‘Even two weeks ago no-one predicted such a catastrophic impact from the coronavirus. Things have turned very quickly.’ This City restructuring partner’s words carry some irony, given that the restructuring and insolvency community has for years waited in vain for a sequel to the global financial crisis of 2008/09.
However, the trigger event in this disaster – the global spread of the coronavirus of which there are so far more than 500,000 confirmed cases around the world resulting in well over 20,000 deaths – is a crisis of the unknown. It has left restructuring lawyers reeling along with peers as everyone hunkers down through an indefinite lockdown. Continue reading “The domino effect – restructuring counsel brace for deluge as Covid-19 means no more business as usual”
Georgina Stanley assesses a City restructuring scene offering rewards for some but a lack of clear direction
‘You can only grow this business when people aren’t busy – when everyone’s flat-out, you can’t hire for love nor money,’ reflects Paul Hastings restructuring veteran David Ereira of his chosen trade. Continue reading “The 500 View: Restructuring hires are in vogue but is there enough work for everyone?”
He may have overseen more than 50 law firm combinations over the last decade – 12 since July alone – but Dentons chair Joe Andrew (pictured) is adamant that the double US tie-up his firm pulled off at the beginning of October is something completely different.
Pending approval by the partnerships, the 10,000-lawyer globetrotter will in January add another 300 bodies to its sprawling verein as it combines with 175-lawyer midwest firm Bingham Greenebaum Doll and 140-strong Pennsylvania-bred Cohen & Grigsby. Continue reading “Dentons rejigs US structure in bid to create first ‘truly national’ American dream team”
London law firm Hodge Jones & Allen (HJA) has brought in sweeping changes to its ownership model, making it the first firm to be wholly owned by its employees.
The reform, which has been implemented through an employee ownership trust (EOT), is intended to secure the firm’s long-term future and address succession issues posed by the impending retirement of senior partner Patrick Allen. Continue reading “City criminal law firm HJA ushers in sweeping ownership changes amid succession problem”
In what has been termed by one rival City partner as a ‘night of the long knives’, Ropes & Gray has axed four of its London real estate and restructuring partners.
The move comes as the firm shifts the focus of the real estate practice back to its prized client base of asset managers, hedge funds, credit funds and direct investors amid a recent drift. The firm’s restructuring – or ‘special situations’ – practice is also being repackaged to appeal to the desired client base. Continue reading “‘No way a sign of retrenchment’: Ropes axes four partners amid London refocus”
Ashurst has culled more than half of its secretarial staff in London as its redundancy review draws to a ‘difficult’ conclusion.
The firm confirmed on Wednesday (19 July) that 54 of its 100-strong secretarial team had been made redundant following a consultation which put 80 jobs at risk. Two secretarial roles in the Middle East have also been axed. Continue reading “‘A difficult time’: Ashurst axes 54 City secretaries following redundancy review”
Taylor Wessing is joining the growing list of City firms expanding into low cost centres in the UK by launching an office in Liverpool.
The UK top 20 firm’s new base will open in September with an initial team of 11 lawyers and business support staff. Taylor Wessing will appoint a partner to lead the new office and aims to grow the team to 25 by the end of the year – consisting of 10 legal and 15 non-legal roles. They will all be new roles for the firm. Continue reading “Taylor Wessing follows northshore wave with 10-lawyer Liverpool launch”
Freshfields is acting for the official receiver
One of the largest UK insolvencies for years, the collapse of construction giant Carillion is poised to have a wide-ranging impact on a number of industries, not least among the most prominent restructuring and insolvency advisers in the City. Continue reading “Carillion collapse: Global 100 firms take centre stage as construction giant enters liquidation”
Capping off a challenging year, Slater and Gordon (S&G) is to close four of its UK offices as it seeks to consolidate its operations.
S&G, which saw its UK revenues for 2017 decline by 17%, told staff on Monday (27 November) that it plans to relocate employees from smaller regional outposts to the firm’s larger UK offices. The firm’s branches in Chester, Wrexham and Milton Keynes will be closed, while S&G’s Preston office will close when the lease on the premises runs out next summer. The firm currently has 14 offices in the UK. Continue reading “Slater and Gordon to close four UK offices amid further upheaval”
Five New York-based partners left Ashurst in July for US finance firm Chapman and Cutler, with a sixth partner departing for Allen & Overy (A&O) last month.
Partners Patrick Quill, David Nirenberg, Steven Kopp, Doug Bird and Tom Glushko all left Ashurst, completing the full departure of the ten-partner team the firm hired from McKee Nelson in 2009 to launch a structured finance practice.
Continue reading “Ashurst pulls the plug on ill-fated 2009 move into US finance law with NY restructuring”