Fried, Frank, Harris, Shriver & Jacobson has decided to close its Hong Kong and Shanghai offices, leaving the US firm without an outpost in Asia.
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Significant mandates: CC client and Autonomy founder Lynch welcomes SFO closure of investigation
The UK’s Serious Fraud Office (SFO) has today (19 January) announced it has closed its high profile investigation into the $11bn sale of British software firm Autonomy to US computer giant Hewlett-Packard in 2011 due to lack of evidence, a move that brings some closure for Autonomy founder and Clifford Chance client Mike Lynch.
‘Our headline achievement’: Telefonica UK reduces external legal spend by 66% over two years
Reducing legal spend is an arduous task for many in-house counsel that face increasing pressure to manage cost efficiency. But, in a demonstration of the increasing cost pressures facing firms, such a feat has been substantially achieved by the UK arm of telecoms giant Telefonica which has reduced its external legal spend by 66% since 2012.
Financials 2013/14: Bird & Bird LLP accounts show fall in profits as firm ramps up headcount
Bird & Bird’s latest limited liability partnership (LLP) accounts show turnover at the firm grew 5% from €293m to just under €309m in the year to 30 April 2014, but that profit at the LLP was down 5% from €60.3m to €57.1m as staffing costs rose.
Asia expansion: Hogan Lovells hires Gide Vietnam chief as it targets SE Asia
In keeping with its continued expansion in Asia, Hogan Lovells has today (16 January) announced the hire of Gide Loyrette Nouel‘s Vietnam head, Samantha Campbell, to its Southeast Asia practice where she will lead the firm’s offices in Hanoi and Ho Chi Minh City.
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An ‘exemplary’ presented case: Freshfields-advised Sotheby’s prevails against claim it mistook a Caravaggio for a copy
Freshfields Bruckhaus Deringer has successfully had dismissed a multimillion pound lawsuit against auction house Sotheby’s concerning whether a painting of The Cardsharps was properly analysed and catalogued.
Selling the NEC: Eversheds, Wragge Lawrence Graham and Gateley on Birmingham’s £307m deal
In-house: William Hill GC cashes out and moves to Travelport
One of the UK’s biggest bookmakers, William Hill, has promoted Michael Leadbeater to group director of legal services, replacing general counsel (GC) and head of business systems Thomas Murphy, who has left for Travelport.
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Dealwatch: Kirkland, Travers, and Freshfields advise on Cinven’s £462m purchase of PCL
Kirkland & Ellis, Travers Smith and Freshfields Bruckhaus Deringer have all won roles advising as private equity firm GTCR agrees to sell British financial services company Premium Credit Limited (PCL) to buyout group Cinven for £462m.
‘Proving their worth’: Eleven firms win places on local government pension scheme legal framework
The National Local Government Pension Scheme (LGPS) Frameworks group has launched a new legal services framework with eleven law firms including Osborne Clarke, Pinsent Masons and Eversheds, winning places to provide specialist pensions and investment expertise.
A $2.9bn cost – US bank results reveal lenders still suffering from high legal expenses
US banks have started to announce their results for Q4 2014, revealing a large hit to balance sheets from legal expenses with JPMorgan Chase spending $1.1bn and Citigroup $2.9bn, just in the three months to 31 December 2014.
Growing in the City: DWF expands corporate and banking team with two lateral hires
Sole adviser no more: Severn Trent to appoint at least two firms on new roster
FTSE 100 water company Severn Trent is set to move away from its sole advisor mandate with Eversheds, Legal Business has learned. The business, which is currently undergoing a panel review, will chose between two and five firms for its new roster, to be finalised by mid-February.
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‘Banging his head against the wall’: Justice secretary makes limited concessions as Commons passes judicial review reforms
The government has amended the Criminal Justice and Courts Bill to reintroduce further discretion in holding judicial reviews, helping the bill to pass the House of Commons last night (13 January) and returning it to the Lords for a third time.
Heading to the bar: Hogan Lovells streamlines dual management role as former arbitration co-head leaves
Hogan Lovells’ former co-head of international arbitration, Simon Nesbitt, is set to depart the firm and join the Bar, a move which coincides with the firm’s decision to streamline the dual management structure of the practice and continue with a single head.
Taking Silk: 93 appointed QC but level of female applicants remains ‘stubbornly low’
The appointment of 93 new Queen’s Counsel (QC) has been announced this morning (14 January), with the number of females awarded silk increasing by 39%. The Queen’s Counsel Selection Panel, however, has expressed concern that the number of female applicants ‘remains stubbornly low’.
Online service take two: Allen & Overy re-launches e-business
Allen & Overy (A&O), which recently has set the pace for providing alternative service delivery models such as its PeerPoint flexible lawyer initiative, has re-launched its online derivatives service in a bid to appeal to a broader set of clients.
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Succession planning: RBS appoints new group GC as Chris Campbell steps down
Deputy general counsel (GC) John Collins has replaced Chris Campbell as the group GC of the Royal Bank of Scotland as Campbell prepares to retire.
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‘Redefining leadership’: Hogan Lovells teams up with Oxford Said Business School on partner leadership programme
Hogan Lovells has begun piloting a new leadership programme for experienced partners with Oxford Said Business School, an initiative which the transatlantic firm says will enable partners to build a unified approach to leading the firm and ‘become roles models and distributors of a strong, shared culture.’
Go your own way: Lawyers at Covington & Burling and DLA Piper leave to launch boutiques
Having watched an increasing number of their peers depart during 2014 to launch boutique law firms, Covington & Burling‘s co-head of EU litigation and DLA Piper‘s former Middle East managing partner have quit their respective firms to set up their own boutiques.