Resentment against the Government’s final package of legal aid cuts has reached new heights as hundreds of criminal barristers and lawyers today (7 March) staged a major protest outside Westminster, their second protest this year, with a further call made for Law Society president Nicholas Fluck and chief executive Desmond Hudson to resign. Continue reading “Last chance saloon – criminal Bar stage major protest against final legal aid reform package”
Clydes, Kennedys and Auntie Beeb latest to back legal apprenticeship drive
Today (7 March) marks the end of the 7th National Apprenticeship Week, an initiative coordinated by the National Apprenticeship Service, which this year has seen announcements about the launch or expansion of legal training programmes by Clyde & Co, Kennedys, the BBC and Oldham Council.
Continue reading “Clydes, Kennedys and Auntie Beeb latest to back legal apprenticeship drive”
Jones Day hires CC Frankfurt head of automotives and McKenna Long Brussels regulatory partner
Fresh from its run of lateral hires from Berwin Leighton Paisner (BLP) in London, Jones Day has made two prominent European partner hires, as Clifford Chance’s (CC) Frankfurt-based automotive head Johannes Perlitt joins the firm’s corporate practice while the head of EU product regulatory practice at McKenna Long & Aldridge in Brussels, Ursula Schliessner has also joined the firm as a partner. Continue reading “Jones Day hires CC Frankfurt head of automotives and McKenna Long Brussels regulatory partner”
Asia: Herbert Smith rethinks Singapore; EY targets major Asia expansion; CC leads $1.93bn South Korea deal for Carlyle
The most notable headlines to emerge from Asia this week include Herbert Smith Freehills (HSF) deciding not to renew its coveted qualifying foreign law practice (QFLP) licence in Singapore, while EY has announced plans to expand throughout the region.
Meanwhile, Clifford Chance‘s private equity practice has demonstrated its ties to key client Carlyle, despite high-profile exits in London, with a sizeable deal in South Korea.
‘We’re flat out – our strategy won’t change’ – Tinkler on CC’s private equity playbook
In mid-February, Latham & Watkins confirmed its third London private equity partner hire from Clifford Chance (CC), with Kem Ihenacho set to follow on the heels of global head of private equity David Walker and newly-made up partner Tom Evans.
Ihenacho was co-head of the Magic Circle giant’s Africa practice, but here London head of corporate, Simon Tinkler, talks to Legal Business about CC’s position in the private equity market.
Nabarro seeks new French alliance partner after August & Debouzy quits network
Top 30 LB100 firm Nabarro has today (6 March) confirmed that French firm August & Debouzy has left its European alliance, which also includes Germany’s GSK Stockmann + Kollegen, Italian firm Nunziante Magrone and Spanish firm Roca Junyent.
Continue reading “Nabarro seeks new French alliance partner after August & Debouzy quits network”
Global turnover nudges up at Reed Smith while London posts equally steady growth
Top-30 global firm Reed Smith has seen its 2013 revenue grow by 6% to $1.075bn from $1.013bn, while its profit per equity partner figure rise by 5.5% to $1.14m from $1.08m in the previous financial year. In London, Reed Smith’s largest office, revenue reached $190m, an increase of around 5%.
Revenue per lawyer at the firm is unchanged at $690,000.
Continue reading “Global turnover nudges up at Reed Smith while London posts equally steady growth”
FBI and Manhattan DA charge four former Dewey managers with fraud
The long-running investigation into the collapse of Dewey & LeBoeuf shifted up a notch today with the announcement that three top executives and a client relations manager at the now defunct firm have been charged with fraud.
Continue reading “FBI and Manhattan DA charge four former Dewey managers with fraud”
Tax overhaul threatens US firms with four-year cash drain but could boost global mergers
US law firms are facing a fundamental overhaul over the way they calculate and distribute their profits that could result in far higher short-term tax bills if controversial proposals currently before Congress are approved. Continue reading “Tax overhaul threatens US firms with four-year cash drain but could boost global mergers”
Orrick duo join DLA Piper to bolster financial regulatory team
DLA Piper has bolstered its London financial regulatory capability with the appointment of Orrick, Herrington & Sutcliffe duo Tony Katz and Sam Millar.
Prior to joining the litigation team at Orrick in October 2011, both Katz and Millar, who join DLA today (5 March), worked at financial derivatives trading company Liquid Capital Group, where Katz held the position of group head of compliance and legal adviser, and Millar was general counsel. Continue reading “Orrick duo join DLA Piper to bolster financial regulatory team”
A&O bolsters corporate practice as PE star follows Lloyd from Ashurst
He was singled out as one of Ashurst’s rainmakers of the future but private equity specialist Karan Dinamani has become the second high-profile corporate exit to Allen & Overy (A&O) in six months.
