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Guest post: Independence matters – banking and big law in the news

Lawyers and banks are in the news again. Lawrence Tomlinson, Entrepreneur in Residence at the Department for Business, Innovation and Skills, has reported various abuses by RBS in particular and has this to say about the way banks instruct lawyers:

‘Any law firm that does business with the banks will have a clause in their contract, preventing them from taking action against the banks.This means that for businesses the pool of solicitors available to give them advice and take their case is extremely limited. Continue reading “Guest post: Independence matters – banking and big law in the news”

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Leadership: Watson Farley managing partner Michael Greville stands down

Watson, Farley & Williams (WFW) has announced that longstanding managing partner Michael Greville has stepped down from his role as managing partner, according to a statement released today (28 November).

Having been in the role for over 12 years, Greville will step down as chief in the middle of January 2014 and resume a fee-earning role, focusing on shipping, oil & gas, and energy sectors.

An election to succeed Greville is currently underway with Chris Lowe (head of the firm’s global maritime practice and former head of the Singapore office) and Lothar Wegener (head of WFW’s German offices) as coming forward as candidates to replace Greville as joint managing partners. Continue reading “Leadership: Watson Farley managing partner Michael Greville stands down”

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Merger talks: Dentons and McKenna Long partners say no to a tie-up

Just two days after Orrick, Herrington & Sutcliffe and New York-headquartered Pillsbury Winthrop Shaw Pittman called off their potentially game changing merger, Dentons and McKenna Long & Aldridge have announced that their partners have said no to a tie-up, after the decision was put to a partnership vote yesterday (26 November).

Both firms confirmed that they were in merger talks in late September and a vote was originally scheduled for 14 November, which if it had gone through would have created a firm with around 3,100 lawyer globally. Continue reading “Merger talks: Dentons and McKenna Long partners say no to a tie-up”

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Team hire: TLT takes on 30-strong Irwin Mitchell team in Manchester

TLT is putting its fledgling Manchester office at the centre of its UK-wide growth plans as the top 60 LB100 firm takes on a 30-strong Irwin Mitchell team, including former commercial litigation head John Lord.

The six-partner team, who will join the 250-lawyer firm’s six month old Manchester office before Christmas, also includes non-contentious property partner Andrew Bell, employment partner Ed Cotton, corporate partner Jon Close, commercial litigation partner Julien Luke and banking and finance litigation partner Tom Seabrook, along with 24 solicitors, paralegals and support staff. Continue reading “Team hire: TLT takes on 30-strong Irwin Mitchell team in Manchester”

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Clifford Chance global managing partner vote: Layton takes the crown

The long-awaited decision over who will replace David Childs as Clifford Chance’s global managing partner (MP) has been announced, with the partnership electing global head of corporate Matthew Layton to take over the top management role after voting closed yesterday evening (27 November).

Layton (pictured above with Childs) was widely cited in the early stages of the election process as favourite to lead the 3,017-lawyer Magic Circle firm, with challengers emerging as Paris-based office managing partner and M&A lawyer Yves Wehrli; global head of tax, pensions and employment David Harkness; and City-based banking and finance partner Andrew Carnegie. Continue reading “Clifford Chance global managing partner vote: Layton takes the crown”

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In-house draw: Chris Bown third Freshfields partner to take a corporate wage as he resigns for CVC

Freshfields Bruckhaus Deringer corporate partner Chris Bown has become the third senior partner in two months to resign from the Magic Circle firm for an in-house role, with news that he is to join private equity house CVC Capital Partners.

Bown, who founded Freshfields London-based private equity practice in 1999, will be joining longstanding client CVC as a senior advisor when he retires from the 2330-lawyer firm in April next year. He will start his new role on 1 May on a part-time basis, advising CVC’s deal teams and working with both external counsel and the in-house team, which is headed by managing director Richard Perris, who joined from Clifford Chance in 2005. Continue reading “In-house draw: Chris Bown third Freshfields partner to take a corporate wage as he resigns for CVC”

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No pay for delay: Court of Appeal holds firm on costs decision in ‘plebgate’ case

The post-Jackson hardline approach to costs budgeting was reinforced by a landmark Court of Appeal decision today (27 November) in a clear message to the profession that non-compliance will be ‘fatal’.

This latest decision – the most significant of the post-Jackson era – arises out of Andrew Mitchell MP’s ongoing ‘plebgate’ defamation claim against The Sun’s publisher, News Group Newspapers (NGN). It follows the High Court ruling in September that Mitchell, were he to win the claim, would not be entitled to recoup any of his costs from NGN after his solicitors, Atkins Thomson, failed to comply with a costs practice direction.

