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Davis Polk bolsters English law practice with hire of Ashurst finance partner Nick Benham

Davis Polk & Wardwell’s aggressive approach to building and developing an English law practice has seen the top 30 global 100 firm hire Ashurst finance partner Nick Benham into its City office.

Benham, who has been a partner in Ashurst’s credit group since 2010, focuses on complex finance transactions including domestic and international leveraged finance and financial restructurings, acting for debt providers and strategic debt investors. Continue reading “Davis Polk bolsters English law practice with hire of Ashurst finance partner Nick Benham”

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H1 2013/14: Olswang sees turnover jump by 15%

Olswang has joined the early ranks of top 50 firms to reveal their half year (H1) 2013/14 results, with turnover up 15% on the same period last year, bringing in revenues of £57.6m compared with £50.03m last November.

In a statement, the top 35 firm’s chief executive, David Stewart (pictured), who in April was elected for a further three-year term, commented: ‘This is a good performance in what is still a challenging market. We’ve seen strong performances from our German, Belgian, Asian and French teams, combined with a much better London first half. We are now focused on delivering an equally strong second half year to continue our progress towards our strategic goal of becoming a leading international firm focused on the TMT and real estate sectors.’ Continue reading “H1 2013/14: Olswang sees turnover jump by 15%”

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In Administration: Barratts administrators instruct Shoosmiths as Blockbuster turns to Locke Lord

Beleaguered shoe retailer Barratts has gone into administration for the third time in four years, with administrator Duff & Phelps turning to top 50 firm Shoosmiths to advise as it reviews the company’s position and considers all options including a fire sale.

Shoosmith’s restructuring and insolvency national head James Keates and Manchester partner Sarah Teale are advising Duff & Phelps this time around, after Barratts, which has 75 stores and 23 concessions across the UK and Ireland employing 1,035 people in total, was left with no choice but to turn to administrators when a recent offer of £5m from an investor was withdrawn on 7 November. Continue reading “In Administration: Barratts administrators instruct Shoosmiths as Blockbuster turns to Locke Lord”

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BG Group slims down legal roster to three as CC wins a spot

For a 6,000-plus-employee FTSE 100 energy company operating across 20 countries in five continents, BG Group’s panel of four law firm was already slim but just got slimmer, with the news that Allen & Overy and Herbert Smith Freehills have been dropped in favour of Clifford Chance, which wins a place alongside incumbents CMS Cameron McKenna and Freshfields Bruckhaus Deringer.

The appointment of the three firms – which will all offer full service advice to the energy giant – came into effect on the 1 November and follow a relatively short pitch process, which began in September. Continue reading “BG Group slims down legal roster to three as CC wins a spot”

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H1 2013/14: Clyde & Co, Weightmans, Trowers and Gateley reveal figures

As the first of the top 100 firms reveal their 2013/14 half-year (H1) results the early story is positive, with Gateley and Trowers & Hamlins seeing revenue growth of 4%, while Weightmans reports a 7% uplift and Clyde & Co sets a high bar for the top 20 with a turnover increase of 16.5% on figures this time last year.

The top 15 insurance firm confirmed that its H1 turnover for 2013/14 is £169m, which it said in a statement ‘has been achieved through a combination of underlying growth and improvements in our working capital management.’ Continue reading “H1 2013/14: Clyde & Co, Weightmans, Trowers and Gateley reveal figures”

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Comment: Almost meeting minds – a select band of CIOs and MPs plot a big, big breakthrough

During the original dot-com boom, there was a brief period – oh so brief – when legal technologists and managing partners were almost on the same page. With both camps dreaming of dramatic use of IT projects to revolutionise the legal business – the era of Blue Flag – there were big sums signed off, in many cases with poor results when it came to the hard grind of implementation. Dot-com boom turned to bust and IT professionals were once again from Venus and fee-earners from Mars. Continue reading “Comment: Almost meeting minds – a select band of CIOs and MPs plot a big, big breakthrough”

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Ashurst to lose another corporate partner in wake of Stephen Lloyd resignation

Having achieved a transcontinental full financial merger with Blake Dawson almost without drama there will be those who say Ashurst had it coming, as it emerges that corporate partner Eavan Saunders Cole is set to leave the firm after last week’s revelation that global head of corporate Stephen Lloyd has handed in his notice.

