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Regulatory squeeze – JP Morgan sees rare loss after setting aside $9.2bn in legal fees

As if any reminder was needed of the impact that increased regulation and the continuing fallout from the financial crisis is having on the banking community JP Morgan on Friday (11 October) reported a $380m third quarter loss after setting aside $9.2bn to cover its legal fees.

The results are the first quarterly loss for the bank in eight years, with chairman and CEO Jamie Dimon claiming that its ‘strong underlying performance’ this term was ‘marred by large legal expense.’

JP Morgan last reported a quarterly loss in 2004, also as a result of legal expenses, in that case related to WorldCom and Enron. Continue reading “Regulatory squeeze – JP Morgan sees rare loss after setting aside $9.2bn in legal fees”

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Guest blog – Innovation in law: are you one of us?

Debates about innovation in law can be a bit tribal. The Creative Destroyers decry the billable hour. They mock Big Law as a broken model and see law as a dusty rule book in need of big data and a scientific reinvention. Law is vastly complex and inefficient. More traditional folk point to the resilience of law, and law firms. They snigger, not always unfairly, at the self-serving evangelism of the new model insurgents. And they comfort themselves, unwisely I suspect, with any signs that the current crop of innovators are failing. The singularity may not be near, but that does not mean that it is far. Continue reading “Guest blog – Innovation in law: are you one of us?”

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Aviation: Further consolidation predicted as Aegean acquisition of Olympic approved

Aviation lawyers expect further consolidation within the airline industry as Aegean Airlines was on Wednesday (9 October) given the all clear to buy troubled Olympic Air, led by White & Case and Baker & McKenzie.

The European Commission (EC) took the first-time step of reversing its earlier decision to block an acquisition attempt in 2011, approving the buyout from investment group Marfin. Continue reading “Aviation: Further consolidation predicted as Aegean acquisition of Olympic approved”

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Death knell for judge-led inquiries? Lord Leveson refuses to be drawn on MPs’ questions

It is not difficult to see why Lord Leveson’s refusal to assist MPs with their latest questions over the future of press regulation is regarded as unhelpful and, by some, the wrong call.

Assigned on 20 July 2011 by Prime Minister David Cameron to lead an inquiry into the culture, practices, and ethics of the press, the 64-year old president of the Queen’s Bench Division’s remit was ‘in the light of these inquiries, to consider the implications for the relationships between newspaper organisations and the police, prosecuting authorities, and relevant regulatory bodies – and to recommend what actions, if any, should be taken.’ Continue reading “Death knell for judge-led inquiries? Lord Leveson refuses to be drawn on MPs’ questions”

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Jones Day’s EMEA private equity ambitions grow with hire of BLP’s Weir and McKeeve

Recognised as a strong choice for UK mid-market buyouts and cross-border transactions, Jones Day’s London private equity team has expansive ambitions with the hire this week of Berwin Leighton Paisner (BLP) corporate finance partner Michael Weir on the heels of former BLP colleague Raymond McKeeve.

Weir, who was made a partner at BLP in 2012 and specialises in private equity with a particular leaning towards large real estate funds, joins the top 10 Global 100 firm three months after McKeeve, who he worked with on mandates including Dunedin’s £44m buyout of Red Commerce in 2011, and Darwin Private Equity on its £10m acquisition of organic baby food business Plum Baby in 2010. Continue reading “Jones Day’s EMEA private equity ambitions grow with hire of BLP’s Weir and McKeeve”

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Acquisitive streak: DWF takes on a 50-strong team from Greenwoods

DWF has continued its highly acquisitive streak with the announcement today (11 October) that it has taken on an 11-partner, 50-strong team from LB100 insurance specialist firm Greenwoods.

A statement from Greenwoods said today: ‘Following its merger with Plexus Law in May 2013, Greenwoods has agreed the TUPE transfer of 11 partners and their teams. The transfer to DWF will take place on Monday 28 October.’

Continue reading “Acquisitive streak: DWF takes on a 50-strong team from Greenwoods”

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Strategic hires: Field Fisher head of privacy to join Hogan Lovells but held to 19 month notice period

Hogan Lovells has moved to significantly boost its European privacy capability with the hire of Field Fisher Waterhouse group head Eduardo Ustaran as the departing lawyer is held to a 19 month notice period by his firm.