Continue reading “No pay for delay: Court of Appeal holds firm on costs decision in ‘plebgate’ case”

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Investigations: RBS appoints panel firm Clifford Chance to conduct independent review

Investigations have become big business for the City’s thriving litigation teams although the majority of them happen behind closed doors for valued clients and are not said to offer an ‘independent’ assessment.

A recent exception is the Royal Bank of Scotland’s (RBS) disclosure yesterday (25 November) that it has appointed Clifford Chance (CC) to conduct an independent inquiry into the treatment received by small business customers in financial distress, after allegations that the bank deliberately drove them to collapse for its own gain. Continue reading “Investigations: RBS appoints panel firm Clifford Chance to conduct independent review”

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Panel review: Taylor Wessing and KWM SJ Berwin secure spots on property developer Essential Living’s ten-strong panel

Newly-formed rental property developer Essential Living has appointed a ten-strong panel of law firms to its roster as it focuses on ambitious development targets for the coming year, with Taylor Wessing and King & Wood Mallesons SJ Berwin securing advisory roles ‘with an overarching brief to provide corporate, finance and delivery advice,’ a statement said today (26 November). Continue reading “Panel review: Taylor Wessing and KWM SJ Berwin secure spots on property developer Essential Living’s ten-strong panel”

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Merger talks: Orrick and Pillsbury call time on talks after client conflict issues dominate

The potentially game changing merger between California-based Orrick, Herrington & Sutcliffe and New York-headquartered Pillsbury Winthrop Shaw Pittman is off after the firms said issues surrounding client conflicts of interest had proved insurmountable.

The firms disclosed around a month ago that they were in talks, with a view to creating a 1,800-lawyer practice with revenues of around $1.4bn, putting the combined entity in the top 15 law firms in the world by fee income. Continue reading “Merger talks: Orrick and Pillsbury call time on talks after client conflict issues dominate”

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Leadership: Andrew Saul takes over as senior partner at Osborne Clarke

With its half year revenues up by 12% and following a two-year period of international investment, Osborne Clarke‘s (OC’s) UK senior partner Tim Birt is to stand down with London head Andrew Saul taking over the role.

Corporate partner Saul – who joined 600-lawyer OC in 1996 as head of corporate and led the practice for seven years before becoming head of the London office in January 2012 – was voted in as senior partner through an election held at the London headquarters of the firm, ranked 32 in the LB100. He will take over the role on 1 January 2014. Continue reading “Leadership: Andrew Saul takes over as senior partner at Osborne Clarke”

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Guest post: ‘Chasing short term profits is the enemy of long-term success’ – A conversation with Freshfields’ Ted Burke

I recently had the chance to sit down with Ted Burke, outgoing managing partner of Freshfields Bruckhaus Deringer. I’ve known Ted for years and with the recent announcement that he would be stepping down at Freshfields to join Arclight Capital Partners as COO and general counsel it was time to catch up.

When we sat down, I asked Ted to reflect on his years at Freshfields (head of the firm since 2005). He opened: ‘It’s the oldest great firm in the world.’ Founded in 1743 with the Bank of England as a client, which remains a client today. The firm has been successful over 270 years, Ted observed, but not at all times, and it has had to change repeatedly. ‘No business can last more than a generation without changing.’ Continue reading “Guest post: ‘Chasing short term profits is the enemy of long-term success’ – A conversation with Freshfields’ Ted Burke”

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Innovation alert – A&O becomes first top tier player to forge a contract lawyer service with launch of Peerpoint

For all the talk of innovation in the profession, experimentation with new models has so far been more evident at mid-pack players like Berwin Leighton Paisner (BLP) and Eversheds than elite London or New York advisers.

However, as Legal Business reveals today (25 November), Allen & Overy (A&O) has become the first top tier outfit to challenge that orthodoxy with the Magic Circle firm launching a high-end contract lawyer service for major clients.

Continue reading “Innovation alert – A&O becomes first top tier player to forge a contract lawyer service with launch of Peerpoint”

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International expansion: Speechly opens in Paris as Rouse and Tilleke Gibbins launch in Myanmar

The burgeoning Paris market has drawn in another UK name as Speechly Bircham opens in the City while UK IP firm Rouse expands into Myanmar alongside new South East Asian entrant Tilleke & Gibbins, which has also launched in Indonesia and Laos.

