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The air of unreality – can the big deal deliver for Ashurst?

‘Historically, what killed Ashurst’s mergers has been apathy. Latham, Fried Frank, Clifford Chance – people were apathetic.’ So recalls one former veteran of the City firm.

As Legal Business goes to press Ashurst is finally about to vote on a transformative merger with its Australian partner. But even two years since the firm agreed a formal alliance with big six Australian outfit Blake Dawson, the idea of Ashurst going through with the tie-up still seems odd, unreal even, though this timeframe was always set out and the Australian practice immediately took the name of its City suitor.
Continue reading “The air of unreality – can the big deal deliver for Ashurst?”

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The in-house survey: The Last Word

Canvassed for our annual in-house survey, general counsel at some of the UK’s leading companies give their perspective on risk, fees and the future of law

Keep it in the family

‘As part of our evolution over the past five years, we are also doing more internally, particularly focusing on transactions that do not proceed or do not come to fruition. When you look at the statistics, because we get involved at a very early stage only one in ten deals goes all the way. Of those nine out of ten that do not proceed, we try and identify them as early as possible and ensure that we are handling those matters internally as far as possible.’

Khasruz Zaman, head of M&A legal, Barclays

Continue reading “The in-house survey: The Last Word”

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The in-house survey: Time and money

This year, we asked in-house counsel to name the best law firms across three core yardsticks. Amid pressure on budgets, we chart the advisers whose time is worth clients’ money

Asking law firms to rate their peers objectively is like nailing jelly to a wall — they are often either evasive or delusional. Researchers at The Legal 500 seek peer feedback as part of the process when ranking firms, but nothing beats considered feedback from the clients themselves, which is why we took the opportunity to ask a large in-house audience to single out individual firms for the quality of their service as part of our survey this year.

Continue reading “The in-house survey: Time and money”

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The in-house survey: Through their paces

Increasingly assertive clients are making advisers jump through more hoops to secure lucrative work. Legal Business assesses if law firms are rising to the challenge.

While the prolonged struggle for understanding between in-house counsel and their external providers has seen general counsel (GCs) lose many small battles with law firms over the years, the signs are there that clients are increasingly winning the war. After pressing for years to get value for money through sensible service delivery and flexible pricing, in-house teams are reporting greater goodwill towards their external legal providers this year, perhaps because the threat of reduced panel slots has become a reality.

Continue reading “The in-house survey: Through their paces”

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Financial results 2013: BLP reveals PEP slump of 39%

Following an unusual waiting game that has ensured Berwin Leighton Paisner’s profit figure has remained a topic of growing interest since the financial reporting season ended, the top 50 firm has confirmed that its profits are down by nearly 40%.

The 786-lawyer firm has revealed a 39% drop in profit per equity partner (PEP) from £660,000 to £401,000 and a 38% drop in net profits to £39.4m. This is the most significant drop in PEP of the LB100 top 50 firms over the past year, following 332-lawyer Trowers & Hamlins, which saw its PEP fall by 37% to £304,000. It is the second largest drop in PEP of both halves of the LB100 after Manches in 93rd place, which recently confirmed it is in merger talks with Penningtons and which saw its PEP fall by 43% to £134,000. Continue reading “Financial results 2013: BLP reveals PEP slump of 39%”

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Into the light

Still demonised by Western governments for aiding tax evasion, major offshore centres have in recent years ushered in substantive moves to bolster standards and transparency. Will it be enough?

Britain’s prime minister David Cameron wrote to the leaders of several UK Crown dependencies and British overseas territories in May, confirming his support of their low-tax status, but insisting they establish new rules that complement international initiatives against tax avoidance. Continue reading “Into the light”

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Status update: Gibson Dunn partner hired as Facebook deputy GC

Social media giant Facebook has appointed Gibson, Dunn & Crutcher’s co-head of IT and data privacy Ashlie Beringer as deputy general counsel (GC), just weeks after Twitter announced Vijaya Gadde will take over as GC of the online social networking group.

