‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024

‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024

Casting a glance back at the year nearly at its end, industries faced challenges from inflationary pressures, soaring interest rates, geopolitical uncertainties, and an energy crisis, putting even the more robust sectors to the test.

In the midst of these conditions, company insolvencies during Q2 and Q3 2023 reached their highest point since Q2 2009, according to data provided by the Insolvency Service. Continue reading “‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024”

Steadying the ship: what’s next for Ince?

Steadying the ship: what’s next for Ince?

‘Very much business as usual,’ Samantha Palmer replied when asked about Ince & Co’s future following its acquisition by Axiom. Palmer, a finance and projects partner at Pinsent Masons, is the appointed solicitor manager for Ince’s administration and is overseeing all regulatory aspects of the acquisition.

The sale was completed on 28 April, just over two weeks after the Ince Group, the listed parent company of Ince, was placed into administration following a tumultuous year. Continue reading “Steadying the ship: what’s next for Ince?”

Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome

Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome

Insolvency and restructuring proceedings are intricate and complex. Practitioners must be able to combine legal knowledge, in particular in the areas of litigation, finance and transactions, with strategic, tactical and managerial skills to deliver positive results.

Prager Dreifuss has extensive experience and a longstanding tradition in insolvency and restructuring matters. In the wake of the financial crisis, we combined our finance and bankruptcy knowledge which enabled us to assist in complex project financing, also lately in a major multinational commodity project. Our attorneys regularly represent creditors, some of which are banks, hedge funds or other financial institutions, in large national and international insolvency and restructuring proceedings, whether in registering or purchasing claims or in enforcing disputed claims vis-à-vis bankruptcy administrators and before courts. Assisting clients in the recognition and enforcement of foreign judgments in Switzerland and abroad is a key feature of our daily practice. Frequently and increasingly, we are retained by creditors in enforcing claims (awards, bonds) against sovereigns. Continue reading “Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome”

The domino effect – restructuring counsel brace for deluge as Covid-19 means no more business as usual

The domino effect – restructuring counsel brace for deluge as Covid-19 means no more business as usual

‘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”

The 500 View: Restructuring hires are in vogue but is there enough work for everyone?

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?”

Dentons rejigs US structure in bid to create first ‘truly national’ American dream team

Dentons rejigs US structure in bid to create first ‘truly national’ American dream team

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”

City criminal law firm HJA ushers in sweeping ownership changes amid succession problem

City criminal law firm HJA ushers in sweeping ownership changes amid succession problem

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”

‘No way a sign of retrenchment’: Ropes axes four partners amid London refocus

‘No way a sign of retrenchment’: Ropes axes four partners amid London refocus

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”

‘A difficult time’: Ashurst axes 54 City secretaries following redundancy review

‘A difficult time’: Ashurst axes 54 City secretaries following redundancy review

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 follows northshore wave with 10-lawyer Liverpool launch

Taylor Wessing follows northshore wave with 10-lawyer Liverpool launch

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”