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.
‘A critical step’: Paul Hastings takes top Milbank high yield partner as it builds leveraged finance team
Milbank, Tweed, Hadley & McCloy’s high-yield finance lawyer Peter Schwartz is leaving to join Paul Hastings in London, in a bid to boost the firm’s capital markets and leveraged finance capability in Europe.
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.
Continue reading “Lateral hiring in the Caribbean and the Channel Islands”
The Friday Edit: Geffen quits Appold St, the accountants are coming again and human rights factions mainline the moral high ground
Welcome to the latest instalment of our weekly recap of interesting things that happened in law land this week.
‘Chinese law firms are underestimated’: Q&A with Roger Parker, managing partner for EMEA at Reed Smith
Reed Smith’s managing partner for Europe, Middle East and Asia, Roger Parker, discusses international expansion, Chinese law firms and trying to get more corporate work.
‘We can minimise the gap between business advisers and legal counsel’: EY admits Singapore boutique into network
As Big Four accountancy giant EY continues to grow its legal services offering, it has today (2 October) announced it has brought Singaporean boutique firm PK Wong & Associates into its global network as an independent member.
An attractive proposition
MARKET VIEW – ARBITRATION
Manfred Heider, secretary general of VIAC, talks to Zeiler. Partners’ Gerold Zeiler about how recent changes to the institution’s rules will maintain its position as a key location for European disputes
Gerold Zeiler, zeiler.partners: With a growing number of arbitral institutions, why should a party use your institution?
Manfred Heider, Vienna International Arbitral Centre (VIAC): The VIAC is one of Europe’s leading arbitral institutions and serves as a focal point for the settlement of commercial disputes in the regional and international community. VIAC was founded in 1975 as a permanent arbitral institution of the Austrian federal economic chamber and has since then enjoyed a steadily increasing caseload from a diverse range of parties spanning Europe, the Americas and Asia. Situated in a neutral country in the heart of Europe, VIAC offers its services for the settlement of international disputes. The arbitral proceedings are individually designed according to the parties’ requirements and meet the highest quality criteria.
Three years after Northern Rock, A&O and Freshfields lead on Virgin Money IPO
Magic circle duo Allen & Overy (A&O) and Freshfields Bruckhaus Deringer have won roles to advise Virgin Money on its forthcoming London initial public offering (IPO).
Continue reading “Three years after Northern Rock, A&O and Freshfields lead on Virgin Money IPO”
Chinese walls?
MARKET VIEW – ARBITRATION
Following a high-profile internal squabble, the CIETAC is going global. Yu Jianlong, the institution’s secretary general, tells Clyde & Co partner Patrick Zheng why Hong Kong was its first port of call
Patrick Zheng, Clyde & Co: With a growing number of arbitral institutions around the world, why should a party use the China International Economic and Trade Arbitration Commission (CIETAC)?
Yu Jianlong, CIETAC: Founded in 1956, CIETAC is the oldest international arbitration institution in China. With more than half a century’s development, it is also among the busiest arbitral centres in the world. We recommend that a party uses CIETAC arbitration due to the fact that it offers a number of advantages. Firstly, the CIETAC rules are similar to those of all the major arbitration institutions, thereby offering parties the most autonomy possible. In addition, we have over 300 foreign arbitrators from more than 40 jurisdictions; in international or foreign-related cases, parties may agree on the nationality of the arbitrators. Secondly, CIETAC is independent of any government agencies in China, and CIETAC arbitrators do not represent any parties. Thirdly, most CIETAC cases are concluded within six months after the tribunal is constituted, meaning that our arbitration fees are relatively low compared to other major international arbitration institutions. Finally, CIETAC offers the unique combination of arbitration with mediation – a combination which not only resolves disputes, but also renews positive business and personal relations between parties.
The Movie Business
MARKET VIEW – ARBITRATION
Freshfields’ head of international arbitration, Lucy Reed, talks to Singapore International Arbitration Centre chief executive, Lim Seok Hui, about the institution’s recent rise to prominence
Lucy Reed, Freshfields Bruckhaus Deringer: Singapore International Arbitration Centre (SIAC)’s reputation in the market has skyrocketed in the last five years. What are some of the factors which have led to that growth?
Lim Seok Hui, SIAC: It was certainly no coincidence that the spike in new case numbers we have seen since 2008 corresponded with the entry onto the world stage of the Chinese, Indian, Indonesian, Japanese and Korean economies. That is of course a key factor in the growth of the institution. Underpinning and assisting that development is the fact that the government of Singapore was very quick to lay the infrastructure needed for the advancement of international commercial arbitration in our jurisdiction, and to adopt the necessary legislation to allow us to keep up to speed with global best practices. We also have a very supportive judiciary which built upon Singapore’s reputation for neutrality, integrity and quality more generally as regards our legal sector.
Hong Kong Horizons
MARKET VIEW – ARBITRATION
Armed with a new set of institutional rules, the HKIAC’s secretary general, Chiann Bao, discusses the importance of providing a flexible, cost-efficient approach to international arbitration with Quinn Emanuel’s John Rhie
‘Users have always appreciated the transparency and neutrality of our administration,’ says Chiann Bao, the Hong Kong International Arbitration Centre (HKIAC)’s secretary general, of the institution she has served for the past four-and-a-half years. Such assurances are timely, given the release in June by China’s State Council of a white paper demanding that judges in Hong Kong ‘love the country’. This is seen by some commentators as a threat to the judicial independence guaranteed by the ‘one country, two systems’ formula in place since the 1997 handover.
Like clockwork
MARKET VIEW – ARBITRATION
Why are so few awards rendered by the Swiss Chambers’ Arbitration Institution subject to challenge proceedings in the country’s courts? Rainer Füeg, the institution’s Executive Director, speaks to Lenz & Staehelin partner Martin Burkhardt
Martin Burkhardt, Lenz & Staehelin: With a growing number of arbitral institutions, why should a party use your institution?