Beringer takes over from Colin Stretch, who this summer succeeded Ted Ullyot as vice president and GC, following Ullyot’s announcement in May that he would be stepping down. Continue reading “Status update: Gibson Dunn partner hired as Facebook deputy GC”

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Sailing for Boston – Freshfields’ managing partner quits to join US buyout house

One of the most respected law firm leaders in the City has called it a day ahead of time with Freshfields Bruckhaus Deringer’s managing partner Ted Burke today (30 September) confirming his decision to leave the Magic Circle firm. The move, which sees Burke stand down a year early, was announced internally today. Continue reading “Sailing for Boston – Freshfields’ managing partner quits to join US buyout house”

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Through the maze

Complex and controversial, the Alternative Investment Fund Managers Directive has finally emerged, with huge regulatory implications for global funds. Legal Business asks if offshore jurisdictions can chart their way through

In force since 22 July, the EU directive on alternative investment fund managers (AIFMD) marks a huge change to the European private equity and venture capital industry. Developed to regulate hedge funds and private equity and the promotion of alternative investment funds within the EU, the AIFMD is set on advancing the stability and transparency of investment vehicles.

Continue reading “Through the maze”

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Layton leads the field as CC set for managing partner election

The race to fill the shoes of Clifford Chance (CC)’s longstanding global managing partner David Childs has reached a decisive stage, with the initially reluctant Matthew Layton widely cited as the favourite as the firm takes soundings on potential candidates.

Layton is widely tipped to be running alongside three other likely candidates: Paris-based office managing partner and M&A corporate specialist Yves Wehrli; global head of tax, pensions and employment David Harkness; and City-based banking and finance partner Andrew Carnegie. Continue reading “Layton leads the field as CC set for managing partner election”

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Guest blog: Do you heart QualitySolicitors?

I’ve spent the last two days at the QualitySolicitors conference in Manchester. I was invited to chair the opening session of the event and stayed to listen to the rest.

This was on the basis that I would not report on product development that was discussed but is not yet in the public domain, so I can’t tell you everything I heard.

But having done this and had the chance to speak to the chiefs of several QS firms, it may come as a disappointment to the QS knockers out there (and there is no shortage of them) that I sensed the network is heading into a positive new phase. Continue reading “Guest blog: Do you heart QualitySolicitors?”

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Asia Pacific: DLA hires four-strong Jones Day team in Beijing

DLA Piper has further bolstered its Asia Pacific offering with the hire of a four-lawyer IP team from Jones Day in Beijing, led by the US firm’s former head of IP in China, Horace Lam.

Lam will join DLA’s Beijing office in October along with counsel Stacy Yuan and associates Alicia Ma and Helen Ding, together with the additional hire of IP lawyer Miya Wen from Rouse.

Prior to joining Jones Day in May 2011, Lam was the Beijing managing partner of Hogan Lovells and head of the firm’s IP practice. He focuses on IP disputes, protection strategies and licensing. Continue reading “Asia Pacific: DLA hires four-strong Jones Day team in Beijing”

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Bircham Dyson Bell ex-partner struck off for £2m client overcharging and false expenses

A former Bircham Dyson Bell partner has been struck off the Roll after knowingly overcharging clients, misusing client funds and making false expense claims to the tune of nearly £2m.

William Pencharz was asked to leave Bircham Dyson in February 2010 after a routine review of a file relating to the estate of ‘Ms JB’ raised concerns and led to the review of a further 181 files by the firm.

Of those files, 83 raised suspicions of client overcharging – with one client overcharged by as much as 1100% on a worst case scenario costs draftsman’s estimate. Thirty one files revealed misuse of client funds for minor expenditure and 85 files showed inadequate accounting to clients. Pencharz was also found to have forged three clients signature. Continue reading “Bircham Dyson Bell ex-partner struck off for £2m client overcharging and false expenses”

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Guest post – Opinion: SFO confirms 8 Bribery Act ‘Projects’ – enforcement rhetoric will convert into action

‘We have some 68 cases on our books at present, including matters under development in our intelligence section; these include eight Bribery Act projects. We have also charged our first offences under the Bribery Act 2010.’

said David Green speaking at the Cambridge Economic Symposium [on 2 September].

