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Expansion for Global 100 giants as Bakers plans new offshoring centre and Reed Smith launches in Kazakhstan

Baker & McKenzie and Reed Smith will further extend their global footprints, with Bakers looking at another low-cost offshore base after its success in Manila while Reed Smith has today (21 January) announced a new launch in Kazakhstan with the hire of one partner each from Morgan Lewis and White & Case.

Bakers, which launched its captive offshore support centre in Manila in at the turn of the millennium, is ‘exploring options for replicating the model in other jurisdictions’ but at this time has no set timetable.

Continue reading “Expansion for Global 100 giants as Bakers plans new offshoring centre and Reed Smith launches in Kazakhstan”

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DAC Beachcroft launches New York base as part of transatlantic alliance

Its international expansion has been extensive in recent years but UK insurance firm DAC Beachcroft has complemented its push in the Americas by opening a representative office in New York to build relationships in the US.

Located at One Battery Park Plaza in Manhattan, the new office forms part of a strategic alliance with specialist New York insurance law firm, Abrams Gorelick Friedman & Jacobson (AGF&J), to work more closely together in New York and London to better serve the interests of their insurance clients.

The 1,000-lawyer, top 25 UK firm, which already has a widespread presence in Latin America, says the new Manhattan base, which opened on Monday 20 January, will promote its multi-jurisdictional insurance capabilities, especially in Latin America, and its international commercial litigation and arbitration in North America.

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Cyber warfare – Norton Rose Fulbright hires global chief information security officer

Top ten LB100 firm Norton Rose Fulbright (NRF) has moved to further protect client information with the hire the former head of cyber security for National Air Traffic Services (NATS) Paul Swarbrick as its global chief information security officer (CISO) in the London office.

Announced today (21 January), Swarbrick will join the senior management team, and work closely with IT and the business internationally to ‘strengthen proactively, and develop, a consistent approach to information assurance and cyber security worldwide,’ a firm statement said. Continue reading “Cyber warfare – Norton Rose Fulbright hires global chief information security officer”

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Financial squeeze – Morgan Stanley declares a hit to net income due to $1.2bn in legal costs

Morgan Stanley is the latest major financial institution to declare that it has been hard hit by litigation and the ripple effect of the financial crisis after it reported a fourth quarter 78% drop in net income to $192m due to legal costs and weak fixed income trading.

Revenue for the period rose from $7bn to $7.8bn but legal costs of $1.2bn meant that earnings for the quarter were almost wiped out, the FT reported on Friday (17 January).

In its report the US investment bank declared that ‘the current quarter includes $1.2 billion of additions to legal reserves for mortgage-related matters, specifically litigation and investigations related to residential mortgage-backed securities and the credit crisis.’ Continue reading “Financial squeeze – Morgan Stanley declares a hit to net income due to $1.2bn in legal costs”

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Deutsche Bank pinpoints litigation costs for wiping out its fourth quarter profits

Frankfurt-headquartered Deutsche Bank yesterday (19 January) partially blamed its full-year litigation expenses of €2.5bn for a fourth quarter pre-tax loss of €1.2bn, shortly after Morgan Stanley blamed legal costs of $1.2bn for its drop in net income during the same period.

Deutsche Bank’s litigation fees amounted to €528m for the fourth quarter.

The bank – Germany’s largest lender – in December agreed to settle its mortgage-backed securities litigation with the Federal Housing Finance Agency (FHFA) as conservator for Fannie Mae and Freddie Mac, with a pay-out of €1.4bn. Deutsche Bank was one of 17 financial institutions the FHFA made claims against in relation to residential mortgage-backed securities.

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All grown up – HSF’s Belfast volume disputes centre pilots post-merger Australian litigation

When legacy Herbert Smith set up its volume disputes support centre in Belfast in 2011 it was, despite or perhaps because of the fact that it was at the vanguard of this kind of move, a conservatively promoted step, with initial plans to train only around 20 fee earners, including a mix of solicitors and legal assistants.

Post its merger with Freehills, the growth of this successful centre is evident as its latest pilot to roll out the use of the Belfast centre to its Australian merger partner for Australian litigation gets underway, and the fact that it has, three years later, blown its initial growth targets out of the water with 120 permanent employees, almost evenly split between qualified lawyers and legal assistants. Continue reading “All grown up – HSF’s Belfast volume disputes centre pilots post-merger Australian litigation”

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Protests and resignations but the High Court says QASA is lawful

Following months of protests from the criminal Bar including the resignation of a number of barristers from the Bar Standards Board’s (BSB’s) disciplinary panel, the High Court today (20 January) dismissed a formal judicial challenge of the controversial Quality Assurance Scheme for Advocates, ruling that the scheme is lawful.

