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”
Bar news: Blackstone bolsters commercial litigation capability with hire of Brick Court’s Alan Maclean QC
Leading set Blackstone Chambers has taken further steps to bolster its commercial litigation and arbitration capability with the hire of heavyweight Brick Court Chambers commercial litigator Alan Maclean QC.
Having officially started yesterday (4 February), Maclean (pictured) is acknowledged by the Legal 500 as ‘a force to be reckoned with in the courtroom’ and a ‘streetwise trial advocate.’
Sole adviser: Eversheds wins Tyco-style primary legal services contract with IATA across 158 countries
Building on the success of its game changing multi-million pound annual retainer with Tyco International, Eversheds has won its largest-ever primary legal services provider contract with the International Air Transport Association (IATA) across 158 countries.
Following a competitive pitch, the UK top 10 firm has secured a contract to service all the legal needs of IATA, the trade association for the world’s airlines, in 93 countries across Europe, North Asia and Asia Pacific, in addition to the existing fixed-fee contract it won last April to deliver legal services in 65 countries across Africa and the Middle East. Continue reading “Sole adviser: Eversheds wins Tyco-style primary legal services contract with IATA across 158 countries”
And so the tally rises, Jones Day hires fourth BLP partner since August
Fresh from the news on Friday (28 February) that DLA Piper has hired three Berwin Leighton Paisner partners, Jones Day has added to its own tally of laterals from the firm by recruiting banking and capital markets partner Paul Simcock.
Simcock specialises in leveraged finance and has acted for private equity sponsors, senior and junior lenders, strategic investors and corporate borrowers on leveraged acquisitions. Continue reading “And so the tally rises, Jones Day hires fourth BLP partner since August”
PwC forms new law firm in Canada one month after obtaining ABS status
In the first major development since PricewaterhouseCoopers last month received authorisation from the Solicitors Regulation Authority (SRA) to become an alternative business structure (ABS), the accounting giant announced on 1 March that it has formed a new law firm in Canada by tying up with Toronto immigration outfit Bomza Law Group.
The new firm will be called PricewaterhouseCoopers Immigration Law, and Christopher Kong, national managing partner of PwC Canada’s tax services said: ‘With a range of global employment opportunities and the related complexities to employees and employers, an immigration law firm affiliated with PwC provides an opportunity to help our clients with the mobility of their people.’ Continue reading “PwC forms new law firm in Canada one month after obtaining ABS status”
After South Africa, Hogan Lovells launches nearshoring venture in Birmingham
Following Hogan Lovells announcement at the start of February that it is setting up a business process outsourcing centre in South Africa, the top 15 LB100 law firm has launched a new legal services centre in Birmingham to undertake low level legal work as a cost effective extension of its London office.
The nearshoring venture, called the Legal Service Centre, will be developed over time in response to client demand but it is expected to comprise up to 20 lawyers initially. London partner Alan Greenough will be moving to Birmingham to manage the office, which is expected to be established by autumn this year. Continue reading “After South Africa, Hogan Lovells launches nearshoring venture in Birmingham”
Comment: Paradigm shift vs recession – responding to a sceptical reader
We recently posted a comment piece addressing the issue of whether the forces impacting on the legal market represent a permanent structural shift or are just the result of a horrendous recession. Dry stuff that will leave the professional pulse unmoved for most, but still pretty fundamental to whether law firm leaders should start launching their Lawyers on Demand rip-offs and outsourcing anything that moves in a desperate attempt to future-proof their business.
One professional observer felt I was underplaying the level of permanent change facing the profession, and was kind enough to send me some research they have produced in the area. Continue reading “Comment: Paradigm shift vs recession – responding to a sceptical reader”
US financial results 2013: DLA achieves record revenue of $2.48bn as growth slows
The highest-ever gross turnover but reduced growth figures was the message that came out of DLA Piper’s financials today (28 February), as the top Global 100 firm revealed a 1.7% increase in revenue to $2.48bn, while revenue per lawyer rose 3.3% to $625,000.
