Page 574 – Legal Business

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”

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”

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”

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”

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”

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

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.

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”

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

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.

22 November 2013

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%”

22 November 2013

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”

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”

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”

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”

Continue reading “Nabarro to launch Middle East ‘hub’ in Dubai”

Nabarro to launch Middle East ‘hub’ in Dubai

Nabarro is to open an office in Dubai early next year following the Dubai government’s granting of a licence to the firm, in what will become its third international office.

Announced today (21 November), the new office will be led by construction and engineering head Terry Fleet, a former in-house lawyer at Costain, Babcock International and Trafalgar House (Cementation International). Further team members at partner and associate level will be added around the time of the launch.