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Consolidation changes the face of Scottish elite again

At the end of a dramatic year for the Scottish legal market, the recently announced union between Glasgow and Edinburgh star Burness and one of Aberdeen’s strongest firms, Paull & Williamsons, looks set to redefine the Caledonian top-tier.

The merger, which was announced last month and takes effect on 1 December, will see the two firms combine to form Burness Paull & Williamsons, a firm with 400 staff, including 60 partners and 158 fee-earners. The Aberdeen, Edinburgh and Glasgow offices will each be roughly the same size. Combined revenues based on 2011/12 figures will be around £37.6m, which will place the new entity ahead of Big Four firm Shepherd and Wedderburn and just behind local rival Brodies.

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Turkey and Africa expansion on the cards for Pinsents

Following an extremely acquisitive year since its strategic alliance with Salans came to an end, Pinsent Masons shows no signs of slowing down, with Turkey and Africa next in its sights for 2013.

According to a spokesperson at the firm, Pinsents is considering a joint venture or alliance in Turkey next year and its recent launch in Paris also potentially provides access to the energy and infrastructure market in northern and sub-Saharan Africa.

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Baker & McKenzie becomes first global firm in Peru

Baker & McKenzie has extended its increasing strategic focus on Latin America by becoming the first international law firm to establish in Peru.

The firm announced a new partnership with Estudio Echecopar, a leading Lima-based firm, in October. It is one of the largest firms in Peru, with over 200 staff, and is ranked in the top tier in the current issue of The Legal 500 Latin America for corporate, M&A, disputes, projects and banking and finance.

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Places up for grabs on FSA investigation panel

City law firms unimpeded by banking relationships will be seeking a place on a new Financial Services Authority (FSA) panel of external advisers to carry out investigations into financial institutions. The panel, which will be announced in spring next year, will comprise firms that will compile reports under section 166 of the Financial Services and Markets Act (FSMA), also known as ‘skilled person’ reports, as part of the FSA’s drive towards a risk-based regulatory approach.

The FSA put out a tender questionnaire in October as part of its process to appoint the panel. The FSA will use firms on the panel when a financial services institution finds itself in trouble, using the reports to decide whether to fine or impose other sanctions.

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Firms set sights on Asia investment into Middle East

Squire Sanders expanded both its Middle East and South Korea operations in October, as Latham & Watkins reported a surge in investment activity between Asia, most notably China, and the Gulf states.

Cleary Gottlieb Steen & Hamilton also announced in October that it will open an office in Seoul, following approval from the Korean regulatory authorities. This follows the opening of the firm’s office in Abu Dhabi in September. Squire Sanders expanded its Middle East practice through the acquisition of El-Khoury & Partners’ Middle East and North Africa (MENA) business, which formerly operated in Saudi Arabia as EK Partners & Al-Enezee.

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Lateral thinking required with international expansion

Last month, Cleary Gottlieb Steen & Hamilton did something that it has only done once before – open two non-US offices in the same year. Seoul became the firm’s sixteenth office, launching just a month after Cleary opened its fifteenth office in Abu Dhabi. The only time the firm has previously opened two offices in a year was 1991 when it launched in Frankfurt and Moscow.

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Hedge funds: Get debt go

In the global financial crisis, the hedge fund industry lost about a fifth of its value. Now distressed debt in Europe is seen as the route to renewed wealth, and two law firms look set to dominate, again.

When the dotcom bubble burst at the start of the Noughties and the fantastic bull market of the previous decade shuddered to a halt, two little-known American firms in London cleaned up, big style. Cadwalader, Wickersham & Taft and Bingham McCutchen made hay a decade ago acting for bondholders on a wave of contentious restructurings that pitted American hedge funds against European senior debt holders. Ten years on, and some serious personnel changes later, they’re doing the same again.

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Paul Hastings: Paul Who?

Ronan O’Sullivan joined the small London operation of Paul Hastings as a senior associate seven years ago; now he’s running the office. LB meets the man with plans to give the top-30 US firm the success it craves on this side of the pond

Paul Hastings’ Ronan O’Sullivan is an ambitious soul. Described by peers as ‘punchy and hard-charging’, the firm’s slick and charismatic London chair talks confidently about doubling the office’s 50-lawyer headcount in the next five years.

‘I think we’ve got to the stage in London where we are part of the community. We are doing very high-end work. The challenge for us is the next five to seven years,’ says O’Sullivan. ‘Doubling in size; that would be our expectation.’

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Offshore: Caribbean calling

UK offshore law firms are increasingly offering British Virgin Islands and Cayman Islands legal services from Caribbean offices or their Crown dependency bases. LB assesses the changing landscape of the Caribbean legal market

UK-based offshore law firms have been enjoying a Caribbean sojourn this year. In June Carey Olsen announced it would be opening an office in the Cayman Islands; Bedell Cristin established its British Virgin Islands (BVI) office at the start of 2012; while Mourant Ozannes launched in the BVI in September.

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Offshore: Asia bound

Offshore law firms continue to launch offices in Asia, with Singapore and Shanghai the latest hot destinations. LB assesses the drivers behind recent openings and the challenges that lie ahead

The drive of offshore firms into Asia continues apace. Bedell Cristin opened a Singapore office in July, following Mourant Ozannes’ launch in Hong Kong at the start of the year; Appleby opened a representative Shanghai office in April; and in September, showing its own long-term commitment to South-East Asia, Maples and Calder also announced the opening of a Singapore office.

