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Moving in-house: Broker AKJ brings in former LSE-lawyer as first general counsel

The trend of companies increasingly enhancing their teams to include sophisticated and growing in-house legal departments shows little sign of abating as independent brokerage and financial software group AKJ becomes the latest to boost its legal capabilities, hiring its first general counsel and in-house lawyer, the former legal chief for the London Stock Exchange Tom Mackay.

Announced yesterday (19 Sept), Mackay has acted as an external legal consultant for AKJ for over 12 years however, with the establishment and growth of fund AKJ Accelerator last year, the group has created a senior position for the veteran.

Continue reading “Moving in-house: Broker AKJ brings in former LSE-lawyer as first general counsel”

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Further PI shake up appears imminent as Pannone votes on Slater & Gordon part acquisition

Acquisitive Slater & Gordon looks set to acquire the personal injury practice of Manchester-based Pannone as sources close to the firm say it will vote next week in what is tipped to be a done deal.

The Australian Stock Exchange (ASX) listed firm, which last month announced its acquisition of Manchester-based personal injury firm Fentons, is understood to have been in talks with Pannone for several months.

Continue reading “Further PI shake up appears imminent as Pannone votes on Slater & Gordon part acquisition”

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SRA reviews firm finances amid ‘perfect storm’ while KPMG reveals cost of Cobbetts collapse

The Solicitors Regulation Authority (SRA) has begun an evaluation of financial data gathered from 2,000 law firms after warning earlier this summer that an increasing number of the UK’s 11,000 law firms face financial collapse due to a ‘toxic combination of factors causing a perfect storm’. Elsewhere, the latest report from KPMG reveals the total bill for winding down Cobbetts currently stands at nearly £1.7m.

Continue reading “SRA reviews firm finances amid ‘perfect storm’ while KPMG reveals cost of Cobbetts collapse”

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Outsourcing giant Capita unveils plans to enter legal market as first ABS posts healthy financial results

Outsourcing giant Capita is to re-enter the UK legal market, having reached a conditional agreement to acquire Optima Legal Services, subject to approval from the Solicitors Regulation Authority (SRA). Capita submitted an alternative business structure (ABS) licence application last week.

In an ironic twist, Capita’s plans have emerged three years after the SRA ordered Optima to break ties with the outsourcing group after the regulator found the relationship had breached rules governing non-lawyer investment in firms.

Continue reading “Outsourcing giant Capita unveils plans to enter legal market as first ABS posts healthy financial results”

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Sorry the hardest word as Bar Council apologises for getting its sums wrong

In an embarrassing setback The Bar Council has apologised for incorrect figures submitted to the Ministry of Justice in support of its proposals to abolish the Legal Services Board (LSB).

The error came as the Bar’s representative body on 17 September put forward its proposals in response to the government’s call for proposals on ‘what could be done to simplify the regulatory framework and reduce unnecessary burdens on the legal sector while retaining appropriate regulatory oversight.’

Continue reading “Sorry the hardest word as Bar Council apologises for getting its sums wrong”

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Close to the wire: Freshfields and Herbert Smith settle £142m London Underground negligence claim

Freshfields Bruckhaus Deringer and Herbert Smith Freehills have reached an eleventh hour settlement of the £142m professional negligence claim brought against them by London Underground (LUL).

Due to be heard over a four week period in October, the case is arguably the largest ever filed against a City firm. Continue reading “Close to the wire: Freshfields and Herbert Smith settle £142m London Underground negligence claim”

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Asia-Pacific: DLA moves to strengthen Australia offering with double corporate partner hire

DLA Piper has considerably strengthened its corporate practice in Australia with the appointment of two partners from leading local firms, veteran Bryan Pointon from Gilbert + Tobin and David Ryan from Ashurst Australia.

Private equity specialist Pointon has been a partner in Gilbert + Tobin’s corporate practice since 2007. Prior to that, he was a partner for 10 years at King & Wood Mallesons legacy firm Mallesons Stephen Jacques.

Continue reading “Asia-Pacific: DLA moves to strengthen Australia offering with double corporate partner hire”

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Barclays £5.8bn rights issue sees Clifford Chance, Sullivan & Cromwell and Freshfields in the lead

Barclays has begun the biggest capital raising by a UK bank since 2009 under which Clifford Chance (CC), Sullivan & Cromwell and Freshfields Bruckhaus Deringer will lead on its initial £5.8bn rights issue, as the global financial institution moves to plug a £12.8bn funding gap.

