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Foreword: We Need to Talk About Race

The 2020 racial reckoning ignited a conversation at Weil, like many organizations, about justice and equity. To meet that watershed moment, we had to come together to catalyze meaningful change in society, the legal profession, and also within the Firm. In this moment, Weil’s Diversity Committee developed a mission statement with a special focus on our Black Attorneys and Staff, and reviewed over 175 ideas to develop an action plan.

As Co-Chair of the Diversity Committee, my primary goal for Weil’s Black attorneys is to help to make them successful. By “successful,” I mean continuing to foster a workplace culture conducive to their success, and continuing to focus the Firm’s efforts at recruiting, retaining and advancing attorneys of color, particularly our Black lawyers. Moreover, “success” means ensuring that our Black attorneys not only have the opportunities to excel, but that they get the specific skillset and training to take their practice to the next level, whether at Weil or elsewhere.

Leadership and Accountability: Two advisory boards were formed, one comprised of Black partners and the other of Black counsel and associates, to work with Executive Partner Barry Wolf. Each board meets with Barry Wolf, the Firm’s Executive Partner, monthly to advise on a range of issues of importance to the Firm, including but not limited to diversity-related topics.

In addition, we enhanced multiple accountability mechanisms to foster greater partner engagement, including new questions on the annual partner report card and upward review surveys for counsel and partners and an additional scoring element focused on Black attorney representation on Leadership Diversity scorecards.

Career and Leadership Development: BLAST (Black Lawyers Achieving Success Together) is a new initiative investing in the Firm’s Black talent. The BLAST program for senior Black attorneys features Management Committee Sponsors, individualized business plans, executive coaches, and group leadership sessions. Mid-level and junior Black associates participate in level-specific monthly sessions facilitated by external leadership experts. The partner mentors of Black associates participated in a pilot program to strengthen mentoring across different skill sets. In addition, we developed Jumpstart – a resource for new and lateral Black associates which pairs a Black partner with an associate upon joining to support their transition to the Firm.

Diversity Education: To raise awareness to the systemic nature of racism across broader society, we held over 30 programs as part of a Racial Justice series, addressing the impact of racism in many facets of society – ranging from health care to the criminal legal system, with thought-provoking speakers such as Professors Ibram X. Kendi and Kimberlee Crenshaw. Furthermore, we devoted both our 10th annual mandatory diversity education program and our biennial Diversity Month programming to being actively antiracist, and also highlighted the intersectional dynamics of racism, including with disability and gender identity.

Nearly two years later, we are reflecting both on our results and where attention is still needed. We now have 9 Black partners in 6 different practice areas and resident in 5 offices globally. Since 2020, we’ve also increased our Black senior associate ranks from 2% to 7% which establishes a foundation for future growth.

In the words of Barry Wolf: “While the issues we grapple with as a nation are not new, the collective energy towards change we have witnessed as a community signals a cautious hope for a better future.” I am proud that through the sustained commitment and intentional investments of the Firm – at all levels – we are making meaningful change. We invite you to join us on this journey to collectively address racial justice in our profession.

Adé Heyliger,
Partner and Co-Chair Diversity Committee,
Weil, Gotshal & Manges LLP

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The Client Profile: Jelena Madir, Gavi, the Vaccine Alliance

Jelena Madir’s career to date has been defined by two crises. The 2008 financial crash saw her out of a job and forced to look beyond private practice for gainful employment. Fast forward just over a decade, and the Covid-19 pandemic has spawned the work which she credits as the highlight of her career, and for which the Gavi legal team she leads won the Most Transformative In-House Team gong at the 2022 Legal Business Awards.