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Offshore: Blazing a trail

Groundbreaking decisions continue to emerge from the Channel Islands courts. LB talks to key litigators involved in recent headline cases and assesses their wider impact

Two important judgments have emerged from Jersey and Guernsey this year. In April, in the case In the matter of the Shinorvic Trust (Shinorvic), the Royal Court of Jersey had to consider whether a longstanding principle of English law applies to trusts in Jersey; while in March, Guernsey’s Privy Council awarded the largest ever compensation payout in the UK in the Helmot case, a whopping £14m. This decision profoundly impacts on how damages for future losses in personal injury cases are calculated.

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In-house survey: power shift

Extracting greater value from dwindling resources is top of the agenda as general counsel look to flex their muscles. Welcome to our first-ever in-house survey

‘It’s just like a marriage: a relationship between a law firm and a company is one that needs to be nurtured to make sure both are on the same page.’ This comment from a law firm partner rings particularly true as we publish the results of the first-ever Legal Business and The In-House Lawyer in-house survey. In this special report, we find out whether clients believe law firms and themselves are truly on the same page.

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In-house survey: Horses for courses

Demand for external law firms is increasing but choosing the right law firm is more difficult than ever. Time to examine the factors determining law firm selection

Despite the pressure on in-house teams to reduce their legal spend and keep as much work in-house as possible, demand for external legal services has still managed to grow. The in-house specialists who took part in this survey spend an average of 49% of their legal budgets on external legal advice, while 44% said demand for external legal services had increased in the last year, while 40% said demand was unchanged. This is despite the fact an overwhelming 67% of respondents say their companies now have a policy of retaining more matters in-house to reduce legal spend. While the contradiction is confusing, the upshot is clear: in-house teams need their law firms now more than ever.

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In-house survey: Redressing the balance

Despite constant talk that hourly billing is dead, our survey shows otherwise. In-house lawyers’ responses on fees contain a few surprises

One of the standout findings of our survey is that hourly billing is still alive and kicking. The hourly rate is often used as a billing method by 59% of respondents, with just 4% never using it.

However, it isn’t the most popular method of billing among clients: in these austere times, it is unsurprising that fixed rates per project dominate. Over two-thirds (70%) of respondents said they often use1§§ this method of paying their legal fees, with just 5% saying they never use it. Other methods such as capped fees, annual fixed fees, and discounted rates are used, but the fixed project fee and the hourly rate still lead the way.

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In-house survey – Money for nothing

In finding value for money, in-house lawyers rate quality of service very highly. Here we assess their attitudes to overlawyering, offshoring and global networks.

The devil is in the delivery. While the cost of external legal advice is a priority for general counsel (GC), how that service is delivered to clients is no less critical. Fundamental issues such as using the appropriate level of resources; offshoring parts of the job to cheaper jurisdictions; offering proactive advice; and managing projects effectively across borders all have a knock-on effect on the value of law firm advice. With this in mind, we asked our survey participants to give us their thoughts on how strong law firms are at service delivery.

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Energy boost

Other practice areas may be having a tough ride but energy lawyers are flying. LB maps the trends driving the sector

There are many sectors of the economy that governments can afford to scrimp on when times get hard, but luckily for power, oil and gas companies, energy is not one of them.

Power is as vital to economic function as oxygen is to breathing; fuelling transport, communication, defence programmes and health services. In addition, the political and economic instability attached to the supply of oil and gas ensures that energy security continues to dominate national agendas.

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No drop in demand for external legal advice

Results from our first-ever in-house survey show that companies’ legal budgets have largely stayed the same or even increased while demand for external services has risen, debunking the myth that widespread cuts to legal budgets have forced general counsel (GC) to instruct law firms less.

Canvassing the views of more than 100 in-house lawyers worldwide, the survey showed that 50% of respondents’ legal services budgets remained unchanged in the last year, while 44% said that demand for external legal services had increased over the same period. This was despite the fact that 67% said their companies had a policy of retaining more matters in-house.

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DLA Piper ramps up French offering with boutique addition

DLA Piper’s recent takeover of French corporate boutique Frieh Bouhenic is the most significant development in a spate of activity involving UK-based international firms in Paris at the end of the summer.

The international giant officially joined forces with the corporate firm on 1 October. Eleven-partner Frieh Bouhenic is ranked in the second tier for private equity in The Legal 500 EMEA, with a particular reputation for leveraged buyout work. Recent highlights include advising the consortium comprising Clayton, Dubilier & Rice, AXA Private Equity and Caisse de dépôt et placement du Québec on the acquisition of SPIE.

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Liberalisation of Singapore market gathers pace

The Singapore Ministry of Law (MinLaw) stopped receiving applications from foreign law firms seeking a Qualifying Foreign Law Practice (QFLP) licence at the end of August. Twenty-three firms have applied for a QFLP, with UK-based Ashurst, Berwin Leighton Paisner, DLA Piper, Olswang and Stephenson Harwood all confirming that they have applied for licences alongside US firms Jones Day, K&L Gates, Watson, Farley & Williams, Gibson, Dunn & Crutcher and Shearman & Sterling.

Singapore used to only allow foreign firms to work alongside domestic practices in limited joint ventures. However, in 2008 MinLaw granted six QFLPs to Allen & Overy, Clifford Chance, Herbert Smith, Latham & Watkins, Norton Rose and White & Case, allowing those firms to practise Singaporean law with some restrictions. The latest moves reflect the increasing interest of international firms in practising local law.

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