Page 589 – Legal Business

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

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 “Deal Watch: Hogan Lovells and CC lead on AMC Networks’ $1bn buyout”

Deal Watch: Hogan Lovells and CC lead on AMC Networks’ $1bn buyout

Clifford Chance (CC) and Hogan Lovells have plugged into the renaissance in US television production after advising on a $1bn (€750m) buyout by US entertainment group AMC Networks of Chellomedia, the international content division of media company Liberty Global.

The acquisition announced on Monday (28 October) provides the entertainment group with 68 new television channels distributed to more than 390m households in 138 countries, and the opportunity to distribute its programming worldwide, including celebrated shows like Breaking Bad, Mad Men, and The Walking Dead.

Continue reading “Guest post: Prerogatives, power and press regulation”

Guest post: Prerogatives, power and press regulation

I make no apology for returning to the question of the Royal Charter on Self-Regulation of the Press. This was discussed in my earlier post of 14 October, which concluded by noting: ‘Perhaps the Charter will somehow be challenged before the courts. Unless that happens, the existence of a prerogative power to regulate the press is likely to become accepted given that the Charter itself effectively claims a prerogative right to do so by using the words: “Now know ye that we by our prerogative royal …..will, ordain and declare ….” It might then be wondered what might be ordained and declared at some time in the unknown future when some further need for State Control over some activity is perceived.’

Continue reading “UPDATED: BLP launches independent review of finance practice after team head departs”

UPDATED: BLP launches independent review of finance practice after team head departs

Berwin Leighton Paisner‘s (BLP’s) head of banking and finance Matthew Kellett is to leave the firm, it was confirmed today (30 October), with BLP launching an independent review of its finance practice.

A spokesperson for the firm said: ‘Matthew Kellett has decided to leave BLP to pursue his business and other interests. Matthew will stay in his role until a successor has been appointed. The finance team continues to retain significant clients and is involved an increasing amount of international and multi-practice work.

Continue reading “Consolidation update – Dentons and McKenna chiefs back tie-up with November partner vote to follow”

Consolidation update – Dentons and McKenna chiefs back tie-up with November partner vote to follow

Dentons looks set to secure another substantive merger after management of the firm and US suitor McKenna Long & Aldridge this week approved proposals for its mooted union, clearing the way for partners to vote on the tie-up in November.

With both having confirmed the merger discussions in late September, the impending union looks set to create a firm with more than 3,100 lawyers around the world and push revenues through £1bn.

Continue reading “Guest post: Chasing PLCs in corporate crackdown – it’s still all about the money”

Guest post: Chasing PLCs in corporate crackdown – it’s still all about the money

In response to criticism that the Serious Fraud Office (SFO) does not go after a sufficient number of corporates, SFO director David Green QC made clear recently that there is no ‘fear’ within the SFO to do so in appropriate cases.

The announcement last week (which we reported here) that the SFO has charged Smith and Ouzman Limited over alleged bribery and corruption underscores the point.

Continue reading “Deal Watch: CC and DLA Piper step up on £300m Dr Martens buyout”

Deal Watch: CC and DLA Piper step up on £300m Dr Martens buyout

It has become a cliché among deal professionals to say that – even in these risk-averse times – there is still the confidence and financing to make acquisitions with a solid story. Securing one such deal are DLA Piper and Clifford Chance (CC), who have taken lead roles advising on the £300m sale of Dr Martens – the iconic footwear brand – by the shareholders of parent group and licensee of the brand R Griggs Group. The company was sold to an investment vehicle backed by London-based private equity house Permira.

DLA fielded a Birmingham-based team for R Griggs, the majority of which is owned by the Griggs family who have run the brand for more than 50 years. DLA’s team was led by partner Noel Haywood and included senior associate Ceri Williams-Jones and associates Simon Wright and Rosie Hendon.

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A question of confidence – Russians strive to keep high stakes disputes at home

Moscow silhouette skyline with London reflection

Given that domestic litigators in Russia and the CIS regularly see their clients’ largest commercial disputes go abroad, usually to be resolved under English law, they treat the outflow of work with unexpectedly good grace. This is mostly based on the realisation that this exodus of high-value litigation not only reflects what clients want, but also what they need. But what’s best for clients isn’t always best for advisers’ bottom lines.

‘The tendency for cases to go to the UK High Court will remain for the next two or three years,’ says Markian Malskyy, head of alternative dispute resolution (ADR) at Ukrainian law firm Arzinger. ‘Normally the bigger Ukrainian law firms would try to exclude the domestic courts from any potential disputes. One party will usually hope that the UK courts will accept jurisdiction. This looks like a good platform for objective justice – still hard to find in the CIS.’ Continue reading “A question of confidence – Russians strive to keep high stakes disputes at home”

Continue reading “As Brazil cools Latam heat – Garrigues moves into Colombia; SJB primes Saudi move”

As Brazil cools Latam heat – Garrigues moves into Colombia; SJB primes Saudi move

With Brazil’s economy continuing to disappoint during 2013, there is increasing focus on other economies across Latin America. Moving to meet that demand Iberian giant Garrigues has announced that it is to acquire Colombian outfit Zarama y Asociados.

Garrigues has secured the signatures of Zarama y Asociados sole partners, Fernando Zarama and Camilo Zarama, along with the rest of the fee earners at the firm. The deal allows Garrigues to make a significant play in one of the fastest growing and most touted of Latin America’s economies, combining the practice with the Spanish firm’s Bogota branch.