The court found that the scheme, under which barristers may only accept trials on a par with their assessed and graded advocacy abilities, does not constitute a breach of European law and falls within the legitimate exercise of the powers of the Legal Services Board (LSB) and the three regulatory bodies that submitted it to the LSB for approval. Continue reading “Protests and resignations but the High Court says QASA is lawful”

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Breaking: Clyde & Co loses 15-strong US litigation team as two London partners exit

The expiry of Clyde & Co’s three year post-merger partner lock-in appeared to pass almost unnoticed last April but the top 20 firm has lost two London partners as its established US practice is this month hit with a 15-strong team walk out including three litigation partners.

London commercial partner Alan Meneghetti, who joined the firm five years ago as a legal director and became an aviation partner in 2010, left the firm on 31 December 2013 for Locke Lord’s corporate practice in London. Continue reading “Breaking: Clyde & Co loses 15-strong US litigation team as two London partners exit”

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DLA Piper expands Africa group across the continent with new member firms

DLA Piper‘s Africa Group has expanded in north, southern and eastern Africa with the addition of three new member firms.

Algerian firm B L & Associés, Rubeya & Co Advocates of Burundi and Namibian firm Ellis Shilengudwa Inc joined the 4200-lawyer firm’s Africa Group as of 1 October 2013. The firm now has member firms in 14 countries in Africa, and is located in 30 countries around the world.

Two-partner B L & Associés is run by Algerian-based partner Fatima Zohar Bouchemla and Paris-based partner Mohamed Lanouar and is based in Algiers. The firm also comprises eight associates, all of whom are admitted to practice in either Algeria or France.

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Deal watch: Dentons advises Total on UK shale gas interest

As the unconventional method of extracting shale gas increasingly becomes a phenomenon in the UK, Dentons has taken the lead on advising French oil and gas corporation Total on its 40% interest in two shale gas exploration licences in the UK- the first major oil company to invest in UK shale.

The energy giant confirmed it would invest $48.1m (£29.3m) in the search for shale gas in the Gainsborough Trough area in the East Midlands region covering an area of 240 sq km.

The Dentons team was led by energy partner Danielle Beggs and environment partner Sam Boileau, alongside its energy and planning team including senior associates John Stockdale and Roy Pinnock.

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High Street gloom as SRA publishes full list of uninsured firms forced to close

The Solicitors Regulation Authority (SRA) has confirmed the names of the 136 firms which have been forced to close since 1 October having been unable to secure professional indemnity insurance (PII).

The list of firms, which the SRA said it has published in the interests of protecting consumers and third parties, includes Alastair J Brett, the London-based firm set up by the former legal director of The Times newspaper, who was recently suspended over the Nightjack case. Continue reading “High Street gloom as SRA publishes full list of uninsured firms forced to close”

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Revolving doors: Bird & Bird, Bond Dickinson and Simmons all make lateral moves

The appetite shown by global elite firms to hire laterally at the start of the year has spread wider in the City, as Bird & Bird, Bond Dickinson, Simmons & Simmons and US firm Sedgwick have all been in action recently.

Bird & Bird secured the hire of partner Sven-Michael Werner from rival firm Taylor Wessing to its China corporate practice. Werner, who speaks Mandarin, has over 12 years’ experience practising Chinese law and will be based at the firm’s Shanghai office. He has a focus on M&A and foreign direct investment, particularly advising European clients investing into China. Continue reading “Revolving doors: Bird & Bird, Bond Dickinson and Simmons all make lateral moves”

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LLP latest: CMS Cameron McKenna posts revenue and profit drops for LLP but highest earner remains stable

Top ten LB100 firm CMS Cameron McKenna has posted a revenue drop for its UK limited liability partnership (LLP) of 6.6% for the 2012/13 financial year alongside a 12.5% decrease in operating profit, accounts filed at Companies House showed yesterday (14 January).

Turnover fell to £212.6m from £227.6m in 2011/12 financial year while group operating profit slid to £47.7m from £54.5m in 2011/12. Continue reading “LLP latest: CMS Cameron McKenna posts revenue and profit drops for LLP but highest earner remains stable”

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More lateral hires as Katten Muchin and K&L Gates boost international corporate practices

US firms Katten Muchin Rosenman and K&L Gates have strengthened their international corporate practices this month through lateral hires from rival Global 100 firms.

Hogan Lovells’ private equity partner Philip Watkins has quit the firm to join US firm’s Katten Muchin’s London office.

