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Love the legacy but it’s time for renewal

Tony Angel and the cute teddy bear next to him greeted me as I found my new desk – a Legal Business cover from 2003 and a personal favourite, a brilliant dissection of Linklaters’ painful reinvention as metric-driven world-beater. I soon dug out other classics, including the 2009 Icarus-themed investigation into pre-collapse Halliwells and the crumpled Hammonds cigarette packet illustrating a 2005 piece on the national player’s strained finances.

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Cobbetts gets burned but that’s business

There’s nothing like a bit of schadenfreude when matters go awry and the collapse of Cobbetts as an independent entity has proved no exception. Since it was confirmed that the firm was to become the first major UK practice to fail since the 2010 break-up of its local rival Halliwells, plenty have claimed the end was inevitable and a direct result of over-reach.

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Converging in on an end game for Global London

Remember convergence? In the 1990s’ tech boom the concept was all the rage. It was the simple idea that rapidly-advancing communications would see once-discrete platforms and information systems like TV, the printed word and telephones merge and dynamically share data in an economically seismic fashion.

What happened next says a lot about human nature, business and the whimsy of prediction. The internet bubble burst and such utopian visions were suddenly crazy. One received wisdom replaced another. Except convergence was one of the most accurate forecasts ever made about industry – it just took technology another three years to catch up with the hype. The fundamentals prevailed.

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Disputes revival has huge implications for City law

A few years ago – during what in retrospect turned out to be a boom – you knew where you stood with City law. The market kept growing and, while the man in the street associated lawyers with courts and disputes, those in the industry knew success came from the other side of the equation. In short, you made the real money from deal-doing and associated disciplines, not the contentious side of practice.

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Nabarro promotes restructuring head Godfrey to international role

Nabarro has appointed restructuring and insolvency head Patricia Godfrey as its new head of international.

As part of the new role Godfrey will have a seat on the firm’s board and chair its international committee, which oversees the firm’s relationships with its European Alliance partners and international plans.

Currently Godfrey heads up Nabarro’s European group which manages the relationship firms within the European Alliance, including French firm August & Debouzy, GSK Stockmann + Kollegen in Germany, Nunziante Magrone in Italy and Spain’s Roca Junyent.

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Revolution on a shoe string

Quinn Emanuel’s no-frills, high-end approach to law has re-written the rules on what US advisers can achieve in London after a startling run of growth. Legal Business asks how the iconoclastic disputes shop does it.

It’s the day after Quinn Emanuel Urquhart & Sullivan has moved into its new London office at Fleet Place and boxes bursting with paperwork still occupy the small reception hall. There is no fancy artwork on these walls, nor much in the way of hi-tech gadgets; everything is basic, minimal, functional. On entering the interview room, tap water is offered and greetings take place with London co-managing partner Richard East and former Allen & Overy (A&O) arbitration partner Stephen Jagusch – last year’s star UK signing – the latter dressed in jeans.

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With the territory

With Barclays’ GC Mark Harding recently announcing his retirement, the search is on to replace one of the biggest jobs in City law. Legal Business assesses the much-changed role of bank legal heads in the post-Lehman world

When news broke in February that Mark Harding, general counsel (GC) for Barclays, was resigning after ten years in the top post, it sent ripples through the City profession. In replacing arguably the most high-profile GC in the country, the market is divided over whether Barclays should recruit internally or from private practice. The professional world that Harding has dominated for so long has changed almost beyond recognition. In filling those shoes, Barclays will be looking for much more than a leading corporate lawyer.

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OFT senior director joins Gibson Dunn’s City office

Gibson, Dunn & Crutcher has recruited Ali Nikpay, senior director at the Office of Fair Trading (OFT) into its antitrust and competition group in London.

Nikpay joins the US firm as a partner after nine years at the OFT and brings with him Deirdre Taylor, global OFT assistant director from the cartel and criminal enforcement division. Both will be based in London and will start on April 15.

At Gibson Dunn, Nikpay will focus on strengthening the European practice, advising clients on EU and UK cartels, mergers, monopolization cases and other regulatory investigations. He will also work closely with Gary Spratling, who is a partner based in San Francisco.

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FSA slaps Pru with £30m fine before its split

The Financial Services Authority (FSA) handed out its last penalty before being split up after fining companies in the Prudential Group (Prudential) a total of £30m.

According to the watchdog, the fine relates to Pru’s failure to inform the regulator that it was seeking to acquire AIA, the Asian subsidiary of AIG, in early 2010.

Stephenson Harwood and Freshfields Bruckhaus Deringer landed roles advising on the fine.

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CoA makes up three women in recent justice appointments

Three female judges have been appointed to the Court of Appeal (CoA) in the latest round of promotions, which has seen 10 new justices appointed.

