White & Case capital markets duo Thomas Le Vert and Philippe Herbelin, alongside corporate partner François Leloup, have resurrected the listing of electrical engineering group SPIE after an eight-month postponement.
Comment: Lockstep has to go for Magic Circle to enter new global elite
Conservatism and intransigence are qualities often bemoaned in the legal industry, in many cases beyond their manifestation. But there is one aspect in which the upper reaches of City law have shown a resistance to change verging on the surreal: the desperate embrace of a highly restrictive model of lockstep.
Continue reading “Comment: Lockstep has to go for Magic Circle to enter new global elite”
A&O ushers in bonus pool for ‘exceptional partners’ as City giants edge from lockstep
With the Magic Circle facing increasing pressure from US firms’ ability to pay top dollar for star talent, Allen & Overy (A&O) has introduced a performance-related bonus pool, separate to its lockstep, both to help retain and bring in leading talent.
Six months after surprise exit, ex-Olswang head Stewart packs his bags to re-emerge at Caribbean law firm
After having unexpectedly stepped down from his role as Olswang’s chief executive in October last year amid differences with other partners, David Stewart (pictured) has re-emerged away from the City as a partner at Turks and Caicos firm Griffiths & Partners.
DLA builds LatAm presence with Colombia pact as firm hopes to leverage Spanish relationships
Just three months after sealing its entry into Canada by combining with local firm Davis, DLA Piper has continued its march across the Americas by signing a cooperation agreement that will see it launch in Colombia.
Financials 2014/15: Fieldfisher revenues rise 9% while PEP jumps 22% to pass £500,000
A year since it edged past the £100m barrier, revenue at tech-heavy law firm Fieldfisher rose by 9% to reach £113m in the last financial year and put its spate of flat results following the financial crisis behind it.
News in brief – June 2015
CLYDES AND SIMPSON & MARWICK IN ANGLO/SCOTS MERGER BID
Clyde & Co is in merger talks with former Kennedys target, Scottish firm Simpson & Marwick. Simpson’s five Scottish offices plus outposts in Newcastle, Leeds and London could be added on to Clydes’ office network, although its 15-strong family law team exited the firm last month for Brodies.
EY LAW HIRES FINREG LAUNCH TEAM AND SENIOR ADDLESHAWS DUO
Accountancy giant EY made a further push into legal services in May, hiring Baker & McKenzie financial services partner Steven Francis, plus a 12-strong team of lawyers to launch a financial regulatory business. It also announced the hire of former Addleshaw Goddard managing partner Paul Devitt and corporate partner Richard Thomas to its Manchester office with plans to grow a team servicing the North West.
DAC Beachcroft set for defining post-merger management election
DAC Beachcroft is gearing up for a management election this summer between both insurance and non-insurance partners as the firm looks to select its first new executive team since the merger of Davies Arnold Cooper and Beachcroft in October 2011.
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Gateways – the lawyer’s view on gaining access to North Africa
While Morocco stands apart as a portal into Africa for foreign investors, neighbour Algeria starts to open up. We ask international law firms to share their experiences of working in the region.
In the globalisation race, Casablanca has established an early lead as one of the primary entry points into Africa, along with Johannesburg. It is akin to the emergence in the last decade of Hong Kong and Singapore as the key finance centres for Asia. But can Morocco and neighbouring Algeria achieve a position of genuine global influence, when Paris, London and also Dubai remain places where many African transactions are executed?
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After downsizing Germany Orrick bucks trend with Geneva launch as US firm bolsters arbitration credentials
Having recently shut two out of four of its German offices as it refocuses its European strategy, Orrick, Herrington & Sutcliffe is opening a new base in Geneva to build its arbitration presence on the continent with the hire of Vanessa Liborio from Akin Gump Strauss Hauer & Feld.
Defendants shift advisers in favour of Quinn Emanuel in Arcadia $335m oil trading case
Quinn Emanuel Urquhart & Sullivan’s Ted Greeno has been brought in to defend ex-Arcadia Petroleum chief executive Peter Bosworth and former chief financial officer Colin Hurley against a $335m fraud suit at the High Court from their past employer after Allen & Overy (A&O) was dropped from the case.
Having lost two Magic Circle clients, University of Law sold to GUS less than three years after purchase
Europe’s largest law school The University of Law (ULaw) has been sold by Montagu Private Equity to Global University Systems (GUS), less than three years after the private equity house acquired it and after losing two Magic Circle clients to rival BPP last year.
Financials 2014/15: Bond Dickinson passes the £100m revenue mark with 7% growth
In its first full financial year since its May 2013 merger, Bond Dickinson has surpassed the £100m mark with a 7% growth rate and a revenue figure of £106.4m for the financial year 2014/15.
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Garrigues in Latin America: a step ahead – Javier Ybañez discusses the firm’s international position.
We would like to think that staying one step ahead is one of Garrigues’ hallmarks – one of our obsessions. Garrigues was the first Spanish law firm to become an institutional organisation and leave behind the traditional model of an inherited family business to become a firm owned purely on merit, and this some decades before our competitors chose the same route.
Being the first to take such a difficult step is probably what instilled our enduring pioneering spirit. Many years ago we were the first major Spanish law firm to open an office in New York and, more recently, the first to publish a corporate social responsibility report. To some extent, this background has undoubtedly driven us to be the first major Spanish law firm to open its own offices in the principal Latin American cities.
Team moves – Alec Harvey and Richard Nicolle discuss the risks
Team moves in London’s legal market are on the rise, particularly among US law firms establishing new offices or practice groups.
The potential benefits of a team move are not limited to critical mass – the new employer may gain a significant competitive headstart by acquiring a ready-made team, client relationships and increased market credibility.
Even where single partners are targeted, they are frequently asked whether they require support from existing team members and acquiring junior lawyers, who often service the daily needs of clients, can enhance the ability to leverage client relationships. Continue reading “Team moves – Alec Harvey and Richard Nicolle discuss the risks”
Dealwatch: Freshfields and Mayer Brown win roles on Blackstone’s Centre Parcs sale
Freshfields Bruckhaus Deringer and Mayer Brown have won key spots on Blackstone’s sale of a majority stake in Centre Parcs UK to Brookfield Property Partners after the holiday-village operator had looked at carrying out an initial public offering (IPO).
Linklaters finance practice knocked as firm loses leading partners in Germany and Hong Kong
Linklaters has suffered senior exits in two key financial centres, with former German international board member Eva Reudelhuber departing for Gleiss Lutz in Frankfurt and Davis Polk & Wardwell hiring capital markets partner Jon Gray in Hong Kong.
Mishcon de Reya hires Enyo Law partner in ongoing disputes push
After having left Addleshaw Goddard in 2010 to join high-end disputes boutique Enyo Law, partner Annabel Thomas (pictured) is returning to a full service LB100 firm and joining Mishcon de Reya’s disputes practice.
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‘A Chinese firm for Chinese clients’: Michelmores supports first UK launch by Chinese-owned law firm
YangTze Law has become the first wholly Chinese-owned law firm to launch in London, targeting Chinese corporates investing in Europe as China’s outbound direct investment overtook investment into the country for the first time earlier this year.
Mayer Brown teams up with ULaw to launch first ‘direct to solicitor’ apprenticeship
Mayer Brown has announced that it will be the first City law firm to offer the University of Law’s (ULaw) Articled Apprenticeship scheme, which enables candidates to obtain a degree, postgraduate qualification and the recognised training required for full solicitor status.