Perspectives: Jan Paulsson, Three Crowns

I didn’t start school until I was 13. I grew up in Liberia and it was wonderful growing up in the jungle because there were no schools! But my parents were increasingly nervous about how they were ‘mistreating’ their only son and told me I had to go to school. They had previously taken me to Sweden but having grown up in West Africa I didn’t care for Sweden’s winters very much. So they found some people in Los Angeles who would take me in, and I started in a public high school. Later, I would go to Harvard and Yale.

I started practising law in 1975 not having any idea of what I was doing. I began my career at Coudert Frères in Paris and like most people starting off, I didn’t know long I would do it, or whether I liked it, and whether Paris was the right city for me. I had no idea what practising law, or arbitration, was all about. My arrival coincided with a crisis for one of the clients in the firm – there was a dispute between the Libyan American Oil Company and the Libyan government. The concession agreement called for international arbitration under principles common to Libyan law and international law. I had studied international law at Yale and right off the bat the senior partner walks up the hall and asks if there was anybody who had studied it. That was the start – I never did anything else.

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Perspectives: Gary Born, Wilmer Cutler Pickering Hale and Dorr

I grew up on a military base, I was an army brat in what was then West Germany, and they didn’t need lawyers; they had commanding officers and lieutenants.

I went to university in the US and happily studied history and religion. I thought being the professor was what I wanted to do. In my last year, my faculty announced a freeze on hiring and liberal arts education was in a bit of a crisis. So, with all other options ruled out, I decided to go to law school.

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Leader

The launch of Legal Business’s debut Disputes Yearbook is just one of many signs of how dramatically the dynamics of the global law game have changed over the last decade. While our lead article, Martial Law, assesses whether the dramatic rise of the contentious lawyer has reached a post-Lehman plateau, there is no sign of litigation returning to the near backwater it was becoming at many City firms in the early 2000s.

It’s possible that a stabilising global economy will have an impact on this counter-cyclical business, but in truth pure crisis-related commercial disputes work has under-shot expectations and manifested with a greater time lag than many expected.

As such, many of the underlying factors strengthening the hand of contentious lawyers such as increasingly proactive regulation and enforcement, the rise of global arbitration in a multi-polar world and the relative patchiness of M&A and securities work show no signs of abating.

Glancing at the headline financials on the litigation teams at major commercial law firms, it’s obvious that it is now common for disputes teams to exceed firm-wide profitability by a good margin, probably in part because litigation teams rarely benefited from the over-investment seen in corporate practices at firms with delusions of M&A grandeur. Continue reading “Leader”

News in brief – October 2014

LORD CHANCELLOR ACTED ‘UNLAWFULLY’ IN LEGAL AID CONSULTATION

Kingsley Napley and 11 KBW last month acted for the London Criminal Courts Solicitors’ Association and the Criminal Law Solicitors’ Association in their successful challenge against the Lord Chancellor’s failure to disclose the contents of two reports during the legal aid reforms consultation process. The Treasury Solicitor instructed Blackstone Chambers’ James Eadie QC and Fraser Campbell, and 4 New Square’s Richard O’Brien on the case.

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Life During Law: Jeremy Hoyland

I always wanted to be an architect. Unfortunately I’m very messy and that’s a bad combination. Building useful things, such as bridges and roads, would be a great job.

My father was a history teacher and my favourite subject was history, but I knew I was never going to be a history teacher as I could see what it was like for him. I did law to keep my options open and was offered a job by Simmons, which felt like a phenomenally well-paid job. It wasn’t my life plan.

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Revolving Doors: Pillsbury and K&L Gates expand international corporate and finance practices, while Pinsents and TLT focus on UK

Outside the UK, Pillsbury Winthrop Shaw Pittman and K&L Gates have expanded their corporate and finance practices respectively, while in the City, Pinsent Masons boosts its energy team while TLT grows corporate.

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Guest post: Full of sound and fury on human rights – the Conservative’s British Bill of Rights

The Conservative plan for a ‘British Bill of Rights and Responsibilities’ is finally being made clear today. The tone of the proposals is harsh and uncompromising, and politically calculated to be. Lawyers will be shocked, and yes, some of their clients will be worse off. Tory Eurosceptics and tabloids will be jubilant, and potential UKIP voters impressed.

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Lateral hiring in the Caribbean and the Channel Islands

Philip Jennings of JLegal discusses these key jurisdictions and the opportunities (and challenges) of moving offshore.

The first thing to state is that the sub-heading above defines the importance of Cayman, Bermuda, BVI, Jersey and Guernsey. These are key jurisdictions in the global legal market and the original locations for the major offshore law firms which now have offices in myriad other locations, including in Asia and the Middle East. They are still where those firms have most of their lawyers and where most of their work originates from. The transactional and contentious work carried out under, and sometimes because of,  the laws and regulations of these countries is always high value and cross-border, involving the Magic  and Silver Circle firms on a regular basis. Sometimes the premier City or US firms will instruct the offshore firms on part of a deal or case but also some of the most prestigious clients directly instruct the offshore firms, including global banks and  financial institutions, ultra high-net worth individuals, trust companies and funds.  

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