A globetrotting career, which has so far spanned two continents and five countries, began in the US. Despite having studied government and Asian studies with Chinese as an undergraduate, Madir insists: ‘I always knew I wanted to be a commercial or corporate lawyer.’
Continue reading “The Client Profile: Jelena Madir, Gavi, the Vaccine Alliance”

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Sponsored briefing: Guidance on Dutch corporate income tax treatment of payments of premiums and pay-outs under W&I insurances

On 18 October 2022, the Dutch Secretary of State of Finance published a formal decree in relation to the Dutch corporate income tax treatment of payments of premiums and pay-outs under Warranty and Indemnity insurances (the W&I insurances). This decree includes the view of the Participation Exemption Knowledge Group of the Dutch tax authorities (the Knowledge Group) in relation to the Dutch corporate income tax treatment of W&I insurances. As W&I insurances are frequently used in M&A transactions, this tax development is relevant for the deal practice.

W&I insurances

Both warranties and tax indemnities play an important role in M&A transactions. By including warranties in the sale and purchase agreement, the buyer aims to get a clear view on the key characteristics and (potential) issues of the target by way of disclosure of information. Next to the warranties, the tax indemnity caters for a proper coverage of any tax liability in respect of any event occurring on or before the transaction date. In order to cover losses arising from a breach of a warranty and claims under a tax indemnity parties can enter into W&I insurances. These W&I insurances have gained popularity in recent years. Continue reading “Sponsored briefing: Guidance on Dutch corporate income tax treatment of payments of premiums and pay-outs under W&I insurances”

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Life During Law: Nick Vamos

Did I always want to be a lawyer? No. I didn’t think I wanted to sit behind a desk, so that hasn’t really worked out. I thought I might want to do something outdoors, and that hasn’t worked out either. I wasn’t one of these people that knows from the age of two that they’re going to be a forensic pathologist or a marine biologist. When I was at school and then university, my parents were very supportive and said: ‘You don’t need to decide on a career now. You don’t have to have a grand plan.’

I didn’t read law at university. I read philosophy at Trinity College, Cambridge. Partly because it was the degree subject I was most interested in and partly because I didn’t want to study any of my school subjects any further. I converted to law a few years later. I think if I’d studied law at university for three years, I might not have become a lawyer. Continue reading “Life During Law: Nick Vamos”

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Shearman and Hogan Lovells – better the devil you don’t

This comment piece has been updated to reflect an announcement late on Thursday (2 March) that merger talks between Shearman & Sterling and Hogan Lovells have been called off. In a joint statement, the firms said: ‘As has been widely reported, our firms have been in preliminary and exploratory conversations regarding a possible combination. After careful consideration, we have mutually agreed that a combination at this time is not in the best interest of either firm. We have been deeply impressed with each other’s business, practices and people and wish each other continued success.’

It’s funny how the market gets about law firm mergers. Ringing around various senior lawyers for a hot take on what they thought of a Shearman & Sterling and Hogan Lovells tie-up, most were pretty scathing.

‘A merger of losers’ and ‘a combination of mediocre and mediocre’ were just two pejorative remarks being flung around the Square Mile. Few were kind. Now that the dust has settled on the idea, and I hold my hand up to playing devil’s advocate on this one, these initial reactions strike me as a little churlish. Continue reading “Shearman and Hogan Lovells – better the devil you don’t”

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Stopping the bleeding at Travers will require hard-won loyalty and a pay overhaul

Looking at the recent wave of departures from Travers Smith brings to mind fears expressed by peers when we last did a major analysis of the firm back in 2019.

Four years ago, harbingers of doom were quick to jump on the perceived threat to such a UK-centric firm amid Britain’s exit from the European Union. Noted one corporate partner at a US firm at the time: ‘If profit starts to fall post-Brexit, what do you do with Paul Dolman? If Paul left, it would be a killer blow. He is talismanic.’ Continue reading “Stopping the bleeding at Travers will require hard-won loyalty and a pay overhaul”

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Shearman and Travers hit with losses as recruitment turns to restructuring and leveraged finance

Jason Glover

Ongoing talk of a merger with Hogan Lovells has prompted an exodus from Shearman & Sterling, with the departure of EMEA and Asia M&A head Philip Cheveley to Sidley Austin one of the headline moves in the London market in recent weeks.

