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Ashurst takes lead role in headline deals

Top 15 UK firm advises clients Commerzbank and Morrisons

Ashurst is leading on two headline transactions announced in mid-May as Germany’s Commerzbank entered talks to sell £4bn of its UK property loans and supermarket Morrisons signed a long-term deal with online grocer Ocado.

The top 15 UK law firm is advising longstanding client Commerzbank on the proposed sale of its Eurohypo UK operation to US bank Wells Fargo and private equity group Lone Star.

The work was awarded to Ashurst following a competitive pitch in November 2012. For Ashurst, which had an existing relationship with Commerzbank through its German operations, this will be the first corporate M&A deal it has advised Germany’s second-largest bank on, having undertaken largely finance mandates in the past.

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Cinven gifts Freshfields with IPO while HSF defends Severn Trent

A handful of major corporate mandates were unveiled last month as private equity house Cinven kicked off its £1.4bn proposed initial public offering (IPO) of annuity provider Partnership Assurance Group and Severn Trent rejected a preliminary takeover offer by an international consortium.

Amid signs of renewed confidence in the IPO market, Cinven instructed Freshfields Bruckhaus Deringer – led by corporate partners Mark Austin and Adrian Maguire – to advise on the float of Partnership, which Cinven acquired for €200m in 2008.
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Birmingham’s Shakespeares becomes 72nd ABS of 2013

Number of firms granted licences by SRA hits 2012 levels

The number of firms granted alternative business structure (ABS) status in 2013 has now hit the same level as for the whole of 2012, as Shakespeares became the latest mid-tier outfit to announce it has been granted a licence in mid-May.

Shakespeares was the 72nd firm to obtain a licence in 2013, the same number as obtained a licence in total in 2012 after the Solicitors Regulation Authority began accepting applications on 3 January. After a slow start, the first licences were granted in March 2012, when Co-operative Legal Services, Kent family practice Lawbridge Solicitors and Oxfordshire firm John Welch & Stammers became an ABS. 144 firms have now been granted ABS status.

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Withers and Speechly union off as SJP and KWM edge closer

Merger talks between private client firms Withers and Speechly Bircham were called off at the end of May as both sides claimed the merger would not be in their best interests.

A joint statement from the firms said: ‘Following detailed discussions between the management and partnerships of Withers and Speechly Bircham, both sides have now concluded that a merger would not be in the best interests of both firms and have agreed not to pursue this further. The talks have enhanced the respect that both firms have for each other.’

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Kennedys seals tie-up with Gates and Partners in aviation sector shake up

International dispute resolution law firm Kennedys and rated aviation and aerospace outfit Gates and Partners have merged in a move designed to achieve ‘an even greater international platform’ and strengthen their offering to global insurance and reinsurance clients.

The merger, which went live on 1 June, will enable Kennedy’s to offer comprehensive legal support to the aviation sector including corporate and commercial, regulatory and competition, employment, finance, insurance and dispute resolution services. The merger will also give an expanded platform to the already international Gates team, which has offices in London, Brussels, Singapore and Dubai. The merged firm will be known as Kennedys and the new team will operate as Kennedys Aviation.

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Compare the ABS -BGL Group acquires Minster Law in vote of confidence for PI market

The acquisition by comparethemarket.com owners BGL Group of leading personal injury (PI) firm Minster Law last week should be seen as a sign that the PI market is far from in tatters, according to Minster Law’s chairman, Adrian Christmas.

Minster Law is one of the UK’s largest road traffic accident (RTA) personal injury practices, employing over 800 people and handling more than 40,000 personal injury claims in the last financial year, making it the largest outright sale of a UK firm to date. Continue reading “Compare the ABS -BGL Group acquires Minster Law in vote of confidence for PI market”

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NHSLA unveils £400m panel as DAC and Hill Dicks win spots

DAC Beachcroft, Kennedys, Hill Dickinson, Browne Jacobson and Weightmans are among 14 firms to have won places on the NHS Litigation Authority’s (NHSLA) expanded services legal panel, with a total legal spend of around £400m over four years.

The body that deals with claims from patients who have been harmed whilst under the care of the NHS today announced the conclusion of its two-month procurement process across three sub-panels: clinical liability; non-clinical liability; and regulatory, health and disciplinary (RHD). Continue reading “NHSLA unveils £400m panel as DAC and Hill Dicks win spots”

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A giant’s first steps – Norton Rose Fulbright goes live with suitably comprehensive governance team

One of the most touted legal mergers of the last decade today (3 June) goes live with Norton Rose and US partner Fulbright & Jaworski unveiling a full governance team for the combined practice.

Norton Rose Fulbright confirmed the make-up of its global executive committee and group-wide supervisory board, with Fulbright managing partner Kenneth Stewart joining the executive committee.

Five partners from the Houston-based law firm join the 20-strong executive body, with six members on the oversight team. Continue reading “A giant’s first steps – Norton Rose Fulbright goes live with suitably comprehensive governance team”

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In defence of big – the maths are favouring two + two

How many times do you hear lawyers roll out the line about mergers having to be two-plus-two-makes-five? True in many regards. Getting bigger doesn’t make you better or necessarily solve structural and strategic issues and mergers are hard to pull off effectively.

But when it comes down to it, this truism has become pretty misleading in Law Firm Land 2013.

Because scale does indeed matter in law, all things being equal. Bigger firms have the economies of scale – and these advantages are only getting more important given the continual shift towards smaller and more process-driven panels.

