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Davenport Lyons and Howard Kennedy FSI take another chance on the mid-market merger game

After a relatively quiet few weeks for mid-tier merger mania, Davenport Lyons and Howard Kennedy FSI have done the decent thing by confirming they are in discussions regarding a tie-up. The talks come after a potential union between Shakespeares and Davenport Lyons reportedly fell through last month.

Howard Kennedy confirmed the latest discussions. A spokesperson commented: ‘We have been approached and are currently at the initial stages of talking to Davenport Lyons with a view to exploring the possibilities of a merger. We are at a very early stage in those discussions but we remain open-minded as to what may come from looking at this in more detail. We remain committed to the vision of growing HKFsi, be it through bolt-ons, mergers or lateral hires and will look at all opportunities presented to us.’

Continue reading “Davenport Lyons and Howard Kennedy FSI take another chance on the mid-market merger game”

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Partner exits: NRF corporate partner Cathy Pitt and head of climate change Hobley move on

Top 10 LB100 firm Norton Rose Fulbright (NRF) has said goodbye to two further senior partner departures as longstanding London-based corporate finance partner Cathy Pitt last month (January) moved to CMS Cameron McKenna to head up its investment management funds group, while the firm’s global head of sustainability and climate change Anthony Hobley left to join the Carbon Tracker Initiative (CTI) as its first chief executive officer on 1 February.

Having spent 18 years at the 2,647-lawyer firm, Pitt was involved in corporate finance work within the asset management practice, including the establishment of investment funds and corporate advisory work. She also spent seven months on secondment as a legal advisor to financial institution HSBC in 2006, followed by a stint as interim head of group legal at insurer Prudential in 2010.

Continue reading “Partner exits: NRF corporate partner Cathy Pitt and head of climate change Hobley move on”

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Comment: So what’s wrong with BigLaw anyway?

The term BigLaw has been around in the US for a while but in recent years this catch-all tag for corporate lawyering in the world’s biggest law market has taken on a decidedly pejorative tone. From the pages of The New York Times and The Wall Street Journal to prominent blogs and comments by industry observers, a popular view has taken hold to the effect that the US legal industry – in particular in New York – is a fundamentally broken model in a profession facing terminal decline. Continue reading “Comment: So what’s wrong with BigLaw anyway?”

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Litigation funders seek greater credibility with introduction of new complaints procedure

The UK’s leading litigation funders have taken further steps to improve their PR and attack head on suggestions that they lack transparency by introducing a new complaints procedure and capital requirements, which could see funders given public warnings or struck off their voluntary quasi-regulatory body. Continue reading “Litigation funders seek greater credibility with introduction of new complaints procedure”

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Redundancy watch 2014: Ince & Co announces consultation over 16 jobs

While the last few months have not brought with them the level of job cuts first feared at the start of 2013, when the rash of City redundancies at one stage looked to approach 2009 levels, Ince & Co has today (13 February) confirmed that it has entered a redundancy consultation in respect of sixteen staff, with the firm blaming economic conditions in its shipping business. Continue reading “Redundancy watch 2014: Ince & Co announces consultation over 16 jobs”

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In-house: MasterCard appoints new GC; UBS regulatory chief exits for Gibson Dunn; and HSBC hires Cleary partner

The start of the year has seen much lateral movement both in-house and out, with MasterCard naming Tim Murphy as general counsel and chief franchise officer as incumbent Noah Hanft retires from the company. Meanwhile, Gibson Dunn & Crutcher announced the hire of the former Americas general counsel and global head of investigations at UBS, Mark Shelton, as a partner in its New York office, while HSBC has confirmed that Cleary Gottlieb Steen & Hamilton partner Shawn Chen officially joined the bank this week to jointly oversee its litigation and regulatory enforcement department with co-general counsel Guy Nielson.

Continue reading “In-house: MasterCard appoints new GC; UBS regulatory chief exits for Gibson Dunn; and HSBC hires Cleary partner”

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Asia round-up: DLA Piper, Hogan Lovells and Stephenson Harwood move to bolster regional networks

Despite the bearish mood that last year gripped many international law firms regarding Asia, and sustained tremors this year running through emerging market securities, a host of major advisers have kicked off 2014 with significant investments in the region, including DLA Piper, Hogan Lovells and Stephenson Harwood.