The blow to Shearman will be even more keenly felt since the move represents a reversal for one of its stated ambitions to focus on corporate, and because Cheveley only joined from Travers Smith less than two years ago, in March 2021. Continue reading “Shearman and Travers hit with losses as recruitment turns to restructuring and leveraged finance”

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‘It will be important whatever happens’: Pallas Partners represents ClientEarth in climate action against Shell’s board

In what the client has billed ‘the first case of its kind seeking to hold corporate directors personally liable’, Pallas Partners is representing ClientEarth pro bono in its case against Shell’s board of directors for ‘mismanaging climate risk’.

After nearly a year of pre-action proceedings, Pallas Partners has filed a derivative action against the energy giant for what its client says is a failure to adopt a business strategy that will mitigate its exposure to climate risk. Continue reading “‘It will be important whatever happens’: Pallas Partners represents ClientEarth in climate action against Shell’s board”

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Overview – Elite Level: annual Euro Elite report finds the continent’s leading independents still in a bullish mood

Our annual Euro Elite survey finds the 100 leading firms across more than 40 jurisdictions still in a strong position, despite a potentially bleak outlook for 2023.

According to the European Central Bank, economic growth slowed considerably in the third quarter of 2022, as strong effects from the post-pandemic reopening and easing supply chain disruptions were tempered by lower consumer confidence and high inflation. This high inflation, uncertainty and weak consumer and business confidence is predicted to slow economic growth from 3.4% in 2022 to 0.5% in 2023. But, as energy markets rebalance, supply bottlenecks resolve and foreign demand strengthens, growth is expected to recover to 1.9% in 2024 and 1.8% in 2025. Continue reading “Overview – Elite Level: annual Euro Elite report finds the continent’s leading independents still in a bullish mood”

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Euro Elite 2023: Methodology

Legal Business’ Euro Elite comprises independent law firms based in more than 40 European jurisdictions, rather than branches of international firms or Vereins.

To compile the 100 firms featured in this report, we used a scoring system based on the rankings of firms in the 2022 edition of The Legal 500 EMEA. Points were allocated for firms ranked in tiers 1-3 in tables featured in the guide. Top-tier rankings earned three points, second tier two and third one point.
Continue reading “Euro Elite 2023: Methodology”

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Caribbean Offshore Report: Light behind the cloud

While 2022 began with renewed hope as the world began to bounce back after two unprecedented years of upheaval, it took just a few short weeks for that bubble to burst, with Russia’s invasion of Ukraine shaking the markets and raising the spectre of a global recession.

However, law firms throughout the Cayman Islands (Cayman), the British Virgin Islands (BVI) and Bermuda have risen to the challenge, enjoying a year of growth and landmark transactions. Continue reading “Caribbean Offshore Report: Light behind the cloud”

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UK Offshore Report: Weatherproof

In our 2022 offshore feature, firm leaders were relatively sanguine when scanning the horizon for the upcoming year’s challenges. Having ridden out almost two years of Covid-19 lockdowns, global economies – with the notable exception of China – had largely reopened, including the Crown Dependencies themselves, which had ended travel restrictions at the same time as their key clients in London.

Then, almost to the day, as readers removed the cellophane from their copies of the January/February 2022 issue of Legal Business, Russia invaded Ukraine – and the world’s economic prospects changed immeasurably. However, as material as these challenges undoubtedly are, they have yet to fully arrive on the desks of the lawyers of Jersey, Guernsey and the Isle of Man. Continue reading “UK Offshore Report: Weatherproof”

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The M&A debate: Wrestling the bear – negotiating deals in the current market

Marion Petit, Jefferies

Nathalie Tidman, Legal Business: Is it an oversimplification to say that inflationary pressure, if it eases, will kick-start M&A again?