Continue reading “Entries and exits: ‘Tesco Law’ licences hit 200 mark but a few early movers stumble”

Entries and exits: ‘Tesco Law’ licences hit 200 mark but a few early movers stumble

Despite a handful of well-publicised problems at alternative business structures (ABS), there are no shortage of entrants looking to pursue the ‘Tesco Law’ model. Just how many was confirmed this week when it emerged that that Solicitors Regulation Authority (SRA) has now awarded more than 200 ABS licences.

The move is a startling figure coming less than two years since the regime to consider ABS applications went live. City media boutique Wiggin became ABS number 200, and will operate as an ABS from the start of next month, while corporate boutique firm Gunnercooke came in at number 201 and is to become effective as an ABS structure in mid-November.

Continue reading “Deutsche Bank profits dive amid €1.2bn legal provision as pressure builds on finance leaders”

Deutsche Bank profits dive amid €1.2bn legal provision as pressure builds on finance leaders

If anyone still doubts the mounting legal burdens now falling on the world’s largest finance houses Deutsche Bank has this week dispelled such thoughts after announcing a fresh €1.2bn provision to cover its legal costs.

The German banking giant today (29 October) reported a 98% fall in quarterly profits after setting aside additional funds to cover its liabilities, reflecting the mounting regulatory burden facing the financial institution. The bank’s group income before taxes dropped for the third quarter to €18m, against last year’s figure of €747m for the same period in 2012.

Continue reading “OC rocks up in BoHo New York to chase the creative dollar”

OC rocks up in BoHo New York to chase the creative dollar

New York’s impenetrable legal community is well used to seeing – and rebuffing – the advances of UK law firms but Osborne Clarke (OC) is attempting a more tactical sashay into downtown Manhattan to cultivate its core TMT client base.

The 500-lawyer UK law firm is today (28 October) officially launching a branch in New York in the city’s creative and digital district of Soho. The unusual venture is the top 30 UK law firm’s second branch in the US following the launch of an outpost in Palo Alto in 2001, which was set up to build links with technology and venture capital clients.

Continue reading “Those US mergers keep coming – Orrick closes in on deal with Pillsbury to forge top 10 giant”

Those US mergers keep coming – Orrick closes in on deal with Pillsbury to forge top 10 giant

One of the most prolific merger suitors of recent years – Orrick Herrington & Sutcliffe – is at it again with the top 30 US practice close to securing a merger with the 600-lawyer practice Pillsbury Winthrop Shaw Pittman.

The discussions, which were confirmed on Friday (25 October), could see Orrick sign a letter of intent as early as this week to recommend a combination with Pillsbury to its partners. A deal would create a 1,800-lawyer practice with revenues of around $1.4bn, putting it in the top 15 law firms in the world by fee income.

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.

Aside from Linklaters’ high-stakes investment in a platform from SAP during the 2000s, technology has shifted in recent years towards pragmatism and smaller initiatives. Mirroring the wider shift towards flexible tech, chief information officers (CIOs) are increasingly focusing on off-the-shelf tools that can be rapidly adapted at competitive costs. Continue reading “Almost meeting minds – a select band of CIOs and MPs plot a big, big breakthrough”

Continue reading “As foreign advisers size up Africa, CC linked to alliance bid in South Africa”

As foreign advisers size up Africa, CC linked to alliance bid in South Africa

South Africa has faced more than its fair share of economic and social challenges in recent years, but with foreign investors and international law firms attempting to tap into the wider region, the queue of firms looking to enter the country is lengthening.

Recent years have seen DLA Piper and Baker & McKenzie enter the market, while Norton Rose and Linklaters have tied up with top tier local advisers. Now the word in Joburg is that Clifford Chance (CC) is aiming to strike a similar deal to the alliance between Webber Wentzel and Linklaters, which went live on 1 February.

Continue reading “Profile: Rosemary Martin, Vodafone”

Profile: Rosemary Martin, Vodafone

Continuous money saving has been the order of the day for Vodafone’s general counsel (GC) and company secretary Rosemary Martin, who has been under continued pressure to cut costs and headcount since becoming responsible for around 350 professionals in the telecom giant’s global legal team spread across 24 countries.

Vodafone, in common with other mobile phone operators and the telecoms sector at large, has faced strong headwinds, including tough economic conditions in Southern Europe, an adverse European regulatory environment and increased competition, leading to a dip in its 2012/13 revenue of 4.2%, albeit to well over £44bn.

Continue reading “Comment: ‘2006 and all that – an oh-so-familiar mess at Linklaters”

Comment: ‘2006 and all that – an oh-so-familiar mess at Linklaters

The most hackneyed cliché of the pundit is history repeating itself, a claim that rarely holds up upon closer examination. But with the recent departure of Linklaters’ private equity co-heads Ian Bagshaw and Richard Youle for White & Case, well, sometimes you just can’t escape the past.

Personality clashes, a mid-market practice not gelling with Linklaters’ M&A business, finance supposedly not supporting sponsor clients, prolonged rumours over exit talks, and, finally, a dramatic exit to a big spending US rival; yes, it’s 2006 all over again when Graham White and Raymond McKeeve quit for Kirkland & Ellis.