A team from 3017-lawyer Magic Circle firm CC led by London corporate partner Patrick Sarch and capital markets partner Simon Thomas is advising on English law for Barclays, while a Sullivan & Cromwell team in London is advising the bank on US law, led by client relationship partners George White and John O’Connor.

Deputy general counsel Michael Shaw is leading the Barclays team. Continue reading “Barclays £5.8bn rights issue sees Clifford Chance, Sullivan & Cromwell and Freshfields in the lead”

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Recruitment drive for Cadwalader in London reaps double Mayer Brown hire

Cadwalader, Wickersham & Taft’s efforts to rebuild its London finance team were today rewarded with the hire of two leading Mayer Brown structured finance partners to boost its City offering.

Former Mayer Brown finance and banking practice head Bruce Bloomingdale joins the 435-lawyer firm today (18 September) alongside Chicago banking and finance partner Jeremiah Wagner, who has been on secondment to Mayer Brown’s London office. Continue reading “Recruitment drive for Cadwalader in London reaps double Mayer Brown hire”

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European tax boost for Shearman as it becomes BFs with Tremonti

Shearman & Sterling has boosted it European tax offering by entering into a ‘best friends’ cooperation agreement with tier one Italian tax practice Tremonti Vitali Romagnoli Piccardi e Associati.

The firms have previously worked together on high profile transactions for corporates and financial institutions and will remain fully independent but will now jointly pitch for work from both Italian and international clients. Continue reading “European tax boost for Shearman as it becomes BFs with Tremonti”

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No such thing as a free lunch – first judgment clarifies termination of third party litigation fund

Third party litigation funders look set to adopt a similar position to insurers in driving the litigation agenda after a judgment last week confirmed what the market already knew; there is no such thing as a free lunch or litigation.

Sitting as deputy judge of the High Court, Mr David Donaldson QC in Harcus Sinclair v Buttonwood Legal Capital Limited (BLC) and others set out the first judgment to consider termination of third party litigation funding agreements since the arrival of the Jackson reforms. Continue reading “No such thing as a free lunch – first judgment clarifies termination of third party litigation fund”

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First limb of Lloyds privatisation sees Slaughters and Freshfields win lead roles

Five years on from the collapse of Lehman Brothers, Slaughter and May and Freshfields Bruckhaus Deringer have won the leading roles on the first limb of the government’s privatisation of Lloyds Banking Group, which was rescued by the UK taxpayer in 2008.

Slaughters is advising UK Financial Investments Limited (UKFI) on the HM Treasury’s disposal of a 6% stake in Lloyds Banking Group, worth around £3.3bn. Continue reading “First limb of Lloyds privatisation sees Slaughters and Freshfields win lead roles”

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Kirkland opens up in Beijing to expand 65-lawyer Chinese operation

Kirkland & Ellis has expanded its sizeable Chinese footprint by opening an office in Beijing, the top 10 global firm announced today.

With 55 lawyers in Hong Kong and 10 in Shanghai, the new Beijing presence will focus on M&A and private equity transactions, international capital markets transactions, fund formation and government enforcement and investigations.

Corporate partners David Zhang, who joined from Latham & Watkins two years ago, and Chuan Li, who is the founding partner of the firm’s Hong Kong and Shanghai offices, will spearhead the Beijing launch. Continue reading “Kirkland opens up in Beijing to expand 65-lawyer Chinese operation”

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Comment: Why the in-house triumph over law firms may prove short-lived

In the decade prior to the collapse of Lehman Brothers, an excess of work masked the corrosive effect to law firms from competition with increasingly sophisticated and growing in-house legal departments (C&I teams). Post-Lehman, the economic downturn has exposed significant structural challenges to overstaffed law firms, which have been ruthlessly exploited by C&I to decisively shift the balance of power in favour of clients. Nevertheless, the triumph of in-house, measured by its rapid growth and ability to wrest increasingly complex work from law firms while simultaneously squeezing them on rates, may prove to be short-lived.  Continue reading “Comment: Why the in-house triumph over law firms may prove short-lived”

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Competition and Markets Authority wins over doubters as City nerves subside

After longstanding debate followed by a consultation launched by the Department for Business, Innovation & Skills (BIS) in March 2011, the new umbrella Competition and Markets Authority (CMA) has been brought in to reduce duplication of costs, increase confidence in the system, and, so goes the theory, create a more robust system.