Cole, whose experience at Ashurst includes advising corporate, financial sponsor and hedge fund clients particularly in the public M&A, leveraged buy-out and cross border M&A sectors, has been a partner since 2006 and advised clients including Odeon and Bank of Ireland. Continue reading “Ashurst to lose another corporate partner in wake of Stephen Lloyd resignation”

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Shale Gas: CC and Morgan Lewis lead on $10bn Chevron Ukraine deal

With major international firms angling to position themselves as leaders in the burgeoning shale gas field, Clifford Chance (CC) is advising energy giant Chevron on its $10bn shale gas exploration project with the Ukrainian government, a mammoth geopolitical deal which could see the region end its dependence on natural gas imported from Russia by 2020.

The Magic Circle firm, acknowledged as a top-tier firm in the oil and gas sector, is advising Chevron opposite US firm Morgan Lewis and Ukrainian independent Asters, which are advising the Ukrainian government and developing something of a track record for high value deals having advised Royal Dutch Shell on a similar value shale deal in Eastern Ukraine earlier this year. Continue reading “Shale Gas: CC and Morgan Lewis lead on $10bn Chevron Ukraine deal”

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Guest post: Is a return to self-regulation really on the cards?

Two months ago, I blogged about the Law Society’s surprising submission to the Ministry of Justice’s legal regulation review, which essentially argued for a return to self-regulation, save that disciplinary and enforcement activities would remain the preserve of a much slimmed-down Solicitors Regulation Authority.

On this, at least, the Bar Council is at one with its solicitor counterpart, a point reinforced at last weekend’s bar conference by chair Maura McGowan QC, who laid into the Legal Services Board (LSB) during her address to members. Continue reading “Guest post: Is a return to self-regulation really on the cards?”

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Updated: Crunch time – Pannone partners face imminent vote on Slater & Gordon acquisition

Pannone’s ongoing discussions with Australian-listed Slater & Gordon (S&G) over the sale of its consumer services and personal injury (PI) practice are coming to a head, with an equity partnership vote originally scheduled for next Tuesday (12 November) now put back until 19 November.

Should the Manchester-based firm’s partnership approve the business sale agreement – which requires a 75% vote – the firm’s board will now meet on 25 November to exchange agreements. Until today (8 November) that date had been set at Friday 15 November.

To date the discussions have been hampered by disagreements over how to house the corporate team, which is expected to be hived off and continue to practice under the Pannone name. There are also questions over whether the 241-lawyer firm’s white label service Affinity and Connect2Law network fits with S&G’s model. Continue reading “Updated: Crunch time – Pannone partners face imminent vote on Slater & Gordon acquisition”

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Deal watch: drugs are working as Covington and Latham lead on $2.6bn pharma acquisition

The lucrative pharmaceutical sector continues to provide a corporate boon to Global 100 firms, with Covington & Burling and Latham & Watkins winning key roles on Salix Pharmaceutical’s $2.6bn acquisition of specialty pharmaceutical company Santarus, announced yesterday (7 November).

With the firm’s longstanding reputation as a leading adviser on both corporate and regulatory matters to life sciences clients a key factor behind its 44% increase in revenues over the last five years to $731m, the Covington team advising Salix is being led by corporate partners Edward Britton and Catherine Dargan out of Washington. Continue reading “Deal watch: drugs are working as Covington and Latham lead on $2.6bn pharma acquisition”

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Freshfields claims victory for DB in defending $8bn claim as global institutions continue to fight fires

A week ago Deutsche Bank announced it was setting aside a €1.2bn provision to cover its legal costs but in better news today (8 November), the German banking giant and advisers Freshfields Bruckhaus Deringer claimed victory in fighting off an $8bn claim.

The claim was brought by Sebastian Holdings Inc. (SHI) – the Monaco-based investment firm wholly owned and controlled by Norwegian billionaire Alexander Vik – which alleged that Deutsche Bank put through unauthorised trades on its behalf. Continue reading “Freshfields claims victory for DB in defending $8bn claim as global institutions continue to fight fires”

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Strategy review sets expansive course as Mayer Brown aims to galvanise its business

Eight months in the making, Mayer Brown’s revamped international strategy will now see the US law firm re-group around its large international clients and allocate significant resource to providing a more joined up global service in which London is forecast to be key.

The new strategy, put together by the 1,536-lawyer firm’s 12-strong partnership board and eight-member management committee, will see Mayer Brown focus on strengthening its US strongholds in Washington DC, New York and Chicago, as well as its 85-partner London site and Hong Kong office, which now houses 170 lawyers, of which 60 are partners. Continue reading “Strategy review sets expansive course as Mayer Brown aims to galvanise its business”

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Law firm collapse: SRA intervenes to close down insolvent Follett Stock

Set against a backdrop of over 100 UK law firms currently under threat of closure for failing to obtain professional indemnity insurance, South West law firm Follett Stock is the latest to fold after the Solicitors Regulation Authority (SRA) announced yesterday (6 November) that it had closed down the insolvent firm.