The promotions, as made by the Queen, include Mrs Justice Gloster, Macur and Sharp, and take the total number of CoA judges to seven from four.

Gloster J was appointed to the High Court in 2004, while Sharp J spent just four years on the High Court bench before her promotion to the CoA. Macur J joins from the Midland Circuit, where she was the presiding judge.

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End games

The 11th annual Legal Business Global London survey shows that US firms in the City are playing to win. UK rivals should watch every move.

Lock up your associates. Chain down your partners. The Americans still want to take your lawyers (and lunch). This year’s Global London survey emphatically confirms that leading US law firms are firmly back in growth mode in the City. Fifteen firms have seen headcount rise by more than 10% compared to 2011, while overall headcount across the 50 firms is up 2.6% on last year to 4,382.

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Barclays law chief gets £3.7m share award

If there was any remaining doubt that the lot of the modern general counsel at a major bluechip is a challenging but increasingly well rewarded role, news last month of a controversial bonus round at Barclays should put that to rest.

The bank announced on 20 March that it was awarding nine executives a total of £40.2m in shares, with outgoing group general counsel Mark Harding receiving shares worth over £3.7m.

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US firms on the march as Global London headcount rises

Foreign firms in London made bulking up their senior ranks their key priority in 2012, with average partner headcount hitting an all time high, according to the 11th annual Legal Business Global London survey.

The overall number of partners at Global London firms climbed from 1,296 in 2011 to 1,325, proving that the Capital is still one of the most vital legal markets in the world. The top 50 foreign firms in London by headcount added an extra 29 partners to their respective firms compared to last year, with lateral hiring as the main reason for growth.

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Falling QC appointments reflect fears for criminal Bar’s prospects

QC appointments have declined for the fourth year running with the number of applicants also on a downward path.

In this year’s annual silk round, announced on 27 February, just 84 QCs were appointed from a total of 183 applicants. This was down from 88 awards in 2012 and 120 in 2011 from 214 and 251 applications respectively.

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Davis Polk and Linklaters win landmark Lehman settlement

Linklaters

Linklaters and Davis Polk & Wardwell have won a settlement agreement in the long-running Lehman Brothers bankruptcy that ‘unlocks’ $9bn of assets and sees them returned to the bank’s customers.

Linklaters acted for administrators PwC, an instruction the firm has enjoyed since Lehman collapsed in 2008, on all English law matters.

The Magic Circle firm has fielded a large team acting for PwC, including restructuring partners David Ereira, Tony Bugg and Richard Holden in London and litigation partner James Warnot in New York.

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White & Case launches in Madrid with Latham hire

White & Case has launched its first office in Spain, recruiting Latham & Watkins’ Spanish corporate head Juan Manuel de Remedios to joint lead its new Madrid office as an executive partner.

The Spanish launch comes as the firm concentrates on strengthening its global footprint to take advantage of Spain’s strong links to Latin America.

White & Case Spanish practice head Michael Doran, who is based in London, said the Madrid launch ‘provides our clients with local knowledge coupled with access to our global network’.

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Addleshaw Goddard and Nabarro end merger talks

Addleshaw Goddard and Nabarro have confirmed that they were in merger talks at the start of the year but the former is understood to have called the talks off.

In separate statements released by both firms, Addleshaws and Nabarro said that discussions would not progress any further.

Nabarro said: ‘Nabarro and Addleshaw Goddard did hold very preliminary conversations to explore a possible merger. However, both firms agreed not to pursue discussions further.’

It is thought that Addleshaws decided that there weren’t sufficient business interests for the firm to merge with Nabarro. One former Nabarro partner said the talks were being held before Christmas, with the firms exchanging financial information, although both firms declined to comment on this point.

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Wiggin opens Brussels office in push for alternative income

Media boutique Wiggin has officially opened its doors in Brussels, as the firm’s pursuit of sustainable alternative revenue streams sets a benchmark for non-legal services for law firms.

The Brussels office, which launched in February, is key to developing a distinct arm of the firm’s business, Incopro, into Europe. Incopro was launched in March 2012 as a partnership between Wiggin’s rights protection practice (led by partner Simon Baggs) and Bret Boivin, formerly of Warner Bros and NBC Universal, to provide content protection services to media companies.

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Semple Fraser Appoints administrators

Scotland’s Semple Fraser has gone into administration, with Tom MacLennan and Kenny Craig, partners with accountants RSM Tenon, appointed joint administrators.

The move comes less than a week after the firm announced its intention to appoint administrators on 6 March. Although a raft of firms have stepped in to take over parts of Semple Fraser’s business, 62 people at the firm, including lawyers and support staff, have been made redundant.

‘It is with great regret that after having considered every possible option to secure the future of the business it was clear that administration is the only option,’ said Simon Etchells, managing partner of the firm.

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