DLA Piper has hired O’Melveny & Myers partner Mark Fairbairn to head its restructuring group in Asia. Fairbairn was based in O’Melveny’s Hong Kong arm, having joined in 2008 following a five-year tenure at White & Case. Continue reading “Asia round-up: DLA Piper, Hogan Lovells and Stephenson Harwood move to bolster regional networks”

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US results season: White & Case sees revenues increase 4% as PEP hits $1.87m

Despite the recent relative economic revival in the US, the world’s largest legal market remains turbulent but early numbers from major US players do indicate many firms are now sustaining growth. Early out of the gate, White & Case has published its 2013 financial results reporting a steady 4.1% increase in global revenues with profits per equity partner (PEP) rising 10%.

Gross turnover at the top-15 global firm increased to $1.44bn in 2013 from $1.38bn in the previous year. The New York-based law firm’s revenue per lawyer grew at a similar level of 4.4% to $760,064 from $711,000, while its PEP rose to $1.87m from $1.7m, climbing 10%.

Continue reading “US results season: White & Case sees revenues increase 4% as PEP hits $1.87m”

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The end of the pipeline: Herbert Smith Freehills and Simmons advise AO on float to attain $1bn market cap

A healthy pipeline of London Stock Exchange listings has seen Herbert Smith Freehills (HSF) advise online appliances website AO on its proposed initial public offering (IPO), with the small-beginnings Bolton white goods company reportedly expected to attain a market capitalisation of around £1bn upon listing.

The HSF team is being led by equity capital markets (ECM) partner Chris Haynes and includes US-qualified global head of capital markets Steve Thierbach and corporate partner Mike Flockhart. AO, which sells items from fridges to coffee machines through its website, said in a statement last Friday that it plans to raise £60m from the IPO.

Continue reading “The end of the pipeline: Herbert Smith Freehills and Simmons advise AO on float to attain $1bn market cap”

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Comment: the rising stars in-house – bluechip legal teams are bursting with talent

The first Legal Business edition of the year coincides with a major project for us: the second edition of our popular GC Power List, which launched last year. The idea is straightforward: we research in-house and private practice to identify a list of outstanding individuals who demonstrate the influence and rising clout that has come to define the modern in-house profession.

While the first report focused on senior GCs, for the second edition we have taken on the challenge of addressing the best performers coming into their own during their 30s and early 40s – the GCs of tomorrow. Continue reading “Comment: the rising stars in-house – bluechip legal teams are bursting with talent”

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Investment funds: Schulte Roth to grow London practice with move to bigger City premises

Schulte Roth & Zabel’s (SRZ’s) 80-strong top-tier transatlantic funds practice is set to grow after the US firm announced this week it is to move to bigger premises in the City on the back of increasing demand from its European clients.

The firm aims to grow its international practice focusing on cross-border insolvencies, restructurings, distressed mergers and acquisitions, distressed investing and debt trading. Continue reading “Investment funds: Schulte Roth to grow London practice with move to bigger City premises”

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In-house: face of BT Law to change after Miles Jobling steps aside

The face of BT Law, having last year secured a licence from the Solicitors Regulation Authority to hive off BT’s successful motor claims business into an alternative business structure (ABS), Miles Jobling has now handed over his lead role to Sheffield-based co-founder Archana Makol.

Makol has become the Compliance Officer of the Legal Practice (COLP) for BT Law, as most of the division’s contracts are processed out of Sheffield and a spokesperson for the telecoms giant explained: ‘The COLP role is very important and needs the person to be very close to the day-to-day operation.’ Continue reading “In-house: face of BT Law to change after Miles Jobling steps aside”

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LLP latest: Speechly points to owed client fees for fall in profits as Ashurst and Hill Dicks also post profit drop

Private-client focused Speechly Bircham has become one of the latest LB100 firm to post its limited liability partnership (LLP) accounts at Companies House, blaming its near-double digit drop in profits on fees due from one client despite overall cash collection having improved.

The top 60 firm, which revealed a broadly flat revenue, down 0.9% to £57m from £57.6m for the 2012/13 financial year, saw a 9% pre-tax profit slide to £18.4m from £20.1m. Continue reading “LLP latest: Speechly points to owed client fees for fall in profits as Ashurst and Hill Dicks also post profit drop”

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Skadden’s London head Buck steps down as the City claims global management positions in energy and litigation

Skadden, Arps, Slate, Meagher & Flom’s longstanding European head Bruce Buck has stepped down from his role as London head as the leading Wall Street firm also makes a series of senior appointments that have seen a shift in power to the City.

