Growth in Germany for HSF as it launches disputes practice in Frankfurt

Herbert Smith Freehills (HSF) today (3 February) took a further step towards building up its German capability following the collapse of its alliance with Gleiss Lutz and Benelux firm Stibbe with the hire of former Baker & McKenzie partner Mathias Wittinghofer to launch its disputes practice in Frankfurt.

A specialist in banking and finance disputes, as well as post-merger and acquisition disputes, Wittinghofer will become part of HSF’s global banking litigation and investigations practice. The dual German and English-qualified attorney’s client base includes banks, private equity firms and major corporations. Continue reading “Growth in Germany for HSF as it launches disputes practice in Frankfurt”

Clifford Chance in line for windfall payment after PwC reaches European Lehman settlement

As latest payout confirmed to Lehman’s creditors, total US and UK costs soar to $2bn

Clifford Chance is among the creditors of the European operations of Lehman Brothers set to receive a windfall after administrator PwC announced a total payout of $7.8bn, the latest in a series of payments made to creditors of the former US investment bank as it nears the end of its mammoth winding-up process.

According to one partner at the Magic Circle firm, the payment could be as much as £10m and a spokesperson for PwC said creditors are likely to receive payment before the end of the calendar year.

Lehman Brothers filed for Chapter 11 bankruptcy in September 2008, listing $639bn of assets against $613bn of outstanding debt but within days creditors filed claims of $1.2trn, double its assets.

Continue reading “Clifford Chance in line for windfall payment after PwC reaches European Lehman settlement”

West meets East – CMS latest to announce Istanbul office launch

West meets East – CMS latest to announce Istanbul office launch

The latest move by CMS to enhance its international offering lies at the cross roads between Europe and Asia, with the Global 100 firm today (7 Nov) announcing that it is to launch an office in Istanbul – the latest western firm to open in one of the world’s fastest-growing economies.

As partners Döne Yalçin and John Fitzpatrick relocate to Istanbul to lead the new venture, the office will offer services in project finance and infrastructure work, with further plans to expand in the fields of energy, capital markets, and M&A. Continue reading “West meets East – CMS latest to announce Istanbul office launch”

Aviation: Further consolidation predicted as Aegean acquisition of Olympic approved

Aviation: Further consolidation predicted as Aegean acquisition of Olympic approved

Aviation lawyers expect further consolidation within the airline industry as Aegean Airlines was on Wednesday (9 October) given the all clear to buy troubled Olympic Air, led by White & Case and Baker & McKenzie.

The European Commission (EC) took the first-time step of reversing its earlier decision to block an acquisition attempt in 2011, approving the buyout from investment group Marfin. Continue reading “Aviation: Further consolidation predicted as Aegean acquisition of Olympic approved”

European M&A: Big ticket summer mandates scooped by Allen & Overy; Clifford Chance; Freshfields and Macfarlanes

European M&A: Big ticket summer mandates scooped by Allen & Overy; Clifford Chance; Freshfields and Macfarlanes

Despite corporate partners attesting to a summer lull (if only by their absence from the office), the past month brought with it a number of headline European M&A deals, including a €17bn (including €9.8bn of net debt) bid for Dutch telecoms company Koninklijke KPN (KPN), which turned to Allen & Overy (A&O)’s Netherlands office on the deal.

The bid by Mexican billionaire Carlos Slim’s telecoms company América Móvil for the remaining 70% in KPN saw longstanding adviser A&O field a team led by Dutch corporate partner Jan Louis Burggraaf.

Clifford Chance, led by Amsterdam M&A partner Hans Beerlage, advised América Móvil alongside Cleary Gottlieb Steen & Hamilton, led by New York capital markets partner Nicolas Grabar and corporate partners Neil Whoriskey and Amy Shapiro.

Continue reading “European M&A: Big ticket summer mandates scooped by Allen & Overy; Clifford Chance; Freshfields and Macfarlanes”

UK legal services regulation ‘steals a competitive march’ as Jacoby & Meyers launches European venture

UK legal services regulation ‘steals a competitive march’ as Jacoby & Meyers launches European venture

Jacoby & Meyers is to establish a new joint venture in the UK as the major US consumer law firm says the UK’s external funding and ownership regulation has ‘stolen a competitive march from the other key legal jurisdictions, including the U.S’ that will see Jacoby now focus much of its growth in London.

The joint venture with City-based private equity and corporate law firm MJ Hudson – founded by heavyweight ex-Proskauer Rose London head and former SJ Berwin partner Matthew Hudson – is called Jacoby & Meyers Europe and the group is likely to seek Alternative Business Structure (ABS) status in the UK, allowing it to attract non-lawyer equity ownership and funding. Continue reading “UK legal services regulation ‘steals a competitive march’ as Jacoby & Meyers launches European venture”

DLA and Simmons promote fewer partners as firms continue to favour Europe

DLA and Simmons promote fewer partners as firms continue to favour Europe

DLA Piper and Simmons & Simmons are among the latest UK firms to announce a reduced number of partnership promotions, appointing 34 and seven lawyers respectively, down from 58 and 10 in 2012.

DLA’s appointments came largely across its US offices, where 19 lawyers were made up to the partnership, with a further seven in continental Europe, four in the UK and four in Australia.

Continue reading “DLA and Simmons promote fewer partners as firms continue to favour Europe”

Clifford Chance partner takes up governance role at Deutsche Bank

Clifford Chance partner takes up governance role at Deutsche Bank

Deutsche Bank today (17 April) announced the appointment of Clifford Chance partner Daniela Weber-Rey as chief governance officer and deputy global head compliance in its Frankfurt office.

Weber-Rey, who is a long-serving corporate partner at Clifford Chance, will join Europe’s biggest bank by assets in June, overseeing corporate governance globally and acting as adviser to the management board on the governance structures and processes of the bank.

Continue reading “Clifford Chance partner takes up governance role at Deutsche Bank”

Landmark three-way merger aims to end Dentons’ Europe woes

At press time, partners at SNR Denton, Salans and Canadian firm Fraser Milner Casgrain (FMC) were poised to vote through a $1bn, three-way merger using a Swiss Verein model.

A source within SNR Denton said that the union was basically a ‘done deal’ with partners from all firms having met on 13 November to review the business plan behind the proposed merger. SNR Denton and Salans have been in talks for a while and have refused to comment on merger speculation. The addition of FMC to the union emerged in November. Continue reading “Landmark three-way merger aims to end Dentons’ Europe woes”