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Taylor Wessing loses former insurance head to Edwards Wildman in second US raid

In the second US foray into Taylor Wessing’s partner pool this month, the top 20 firm has lost its former head of international insurance & reinsurance James Crabtree, who joins Amlaw 100 firm Edwards Wildman’s London office as a partner.

The insurance disputes lawyer joins Wildman’s 15-strong insurance team in the City. Prior to joining Taylor Wessing almost eight years ago, Crabtree served as head of insurance and reinsurance disputes at Pinsent Masons, and was also previously a partner at Stephenson Harwood. Continue reading “Taylor Wessing loses former insurance head to Edwards Wildman in second US raid”

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LLP latest – Bird & Bird and Eversheds pay cost of expansion and restructuring

The cost of Bird & Bird’s strategic investment in 2012/13 became apparent today (27 January) with the filing of its limited liability partnership (LLP) accounts, which show that its overdraft facility rose 55% to €21m from €13.6m in 2011/12, while net debt was up 20% from €22.6m to €27.1m during that period.

Turnover at the 966-lawyer firm was up 8% to €293,248 from €270,745 the previous year, while profit was down 7% from nearly €65m in 2012 to €60.2m this year. Continue reading “LLP latest – Bird & Bird and Eversheds pay cost of expansion and restructuring”

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Texas launch – Arnold & Porter opens Houston presence with four-partner Hogan Lovells litigation team

Washington-headquartered Global 100 law firm Arnold & Porter has become the latest to launch in Houston with the hire of a four-strong litigation team from Hogan Lovells.

Thad Dameris, the former managing partner of Hogan Lovells’ Houston office, has left the transatlantic firm alongside litigation partners Trevor Jefferies, Christopher Odell and David Weiner, leaving a remaining partnership of six. Continue reading “Texas launch – Arnold & Porter opens Houston presence with four-partner Hogan Lovells litigation team”

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Asia Pacific: Slaughters makes first foray into lateral market to launch US securities practice in Hong Kong

Magic Circle firm Slaughter and May has taken the unprecedented step of making a lateral hire, recruiting US securities partner John Moore from US firm Morrison & Foerster into its Hong Kong office.

Moore has been brought in to provide US securities law coverage to the Hong Kong practice and comes after much speculation that the firm was looking to add US capability to the region. Previously, the firm had partnered with a number of US outfits to provide US counsel and this move brings the firm into line with the rest of its Magic Circle rivals, who already have US-qualified lawyers in Hong Kong. Continue reading “Asia Pacific: Slaughters makes first foray into lateral market to launch US securities practice in Hong Kong”

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LLP latest – Herbert Smith Freehills sees its overdraft rise by 140% as borrowing totals £111m

Significantly increased debt has been a recurring theme for many of the latest limited liability partnership (LLP) accounts filed at Companies House and Herbert Smith Freehills is no exception, with its overdraft up over 140% from £26m to £62.7m and total bank borrowing up by 28% to £110.7m.

In the first accounts filed since Herbert Smith’s June 2012 merger with Australia’s Freehills, the global LLP accounts reveal that revenue is slightly down on last summer’s unaudited figure of £471.2m, standing at £469m. The accounts, which do not include the Australian side of the business, further show a LLP cash position of £29m. Continue reading “LLP latest – Herbert Smith Freehills sees its overdraft rise by 140% as borrowing totals £111m”

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41 jobs at risk at Keoghs as top 60 insurance firm blames legal services reforms

Legal services market reforms are being blamed for job losses at Bolton-based UK top 60 insurance firm Keoghs, which has put 41 people at risk of redundancy including fee earners and support staff.

The redundancies will mainly affect the firm’s Coventry office and particularly its counter-fraud services (CFS) division, as it looks to consolidate its offering for low-value fraud work in the North West.

Last year, the Legal Aid, Sentencing and Punishment of Offenders Act banished referral fees for personal injury claims and a spokesman for Keoghs said: ‘The post-reforms market environment has yet to stabilise but it is clear that insurers’ ongoing counter-fraud requirements are going to be significantly different to what they were 12 to 18 months ago. Continue reading “41 jobs at risk at Keoghs as top 60 insurance firm blames legal services reforms”

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Deal watch: Taylor Wessing and Freshfields advise on HSBC Jordan bank deal

HSBC’s steps to streamline its business by disposing of non-core global assets has gifted Taylor Wessing and Freshfields Bruckhaus Deringer with a significant Middle East mandate, as Arab Jordan Investment Bank (AJIB) acquires the international retail bank’s local assets.

Taylor Wessing’s City-based corporate partner Ronald Graham advised AJIB on the deal, which constitutes one of the biggest banking agreements that Jordan has ever seen, with support from local firm Dajani & Associates. Continue reading “Deal watch: Taylor Wessing and Freshfields advise on HSBC Jordan bank deal”

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MoJ’s court fee proposals criticised by internal government review

The Ministry of Justice‘s plans to levy sizeable court fees in commercial claims have encountered a setback after the Government’s own watchdog accused the department of being unclear in its cost objectives.

The Regulatory Policy Committee (RPC), a body set up to provide the government with external independent scrutiny of regulatory proposals, this week said in an impact assessment that the MoJ’s plans were ‘not fit for purpose’ and that the department ‘needs to make clear whether the proposals will result in the Court Service raising more funds than is necessary to cover their costs’.

Continue reading “MoJ’s court fee proposals criticised by internal government review”

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Norton Rose takes pole position as McLaren drops Bakers as global legal adviser

Baker & McKenzie has lost its role as global legal adviser to British automotive group McLaren, which has opted for fellow Global 100 firm Norton Rose Fulbright (NRF).

NRF will work closely with McLaren’s in-house legal team, providing services on corporate and M&A work, as well as contractual, IP, real estate and employment law. The firm has also formed a corporate partnership with the McLaren Mercedes Formula 1 team, although the firm refused to comment on how much this tie-up would cost the firm.

Baker & McKenzie has advised McLaren since the 1980s, with annual legal fees said to be worth around £1m.

Continue reading “Norton Rose takes pole position as McLaren drops Bakers as global legal adviser”

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LLP Latest – Freshfields sees drop in equity partners and highest paid earner as Clydes grows across the board

Freshfields Bruckhaus Deringer has become the second Magic Circle firm to release its 2012/13 limited liability partnership (LLP) filings with Companies House, revealing a drop of 5% in average equity partner numbers and a reduction in the pay packet of its highest paid member.

The LLP, which saw its 2012/13 profits fall to £312.3m from £329.1m in the previous year, while overall revenues increased by 4% to £1.23bn, saw the average number of members fall from 350 to 332. Continue reading “LLP Latest – Freshfields sees drop in equity partners and highest paid earner as Clydes grows across the board”