Dinamani (pictured) joins Ashurst’s former global head of corporate, commercial and competition Stephen Lloyd, who resigned within weeks of the firm fully integrating with Australian partner Blake Dawson and post-merger management elections. Lloyd joined A&O as co-head of its private equity practice in November. Continue reading “A&O bolsters corporate practice as PE star follows Lloyd from Ashurst”
Quinn sees London revenue and profit drop by around 30% as Weil Gotshal’s 2013 numbers decline
Expansive US litigation boutique Quinn Emanuel Urquhart & Sullivan has posted conflicting global and London results for 2013, with overall turnover up by 14% to $972.7m while the firm’s City office has posted its first ever decline in revenue and profit since launching in 2008, both down by around 30%. Continue reading “Quinn sees London revenue and profit drop by around 30% as Weil Gotshal’s 2013 numbers decline”
Magic Circle leadership: Slaughters appoints Ryde and McClean as head of corporate and finance
In a week that has seen Freshfields Bruckhaus Deringer appoint firm lifer Julian Long as London managing partner, Slaughter and May today announced that Andy Ryde has taken over as head of corporate and Andrew McClean as head of finance, both who trained with the Magic Circle firm. Continue reading “Magic Circle leadership: Slaughters appoints Ryde and McClean as head of corporate and finance”
Regulatory coup: Herbert Smith Freehills hires Deutsche Bank’s global head of compliance
In a major regulatory hire for Herbert Smith Freehills (HSF), the top 10 LB100 firm has hired Deutsche Bank’s global head of compliance, governance and regulatory affairs Andrew Proctor to join its global financial services regulatory practice. Continue reading “Regulatory coup: Herbert Smith Freehills hires Deutsche Bank’s global head of compliance”
LB100 firms review partnership model as HMRC’s LLP changes loom
The impact of HM Revenue & Customs’ decision to overhaul the way salaried partners are taxed is being felt across the City as a number of leading firms confirm they are reviewing their arrangements, although some of the largest Legal Business 100 firms have come out to categorically deny the changes will have any effect at all. Continue reading “LB100 firms review partnership model as HMRC’s LLP changes loom”
Eyes on the prize: RFU to commence first law firm panel overhaul in six years
The Rugby Football Union (RFU)’s legal spend may be overshadowed by the majority of City clients but the prestige of advising a major sporting body means sports practices in the City are likely to be lining up when it launches its first panel review in over six years.
The review, which will be led by recently-promoted head of legal Angus Bujalski, will take place soon after the RFU has completed the hire of an additional commercial lawyer to its team. Bujalski took over as head of legal in November after previous incumbent Polly Handford left for sports boutique Couchmans.
Continue reading “Eyes on the prize: RFU to commence first law firm panel overhaul in six years”
Pfizer maintains business-as-usual for legal alliance as Rosenthal latest GC to depart
It was recognised at its 2009 inception as the most radical attempt to carve up the way bluechips instruct their external advisers within a fixed-fee network, but last week Pfizer confirmed Pfizer Legal Alliance (PLA) chief counsel and assistant general counsel Ellen Rosenthal is leaving, shortly in the wake of the departure of PLA pioneer, former general counsel Amy Schulman.
Rosenthal was instrumental in setting up the PLA alongside Schulman, who created the alliance that sees 19 law firms handle the lion’s share of Pfizer’s legal work on a flat-fee structure, in a still rare example of a move entirely away from the billable hour. Continue reading “Pfizer maintains business-as-usual for legal alliance as Rosenthal latest GC to depart”
Comment: Ambition and culture – the key tests CC’s deal team must pass
First, the case for the defence. Given that private equity partners gossip like fishwives, you can be somewhat sceptical over the received wisdom that the latest in a line of significant departures from Clifford Chance (CC)’s buyout team represents a terminal decline.
The firm retains a sizeable roster of partners, with 11 covering private equity in the City, including seasoned players such as David Pearson and Jonny Myers, not to mention practice head Oliver Felsenstein, one of Germany’s most respected PE men (CC should, however, avoid mentioning Matthew Layton in this camp – good as he is, it’s embarrassing to invoke your new chief executive as a deal runner). Continue reading “Comment: Ambition and culture – the key tests CC’s deal team must pass”
Freshfields lifer Julian Long takes over from Rawlinson as London managing partner
Freshfields Bruckhaus Deringer has named current London corporate head and Freshfields lifer Julian Long as its new London managing partner, taking over from incumbent Mark Rawlinson, who is returning to client work.
Long, an M&A partner, has earned his stripes having been at Freshfields for his entire career, making partner in 1995 and being promoted to head of London corporate in June 2011. His former roles include sector group leader for the consumer, health and retail group. Continue reading “Freshfields lifer Julian Long takes over from Rawlinson as London managing partner”
Former Dewey & LeBoeuf partner secures summary dismissal against Barclays in battle over capital loan
As the fallout from the demise of Dewey & LeBoeuf continues, the High Court has just dismissed an application made by Barclays for a summary judgment over liability for a capital loan made against a former partner of the now-defunct US firm.
The ruling, published on 28 February, dealt with Barclays contention that former Dewey partner Charles Landgraf was liable for the repayment of a loan totalling $486,000 paid into the firm’s account to cover his capital contribution, plus interest. Continue reading “Former Dewey & LeBoeuf partner secures summary dismissal against Barclays in battle over capital loan”