Having built and led Field Fisher’s first-tier privacy and information law group, heavyweight Ustaran will join 2527-lawyer Hogan Lovells’ global privacy and information practice to manage its European capability. Continue reading “Strategic hires: Field Fisher head of privacy to join Hogan Lovells but held to 19 month notice period”

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Latham, Matheson, Davis Polk and Arthur Cox close $8.5bn Actavis Warner Chilcott acquisition after competition fears

Despite fears that the US federal regulator would block pharma giant Actavis Inc’s $8.5bn acquisition of Dublin-based Warner Chilcott the deal, which saw Latham & Watkins and Matheson advise Actavis opposite Davis Polk & Wardwell and Arthur Cox, has closed this month.

The Federal Trade Commission at the end of September settled charges that the deal would be anticompetitive, after Actavis agreed to sell its rights and assets related to three oral contraceptives and an osteoporosis treatment. Continue reading “Latham, Matheson, Davis Polk and Arthur Cox close $8.5bn Actavis Warner Chilcott acquisition after competition fears”

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India still a land of promise as LG tightens referral relationship

With foreign investor confidence in India shaken by the weakening rupee and the country’s high debt-to-GDP ratio in many ways it seems a strange time for Lawrence Graham (LG) to be entering into a referral relationship with Indian law firm Naik Naik & Company, as it did at the end of September.

LG has had an informal relationship with Naik since the beginning of 2010 but now both firms want to strengthen the referral arrangements in a bid to create new opportunities across their corporate, commercial, litigation and real estate groups. Continue reading “India still a land of promise as LG tightens referral relationship”

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Regulatory upheaval: MoJ reshuffle leaves reforms uncertain as LSB drops Herbert Smith for judicial review

The future of regulatory reform of the legal sector appears to be hanging in the balance as justice minister Helen Grant, who announced the review in June, is replaced by former solicitor Shailesh Vara and further announcements over changes to the Ministry of Justice (MoJ) team are awaited.

The review, which has seen regulators and representative bodies including the Solicitors Regulation Authority, the Law Society, the Bar Standards Board (BSB), the Bar Council and the Legal Services Board (LSB) submit proposals for reform to the MoJ, is currently one of a number of issues being considered as the MoJ decides what the revamped team’s ‘portfolio’ will include. Continue reading “Regulatory upheaval: MoJ reshuffle leaves reforms uncertain as LSB drops Herbert Smith for judicial review”

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Increased scrutiny of finances by insurers as 185 firms fail to get PII by first cut off

Insurers are joining banks in upping their scrutiny of law firm finances in light of recent insolvencies as 185 law firms fail to obtain professional indemnity insurance (PII) by the 1 October deadline.

The Solicitors Regulation Authority (SRA) received applications for an extended indemnity period (EIP) from 185 law firms. Of those firms, ten have since secured cover, leaving 175 firms in need of PII before the end of the 90-day period afforded by the EIP. Continue reading “Increased scrutiny of finances by insurers as 185 firms fail to get PII by first cut off”

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Rising star: Latham hires Clifford Chance private equity partner Tom Evans

Latham & Watkins has secured another heavyweight hire in London with the announcement that Tom Evans, a newly made up partner in Clifford Chance’s (CC) private equity group, is joining the firm’s corporate department.

Evans, who has been tipped as a rising star in the private equity field, follows David Walker, former global head of private equity at CC, who left to join Latham in May. The 2033-lawyer US firm has also made a series of other high profile lateral hires this year, including Dean Naumowicz, former head of derivatives at Norton Rose Fulbright, and Simon Bushell, former co-chair of corporate fraud at Herbert Smith Freehills. Continue reading “Rising star: Latham hires Clifford Chance private equity partner Tom Evans”

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Guest blog – In the small print: Huge shake up in UK bribery enforcement, US style whistleblowing & UK False Claims Act

Buried in the small print and missed by many in the hullabaloo surrounding the launch of the new UK National Crime Agency (a rebranded roll up of existing crime law enforcement in the UK) are proposals to significantly overhaul the UK approach to dealing with bribery and corruption announced by the UK Home Secretary Theresa May.

Buried in the press release issued by the UK Home Office was the throwaway line:

‘New arrangements for reporting and investigating corruption’ Continue reading “Guest blog – In the small print: Huge shake up in UK bribery enforcement, US style whistleblowing & UK False Claims Act”

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Leadership: Wragge & Co’s Metcalfe steps down as Fennell steps up

Ian Metcalfe’s eight year stewardship of Wragge & Co as managing partner is to come to an end in April next year when current head of the firm’s projects team David Fennell will take over the role, the firm has announced.