Rainer Füeg, Swiss Chambers’ Arbitration Institution: Arbitration proceedings under the Swiss rules of international arbitration are efficient, reliable and cost-effective. They are administered in four languages: English, German, French and Italian. In arbitration proceedings where the amount in dispute does not exceed CHF1m, expedited procedures will apply; in such cases, the award shall be made within six months from the date on which the secretariat of the Institution submitted the file to the arbitral tribunal. More generally, the members of the institution and its arbitral tribunal are experienced international arbitration practitioners.
‘We are in recruitment mode’: KPMG breaks new ground with multi-disciplinary ABS
KPMG is looking to bulk up its legal team as it becomes the latest accountancy giant to acquire an alternative business structure (ABS) licence in a bid to expand its offering to clients.
Continue reading “‘We are in recruitment mode’: KPMG breaks new ground with multi-disciplinary ABS”
Redundancy watch: Parabis Law consolidates after mergers and closes Bristol and Colchester outposts
After two months of placing its regional offices under consultation, Parabis Law has decided to close its Bristol and Colchester offices.
Small islands, big cases
MARKET VIEW – LITIGATION
Maples and Calder’s BVI managing partner, Arabella di Iorio, looks at complex commercial litigation in the British Virgin Islands
We all know the oft-repeated statistics: the hundreds of thousands of British Virgin Islands (BVI) incorporated companies, the hedge funds, the limited partnerships, the captive insurance companies. Those of us fortunate enough to live here also know that the BVI is among the most beautiful places on earth. But what is just as often forgotten is that the development of the BVI as a sophisticated offshore financial centre has gone hand in hand with its development as a jurisdiction able to handle the most complex international litigation.
Taking on the world
MARKET VIEW – LITIGATION
Al Tamimi & Company’s Hassan Arab, Rita Jaballah and Robert Maxwell Marsh examine the growing role of the UAE as a dispute resolution hub and the benefits of conducting dispute resolution in the increasingly comprehensive legal system
With the recent US Open and New York Fashion Week, New York City has once again attracted the eyes of the world and cemented its place as one of the ‘big four’ of tennis and fashion, respectively. But is there a ‘big four’ for global commercial law dispute resolution? The United Arab Emirates (UAE), in its concerted efforts over the past ten years to respond to the needs of the business community and match the highest international legal standards, is well on the way to placing Dubai, alongside New York, London and Singapore, as one of the international ‘big four’ of corporate dispute resolution. Continue reading “Taking on the world”
Updated: ‘I like building businesses’ – Ashurst blow as ex-head Geffen quits with corporate partner for Gibson Dunn
It had been long rumoured but the loss that Ashurst clearly wanted to avoid has materialised as it was today (1 October) confirmed that the firm’s former head Charlie Geffen has quit alongside corporate partner Mark Sperotto for a US rival.
Luxembourg controlled management proceedings
MARKET VIEW – LITIGATION
Bonn Steichen & Partners’ head of disputes Fabio Trevisan explores the ‘soft alternative’ to bankruptcy and what it means for both debtors and creditors
Luxembourg law provides for a range of insolvency procedures, of which the most common have as their purpose the winding-up and realisation of the assets of the debtor, namely bankruptcy and judicial liquidation; whereas other insolvency procedures, such as suspension of payments (sursis de paiement), composition with creditors (concordat préventif de faillite) and controlled management (gestion controlée), aim at preserving and/or recovering the business of the debtor. Controlled management (gestion contrôlée) was devised as a less blunt measure than bankruptcy and as a softer alternative to composition with creditors; it permits companies in a temporarily weakened financial state to find a solution while avoiding the harshness and finality of bankruptcy. The controlled management regime is governed by the Grand-Ducal Decree of 24 May 1935, supplementing the legislation on suspension of payments, composition with creditors and bankruptcy.
Continue reading “Luxembourg controlled management proceedings”
Made to measure?
MARKET VIEW – ARBITRATION
CMS Cameron McKenna’s Guy Pendell and Lindy Patterson QC assess industry sectory arbitration and the role of the specialist institution
Arbitration is available to resolve almost any dispute between parties capable of giving legal consent. Arbitration is available for religious groups through Beth Din (for the Jewish community) and the Muslim Arbitration Tribunal (providing arbitration in accordance with Islamic Sacred Law). Meanwhile, disputes between the NHS and service providers, salary disputes for US National Hockey League players and disputes over sharemilking in New Zealand’s dairy regions can all be determined by specialist arbitration procedures. Continue reading “Made to measure?”
Running the rule
MARKET VIEW – ARBITRATION
Shortly before the LCIA’s rule revisions came into effect on 1 October, the institution’s director general Jacomijn van Haersolte-van Hof met with WilmerHale partner Steven Finizio to discuss how its provisions fit into her vision for the future
Steven Finizio, Wilmer Cutler Pickering Hale and Dorr: The growth of the London Court of International Arbitration (LCIA)’s case numbers has been a notable development in recent years. Why are more and more parties now choosing the institution?
Jacomijn van Haersolte-van Hof, LCIA: Our overriding – and unique – selling point is the balance we strike between a light-touch approach wherever possible and being more directional only when necessary. If parties are able to take care of themselves, as many are, we look to be in their way as little as we can. It’s not a one-size-fits-all style of administration, which is something I experienced as counsel and arbitrator, so it’s interesting now to see the philosophy from the other side. We are also increasingly emphasising the truly international character of the LCIA. This is demonstrated not only by hires such as mine, but by the fact that we are now seeing parties choose non-London seats, which people should not forget is possible. We don’t want the institution to be perceived as being overly pro-London.