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Continue reading “Access your pdf edition of LB magazine – Türkiye International Focus 2023/24”
M. Efser Karayel-Keßler of Matur & Ökten & Karayel Keßler explores the legislation affecting employment relationships when a company’s legal structure changes and where this means employees face unequal treatment
Changes to the legal structure of companies regularly have an impact on employment relationships. These usually lead to changes in employment conditions, dismissals or early retirements , or cause a change in the identity or form of the employer. This particularly applies to asset deals, mergers, demergers and company-type changes. Continue reading “Sponsored briefing: The fate of employment contracts in M&A transactions under Turkish law”
Evrim Uygur Yamaner and İrem Özbay of Gled Partners consider seller liability in providing representations and warranties when transferring shares
In merger and acquisition (M&A) share transfer agreements, it is common to include statements and representations assuring that there are no encumbrances on the shares and that the company was properly established, legally compliant and possesses required permits and licences.
Continue reading “Sponsored briefing: Legal nature of representations and warranties in share transfer agreements”
Using statistical data, Egemenoğlu Hukuk Bürosu reflects upon bankruptcy in Türkiye, and looks to the effective measures available for present businesses
In recent years, the liquidity shortage in the markets, the unexpectedly high increase in raw material costs, the sudden fluctuations in exchange rates and the problems arising from the deterioration of the supply and demand balance have caused serious economic difficulties for citizens and companies in our country. As a result of this situation, many companies are struggling under the financial burden of debt. As a result of deteriorating cash flows and financial structures, companies are experiencing difficulty in paying their debts, and are subsequently encountering enforcement proceedings, and even the risk of bankruptcy. Recent negative progress in the economy has also led to an increase in the number of execution and bankruptcy files. Continue reading “Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years”
Gökçe Ergün, Çağla Yargıç and Yaren Türe of Kılınç Law & Consulting report on how Turkish law views AI-generated content in the context of authorship and copyright
Artificial intelligence (AI) tools that, in simple terms, bring algorithm-based machine learning to mind, have started generating unpredictable outputs, especially with the advancement of cutting-edge systems like generative AI contributing to technological advancement. AI can generate content across a wide spectrum, ranging from texts to images, music to videos. Continue reading “Sponsored briefing: Artificial intelligence generated content and copyright, creativity and authorship issues”
Mustafa Tırtır and Muharrem Kazak of Mustafa Tırtır Law Firm set out recent Supreme Court case law on liability for crimes committed during company activity
In the event of a criminal offence during the activities of a company, legal entities are not subject to criminal sanctions. Natural persons authorised to represent and bind the company are held criminally liable.
Continue reading “Sponsored briefing: Criminal liability of company directors”
Following the devastating earthquakes that rocked Türkiye and Syria in February 2023, rescue, recovery and rehabilitation remain some of the dominant topics of conversation among the Turkish legal community.
The tragedy resulted in the deaths of more than 55,000 people across the two countries, with more than 17 million estimated to have been affected in some way. Inevitably this has meant that a large swathe of the legal fraternity has been directly impacted on a personal level, with many family and friends affected, but law firms have more than risen to the challenge and made themselves available to aid in the recovery. Continue reading “The road to recovery – how Türkiye’s law firms are pulling through”
Eren Can Ersoy of Kılınç Law & Consulting looks at the regulations associated with data protection
The irrepressible rapid development of technology and digitalisation around the world necessitates the processing and transfer of personal data. This evolution has a direct impact not just on individuals but also on the business world. The processing and transfer of personal data abroad necessitates the effective protection of data. Personal data processing and transfers overseas demand robust data protection. The transmission of personal data abroad is regulated by Law No. 6698 on the Protection of Personal Data (the Law), and the primary rule for data transfer abroad is to get the data subjects’ explicit consent. With the existence of one of the data processing conditions specified in the Law, and the recipient being located in one of the countries on the list of safe countries to be published by the Personal Data Protection Authority (the Authority), the data controllers in Türkiye and abroad can undertake adequate protection in writing and the Personal Data Protection Board (the Board) can gain permission as an exception to the rule of obtaining explicit consent.
Continue reading “Sponsored briefing: Binding corporate rules for transfer of personal data abroad”
Turhan Mergen, Lalin Elkatip and Zehra Kıryolcu of Diri Sevi Mergen report on electronic signature legislation in Türkiye and its connections with the EU
Economic globalisation has fostered an interdependence among national economies worldwide. This phenomenon, brought about by the swift cross-border movement of goods, services, technology and capital, has developed and increased international trade. In relation to this economic surge, the pace of life across various aspects, encompassing communication, logistics and access to information, has accelerated. This accelerated pace, both a catalyst and a consequence of economic globalisation, has increased the demand for rapid processes in both daily and corporate life. Consequently, the adoption of digital methods has surged, a transition further accelerated by the urgency imposed by the Covid-19 pandemic.
Continue reading “Sponsored briefing: Ink to code: analysing electronic signature legitimacy in the EU and Turkish legislation”
Kirkland & Ellis’ Sara Pickersgill on switching track from opera singer to infrastructure lawyer and why The Lion, the Witch & the Wardrobe offers salient lessons for a career in the City
In another blow for Norton Rose Fulbright (NRF), commercial litigation partner Radford Goodman has left for Mishcon de Reya. Goodman joined Mishcon’s insolvency team on Tuesday (9 January) as a partner.
