Georgina Stanley and Ben Wheway cast an eye over one of the City’s most contested practice lines
‘Leveraged finance is an industry that thinks in American,’ notes one former veteran of the Magic Circle, now with a US outfit, reflecting on the much-changed dynamics of Europe’s credit markets. Continue reading “‘There are Formula 1 drivers and other drivers’ – who’s winning the race for London’s lev fin work?”
Linklaters’ Hong Kong based finance partner Davide Mencacci has replaced Tony Bugg to become the firm’s first non-London based banking head.
Linklaters announced today (11 February) the election of the former Allen & Overy partner to the role for four years, while Bugg stepped down three years into his term to go back to full time fee-earning. Continue reading “Linklaters turns to Asia for new banking head as Bugg steps down after three years”
Clifford Chance finance clients, 2017
As LB looks at the future of finance, we look at the clientele of the top City finance practice at Clifford Chance in 2017. For more on banking and finance, see ‘Back to the future’
Continue reading “Who Represents Who: The data behind the story”
‘The truth is no-one’s got the faintest idea what finance practices will look like in the future,’ shrugs Tony Bugg, Linklaters’ head of banking, when asked to describe a top City finance practice in 2030. Of the dozens of London finance chiefs and partners to whom Legal Business posed the question, Bugg’s take is at least one of the more candid.
If the last decade is any guide, the finance world will be girding itself for more wrenching change. The post-banking crisis environment has seen a dramatic increase in regulation and oversight of banks and helped encourage the growth of institutions filling the void as senior lenders retrench. Continue reading “Banking and finance focus: Back to the future”
Lehman Brothers International (Europe) (LBIE)’s 5,500 employees left the London office at 25 Bank Street on Friday 12 September 2008 expecting to return on Monday morning to their weekly routine. As did their colleagues in the rest of the world.
Not that life had been easy up to that point. Global financial turmoil had been going for around a year and Lehman had just posted a $3.9bn third-quarter loss amid the subprime mortgage crisis. Yet, the sense was that the bank founded in 1850 would be bought out by either Barclays or Bank of America, despite the US government’s resistance to bailing it out. Continue reading “‘No blueprint’: Looking back at Lehman’s wind-up”
Marco Cillario sizes up the pros and cons for legal advisers of the current ICO boom
‘We are in an odd position: we feel we need to be closely involved in this, but there is a reputational risk because there is a lot of fraud.’ Understandably, the partner expressing this view does not want himself or his firm identified. But such words still sum up many securities lawyers’ feelings on the hottest topic in their field for years. Continue reading “Focus: Wild West or new frontier? Securities counsel divided as the cryptocurrency ‘float’ rears its blockchained head”
A £100m claim brought against Eversheds Sutherland by Northern Rock Asset Management (NRAM) has been settled.
NRAM’s claim, which came to light in late 2016, alleged professional negligence in relation to advice the legacy Eversheds firm provided following a review of two annual statements for a ‘together loan’ – a combination of a secured mortgage and an unsecured loan at a single interest rate with one combined monthly payment. Continue reading “Eversheds Sutherland settles £100m Northern Rock negligence case”
Nathalie Tidman finds lawyers bemused by crazy pricing and a wall of debt
‘Short of Trump nuking North Korea, I can’t see any immediate problems on the horizon,’ reflects Latham & Watkins partner Christopher Kandel. It is safe to say finance advisers believe the recent bonanza of European leveraged finance activity will continue through 2018 on the back of another record year for the European market. Continue reading “‘Incredibly strong’ – debt counsel gear up for another boom year in leveraged finance”