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Don’t push your luck with partnership

Do law firms take partnership for granted? They really shouldn’t as the model has served them so well. Just consider the case. Partnership aligns management and ownership. This has helped large law firms to avoid the patchy governance and rewards-for-mediocrity seen at public companies over the last 20 years and drives partners to a pure form of performance pay. It is inherently long-term and as such has a strong record in promoting independence and ethical standards. And given that law isn’t a capital-intensive trade – at least once you cross the Rubicon of international expansion – partnership is workable (if not ideal) from a financing point of view.

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Partner retirement policies withstand latest challenge but pressure remains for law firms to cross the tees

Expectations that law firms would come under mounting pressure to avoid compulsory retirement of partners have been once again upset as the final chapter in a much-watched legal battle over age discrimination concluded this week.

The Employment Tribunal (ET) made a final rejection of a claim by solicitor Leslie Seldon against his former law firm Clarkson Wright & Jakes (CWJ) that he suffered age discrimination in being required to retire at the age of 65. Continue reading “Partner retirement policies withstand latest challenge but pressure remains for law firms to cross the tees”

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Redundancy watch – expansive DWF puts 80 jobs at risk as gloomy job news continues

The steady stream of job cuts seen through May continued this week with the rapidly-assembled national player DWF confirming it has put around 80 roles at risk in a review of the business. The move comes only two months after a previous consultation put 99 jobs under threat following DWF’s recent run of five acquisitions culminated earlier this year in taking on 419 staff from the collapsing Cobbetts. Continue reading “Redundancy watch – expansive DWF puts 80 jobs at risk as gloomy job news continues”

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DISSENT: When the BlackBerrys light up: why firms neglect their culture

Former SJ Berwin head David Harrel argues that law firms delude themselves when it comes to their own values

The banking crisis and the revelations about mis-selling and Libor fixing, and the failures in the NHS, have highlighted the issues surrounding corporate and organisational culture. It is perhaps not surprising that the newly-formed Financial Conduct Authority has made business culture a particular area of focus. What is perhaps more surprising is that culture was not a central focus before.

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Strategic review: Eversheds introduces new sector focus as practice heads replaced

Eversheds has shaken up its sector focus as part of a series of measures introduced by management to adapt to changing client demand and the increased globalisation of legal services.

Following a three-year strategy review unveiled by chief executive Bryan Hughes in July last year, the top 10 UK firm is focusing heavily on increased integration and branding between its international offices and has this month created four new global sectors. Continue reading “Strategic review: Eversheds introduces new sector focus as practice heads replaced”

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Reports season 2013 – Addleshaws sees income slide but holds profits steady

Addleshaw Goddard today (31 May) became one of the first major UK law firms to announce its 2012/13 financial results, confirming that revenue has dipped by 2% to £167m against its previous financial year. The top 25 UK law firm saw profits per equity (PEP) partner edge up 2% to £457,000.

Despite the generally subdued outlook and weak demand in the UK market the performance will be viewed as disappointing for Addleshaws, which has struggled to achieve sustained growth over the last five years. Continue reading “Reports season 2013 – Addleshaws sees income slide but holds profits steady”

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Bluechips continue to grow legal teams as buyside lawyers shift from external counsel

Bluechips continue to grow legal teams as buyside lawyers shift from external counsel

In-house departments are expanding rapidly and overshadowing private practice growth as corporates plan to further bolster their internal legal capability.

Both recent statistics and developments on the ground indicate that corporates are increasingly addressing issues such as regulatory and compliance pressures, as well as budgetary restraints, by expanding their internal capabilities.

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Travers Smith suffers defeat for pregnancy dismissal

Top 50 City firm Travers Smith has suffered the rare public reverse of losing a high-profile discrimination case after a tribunal found the firm denied a former trainee a place in the firm because she became pregnant.

The Central London Employment Tribunal found that Travers ‘contrived to prevent Katie Tantum from being offered a post as a newly-qualified solicitor because of her pregnancy’, according to a statement by Tantum’s solicitors, Leigh Day.

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The ABS dilemma – join them sure, but shouldn’t you be beating them?

Amid all the hype surrounding alternative business structures (ABS) one story that emerged last month stood out – the aggressively-marketed Riverview Law’s eye-catching alliance with 48-partner practice DMH Stallard.

In an ABS market heavily focused on the high street and volume insurance work, the deal stands out for aiming to provide something different to corporate buyers of legal services.

The firms, which are in discussions about the impending launch of new fixed-fee products, will offer their respective clients each other’s services on a permanent basis, following a four-month trial.

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Guest post: Quality in law – endlessly invoked yet never defined

Here’s a question that’s been bothering me of late – what, exactly, is a quality legal service? You’ll have noticed that this phrase has become so common that it no longer requires an adjective (unless it’s poor quality). Many seem to think that if you say often enough that you provide one, it must be true.

It has come to the fore with the debate over criminal legal aid. First there is the Quality Assurance Scheme for Advocates (QASA). This elides ‘quality’ with competence. ‘The aim of QASA,’ says the application to the Legal Services Board for approval of the scheme, ‘is to assess and assure the competence of all advocates conducting criminal advocacy in courts in England and Wales.’

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Feeling the squeeze – the pressure is on as procurement hits law

With non-legal procurement teams becoming more and more part of the bluechip panel process, are firms delivering the best value for money?

`The client is the enemy,’ says one veteran corporate partner at a Magic Circle firm, privately expressing a common frustration over how the traditional relationship between external counsel and in-house legal teams has been battered by the latter’s post-downturn quest for value.

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