan appoints a new GC as Cutler takes on vice-chairman role”
HSF arbitration heavyweight Weiniger QC to depart for Linklaters
Linklaters has returned to a familiar hunting ground, Herbert Smith Freehills (HSF), to hire experienced arbitration partner Matthew Weiniger QC.
Continue reading “HSF arbitration heavyweight Weiniger QC to depart for Linklaters”
CC posts flat results but sublets half of Canary Wharf HQ to Deutsche Bank to slash costs
Clifford Chance (CC) has posted subdued results for 2014/15 amid a weakening euro, with revenue falling slightly to £1.35bn and profits per equity partner (PEP) edging down 2% to £1.12m.
Growing pains as revenue and profits take a tumble at Ashurst
Ashurst has revealed a drop in both firmwide revenues and profits per equity partner (PEP) following a ‘year of consolidation and significant investment’, including a global strategic review.
Continue reading “Growing pains as revenue and profits take a tumble at Ashurst”
Financials 2014/15: subdued performance from Eversheds with revenue and profits flat
Eversheds has posted essentially flat results for the last financial year, with revenues flat at £380.7m compared with £379.1m in 2013/14, while profit per equity partner (PEP) has nudged up just 2% from £731,000 to £749,000.
DAC Beachcroft unveils new leadership following contested election
DAC Beachcroft has elected real estate partner Virginia Clegg as the firm’s new senior partner, while insurance head David Pollitt has been named managing partner, bringing both the insurance and non-insurance parts of the business together in leadership.
Continue reading “DAC Beachcroft unveils new leadership following contested election”