Bringing together the Competition Commission and certain consumer functions of the Office of Fair Trading (OFT), the CMA, which will be established as a non-ministerial department governed by an independent board but accountable to Parliament, has been broadly welcomed by the legal profession.

Continue reading “Competition and Markets Authority wins over doubters as City nerves subside”

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In-house: Lloyds Banking Group sees knock-on effect at senior level as it fills GC for group legal role

In-house promotions and moves often have a domino effect across the entire legal function and Lloyds Banking Group (LBG) is no exception. The major British financial institution has most recently announced that former corporate M&A head Hugh Pugsley will take over as general counsel for group legal from Kate Cheetham, who was promoted to deputy general counsel in January this year.

Pugsley, a former associate at Magic Circle firm Allen & Overy, has moved up the ranks of the 60-strong team and will now be responsible for advising the global banking giant on financial reporting, M&A, corporate development, HR, and property-related issues. Continue reading “In-house: Lloyds Banking Group sees knock-on effect at senior level as it fills GC for group legal role”

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Swings and roundabouts: DLA Piper announces replacement Birmingham head and double hire as Patrick Somers joins from BLP

After losing Birmingham managing partner Mark Beardmore to Eversheds last week DLA Piper has announced his replacement plus a double hire to boot, as former Berwin Leighton Paisner (BLP) partner Patrick Somers joins the firm.

Somers, who was BLP’s Thames Water relationship partner and led its innovative managed legal services (MLS) division, under which it took over the legal work and staff of Thames Water, becomes the second BLP partner this year to join DLA, after corporate partner Rob Salter joined in May. Continue reading “Swings and roundabouts: DLA Piper announces replacement Birmingham head and double hire as Patrick Somers joins from BLP”

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In-house: Clifford Chance and Slaughter and May lawyers take senior roles at CMA, Shell and PwC

Magic circle lawyers have this week filled a number of senior regulatory and in-house positions, with a Slaughter and May partner unveiled as general counsel of the new Competition and Markets Authority (CMA) and a former lawyer named Shell‘s UK legal head; while Clifford Chance‘s head of employee benefits has joined PwC as a director in its employee rewards team.

The CMA – the new body which brings together the Competition Commission and and some consumer functions of the Office of Fair Trading- yesterday (12 September) announced the appointment of former Slaughter and May partner Sarah Cardell as GC as it completes its leadership team in time for its official launch on 1 October. Continue reading “In-house: Clifford Chance and Slaughter and May lawyers take senior roles at CMA, Shell and PwC”

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Hogan Lovells bolsters mental health and workplace stress measures in the wake of tragic IP partner suicide

Hogan Lovells has bolstered its policies and procedures around workplace stress and mental health in the wake of the tragic suicide of respected IP partner David Latham earlier this year.

The inquest into Latham’s death, who jumped in front of a tube on 15 February, opened yesterday (12 September) at Westminster Coroner’s Court, when coroner Jean Harkin heard the 58-year-old lawyer was worried about a relatively minor evidence point on a particularly complex case he was working on. Despite constant reassurance from fellow partners and external counsel that his concerns were unjustified, he became ‘inconsolable.’ Continue reading “Hogan Lovells bolsters mental health and workplace stress measures in the wake of tragic IP partner suicide”

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Line up, line up: Twitter, Royal Mail and Foxtons go to market

After a flurry of initial public offerings (IPOs) earlier in the year, with Esure, Countrywide and Partnership Assurance among the UK companies to go public, a new wave of IPOs are lining up to go to market, including Royal Mail, Foxtons and, most recently in the US, Twitter.

Twitter rather aptly tweeted its intentions to float on the stock market yesterday (12 September) with leading technology IPO specialists Wilson Sonsini Goodrich & Rosati tipped for the role. Continue reading “Line up, line up: Twitter, Royal Mail and Foxtons go to market”