Its fourth new European office in two years, UK top 55 firm Speechly Bircham opened today (25 November) in the French capital with an 11-strong team, which will focus on private wealth tax planning as well as corporate and litigation services to private clients, private equity investors and corporates. Continue reading “International expansion: Speechly opens in Paris as Rouse and Tilleke Gibbins launch in Myanmar”

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Price of good education: University of Law unveils first financial results since PE buyout

The University of Law has recorded a net profit of over £14m in its latest financial results, just a year after being purchased by private equity house Montagu Private Equity for £177m.

Accounts filed at Companies House reveal the UoL, formerly a charity, posted turnover of £53.3m over an 18-month period dating from February 2012 to July this year, alongside a retained loss of £7.7m which was attributed to investments made improving college facilities. The education body also paid zero UK corporation tax during this period.

Continue reading “Price of good education: University of Law unveils first financial results since PE buyout”

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H1 2013/14: Osborne Clarke sees half year revenues jump by 12%

Osborne Clarke is the latest top 50 firm to announce positive results for the first half (H1) of the 2013/14 financial year as it posts a 12% rise in group revenues to €71.6m, which includes the firm’s international offices, while the UK boasts an 8% increase to £39.1m.

The 500-lawyer firm, ranked as number 32 in the LB100, attributes the success of the group revenue in part to its 14th and 15th office openings in Brussels and Paris, which opened in June and July respectively. Continue reading “H1 2013/14: Osborne Clarke sees half year revenues jump by 12%”

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Blood from a stone: Walker Morris withdraws from personal injury market as Co-op Legal announces PI job cuts

The post-Jackson reforms have claimed further victims as Leeds-based Walker Morris has announced it is to close its personal injury (PI) business, while Co-operative Legal Services has confirmed its personal insurance division is undergoing a restructuring which is likely to result in around 60 job cuts.

Around 48 staff are at risk of redundancy as a result of the closure at LB100 firm Walker Morris’ PI arm, named Distinctly Legal, with the firm blaming ‘the Legal Aid Sentencing and Punishment of Offenders Act (LASPO) changes and the continuing turmoil in the personal injury marketplace.’

Continue reading “Blood from a stone: Walker Morris withdraws from personal injury market as Co-op Legal announces PI job cuts”

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PwC boosts energy capability with hire of NRF head of nuclear Fiona Reilly

PricewaterhouseCoopers (PwC) has boosted its nuclear energy capability with the hire of longstanding Norton Rose Fulbright energy partner and head of nuclear services Fiona Reilly, the third departure from the top 10 LB100 firm’s London office this month.

Reilly joined the now 2647-lawyer firm in January 1999, having previously worked in-house as commercial counsel at UK nuclear steam turbine producer Alstom.

During her time at Norton Rose Reilly, who became a partner in 2011, was seconded to Star Energy as its general counsel, advising on corporate and commercial issues. Continue reading “PwC boosts energy capability with hire of NRF head of nuclear Fiona Reilly”

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UK IPO uptick forecast for 2014 as Freshfields secures Poundland float

Partners are forecasting a further uptick in UK initial public offerings (IPOs) in 2014 with Freshfields Bruckhaus Deringer emerging as the latest major firm to win a role on a company looking for a London listing, as discount retailer Poundland puts together a team to advise it on the company’s next steps.

Poundland’s private equity owner Warburg Pincus – Freshfields’ client – has lined up financial advisers JP Morgan and Credit Suisse to look for a route to market. The deal is understood to be being led by Freshfields corporate partner Adrian Maguire, with the company currently valued at between £400-£500m and expected to float early next year. It is thought that Allen & Overy is advising the underwriters on the deal. Continue reading “UK IPO uptick forecast for 2014 as Freshfields secures Poundland float”

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Redundancy watch: Norton Rose Fulbright reveals 30 job cuts in Australia

Norton Rose Fulbright has made 30 staff redundant throughout its Australian offices, including 12 fee-earners and 18 support staff. The firm stated this was ‘not a change that is happening in any other region than Australia – it is a local response to a local market.’

A spokesperson for the firm added: ‘This was a difficult decision and we are doing all that we can to support those affected. Like other professional services firms in Australia, we have responded to changes in the local market. We will continue to concentrate on our primary areas of growth: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.’ Continue reading “Redundancy watch: Norton Rose Fulbright reveals 30 job cuts in Australia”