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Middle East – Still standing

As the Arab Spring spreads across the Middle East, investors are flocking to safe ground. LB discovers which states will prosper and which have the most to lose.

It is late April and tanks are being deployed by security forces in Syria following the government’s inability to quell civil resistance protests. Of the long list of countries affected by political unrest recently, those that have hit the headlines most emphatically include Libya, Egypt, Tunisia and Yemen. But does this turmoil have the lawyers in the region’s main financial centres worried?

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Middle East – New ball game

stadium in Doha port

On 2 December 2010 FIFA, the international governing body of football, officially announced that a desert state would be hosting the 2022 World Cup. Qatar, a country with a population of only 1.6 million people, endures average daytime temperatures in excess of 40°C in June and July. How will the players cope?

The bid chairman, and sixth son of the current Emir of Qatar, Sheikh Mohammed bin Hamad bin Khalifa Al Thani was unruffled: ‘We will have to take the help of technology to counter the harsh weather. We have already set in motion the process.’

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Redrawing the map

The latest boom in transactional work from emerging economies is a welcome antidote to difficult home markets for international firms. LB looks at the differing approaches to growth and who the clients of the future might be

It is easy to understand how law firms get carried away by the opportunities that new, emerging markets present. In the past five years there has been a rush to set up offices in places that a generation ago would have held little attraction. The shift of transactional power has now fundamentally moved to emerging economies led by Brazil, Russia, India and China (the BRIC countries). Continue reading “Redrawing the map”

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Street smart – QualitySolicitors

QualitySolicitors represents a new generation of firms changing the way that law is done on the high street. With the advent of alternative business structures later this year, LB investigates what impact these new players will have on the industry.

It’s just after the May Bank holiday and the co-founder of QualitySolicitors, Saleem Arif, is on his mobile in a windy motorway service station explaining the thinking behind his business. Continue reading “Street smart – QualitySolicitors”

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Tip Top

Intellectual property is the trophy practice for many firms in 2011. LB examines the current popularity of IP at law firms and the story behind a spate of lateral hires in the past year

Whisper it, but for the global legal community the demise of Howrey brought two pieces of good news. First, its collapse meant a credible competitor had fallen away in the areas of intellectual property (IP), litigation and antitrust. The other bonus was that a number of excellent IP specialists were suddenly on the market. While Howrey’s decline has been well documented, the speed with which other firms scooped up many of the survivors is worth noting.

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A matter of time – Simmons & Simmons

After a failed merger, a drop in both revenue and a profits, and a slew of partner departures, Simmons’ new managing partner Jeremy Hoyland certainly has his work cut out. Can his plans for change deliver?

Jeremy Hoyland’s timing has always been a little off. He qualified just before the 1990s’ recession, tried to launch a finance practice in Asia just as the Asian financial crisis hit in the late 1990s and has now taken over Simmons & Simmons at a time when the firm’s financials continue to struggle and it is being over-shadowed by several of its closest rivals. Continue reading “A matter of time – Simmons & Simmons”

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Pulling the strings

Despite the increasing popularity of arbitration, a significant number of clients have been disappointed by the performance of an arbitrator. LB asks what can be done to improve faith in the system

When something gets a mention in the Chancellor of the Exchequer’s Budget speech, it is usually important. So when George Osborne spoke of the government’s intention to ‘promote the UK as the global centre of legal arbitration’ in March, the global arbitration community sat up and took note.

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Brazil – A different beat

The Brazilian Bar is taking a stand against foreign firms that work alongside local associated practices. Few in the market are now prepared to bang the drum for local alliances

Hostility within the Brazilian legal market, especially São Paulo, could hardly be more intense. The Brazilian Bar Association, Ordem dos Advogados do Brasil (OAB), recently reiterated its opposition to local lawyers forming alliances with the local offices of foreign law firms. It puts Linklaters, Mayer Brown, DLA Piper, Uría Menéndez and their local associated practices – Lefosse Advogados, Tauil & Chequer, Campos Mello Advogados and Dias Carneiro Advogados respectively – very much in the firing line.

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Brazil – Carnival time

Brazil’s economic growth and status in the global economy has helped create one of the most sophisticated legal communities among the emerging markets

The legality of foreign law firms having local associated practices may grab some of the headlines, but Brazil’s relentless economic expansion and the growth of international deals in the market has been getting the top billing. The boom has not only attracted a slew of foreign firms but also driven the development of an increasingly sophisticated domestic legal market.

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A different focus – Round Table

The fourth Legal Business/Marsh round table brought together a group of risk managers to discuss the changing regulatory landscape and how they manage their risk functions

It is perhaps not surprising that the fourth risk round table hosted by Legal Business and Marsh was dominated by one subject. The Solicitors Regulation Authority’s new Code of Conduct, as a part of the move to outcomes-focused regulation (OFR) due in the Autumn, is weighing heavily on the minds of most risk professionals in the largest firms. The prospect of following indicative behaviours, managing relations with the SRA and appointing a compliance officer for legal practice (COLP) were all raised in the course of the discussion.

