Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

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”

Posted on

US/UK hires: Mayer Brown boosts London securitisation team as Herbert Smith hires New York financial services litigator

Mayer Brown is boosting its English law securitisation capability with the hire of former Mayer Brown lawyer Richard Todd, who re-joins the firm from Berwin Leighton Paisner (BLP) alongside Allen & Overy banking associate David O’Connor.

Todd will work on domestic and international structured financings alongside former colleague and head of the banking and finance division Dominic Griffiths, as well as senior securitisation partner Kevin Hawken. Continue reading “US/UK hires: Mayer Brown boosts London securitisation team as Herbert Smith hires New York financial services litigator”

Posted on

Panel win: £15bn Pension Protection Fund reveals new line up

Labelled one of the most important institutions in the pensions industry with £15bn of assets under management, the Pension Protection Fund yesterday (7 October) announced its new slimmed down legal panel, with Wragge & Co winning a first time appointment for the body as one of three core advisers.

International firms Clyde & Co and Dentons also won core advisory roles on the panel, which has shrunk from a total of 27 firms in 2007 to 23 following a comprehensive tendering process. Continue reading “Panel win: £15bn Pension Protection Fund reveals new line up”

Posted on

Comment: The mindset for 21st century law – be optimistic and afraid and you’ll do fine

A law firm pumps out marketing bumpf about how awesome it is and it is received – with ample justification – as self-serving twaddle. An alternative legal services provider pumps out marketing bumpf about how awesome it is and it is met with a round of applause, rather than as the self-serving twaddle wrapped in utopian geek speak it usually is.

The point? These days there are a lot of people talking down law firms. True, plenty of criticism regarding conservatism, high costs and lack of genuine client focus is still justified. But to judge by some claims, law firms aren’t just greedy unresponsive bastards, they are greedy unresponsive bastards standing on a burning deck.

Continue reading “Comment: The mindset for 21st century law – be optimistic and afraid and you’ll do fine”

Posted on

Going buy-side: Reed Smith’s global managing partner takes over from Hoyt at PNC

It is still reasonably uncommon to see private practice partners step straight into a general counsel (GC) role but Reed Smith’s global managing partner (MP) Greg Jordan is to join one of the firm’s clients, Pittsburgh’s largest bank, the PNC Financial Services Group, taking over from Bob Hoyt as he prepares to join Barclays. Alexander Thomas, Reed Smith’s global chair of litigation, will take over the global MP role from Jordan.

Jordan, who was only re-elected for another three year term last year, is set to become executive vice president GC and head of regulatory and government affairs. He will report directly to PNC’s CEO William Demchak. Continue reading “Going buy-side: Reed Smith’s global managing partner takes over from Hoyt at PNC”

Posted on

Building a career structure at 02 and why IQs are rated higher than experience

The in-house legal profession grew by 137% between 2001 and 2011 and with that growth has come new issues of succession and sustainability for legal teams; issues that are already being addressed at 02.

While law firms undoubtedly rely too much on the pyramid model, in-house teams have traditionally been too flat, reliant on recruiting costly experienced lawyers and often able to offer them little in the way of career progression. Continue reading “Building a career structure at 02 and why IQs are rated higher than experience”

Posted on

Flamboyant or offensive? Race pundit McCririck’s age claim sees Reed Smith and Cavendish Legal in court

Reed Smith and Cavendish Legal Group have been facing each other in the Central London Employment Tribunal this past week as eccentric race pundit John McCririck (pictured) sues his former employers Channel 4 and IMG Media for age discrimination.

Seventy-three year-old McCririck was axed from Channel 4’s coverage last year, when Clare Balding and a new-look team took over. Continue reading “Flamboyant or offensive? Race pundit McCririck’s age claim sees Reed Smith and Cavendish Legal in court”

Posted on

Sector switch: Vodafone’s corporate affairs director takes over as GC of British Gas

Vodafone UK’s corporate and external affairs director Justine Campbell has switched from telecoms to energy, taking on the general counsel (GC) role at British Gas after a revamp of its senior legal team. She will join the company in December after having handed her notice in last month.

The GC title was phased out at British Gas following Melanie Rowland’s departure for Edwards Group last year, since when legal director Jane Forster has headed the legal and compliance function. Continue reading “Sector switch: Vodafone’s corporate affairs director takes over as GC of British Gas”

Posted on

HMRC review raises questions over law firm financing as banks tighten up lending terms

Law firms are facing a shake-up of their banking and taxation arrangements as both lenders and HM Revenue & Customs (HMRC) move to minimise their losses under the current system.

Following HMRC’s consultation on limited liability partnerships, draft legislation will be unveiled in its autumn statement, which is expected to substantially tighten the criteria for favourable tax treatment under partnership.

The legislation, which according to Norton Rose Fulbright partner Dominic Stuttaford may be tweaked but is unlikely to change tack, is expected to say that a partner is someone with a share of the equity – and of the risk – leaving the status of salaried partners in limbo. Continue reading “HMRC review raises questions over law firm financing as banks tighten up lending terms”

Posted on

Revolving Doors: Key hires for Mayer Brown, Greenberg Traurig, Herbert Smith, K&L Gates and Pinsent Masons

The lateral hiring spike of September is running into October, as Mayer Brown and US rival Greenberg Traurig Maher bulk up in London, Herbert Smith Freehills (HSF) and K&L Gates recruit into their Australian practices, and Pinsent Masons boosts its Middle Eastern energy projects team.

Mayer Brown has hired Patricia Jones, a real estate partner from SJ Berwin, to join its team in London, following the hire last week of corporate partner Greg Stonefield from White & Case. Jones has been at SJ Berwin for 10 years and most recently acted for British Land on the redevelopment of the Shoreditch Estate. Continue reading “Revolving Doors: Key hires for Mayer Brown, Greenberg Traurig, Herbert Smith, K&L Gates and Pinsent Masons”