He joined Katten Muchin Rosenman at the beginning of the year, along with two associates who will join the Chicago-headquartered firm’s London base next month. Watkins joined legacy firm Hogan & Hartson’s City corporate practice in November 2008.

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Damned statistics: BLP and Ashurst report higher trainee retention rates from smaller intakes

Firms have kick-started the year reporting high trainee retention rates with Berwin Leighton Paisner (BLP) and Ashurst retaining the vast majority of their newly qualified (NQ) trainees, although total intake numbers at the firms were noticeably lower than last time around.

BLP confirmed 89% of its spring 2014 qualifiers will remain at the firm, rising slightly from 86% of the autumn 2013 qualifiers, but maintaining its recovery from its March 2013 results when the firm offered positions to just 64% of trainees or 14 from a total of 22.

Continue reading “Damned statistics: BLP and Ashurst report higher trainee retention rates from smaller intakes”

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More in-fighting as Law Society contests SRA’s attempts to gain greater fining powers

Further cracks in The Law Society’s already strained relationship with the Solicitors Regulation Authority (SRA) have emerged this week as the representative body prepares to contest its regulatory arm’s attempt to increase its fining powers over law firms.

In a consultation which ends next month, the SRA has invited views on its proposal to increase the current level of fining powers over City and regional law firms to as much as £100,000. However, the Law Society has said it has ‘concerns over the functioning of the enforcement team within the SRA’. Continue reading “More in-fighting as Law Society contests SRA’s attempts to gain greater fining powers”

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Former Stewarts Law pair to return to SDT after High Court upholds one finding of dishonesty

Former Stewarts Law partner Andrew Shaw has failed to entirely clear his name in the High Court, which has ordered that the struck-off solicitor return to the Solicitors Disciplinary Tribunal (SDT) to argue over whether one finding of dishonesty against him means he should be re-struck off the solicitors Roll.

Litigator Shaw and associate Craig Turnbull were both struck off by the SDT in February last year, after a private application alleged they misled the court when securing a freezing injunction against businessman Geoffrey Logue.

The case dates back to April 2010, when Shaw obtained a freezing order against Logue for US company The Complete Retreats Liquidating Trust.

The SDT found that the pair’s failure to give full and frank disclosure that the application was funded by a property tycoon with whom Logue was in dispute was dishonest. Continue reading “Former Stewarts Law pair to return to SDT after High Court upholds one finding of dishonesty”

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Hogan Lovells expands Latin America footprint with hire of CC partner in Brazil

Hogan Lovells has expanded its Latin America offering with the launch of its second office in Brazil, with the hire of former Clifford Chance partner Isabel Costa Carvalho.

Its new São Paulo office will operate as a foreign legal consultancy offering services to local and international companies and banks after the Brazilian Bar Association awarded the firm a license to practise in the region in July 2013.

Capital markets partner Costa Carvalho will lead the new team and focus on bolstering the firm’s Latin America-based equity capital markets, corporate and international debt capital markets practices as well as its New York, Washington and London based capital offering focused on Latin America. Continue reading “Hogan Lovells expands Latin America footprint with hire of CC partner in Brazil”

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New year hiring spree continues as Weil Gotshal and Norton Rose recruit from rivals

Top-20 Global 100 firms Norton Rose Fulbright and Weil, Gotshal & Manges have made significant and experienced additions to their London offices today (15 January), from Freshfields Bruckhaus Deringer and Hogan Lovells respectively.

Weil Gotshal has taken on Hogan Lovells partner Chris McLaughlin to join its banking and finance practice in London.

McLaughlin has extensive experience acting for banks and borrowers on the financing of cross-border private equity buyouts as well as European real estate acquisitions and restructurings.

Continue reading “New year hiring spree continues as Weil Gotshal and Norton Rose recruit from rivals”

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LLP latest: Penningtons and Addleshaws both see highest-paid member drawings fall during last financial year

Penningtons Manches is the latest top-100 UK firm to file its limited liability partnership (LLP) accounts for 2012/13, which in keeping with a host of leading City firms, reveal that its highest paid member took more than a £52,000 cut, taking home £286,642 compared with £338,759 in 2012.

The firm posted a turnover figure of £32.1m, down very slightly from £32.3m in 2012, with the firm’s profits more or less flat at £11.53m compared to £11.50m.

Long-term loans at the firm, which acquired Manches from administrators PwC in October 2013, increased from £3.7m to £7.7m.

Continue reading “LLP latest: Penningtons and Addleshaws both see highest-paid member drawings fall during last financial year”