Big four giant PwC has made a decisive move to enhance its legal offering around the Asia-Pacific region, and has entered into a tie-up in Singapore with local firm Camford Law.
Gardening leave is not at your leisure – High Court rules on notices and covenant periods
It is often forgotten that the received wisdom as the 1990s wore on was that restrictive covenants and other restraints on free movement of staff would become a thing of the past for law firm partners and industry in general as the market went the way of the US. However, a High Court ruling this week is a further reminder that employers’ rights to insist on such terms – and how they are used – are still very much a reality.
Slaughter and May acts for Serious Fraud Office as it pays out £4.5m in Tchenguiz battle
Within days of the Serious Fraud Office (SFO) settling the first Tchenguiz case for £3m, the agency has agreed its final pay out of £1.5m to Robert Tchenguiz drawing the case to a close today (31 July).
Clifford Chance replaces Campbell and Dunnigan in governance shake up
Magic Circle firm Clifford Chance continues to overhaul its corporate governance structure and today (31 July) announced that global finance chief Mark Campbell will step down from his leadership position alongside head of the global capital markets practice David Dunnigan, to be replaced by London-based partners Rob Lee and Adrian Cartwright respectively.
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Financial results 2013/14: Slight revenue and PEP increase at Holman
UK top-30 insurance firm Holman Fenwick Willan has posted a slight increase of 2% in global revenues with receipts growing to £143.8m in the last financial year ending 2013/14, only marginally up from £141m the previous year. Profits per equity partner (PEP) at the firm fared better, coming in at £554,000, an increase of 5% from £528,000 last year.
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Fieldfisher loses Facebook to Hogan Lovells as the firm hires Bristows partner as privacy head
Fieldfisher has lost key instructions from social networking giant Facebook which is set to direct privacy and information law work to top-ten firm Hogan Lovells.
Taylor Wessing and Macfarlanes advise on £350m RBS credit facility deal
Anglo-German firm Taylor Wessing and City-firm Macfarlanes have both landed leading roles on a major refinancing deal as the real estate market continues to see an upturn.
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Covington and CMS lead on AstraZeneca’s £1.2bn Spanish transaction
A London team at Covington & Burling led by corporate partner Lucinda Osborne advised AstraZeneca on a potential $2.1bn deal to purchase Spanish healthcare group Almirall’s respiratory unit in a move that sees the company add to its pipeline of asthma products.
Continue reading “Covington and CMS lead on AstraZeneca’s £1.2bn Spanish transaction”
Dundas & Wilson reveals 4.5% revenue dip alongside 8% PEP increase in its final year
Once a storied institution in the Scottish legal market, Dundas & Wilson has unveiled its last ever financials and has recorded mixed results, with unaudited figures for the 2013/14 financial year showing a revenue decrease of 4.5% to £47m from £49.2m, while profit per equity partner (PEP) increased 8% to £181,006 from £167,625. The fall in revenue constitutes a 29% drop over the last five years.
Freshfields wins Deutsche Bank $243m pay out from Sebastian Holdings
The UK Court of Appeal has ruled that investment fund Sebastian Holdings must pay Germany’s Deutsche Bank $243m after losing a case at the High Court last year, or risk its appeal being struck out.
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Ashurst, Clifford Chance, Freshfields and Linklaters advise banks on competition inquiry
International firm Ashurst and Magic Circle trio Clifford Chance, Freshfields and Linklaters are advising the UK’s biggest banks over an inquiry into competition in the banking sector, following an investigation launched by the Competition and Markets Authority (CMA) in mid-July.
BLP begins consultations to ease rules around managing out partners
Following a period of upheaval that has seen Berwin Leighton Paisner (BLP) exit a number of non-performing senior lawyers, the top 20 firm is considering changes to its partnership deed to make it easier to manage partners out.
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Senior management reshuffle approved at Reed Smith
Reed Smith’s recently elected managing partner, Sandy Thomas, has had his recommendations for a senior management reshuffle, which rotates nearly half the team, approved by the firm’s partnership.
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Ashurst downsizes Adelaide office as head relocates
Global top-40 firm Ashurst is scaling back its Adelaide office headcount as its only Adelaide-based partner and office head Tanya Denning relocates to Melbourne to lead its energy practice.
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Baker & McKenzie takes lead role on £650m Gherkin receivership
Global 100 firm Baker & McKenzie has secured a heavyweight real estate mandate advising on the receivership of London’s iconic building, the Gherkin, valued at around £650m and which has been put up for sale after collapsing into receivership earlier this year.
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Guest post: ‘Stockholm syndrome’ in legal services – GCs are captured by their advisers
A caricature may reveal a truth…
‘Why, if there is all the talk of change, is change so slow?’
One might be forgiven for thinking that there is rather too much talk of change in the legal profession and perhaps rather less evidence of it happening. It is not easy to see the wood from the trees sometimes, but I would like to offer a perspective on why this may seem to be the case from both a law firm and a client point of view. Continue reading “Guest post: ‘Stockholm syndrome’ in legal services – GCs are captured by their advisers”
Edwards Wildman sees final corporate partner exit for Olswang as Arnold & Porter emerges as ‘in talks’ with disputes team
US firm Edwards Wildman has seen the last of its quintet of disgruntled corporate partners resign as it has emerged that Niall McAlister has departed for Olswang. Continue reading “Edwards Wildman sees final corporate partner exit for Olswang as Arnold & Porter emerges as ‘in talks’ with disputes team”
Shearman & Sterling secures historic $50bn arbitration award in epic Yukos dispute
Russia has been ordered to pay $50.08bn to the majority shareholders in Yukos Oil Company, once Russia’s largest oil producer, by an arbitral tribunal sitting in The Hague under the auspices of the Permanent Court of Arbitration (PCA).
Simmons & Simmons expands in Saudi Arabia
Top 20 UK firm Simmons & Simmons is set to expand in Saudi Arabia through the opening of a new office in the country’s capital, Riyadh, by alliance firm Hammad & Al-Mehdar.
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Serious Fraud Office settles first Tchenguiz case for £3m with a further £3m in costs
The high profile Tchenguiz brothers’ lawsuit against the Serious Fraud Office (SFO) for around £300m has finally settled after the SFO agreed to pay Vincent Tchenguiz £3m.