With Legal Business gearing up for its Christmas lunch, it’s once again time to look back on the notable events of the week – and 25 years in this case – with The Friday Edit, our informal take on current legal happenings. For subscriber content, click here for full access to Legal Business or email ‘[email protected]’ for more information. Corporate subscribers can also access our premium reporting firm-wide online and via our iPad edition as well as print copies.
Comment: The national market – brutally competitive but opportunity abounds
At one point in our Regional Insight report – a major collaboration with our colleagues at The Legal 500 included with this issue of Legal Business – one GC based in the North West discusses a recent pitch in which a City law firm came out best on price against regional rivals. Surprising as it may seem, it is reflective of a dynamic that has seen London advisers focus on handling work from UK regions after realising that simply aspiring to be a City leader is a road to nowhere for many firms.
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A ‘challenging period’: ABS Quindell brings in PwC for internal review as share price slides
Alternative business structure (ABS) Quindell, which posted a substantial increase in revenues in its legal services division this summer, has brought in PwC to carry out an independent review on the company’s accounting policies.
Management shuffles: Freshfields names new financial co-head as KWM appoints chiefs in Hong Kong
Freshfields Bruckhaus Deringer has made another change in management before the year ends, appointing head of the firm’s retail sector offering Claire Wills (pictured) as co-head of the firm’s financial institutions group (FIG).
US partner promotions: Sidley Austin and Dechert place different weight on City
Dechert made London a core focus in its promotions this year with three associates making the grade in the City, over 25% of the firm’s 11-strong round, while Sidley Austin elected just two London lawyers to partner as part of its 32-lawyer list.
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‘You don’t have them at hello’: Linklaters London corporate chief talks getting the right people in the room and tackling the US
Stuart Bedford became head of corporate at Linklaters‘ London HQ in September after his predecessor, Sarah Wiggins, was promoted to head of client sectors after just three months in the role. One of the strongest voices for private equity within the firm, Bedford talks to Tom Moore about how he hopes to capture US clients in the City.
H1 2014/15: Nabarro posts 3% revenue increase for half year
Having posted broadly flat financials in recent years and endured a tough period, more than many top-30 firms, Nabarro has today (11 December) unveiled a 3% revenue rise for the 2014/15 half year to £54.1m for the six months to end October, compared to the £52.5m recorded the previous year.
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‘In 2015, we will be talking about cyber security a lot more’: Cyber risk moving up the in-house agenda
General counsel (GC) are increasingly involved in handling cyber security issues at board level, reflecting a more comprehensive shift towards effective risk management, research from Legal Business and PwC has revealed.
Old acquaintances: Stephenson Harwood enters alliance in Guangzhou with former partner’s firm
Following on from closing its office in Guangzhou in Greater China in September this year, Stephenson Harwood has entered an alliance with local firm Wei Tu.
International ambitions: Penningtons Manches launches office in San Francisco
It’s been little over a year since the high profile takeover of Manches by Penningtons, and the combined firm now has its sights set on further expansion having today (10 December) announced the opening of an overseas office in San Francisco’s financial district.
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Selling icons: Linklaters and Michelmores lead on New Scotland Yard sale
The HQ for London bobbies for almost 50 years, Magic Circle firm Linklaters was charged by Abu Dhabi Financial Group to execute the purchase of New Scotland Yard in Victoria for £370m, with national firm Michelmores acting for the seller.
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‘High risk, poorly supervised and inadequately controlled’: CC’s Simon Davis publishes findings on FCA insurance scandal probe
Following the high-profile inquiry carried out by Clifford Chance litigation partner Simon Davis, the keenly awaited report on the Financial Conduct Authority’s (FCA) behaviour in leaking a business plan to The Telegraph has found failures that ‘fell short of the standards expected of those it regulates’.
Rushing to launch: High Court cases for law firm professional negligence claims jump 192% in a year
The number of High Court cases against law firms for professional negligence has almost tripled in the last year, increasing by 192% from 143 the year before to 418.
A $150m award: Baker Botts loses another Russian case as Quinn Emanuel secures pay-out against gas giants
Quinn Emanuel Urquhart & Sullivan‘s Alex Gerbi and Stephen Jagusch have secured a $150m award for Danish engineering firm Core Carbon, with Baker Botts suffering another defeat on behalf of its Russian client base, this time Rosgaz, after recently being on the receiving end of a $50bn award against Russia for the state’s destruction of Yukos.
Guest post: An immigration lawyer reviews Paddington and gives him some advice
Law is pretty abstract. Unlike the role of a doctor or a builder, that of a lawyer is difficult to explain to a young mind. When my children eventually ask me about what I do when I ‘work’ (confusingly simultaneously a place I seem to go to and a thing I do at home; either takes me away from them) my plan is to explain that I help strangers from far off places find new homes. Like Paddington Bear.
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US promotions round: Shearman & Sterling focuses on finance and arbitration with London duo
Mirroring last year, Shearman & Sterling has elected two London associates to partner as part of its promotion round which has seen thirteen made up in total.
Dealwatch: Baker & McKenzie and Ropes & Gray lead on Merck’s $8.4bn superbug takeover
One of the world’s biggest pharma groups, New Jersey-based Merck, instructed an all-female partner team from Baker & McKenzie to help it execute its $8.4bn takeover of Cubist Pharmaceuticals.
Revolving doors: International hires for Allen & Overy, KWM and Morgan Lewis while Gibson Dunn turned to GE
A host of international hires last week saw Allen & Overy (A&O) and Morgan Lewis & Bockius enhance their Frankfurt and Dubai offices respectively while King & Wood Mallesons turned in-house to launch an energy group in Paris and Gibson Dunn & Crutcher hired GE’s executive counsel.
Comment: Bringing greed to law – our part in the profession’s downfall
In our 25-year anniversary coverage, Cass Business School’s Laura Empson repeats a familiar refrain about the negative impact of the legal media on the profession’s values in creating league tables, particularly those on the profitability of law firms.
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‘No one had done it in the London market’: Clifford Chance’s former head of antitrust launches City boutique
Oliver Bretz, former global head of antitrust at Clifford Chance, is leaving after 15 years at the Magic Circle firm to launch a competition boutique in the New Year.