Eric Knai, Eversheds Sutherland: We have been having a lot of discussions with our clients but also with investment bankers, bankers and economists. They say that inflation is a factor, but only one of a number of factors that impacts M&A. Continue reading “The M&A debate: Wrestling the bear – negotiating deals in the current market”

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Euro Elite 2023: Switzerland – Strength in depth

2022 brought fresh challenges for the Swiss market, given the widespread instability in the global economy. Despite strong consumer spending and the removal of the last of the pandemic restrictions ensuring that economic growth has remained steady, the lingering aftershocks of the pandemic, war in Ukraine and the ensuing energy crisis, mean official predictions for growth were cut to 2% by the end of 2022. Inflation stood at just under 3% last year and the Swiss National Bank opted to raise interest rates to 1% in December 2022, having only increased them to 0.5% a few months earlier.

‘The SNB is concerned by current inflation rates,’ says Juerg Bloch, investigations and enforcement partner at Niederer Kraft Frey (NKF), says. ‘The aim is to keep inflation within the range of price stability over the medium term.’ Continue reading “Euro Elite 2023: Switzerland – Strength in depth”

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Euro Elite 2023: Southern Europe – Hanging on

Euro Elite’s Southern Europe contingent comprises firms from the highly competitive Israeli and Greek markets, all of which have been required to weather a substantial storm after several years of heightened activity.

Israel has long been known for its enterprising market of tech and life science start-ups, and recent years have seen the industry riding high with premium valuations and US public listings. That has changed in the last 12 months, as inert public markets and global economic conditions saw the well of capital begin to run dry. Continue reading “Euro Elite 2023: Southern Europe – Hanging on”

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Euro Elite 2023: Nordics – New challenges

In an increasingly tumultuous market, the Nordic region has thus far remained resilient to pressures; as the Covid-19 pandemic begins to abate, new stressors, such as the war in Ukraine and global economic downturn are starting to affect investment and deal flow across Norway, Sweden, Denmark and Finland. With the countries’ proximity to Russia, and Finland and Sweden in the process of joining Nato, the political and economic situation doesn’t look like settling down anytime soon.

In Norway, Thommessen’s Sverre Tyrhaug states that despite the vicissitudes of global market forces and a drop in capital markets work, 2022 ‘turned out surprisingly well, we were busy and up in terms of turnover’. With regards to sectors, as with most countries in Europe, Norway is looking to increase energy security and Thommessen has seen an increase in renewables, as well as oil and gas, and hydrogen projects. As for 2023, Tyrhaug remains optimistic: ‘Lots of clients will put cost-cutting high on the agenda, especially due to increasing inflation. However, it will not necessarily be a bad year for lawyers; we expect consolidation in the tech, energy and renewables sector and a lot of M&A and distressed M&A work.’ Norway remains a stable legal market with indigenous, independent firms taking up the bulk of high-profile work. Continue reading “Euro Elite 2023: Nordics – New challenges”

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Euro Elite 2023: Baltics – Covering all bases

‘The future is Pan-Baltic!’ says Vilius Bernatonis, managing partner of TGS Baltic’s Lithuania branch. He is referring to the integration goals of Baltic states’ major firms, which aim to ensure that legal expertise from a firm’s office in one Baltic nation will be readily available to its client in another. But his words have a broader resonance. Though distinct, Estonia, Latvia and Lithuania co-operate at nearly every economic level, investing in the infrastructure, energy and technology of one another to foster shared growth and development. They do so because in numbers there is strength. In numbers, there is safety.

Looking at the structure of the Baltic legal market in general terms, at the top is the pan-Baltic bracket comprising Ellex, TGS Baltic, Cobalt and Sorainen, all of which offer full-service, cross-border practices covering all areas of law in Estonia, Lithuania and Latvia. According to Liga Merwin, managing partner at Ellex [Latvia], ‘the pan-Baltic firms remain largely unchallenged’. Continue reading “Euro Elite 2023: Baltics – Covering all bases”