In his final Budget before the general election in May, Chancellor of the Exchequer George Osborne has today (18 March) set out his tax and spending plans to MPs, with an agenda including further reforming the pension industry, raising £5.3bn from the banking sector, tackling tax avoidance and evasion, and supporting the North Sea oil industry.
Consolidation: Latham set to shut Abu Dhabi and Doha offices as it refocuses efforts in Dubai
Latham & Watkins has internally announced today (18 March) that it will close two offices in the Middle East by the end of the year, shutting down its outposts in Abu Dhabi and Doha, and relocating staff to its Dubai operation.
Comment: The case against value – the virtue that can become vice
It’s the spirit of the age that law firms feel the need to not only deliver better value and efficiency but to be seen to do so by clients.
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‘We have to find our own place’: Mishcon de Reya kicks off strategy review as it looks for 10-year plan
After surpassing revenue targets two years early last summer, high-flying City firm Mishcon de Reya has kick-started the process for its firmwide strategy review and is currently interviewing external consultants to help shape its vision.
‘A strategic priority’: DLA Piper builds competition team with Dentons’ Sam Szlezinger
Building the team: Cooley hires Reed Smith life sciences partner duo
Cooley has made more recruits to its newly launched London office with the hire of Reed Smith life sciences partner duo John Wilkinson and Nicola Maguire.
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Three in London: Freshfields Bruckhaus Deringer makes up 17 in 2015 promotions round
In its latest partner promotions, Freshfields Bruckhaus Deringer has made up its fewest number of partners in the City since 2009, with just three lawyers making the cut out of a 17-strong round.
Revolving doors: Magic Circle loses partners in Europe and Asia while Bakers hires in Africa
Last week saw both Clifford Chance (CC) and Allen & Overy (A&O) lose partners in Europe while, in Hong Kong, Linklaters lost a capital markets partner to Freshfields Bruckhaus Deringer. In South Africa, Baker & McKenzie made a significant hire, bringing in DLA Cliffe Dekker Hofmeyr’s head of projects and infrastructure.
A 400-strong partnership: Pinsent Masons makes a record 29 partner promotions
Pinsent Masons has made a record 29 promotions to its partnership, with the majority in four sectors: energy, financial services, infrastructure, and advanced manufacturing and technology.
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Singapore scramble: Morgan Lewis teams up with Stamford Law to enter market
Singapore continues to be an attractive legal market for many Western law firms targeting the fast growing Asia-Pacific region with Morgan Lewis & Bockius being the latest to combine with a local outfit – teaming up with Stamford Law Corporation.
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An 11-strong panel: Ashurst and Addleshaws lose out as Carillion finalises adviser review
Construction giant Carillion has finalised its legal panel review, with Ashurst and Addleshaw Goddard losing spots and Irwin Mitchell gaining a place for the first time.
A $40m award: Clyde & Co client Glencore loses High Court fraud case
Withers‘ client, Romanian oil company OMV Petrom, has succeeded in its high profile dispute against natural resource giant Glencore at London’s High Court, with Glencore, represented by Clyde & Co, ordered to pay out just over $40m for fraudulently shipping oil of a lower than supposed quality to Romania in the 1990s.
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Dealwatch: Linklaters, A&O and HSF win places on Sabadell’s £1.7bn TSB offer
Linklaters, Allen & Overy (A&O) and Herbert Smith Freehills (HSF) have all been instructed on the high profile £1.7bn takeover offer for TSB by Spain’s Banco Sabadell, in a bid made less than a year after Lloyds floated the bank.
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Breaking into law: RSA latest to gain ABS licence as it teams up with Parabis
UK insurer RSA is the latest business to be awarded an alternative business structure (ABS) licence by the Solicitors Regulation Authority (SRA), in a joint venture with Parabis Law.
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Q&A: A long-term commitment – Severn Trent’s in-house team share the thinking behind the new five-year sole adviser mandate with Eversheds
FTSE 100 water company Severn Trent recently re-appointed Eversheds as its sole adviser for a five-year term, commencing 1 April. Deputy general counsel Stuart Kelly and legal counsel Kristin Garret talk to Kathryn McCann about the mandate, getting monthly updates and the key performance indicators (KPIs) the firm will be judged on.
So much for the rule of law – Ted Greeno on court fees and undermining the City
Quinn Emanuel Urquhart & Sullivan disputes veteran Ted Greeno (pictured) argues that a self-defeating stance on hiking court fees will undermine London.
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Mounting departures: Another senior exit for Barclays as EMEA investment bank GC steps down
Barclays’ EMEA investment bank general counsel (GC), Erica Handling, has left the bank, which has already seen global GC of corporate and investment banking Judith Shepherd and global head of financial crime Jonathan Peddie announce their departures recently.
Comment: It’s the ‘decade of the lawyer’ – Law firms beware
Our third annual GC Power List report looks more like a state-of-the profession piece than its two predecessors. While the earlier reports focused on standout individuals, in 2015 we highlight 50 exceptional in-house teams, which inevitably addresses how clients operate.
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An opportunity to ‘build something’: KWM’s City litigation head Alex Leitch leaves for Covington
US firm Covington & Burling has bolstered its European disputes capabilities with the hire of King & Wood Mallesons London head of litigation, Alex Leitch (pictured), to its City office, as its plans to bulk up the practice this year.
Senior appointments: Linklaters appoints new US head as Dentons picks Jones’ successor as UKMEA chief
Yesterday saw two high-level legal appointments with Linklaters appointing Scott Bowie as head of its global US practice and Dentons selecting London partner Jeremy Cohen as UKMEA CEO.