After 25 years as Skadden’s City head, London-office founder Buck (pictured) has been replaced by corporate partner Pranav Trivedi. Buck will continue to serve as the firm’s European head. Continue reading “Skadden’s London head Buck steps down as the City claims global management positions in energy and litigation”

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NRF unveils rise in bank loans to £55m but drop in net debt as South African partner appointed as global chair

Norton Rose’s last pre-Fulbright & Jaworski merger limited liability partnership accounts reveal that the top 10 LB100 firm’s bank loans rose from £47m to £55m during 2013, with the amount repayable within one year up from £3.3m to £16m, although its net debt has been cut by over two thirds.

The firm, which this week named South African chairman Sbu Gule as its new global chairman, was in 2013 due to repay £34m of bank loans in between two and five years, up on a figure of £4,830 in 2012. Continue reading “NRF unveils rise in bank loans to £55m but drop in net debt as South African partner appointed as global chair”

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Three’s company: BLP’s former head of restructuring Ben Larkin joins Jones Day

The third partner to leave Berwin Leighton Paisner (BLP) for Jones Day in under six months, former head of restructuring and insolvency Ben Larkin has joined the top 10 Global100 law firm’s 100 lawyer-strong global restructuring practice.

Described as ‘an excellent operator’ by the Legal 500, during his time at BLP Larkin advised on stand out mandates such as the restructuring of companies in the TXU Group and acted for RBS in the restructuring of Le Méridien hotel group. Continue reading “Three’s company: BLP’s former head of restructuring Ben Larkin joins Jones Day”

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In-house: Shell finds internal replacement for Rees as it picks Ching as legal head

Energy giant Royal Dutch Shell has this time found an in-house replacement legal director Peter Rees QC, today (10 February) announcing former Singapore legal head Donny Ching as its new legal director with immediate effect.

UK-qualified Ching, whose most recent role was general counsel for Shell’s project and technology business replaces litigator Rees, who surprised many when he announced his departure last month – three years after joining Shell from Debevoise & Plimpton.

Continue reading “In-house: Shell finds internal replacement for Rees as it picks Ching as legal head”

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O Canada! DLA Piper in talks with Heenan Blaikie partners to set up in Toronto and Calgary

Long having eyed a Canadian presence, DLA Piper confirmed today (7 February) that it is in talks with a group of partners from the Toronto and Calgary offices of top-tier local firm Heenan Blaikie, which announced earlier this week that it is to wind down its operations following a wave of partner departures.

The discussions, which come as a management re-shuffle at the top 10 LB100 firm announced this week will see current co-chief executive and managing partner Sir Nigel Knowles take over from Tony Angel as co-chair, could provide a long sought after entry to a market that has in recent years seen the arrival of firms such as Norton Rose Fulbright (NRF) and Clyde & Co. Continue reading “O Canada! DLA Piper in talks with Heenan Blaikie partners to set up in Toronto and Calgary”

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Comment: Magna Carta, bribery and a bit of confusion – Global Law Summit starts the countdown

It turns out that hundreds of years of legal history waits not even for Bob Crow so Thursday evening (6 February) saw an opening countdown to the planned Global Law Summit, the sort of Government-backed venture to celebrate the Magna Carta, English traditions of rule of law and the UK’s role as a legal services leader.

As such, a sizeable group of senior figures from across the profession braved a grid-locked London and variable security arrangements at Mansion House to hear a debate on bribery law and flag up the Global Law Summit planned for next year to mark 800 years of the drafting of Magna Carta. Continue reading “Comment: Magna Carta, bribery and a bit of confusion – Global Law Summit starts the countdown”

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Cost cutting and near-shoring – Field Fisher Waterhouse ties up with Manchester’s Heatons

Following last year’s announcement from Field Fisher Waterhouse that it was looking to move a number of its London support functions to Manchester in a bid to cut costs, the top 40 LB100 has merged with local boutique Heatons.

Field Fisher’s partnership voted last week to merge with Heatons, which specialises in real estate, corporate and intellectual property. In 2006 the now single-site Manchester firm lost its Birmingham office to Clarke Willmott, leaving it with just 12 fee earners at the time including three partners, which has subsequently dropped to eight fee earners, led by managing partner Matthew Fleetwood. Continue reading “Cost cutting and near-shoring – Field Fisher Waterhouse ties up with Manchester’s Heatons”