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Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy

In a dire market for new money M&A, debt restructuring continues to be a lifeline for major advisers with Freshfields Bruckhaus Deringer, Linklaters and Kirkland & Ellis securing major mandates in recent days.

The standout mandate of May was the €4.2bn debt restructuring of German real estate group IVG Immobilien, which has generated lead roles for Freshfields and Linklaters alongside US duo Kirkland and Kaye Scholer. Continue reading “Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy”

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Financials update: Taylor Wessing increases global revenues by 7%; UK up 4%

Taylor Wessing has posted modest turnover growth after an expansive 2012, announcing its global revenue for the financial year 2012/13 has increased by 7% from £212m in 2011/12 to £228m, while UK revenue grew by 4% to £104.5m.

Tim Eyles, who was re-elected as UK managing partner of the firm in May last year, said he was ‘pleased to have achieved continued revenue growth’ despite tough market conditions. Continue reading “Financials update: Taylor Wessing increases global revenues by 7%; UK up 4%”

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Revolving Doors: King & Spalding, Olswang and Sullivan & Cromwell in key partner hires

The past week saw a clutch of firms including Kennedys, Olswang, King & Spalding and Sullivan & Cromwell make key partner hires as US firms’ assault on the City continues apace.

King & Spalding launched its London trade practice on 20 May 2013 with the hire of Bird & Bird head of international trade and customs for Brussels and London, Iain MacVay, as the firm continues to expand its global trade offering.
Continue reading “Revolving Doors: King & Spalding, Olswang and Sullivan & Cromwell in key partner hires”

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Norton Rose Fulbright announces global practice heads as Withers chair moves to New York

Both Norton Rose and Withers have made changes to their senior management, with one entering a seven-day countdown to its full merger with Fulbright & Jaworski as the other regroups after talks with Speechly Bircham fell through last week.

Norton Rose Fulbright today announced its global practice heads for the firm’s three largest practice areas; corporate, banking and finance. Continue reading “Norton Rose Fulbright announces global practice heads as Withers chair moves to New York”

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Guest post: The real ‘scumbag criminal’ is still free – a matter at democracy’s heart

‘Injustice anywhere is a threat to justice everywhere’ – Martin Luther King – Letter from a Birmingham Jail – 16 April 1963.

Having already successfully stripped legal aid from so many areas of civil work, the government is now bearing down on criminal legal aid. ‘Price Competitive Tendering’ (or PCT) is one of the latest ‘in phrases’ but what does it amount to?

Stripped to its essentials, it means that anyone charged with an offence and who requires legal aid – (that is, most people) – will be allocated a defence lawyer working for one of a small number of large ‘defence factory’ commercial providers.
Continue reading “Guest post: The real ‘scumbag criminal’ is still free – a matter at democracy’s heart”

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Redundancy watch: Clyde and Eversheds confirm job losses as cuts keep coming

The run of gloomy news regarding job cuts continues with Clyde & Co and Eversheds this week confirming job losses as 2013 looks set to rival the deep run of cuts at major law firms seen in 2009.

Clyde confirmed that it has made eight support staff redundant after a consultation earlier in the year. The top 20 UK law firm declined to confirm reports that it had separately made two senior associates redundant in its Manchester office. Continue reading “Redundancy watch: Clyde and Eversheds confirm job losses as cuts keep coming”

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Asia round-up: Morrison Foerster and Quinn Emanuel expand in Asia

Singapore has been in focus over the past week after Morrison Foerster launched an anti-corruption practice and as UK and US firms vie for the next round of local law licences.

Morrison, which opened in Singapore in January, this week relocated litigation partner Daniel Levison from its Tokyo office to spearhead its Southeast Asia anti-corruption practice. Continue reading “Asia round-up: Morrison Foerster and Quinn Emanuel expand in Asia”

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Bercow guilty of libel over ‘innocent face’ tweet

Users of social media took careful note today as the High Court ruled that a tweet published by Sally Bercow about Tory peer Lord McAlpine was libellous.

In November the former Conservative Party treasurer was wrongly linked by BBC Newsnight to a child sex abuse case at Bryn Estyn children’s home in the 1970s and 80s, following which the wife of Commons Speaker John Bercow wrote: ‘Why is Lord McAlpine trending? *Innocent face*’. Continue reading “Bercow guilty of libel over ‘innocent face’ tweet”

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Global London rises – Sullivan & Cromwell signs up Linklaters partner for finance push

After years of conservative City growth, further signs emerge this week of Wall Street’s finest pushing into mainstream UK work with Sullivan & Cromwell recruiting Linklaters banking and restructuring partner Chris Howard.

The high-profile hire will be seen as a significant boost to Sullivan’s English practice in restructuring, distressed M&A and finance. Howard will advise international corporations, banks and financial sponsors on corporate restructurings and financings throughout Europe, the Middle East and the US. Continue reading “Global London rises – Sullivan & Cromwell signs up Linklaters partner for finance push”

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Not so private client – Speechly Bircham and Withers call off high-profile merger bid

Merger talks between private client law firms Speechly Bircham and Withers have been abandoned, the firms announced today (23 May).