NRF has experienced a string of partner departures throughout 2023, particularly across its litigation practices, and in the wake of the resignation of its global chief executive Gerry Pecht in September 2023. Continue reading “Norton Rose Fulbright loses another litigation partner as departures continue to mount”
Quinn Emanuel Urquhart & Sullivan posted an impressive set of 2023 financial results for its London office today (10 January), with revenue up 47% to £196.6m and profit up a staggering 60% to £153.6m, with a profit margin of 78%.
London senior partner Richard East (pictured), who founded the office in 2008, said: ‘We are extremely pleased with our 2023 results. It is a stunning achievement for a “disputes only” practice to approach £200m in revenue, especially taking into account the number of partners we have in London. This year’s results were boosted by a material one-off success fee, but even without this fee the office has very significantly improved revenue and profit as against 2022.’ Continue reading “‘Stunning achievement’: revenue and profit surge at Quinn’s London office”
In a move that may come as a surprise to detractors of the Magic Circle firm’s US ambitions, Linklaters today (8 January) announced it has expanded its New York M&A offering with the hire of a six-lawyer team from Shearman & Sterling.
Leading a quiet week of hires for the new year, White & Case has hired Taurie Zeitzer, the co-head of Paul Weiss’ M&A group in New York.
Recognised as a leading lawyer by the Legal 500, Zeitzer will join White & Case as co-head of the global private equity industry group. Her key clients include private equity house Apollo Global Management where she advised on its $5.2bn acquisition of aluminum products maker Arconic last year. Earlier in her career, she served as a partner at both Kirkland & Ellis and Latham & Watkins. Continue reading “Revolving Doors: US losses for Paul Weiss, A&O and Shearman while Asia dominates hiring market”
In an era marked by rapid advancements in technology and an ever-expanding digital landscape, the significance of robust legal frameworks governing electronic transactions and data protection cannot be overstated. For Lebanese companies, the enactment of the Lebanese Law No. 81 of 2018 related to electronic transactions and personal data (Law No. 81/2018 or ‘Law’) represents a pivotal moment in their journey towards adapting to the demands and opportunities of the digital age. This legislation not only addresses the critical need for legal clarity in electronic transactions but also establishes essential safeguards for data protection in an environment characterised by evolving cyber security threats and heightened concerns about privacy.
Lebanon, like many nations worldwide, has been experiencing a digital transformation that has reshaped the way businesses operate, communicate, and engage with their customers. E-commerce, online banking, and digital marketing have become integral components of the Lebanese business landscape, offering companies new avenues for growth and innovation. However, the absence of comprehensive electronic transactions regulations had left many enterprises navigating this digital terrain without clear guidelines, resulting in uncertainty and potential legal risks. Continue reading “The Electronic Transactions and Data Protection Law in Lebanon: Empowering Lebanese companies in the digital age”
From AI to ESG and class actions, top London litigators predict the hottest litigation trends for 2024
If the view of London litigators on the coming year could be summarised in a single word, it would be ‘more’. Continue reading “New year’s (dispute) resolutions”
Paul Weiss continued to cut a swathe through the London market this week with a double partner hire from Clifford Chance. The US firm brought over Legal 500 private equity leading individual Christopher Sullivan, who led the UK private equity practice at CC, and acquisition finance partner Taner Hassan, who joins as head of European leveraged finance.
The hires are the latest in a flurry of London recruitment for Paul Weiss, which is targeting some of the top corporate and finance practices in London to build out its nascent English law offering following earlier recruits from Kirkland & Ellis and Linklaters. Continue reading “Revolving doors: Departures from Clifford Chance and Linklaters as US firms continue to snap up talent in London”
1. What are the key regulatory changes that have impacted the banking and finance legal market in the UAE in the past year?
In 2023, the United Arab Emirates (UAE) banking and finance legal market has witnessed significant regulatory changes that now effectively require that banks secure loans with tangible assets (in addition to, or even rather than, personal guarantees). This has implications for existing transactions, as personal guarantees alone may no longer suffice, potentially resulting in borrowers and guarantors attempting to challenge existing deals that are not secured by other assets. Banks must now adapt their lending practices to ensure compliance with these new regulations, considering a more focused approach to selecting suitable securities that facilitate enforcement, but at the same time avoiding over-collateralisation (which, as recent court practice suggests, may also be an issue). Continue reading “Sponsored Q&A: Morgan Lewis”
Showing no signs of winding down for Christmas, Paul Weiss has continued its aggressive London recruitment drive with the double hire of Clifford Chance private equity partner Christopher Sullivan and acquisition finance partner Taner Hassan. Continue reading “Paul Weiss hits CC for private equity partner duo as magic circle offensive continues”
In a continuation of Paul Weiss’ impressive recruitment efforts in London, Nicole Kar has joined the US firm as a partner, according to a source familiar with the situation.
Recognised in The Legal 500 Hall of Fame for her expertise in competition law, Kar has dedicated more than twenty years of her career to Linklaters, joining the firm in 2001 and most recently heading up its antitrust and foreign investment practice.