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The Year of Discontent – Unions

The past 12 months have been marked by a steep increase in industrial action impacting a number of major corporates. LB talks to the small group of firms manning the picket lines

It’s all a long way from beer and sandwiches at Number 10. Now, more than ever, large corporate employers are fighting threatened strike action launched by some of the country’s largest and most aggressive unions. However, instead of the threat of strikes being discussed behind closed doors in Downing Street, á la the 1970s, the drama is being played out in court.

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The Real Estate We’re In

It’s been a bleak few years for real estate departments but, after an active 2010 with some major headline deals, the London market is picking up as the regions remain in the doldrums. LB looks at a very different kind of property market

Got any advice for a budding young real estate lawyer? ‘Become an accountant,’ laughs veteran Herbert Smith real estate partner James Barnes, as he surveys the moribund UK property market.

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Cyprus – Notes From A Small Island

small islets

Improved relations with Russia and accession to the European Union are helping to transform Cyprus as a financial hub. LB looks at the impact on the local legal community.

Cyprus is fast approaching a tipping point in its international development. It may be an island of less than one million people, with a total of 2,000 lawyers, but its strengthening trade ties with Russia and the emerging markets, not to mention its accession to the European Union and some shrewd domestic legislative developments, have helped the country grow its profile in the international financial arena.

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Cities colliding

Several Global London firms were back on the investment trail in 2010 although overall headcount in the top 50 dropped. LB looks at the main movers in the City’s non-UK legal elite.

The UK economy may be suffering under the weight of swingeing cuts and, Germany aside, the prospects on the continent may still look bleak, but London’s large band of overseas law firms have not exactly been retreating into their shells. Many have been spying opportunities in the usual form of lateral partner hires, others such as Squire, Sanders & Dempsey and Sonnenschein Nath & Rosenthal have pinned their colours to a UK merger.

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Merger values

The latest transatlantic mergers have a few examples to follow. But just what have City mergers delivered for Jones Day, K&L Gates, Mayer Brown and Reed Smith?

It’s easy to forget that the transatlantic merger is not a trend confined to the last two years. The most effective way for US firms to enter the highly competitive London market has long been a matter for debate. Do you buy a greenfield site and take a long view based around organic growth or do you acquire a large, ready-made UK business? Neither is simple and both can be costly.

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A Matter of Time – Simmons & Simmons

After a failed merger, a drop in both revenue and a profits, and a slew of partner departures, Simmons’ new managing partner Jeremy Hoyland certainly has his work cut out. Can his plans for change deliver?

Jeremy Hoyland’s timing has always been a little off. He qualified just before the 1990s’ recession, tried to launch a finance practice in Asia just as the Asian financial crisis hit in the late 1990s and has now taken over Simmons & Simmons at a time when the firm’s financials continue to struggle and it is being over-shadowed by several of its closest rivals. Failed merger talks with Mayer Brown have also hardly helped the firm’s market profile.

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Pulling the Strings – Arbitration

Despite the increasing popularity of arbitration, a significant number of clients have been disappointed by the performance of an arbitrator. LB asks what can be done to improve faith in the system

When something gets a mention in the Chancellor of the Exchequer’s Budget speech, it is usually important. So when George Osborne spoke of the government’s intention to ‘promote the UK as the global centre of legal arbitration’ in March, the global arbitration community sat up and took note.

Continue reading “Pulling the Strings – Arbitration”

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A different focus – Round Table

The fourth Legal Business/Marsh round table brought together a group of risk managers to discuss the changing regulatory landscape and how they manage their risk functions

It is perhaps not surprising that the fourth risk round table hosted by Legal Business and Marsh was dominated by one subject. The Solicitors Regulation Authority’s new Code of Conduct, as a part of the move to outcomes-focused regulation (OFR) due in the Autumn, is weighing heavily on the minds of most risk professionals in the largest firms. The prospect of following indicative behaviours, managing relations with the SRA and appointing a compliance officer for legal practice (COLP) were all raised in the course of the discussion.

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Switzerland – On The Rise

Swiss mountains

While several leading Swiss law firms contemplate their new lives as corporations, LB finds out what a series of high-profile partner exits means for Switzerland’s famously conservative legal market

This year, Zürich-based law firm Pestalozzi celebrates its 100th birthday. Just ten years ago, it joined forces with Geneva practice Lachenal Brechbuhl Cottier & Roguet to become Pestalozzi Lachenal Patry. But in late 2010, the two factions parted company, shutting down the Brussels office along the way.

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