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.’ Continue reading “Not so private client – Speechly Bircham and Withers call off high-profile merger bid”

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Headline Deals: Ashurst takes lead for Commerzbank and Morrisons

Ashurst is leading on two headline deals announced this week as Germany’s Commerzbank enters talks to sell a £4bn UK loan portfolio and Wm Morrisons signed a potentially market changing agreement with online grocer Ocado.

The top 15 UK 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. If the deal goes ahead it is reported to be one of the largest disposals of real estate debt by a European bank since the start of the financial crisis. Continue reading “Headline Deals: Ashurst takes lead for Commerzbank and Morrisons”

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Closed shop: Law Society report shows sharp fall in training contracts

Entering the legal profession has become harder than ever, with the latest Law Society data revealing that the number of training contracts offered by law firms in England & Wales is at its lowest level since 1999.

The Law Society’s Annual Statistical Report reveals that the number of training contracts registered to July 2012 stood at 4,869; a 10.5% drop compared to the 5,441 registrations in 2011. The report also reveals that new solicitor admissions have seen nearly a 25% drop from 8,402 in 2011 to 6,330 in 2012. Continue reading “Closed shop: Law Society report shows sharp fall in training contracts”

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Italy: Hogan Lovells trio departs to Ernst & Young while Bonelli changes management

Hogan Lovells’ Rome office has lost partners Gianroberto de Giovanni, Massimiliano Marinozzi and Paolo Ricci to Ernst & Young.

The trio will join as partners of the Italian legal offering of the global audit firm in its Rome and Milan offices. Ricci will take over the leadership team in Italy, while de Giovanni and Marinozzi will head the corporate and dispute teams respectively. Continue reading “Italy: Hogan Lovells trio departs to Ernst & Young while Bonelli changes management”

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Redundancy watch: Trowers the latest top 50 firm to announce fee-earner job losses

Trowers & Hamlins has made four fee-earners and three secretarial staff redundant in the last three months, the firm confirmed today (22 May).

‘In light of continuing pressures on the UK legal market, we have streamlined a few of our practice areas so that they better reflect our business needs,’ the firm said in a statement. Continue reading “Redundancy watch: Trowers the latest top 50 firm to announce fee-earner job losses”

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Can you be sure of Shell? Coveted oil giant unveils new panel

Eleven firms, including Allen & Overy (A&O) and Baker & McKenzie, have been successful in winning a place on Shell’s new global legal panel, which was unveiled yesterday (22 May).

The tender, which kicked off in March, went out to 357 firms in 20 jurisdictions. The aim, according to legal director Peter Rees QC, was to find between two and five suitable firms for each practice area in each jurisdiction who would then be ‘pre-qualified’ for Shell legal work and who would compete with each other for significant mandates. Continue reading “Can you be sure of Shell? Coveted oil giant unveils new panel”

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A&O falls behind on associate pay table as it announces a freeze

Allen & Overy (A&O) has become the latest of the Magic Circle to reveal that it is holding its associate salaries at last year’s levels, meaning its associates will rank as the lowest paid of its rivals so far.

The firm will continue paying newly-qualified (NQ) lawyers £61,500; £1,500 less than Slaughter and May, £2,500 less than Linklaters and £3,500 less than Freshfields Bruckhaus Deringer. Continue reading “A&O falls behind on associate pay table as it announces a freeze”

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Cadwalader focuses on Europe with London restructuring hires

US firm Cadwalader, Wickersham & Taft is focusing its restructuring practice on Europe with the hire of partners Holly Neavill and Louisa Watt, who have joined the firm’s London office.

Neavill was previously a partner at Latham & Watkins London office, although she began her career in the US. She has worked on some high profile restructurings and distressed M&A deals, including advising the committee of bondholders in the restructuring of the publicly-listed Italian directories business SEAT Pagine Gialle last year. Continue reading “Cadwalader focuses on Europe with London restructuring hires”

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Guest post: Forget Dewey – what you need to be assessing on strategy and partner pay

Law firm managers who are planning large-scale, hubristic expansion-by-acquisition should study the Dewey & LeBoeuf morality play very closely. The rest of us should not. It’s a distraction that diverts attention from what matters closer to home.

Permit me to analogise: those of us who are dealing with the daily stresses and strains of keeping a marriage healthy could, I suppose, closely study the example of Tiger Woods as a way of understanding how marriages fail in a spectacular explosion of adultery. Continue reading “Guest post: Forget Dewey – what you need to be assessing on strategy and partner pay”

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Disruptive Models: ABS tally for 2013 reaches 2012 level as Shakespeares becomes latest to convert

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 last week became the latest mid-tier outfit to announce it has been granted a licence.

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. Continue reading “Disruptive Models: ABS tally for 2013 reaches 2012 level as Shakespeares becomes latest to convert”

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Travers Smith in surprise discrimination defeat

Top 50 City firm Travers Smith has suffered the rare public humiliation of losing a high profile discrimination case after a tribunal found the firm denied a former trainee a place in the firm because she had fallen 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 & Co. Continue reading “Travers Smith in surprise discrimination defeat”