The SRA’s intervention means the Truro-based firm, which also had offices in London, Exeter and Bristol, has been forced to stop operating with immediate effect after being served a winding-up petition by HM Revenue & Customs (HMRC) in August.

Continue reading “Law firm collapse: SRA intervenes to close down insolvent Follett Stock”

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West meets East – CMS latest to announce Istanbul office launch

The latest move by CMS to enhance its international offering lies at the cross roads between Europe and Asia, with the Global 100 firm today (7 Nov) announcing that it is to launch an office in Istanbul – the latest western firm to open in one of the world’s fastest-growing economies.

As partners Döne Yalçin and John Fitzpatrick relocate to Istanbul to lead the new venture, the office will offer services in project finance and infrastructure work, with further plans to expand in the fields of energy, capital markets, and M&A. Continue reading “West meets East – CMS latest to announce Istanbul office launch”

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Ashurst corporate head Stephen Lloyd quits in set-back for Anglo-Australian giant

Ashurst global head of corporate Stephen Lloyd has resigned in a move that comes within weeks of a vote for full financial integration with its Australian partner Blake Dawson and post-merger management elections.

Lloyd (pictured), who in July was appointed as co-head of the united firms’ corporate, commercial and competition team alongside Sydney-based Phil Breden, became the legacy Ashurst global head of corporate in 2010. Continue reading “Ashurst corporate head Stephen Lloyd quits in set-back for Anglo-Australian giant”

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In-house round-up: High level moves at HMRC, Premium Credit, RSC and Time Inc.

Senior in-house moves across the media, culture and financial services sectors have seen former Virgin Money legal director Jasan Fitzpatrick named general counsel (GC) at Premium Credit, the Royal Shakespeare Company (RSC) hand interim GC Marina Zain a permanent role, former News Corp GC Lon Jacobs take up a deputy role at Time Inc. and HMRC’s GC Anthony Inglese prepare to retire.

Inglese, who has led HMRC’s 200-strong legal team since 2008, is set to retire in January 2014. Since joining the civil service in 1975 to train as a barrister, Inglese has spent his entire 38-year career in public service, working in seven government departments and heading five of them. Continue reading “In-house round-up: High level moves at HMRC, Premium Credit, RSC and Time Inc.”

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Field Fisher loses construction head to Fladgate weeks after loss of privacy head to Hogan Lovells

Just weeks after Field Fisher Waterhouse lost its head of privacy Eduardo Ustaran to Hogan Lovells, the 350-lawyer UK top 40 firm has seen head of construction Alan Woolston move to West End firm Fladgate.

Woolston, who specialises in construction and engineering law, takes associate Chris Farrell with him and his arrival brings the number of partners in Fladgate’s construction and projects team to eight. Continue reading “Field Fisher loses construction head to Fladgate weeks after loss of privacy head to Hogan Lovells”

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Negotiations conclude over Simmons’ hire of Mahrie Webb from Burges Salmon

Long-running negotiations have now concluded between Burges Salmon and Simmons & Simmons over the start date of funds partner Mahrie Webb, who in May became the City practice’s fourth hire to its low-cost Bristol office.

Simmons launched the South West base in September last year with the hire of financial services litigation partners Tim Boyce and Ed Crosse from Osborne Clarke.

However, Webb has yet to join and it is understood that Burges Salmon initially tried to hold the highly regarded funds lawyer to two years gardening leave but that figure has now been reduced to a year, with Webb expected to join Simmons in May.

Continue reading “Negotiations conclude over Simmons’ hire of Mahrie Webb from Burges Salmon”

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Comment: Forget Dewey – in Wall Street star power is greater than ever

I flew into Manhattan to The New Yorker chronicling the death of Big Law with a pacey dissection of the fall of Dewey & LeBoeuf. Three days later I flew out to The New York Times covering the fee bonanza for Wall Street lawyers generated by J.P. Morgan’s regulatory nightmare.

There you have it – Manhattan’s legal market remains as contradictory and seductive as ever. Eighteen months since Dewey collapsed, it’s not apparent that the world’s largest legal failure has had much impact at all. Certainly, there has been no discernible hard look in the mirror or serious questioning of the elevation of the star system that contributed – combined with a score of other failings – to Dewey’s final chapter.

Continue reading “Comment: Forget Dewey – in Wall Street star power is greater than ever”