The SFO may have laid its first Bribery Act charges but they were not against a corporate.

Speaking at the symposium Mr Green went on to say:

‘What the SFO does helps to underpin the recovery by attacking criminal corporate behaviour and thereby encouraging good corporate culture. Similarly, foreign bribery undermines civil society, and ultimately harms the poorest most.’

Blah blah blah. Say some.

Over two years old and brought in with huge fanfare and publicity the lack of visible enforcement against a corporate has created a false sense of security among many. Continue reading “Guest post – Opinion: SFO confirms 8 Bribery Act ‘Projects’ – enforcement rhetoric will convert into action”

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Ever reducing panels: AIG reveals new look firm line-up

The in-house trend towards panel downsizing is again in evidence as AIG today (26 September) revealed a 25-strong list of advisers with a view to ultimately reducing that number to as little as single figures.

Phase one of AIG’s Europe Middle East and Africa (EMEA) regional legal panel review – covering AIG’s claims and corporate legal panels for the UK and its nine largest European operations – has seen firms including Linklaters, Freshfields Bruckhaus Deringer, CMS Cameron McKenna, Clyde & Co, DAC Beachcroft and Kennedys reappointed. Continue reading “Ever reducing panels: AIG reveals new look firm line-up”

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Approved: Ashurst achieves full financial integration and single profit pool

Ashurst today (26 September) effectively threw down the gauntlet to a number of its newly-merged competitors by announcing it has ‘overwhelmingly’ voted in favour of full financial integration with Blake Dawson, including agreeing on a single profit pool.

The united firm will operate a managed lockstep and will have a single unified management structure operating globally under the Ashurst brand, after Blake Dawson rebranded as Ashurst Australia. Continue reading “Approved: Ashurst achieves full financial integration and single profit pool”

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Deal round-up: Bakers, Bird & Bird and Simmons advise on multi-billion energy programme as BLP takes on PFI bond issue

The UK government may be short of funds but it has generated high value deals for Baker & McKenzie, Berwin Leighton Paisner (BLP) Bird & Bird and Simons & Simmons in the past few days as the recent initial public offering (IPO) wave also see CMS Cameron McKenna advise on an Alternative Investment Market (AIM) float.

As the government moves to instal smart meters in all homes and small businesses by 2020 in a programme worth £12bn, Simmons advised long standing client Telefónica UK on a £1.5bn contract awarded by the Department of Energy and Climate Change (DECC) to act as smart meter provider for central and southern UK. Continue reading “Deal round-up: Bakers, Bird & Bird and Simmons advise on multi-billion energy programme as BLP takes on PFI bond issue”

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Skadden and Shearman take lead roles as struggling BlackBerry agrees $4.7bn sale

Following dashed hopes that BlackBerry’s new handset would reverse its falling fortunes, Skadden, Arps, Slate, Meagher & Flom and Shearman & Sterling have been assigned as lead advisors as the struggling smartphone maker sells its business to its largest investor, Fairfax Financial, for $4.7bn.

Skadden, which was instructed last month by BlackBerry as it reviewed its strategic options, is being led by New York corporate partners Stephen Arcano, Neil Stronski and Richard Grossman. Canadian firm Torys is also advising BlackBerry, led by corporate finance partner David Chaikof.

Continue reading “Skadden and Shearman take lead roles as struggling BlackBerry agrees $4.7bn sale”

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Consolidation in the second 50 – Manches and Penningtons confirm talks

From within the over-crowded space that is the lower of half of the LB100, beleaguered 139-lawyer Manches has emerged as being engaged in advanced merger talks with private client firm Penningtons to create a £60m firm with over 300 lawyers.

Manches was earmarked as a firm in need of a merger in this year’s LB100 analysis, after turning out one of the worst performances of the group – in notable contrast with other firms focussed on the burgeoning private client sector – with revenues down by 13% to £26.3m, shifting the firm down 11 places to 93, its lowest rank ever in the table.

Continue reading “Consolidation in the second 50 – Manches and Penningtons confirm talks”