Slaughters leads on Punch Taverns £2.4bn debt restructuring as pub group warns it could face administration

Slaughter and May is advising Punch Taverns on its £2.4bn securitised debt restructuring as the UK’s largest pub company warns creditors it could face administration.

On Monday (10 June) a powerful group of lenders rejected plans to reduce the pub group’s interest payments to £32m a year. Slaughters led by corporate partner David Johnson is advising longstanding client Punch, which owns around 5000 pubs across the UK. Continue reading “Slaughters leads on Punch Taverns £2.4bn debt restructuring as pub group warns it could face administration”

Cadwalader focuses on Europe with London restructuring hires

US firm Cadwalader, Wickersham & Taft is focusing its restructuring practice on Europe with the hire of partners Holly Neavill and Louisa Watt, who have joined the firm’s London office.

Neavill was previously a partner at Latham & Watkins London office, although she began her career in the US. She has worked on some high profile restructurings and distressed M&A deals, including advising the committee of bondholders in the restructuring of the publicly-listed Italian directories business SEAT Pagine Gialle last year. Continue reading “Cadwalader focuses on Europe with London restructuring hires”

Redundancy round continues as BLP latest to announce fee-earner cuts

Berwin Leighton Paisner (BLP) has become the latest major UK law firm to announce job cuts as firms increasingly examine their business models in light of a sustained slump in market activity.

The top-20 City firm announced today that is has entered a redundancy consultation affecting around 58 legal staff, 44 secretarial staff and some business services staff, with a target reduction in salary of 15% in the latter group. Continue reading “Redundancy round continues as BLP latest to announce fee-earner cuts”

Partnership structure overhaul for CMS Cameron McKenna

CMS Cameron McKenna has reformed its partnership remuneration model from 1 May, enabling salaried partners to become equity partners more quickly but increasing management scrutiny of performance.

After 18 months of deliberation, the firm voted in favour of discontinuing its salaried partner level, achieving the 80% majority needed to push the reforms through.

The change will see 65 salaried partners become part of a 75-strong fixed-share rank.

Continue reading “Partnership structure overhaul for CMS Cameron McKenna”

Hill Dickinson to review its business to maintain profitability

Unusually for a firm that has averaged 10% growth over the last five years and posted a 22% leap in profit per lawyer in 2011/12, national firm Hill Dickinson has announced a review of its UK business today (30 April), which could lead to redundancies.

The firm, which employs more than 1,400 people including 190 partners, confirmed it would be reviewing its range of services and geographical reach, which it anticipates will lead to the restructuring of a number of unspecified teams. Continue reading “Hill Dickinson to review its business to maintain profitability”

CMS Cameron McKenna overhauls partnership structure

CMS Cameron McKenna will reform its partnership remuneration model on 1 May, enabling salaried partners to become equity partners quicker but increasing management scrutiny on performance.

After 18 months of deliberation, the firm voted in favour of discontinuing its salaried partner level recently, achieving the required 80% majority needed to push the reforms through.

Continue reading “CMS Cameron McKenna overhauls partnership structure”

Nabarro promotes restructuring head Godfrey to international role

Nabarro has appointed restructuring and insolvency head Patricia Godfrey as its new head of international.

As part of the new role Godfrey will have a seat on the firm’s board and chair its international committee, which oversees the firm’s relationships with its European Alliance partners and international plans.

Currently Godfrey heads up Nabarro’s European group which manages the relationship firms within the European Alliance, including French firm August & Debouzy, GSK Stockmann + Kollegen in Germany, Nunziante Magrone in Italy and Spain’s Roca Junyent.

Continue reading “Nabarro promotes restructuring head Godfrey to international role”

It’s all in a name: why branding matters

Over the past few months CMS Cameron McKenna’s managing partner Duncan Weston has been on a charm offensive. Through lunches and presentations, he has been trying to convince the legal press that the European-wide CMS network is not just a disparate alliance, but is in fact one firm, no different to, say, Norton Rose or Squire Sanders.

Continue reading “It’s all in a name: why branding matters”

CMS group moves closer to one-firm model

The CMS group, which passed a major milestone this summer when it provided its financial results as a single entity for the first time, has told LB that it is looking to drop local firm names to strengthen its international brand.

‘We have been looking at the risks of being regarded as a single firm under this type of structure and we have decided we want to move forward towards being a single firm,’ said Duncan Weston, managing partner of UK member firm CMS Cameron McKenna. ‘We’ve already adopted a single visual identity as part of the conversion: the name CMS with law and tax underneath – a logo we decided upon two years ago.’

Continue reading “CMS group moves closer to one-firm model”