Focusing on projects and PFI, Fennell has led the firm’s 12-partner projects team for the past six years, having joined Wragges from Herbert Smith in 1996, becoming partner in 2002. His stand out projects include advising Amey on two high-profile multi-billion pound highways deals in 2012. Continue reading “Leadership: Wragge & Co’s Metcalfe steps down as Fennell steps up”

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Bar round-up: St Philips to the City, new heads for Brick and Fountain Court, Wilberforce CEO to Keating, Starmer returns to Doughty

Leading Birmingham set St Philips Chambers expanded into the City last week, opening in the heart of Bloomsbury on Tuesday (1 October) as it also seeks to finalise its merger with Chancery House Chambers in Leeds.

Already noted by The Legal 500 as a competitor to London sets owing to its ‘strength and depth’, St Philips, led by Kevin Hegarty QC, has established St Philips London in an effort to boost its offering in commercial, employment, regulatory, private funded crime, and family work. Continue reading “Bar round-up: St Philips to the City, new heads for Brick and Fountain Court, Wilberforce CEO to Keating, Starmer returns to Doughty”

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Fourth Asian office for Taylor Wessing as firm ties up with HPRP in Jakarta

Described by Legal 500 as a ‘dynamic emerging market’, Indonesia has welcomed another international entrant as Taylor Wessing launches in Jakarta via a cooperation agreement with local law firm Hanafiah Ponggawa & Partners (HPRP).

The deal will see top 20 LB100 firm Taylor Wessing and 10-partner HPRP ‘share knowledge, resources and best practice, enabling them to provide a service to clients in Singapore, Indonesia and across Taylor Wessing’s wider network of offices,’ a statement said today (8 October). Continue reading “Fourth Asian office for Taylor Wessing as firm ties up with HPRP in Jakarta”

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London launch: Boies Schiller hires Bingham heavyweight Harrison to spearhead City practice

US litigation powerhouse Boies, Schiller & Flexner has hired Bingham McCutchen star partner Natasha Harrison to head the firm’s foray into the London market, its first office outside of the US.

Harrison has been a partner at Bingham since 2004 and is described by the The Legal 500 as an ‘incredibly commercial for a litigator’. She was instrumental during the Icelandic bank crisis, acting for bondholders of the three collapsed Icelandic banks, Landsbanki, Kaupthing and Glitnir, the world’s second largest insolvency. Continue reading “London launch: Boies Schiller hires Bingham heavyweight Harrison to spearhead City practice”

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IBA 2013: ‘We need to be the tip of the spear’ – the global anti-corruption push is gathering pace

With a packed programme at the International Bar Association’s (IBA) annual conference in Boston, working out which of the many (and sometimes dry) debates to attend is a challenge, but one of the stand-outs from the first day was the discussion on anti-corruption.

That this session was packed is unsurprising; one of the major forces currently shaping the legal profession at a global level has been the sustained crackdown on corruption in many forms, be it graft, tax avoidance or cartels. Continue reading “IBA 2013: ‘We need to be the tip of the spear’ – the global anti-corruption push is gathering pace”

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Yes, it’s that time of year – nominations are open for the Legal Business Awards 2014

Now is the time to demonstrate how your firm, chambers or in-house team has positioned itself ahead of the pack this year: nominations are open for the most prestigious showcase of talent in the industry, the Legal Business Awards 2014.

The event will take place on Thursday 13 February 2014 at The Grosvenor House Hotel, Park Lane, London. You have until 18 November to provide submissions in any of the 22 categories open to teams or individuals. Continue reading “Yes, it’s that time of year – nominations are open for the Legal Business Awards 2014”

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Staff cuts: Ashurst confirms 120 jobs to go in London

Ashurst is nearing the end of its London redundancy round as the firm confirms 120 of its support staff will be leaving its City base after 45 days of ongoing consultations.

The 120 employees – selected out of a possible 350 staff earmarked for redundancy – have been given the option to transfer to the firm’s new lower cost Glasgow site or take redundancy, while some effort has been made to find replacement positions in London. Continue reading “Staff cuts: Ashurst confirms 120 jobs to go in London”