Welcome to the second of our new series the Friday Edit in which we take an informal look back at the week’s more interesting events and put a little context on current events in the commercial law game.
Consolidation in US mid-tier continues as Locke Lord and Edwards Wildman set to merge
The run of consolidation in the US national market continues with Dallas-bred Locke Lord and Boston’s Edwards Wildman this week announcing plans to merge, forming a $675m practice that would sit just outside the top 50 of the Global 100.
Latam briefing: Garrigues extends local network, foreign players continue push and Brazil leader secures antitrust coup
Market developments around the region continue apace: in the Dominican Republic, where the recent tie-up between Squire Saunders and Patton Boggs will be particularly felt (the former Squire Sanders, Peña Prieto & Gamundi was a key market player), further movement has seen the departures of Marielle Garrigó and Fabiola Medina (from Pellerano & Herrera and Medina Rizek, respectively), to establish new firm Medina Garrigó.
Dealwatch: A&O, Travers Smith and Pinsent Masons lead on Lloyds’ £400m Keepmoat homebuilder sale
Allen & Overy (A&O), Travers Smith and Pinsent Masons have all secured leading roles advising on Lloyds Banking Group’s £400m sale of Doncaster-based homebuilder Keepmoat to private equity houses Sun Capital and TDR Capital, as the part-nationalised lender continues to dispose of its non-core assets.
Covington and Baker Botts act as Yukos minority shareholders defeat Russia
Baker Botts was defeated again in the long-running Yukos saga as Covington & Burling succeed in having a Russian jurisdictional challenge dismissed by a Swedish court.
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McDermott Will & Emery, CMS and Spain’s Olleros lead on €3.62bn Telefónica rights issue
McDermott Will & Emery and CMS Hasche Sigle have won the lead roles in advising Telefónica Deutschland’s €3.62bn rights offering to help finance the acquisition of E-Plus Group from KPN.
Mishcon and Orrick act as BSGR launches $5bn arbitration against Guinea
Mishcon de Reya has been instructed by BSGR, a Guernsey-registered mining group controlled by Israeli billionaire Beny Steinmetz, in a $5bn lawsuit against Guinea after the West African country withdrew a concession to mine one of world’s largest deposits of iron ore due to allegations of widespread bribery.
Continue reading “Mishcon and Orrick act as BSGR launches $5bn arbitration against Guinea”
Hogan Lovells loses Asia restructuring head Neil McDonald in Hong Kong
Top ten global firm Kirkland & Ellis continues to build its Asia offering hiring Hogan Lovells head of restructuring in Asia, partner Neil McDonald, in Hong Kong.
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Comment: Women in law – A belated bandwagon, but still welcome
Rarely, even in the conservative game of law, has so necessary a measure been so long avoided until the status quo became so laughably, farcically untenable. The move is for major law firms to start articulating public benchmarks for their proportion of female partners – corporate speak for the series of concrete targets announced this year to stem the huge outflow of talented women from the profession.
Continue reading “Comment: Women in law – A belated bandwagon, but still welcome”
PwC Legal makes City corporate push with McDermott partner hire
PwC Legal has hired McDermott Will & Emery City-based corporate partner Mark Crofskey in a bid to boost its UK legal arm’s M&A team. Expected to join the accountancy giant next month, Crofskey will work in PwC Legal’s M&A practice alongside corporate partner Alistair Hogarth in leading a team. Continue reading “PwC Legal makes City corporate push with McDermott partner hire”
‘We need to be in London to enable us to meet our clients’ global needs’: Another US litigation boutique launches in London
Financial services boutique BuckleySandler is set to launch its first international office as it expands its global financial crimes practice.
Jones Day hires Paul Hastings’ Neil Hamilton as it builds its London capital markets practice
Within a week of hiring high-yield partner Jonathan Bloom from Ropes & Gray, Jones Day has expanded its securitisation capability in London with former Clifford Chance (CC) partner Neil Hamilton joining the firm.
Uría Menéndez takes stake in two allies as elite Latam duo agree groundbreaking tie-up
Iberian leader Uría Menéndez has elevated its offering in Latin America and acquired a 30% stake in the merger of its best friend firms and national heavyweights, Philippi and Prietocarrizosa, in a union the firm says is a ‘major milestone’ in its international strategy to consolidate its commitment in the region.
Comment: LB100 – Statistically speaking, you may not need a bigger boat
Last year, delivering our annual results issue, Legal Business remarked that the age of turbulence facing law firms since the 2008 banking crisis was far from over. And so it has proved. Despite all the talk of returning confidence, and clear evidence of recovery in the UK economy, it’s still choppy out there. Stripping out another year of consolidation, the numbers are a little better than 2013 but that’s about it.
Continue reading “Comment: LB100 – Statistically speaking, you may not need a bigger boat”
KWMSJB brings in arbitration partner to develop Russia and CIS disputes work
Just two years after joining Winston & Strawn’s international arbitration group from the legacy Norton Rose, London-based disputes lawyer Andrei Yakovlev has upped sticks to join King & Wood Mallesons SJ Berwin.
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Guest post: The Children Act – a look at Ian McEwan’s take on law and the justice system
Fiona Maye is sixty – and a judge in the Family Division of the High Court. Her husband’s about to leave her for a younger woman, she fears, as a case comes before her that will test both her values, and her judgement. A seventeen year old is refusing desperately needed treatment that would save his life, because his religion – his parents have brought him up to be a Jehovah’s Witness – doesn’t allow blood transfusions. The hospital wants her to order the treatment be carried out in spite of his, and his parents’, opposition. What follows will test both the law and the judge herself.
Davis Polk and Cleary advise on RBS float of Citizens as Alibaba US IPO generates $15.8m in legal fees
US firms Davis Polk & Wardwell and Cleary Gottlieb Steen & Hamilton are advising on Royal Bank of Scotland’s sale of its US subsidiary Citizens Financial Group.
Revolving doors: White & Case, DLA Piper, A&O and K&L Gates strengthen offices abroad
Last week saw an array of international lateral moves with Global 100 firms White & Case, DLA Piper, Allen & Overy (A&O) and K&L Gates adding to their Frankfurt, New York, Dubai and Brisbane offices respectively.
Baker & McKenzie takes Norton Rose Fulbright’s EMEA head of energy
Baker & McKenzie has brought in leading energy lawyer, Weero Koster, who headed Norton Rose Fulbright’s EMEA energy practice, to spearhead an energy drive in continental Europe.
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‘This is the future’ – A&O sees further growth of contract lawyer arm as it hires new head from Deloitte
Following the launch of its innovative contract lawyer business ‘Peerpoint’ last November, Allen & Overy has made a move to develop the high-end service further, today (5 September) announcing the hire of Richard Punt, the managing partner for clients and markets at accountancy giant Deloitte, as Peerpoint’s chief executive officer.