Profit per equity partner rose just 1% to $1.325m, while the global firm’s net income slipped 0.3% to $602m, although that still constitutes a significant improvement when compared with 2011 figures of $563m. Continue reading “US financial results 2013: DLA achieves record revenue of $2.48bn as growth slows”
RBS share sell-off in Direct Line gifts Allen & Overy with £1bn deal
Just under a year earlier than expected by some in the City, Royal Bank of Scotland (RBS) this week (26 February) announced the sell-off of the majority of its remaining stake in Direct Line, gifting Allen & Overy (A&O) with a further bite of the cherry in a deal anticipated to be worth over £1bn.
A&O led by corporate partner David Broadley was first instructed on RBS’ float of 34.72% of Direct Line in the autumn of 2012, after the 80% nationalised bank was forced to offload the major insurer under EU regulations on state aid. Continue reading “RBS share sell-off in Direct Line gifts Allen & Overy with £1bn deal”
Good things come in threes…or fours: DLA Piper secures triple lateral hire from BLP
Following the announcement last September that Berwin Leighton Paisner (BLP) corporate partner Patrick Somers had joined DLA Piper, the top five Global 100 firm today (28 February) confirmed it has secured a further three lateral hires, including head of real estate finance Laurence Rogers.
Rogers joins the 4,036-lawyer firm alongside commercial real estate partner Richard Hopkinson-Woolley and corporate tax partner Neville Wright. Continue reading “Good things come in threes…or fours: DLA Piper secures triple lateral hire from BLP”
Lessons learned – will bluechip legal teams ever take training seriously?
While the in-house profession has come of age, the number of home-grown trainees remains tiny. Legal Business assesses whether in-house teams should lessen their reliance on law firm-schooled staff
Despite talk of radical changes to legal education and burgeoning in-house legal teams in blue-chip organisations, there has been no real breakthrough in a mainstream plc route to qualification.
Continue reading “Lessons learned – will bluechip legal teams ever take training seriously?”
Sochi over, the World Anti-Doping Agency brings in new GC as it looks to tougher 2015 code
As the excitement surrounding the successful albeit controversial Winter Olympics 2014 in Sochi fades, the World Anti-Doping Agency (WADA) will shortly, albeit with less fanfare, welcome the arrival of new general counsel and chief operating officer Olivier Niggli, who joins the global agency from Swiss law firm Carrard & Associés.
Currently a partner at the Lausanne-based business and sports boutique, where he specialises in sport, arbitration and commercial law, Niggli will in June join the agency he helped to set up in 1999, as it prepares to implement a new, far stricter code, which comes into effect on 1 January 2015 and will double the ban for athletes found guilty of doping from two to four years. Continue reading “Sochi over, the World Anti-Doping Agency brings in new GC as it looks to tougher 2015 code”
Family marketing teams on DEFCON 1 as Law Commission calls for gold-plated prenups in UK law
For marketing teams at the family bar it’s been a tough wait but at last the Law Commission has issued its long-trailed proposals on matrimonial property laws.
Private practice teams across London have been lightening quick to respond to the report, published today (27 February), which proposes new legislation to take out the uncertainty surrounding the enforcement of pre-nuptial agreements, an issue that has dogged divorce cases of wealthy couples, setting London at a disadvantage to the majority of countries in Europe.
US merger talks: Patton Boggs and Squire Sanders confirm ‘early’ discussions
Washington-based Patton Boggs and transatlantic top 40 Global 100 firm Squire Sanders are in preliminary merger talks, the firms confirmed to Legal Business today (27 February), with a view to creating a 1,700-lawyer firm with 45 offices across 22 countries.
The confirmation, which comes after widespread reports of the talks across the US legal and financial media yesterday (26 February), stressed that ‘discussions are in very early stages, and there is no assurance that a combination will be completed.’ Continue reading “US merger talks: Patton Boggs and Squire Sanders confirm ‘early’ discussions”