Shearman settles controlling stake in Co-operative Bank for US hedge funds

Posted on | News review |

Behind the scenes of the first-ever creditor bail-in of a bank in the UK. Last month The Co-operative Group’s £1.5bn recapitalisation plan for its beleaguered banking arm unravelled as subordinated bondholder activists advised by Shearman & Sterling negotiated hard and settled on a controlling stake of 70% of the shares of the bank. Under the …

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Reed Smith set for record year in London thanks to lateral push and sector focus

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David Stevenson reports on Reed Smith’s evolution into credible global contender For a 1,500-lawyer, top-30 Global 100 firm, Reed Smith has a habit of quietly getting on with its business. This is despite having conducted three mergers since 2001; grown by around one jurisdiction a year; and made a series of high-profile City hires as …

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Punch above weight – the finance teams aiming to take on the City’s heavyweights

Posted on | Analysis |

As confidence begins to re-emerge at City finance teams, Legal Business profiles the mid-market players intent on challenging the Square Mile’s banking heavyweights Bernard Sharp, global chair of the banking and finance group at Baker & McKenzie, may be tempting fate when he says: ‘The market has a lot in common now with the market …

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Merit driven pay – Slaughter and May introduces discretionary associate bonus

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Building on its decision earlier this year to introduce an element of merit to its associate pay, Slaughter and May has overhauled its associate bonus, moving away from a ‘blunt instrument’ flat rate bonus of 5% to a performance and seniority related uplift. The overhaul – which was unveiled by the Magic Circle firm today …

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HSF fallout continues as two Freehills partners quit firm in Singapore

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The fallout from last year’s combination of Herbert Smith and Australia’s Freehills continues to rumble on, with news that HSF‘s Singapore office has been weakened by two senior departures. Former Freehills Singapore managing partner John Dick has left the firm following corporate partner Geoffrey Grice’s move to Duane Morris & Selvan in Singapore. Dick is …

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UK IPO uptick forecast for 2014 as Freshfields secures Poundland float

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Partners are forecasting a further uptick in UK initial public offerings (IPOs) in 2014 with Freshfields Bruckhaus Deringer emerging as the latest major firm to win a role on a company looking for a London listing, as discount retailer Poundland puts together a team to advise it on the company’s next steps. Poundland’s private equity owner …

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Positive financials continue as Simmons & Simmons posts an 8% increase in H1 revenues

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Top-20 Legal Business 100 firm Simmons & Simmons has reported an 8% increase in revenues for the half year (H1) 2013/14, rising from £121m at this point last year to £130.7m. The firm has reported improved performance across all practice groups. This represents a reversal in fortunes for the firm, who last year reported a …

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Hill Dickinson sees H1 revenues up 6% following summer cash call

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Top-40 LB100 firm Hill Dickinson has posted a half year increase in revenues from £54.9m from £51.9m this time last year, after asking members to increase their capital contributions during the summer. The 520-lawyer firm issued a £2.8m cash call in August after a year of heavy investment, including opening an office in Monte Carlo …

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At last a City deal for Wragge & Co? Midlands giant aims for £170m tie-up with Lawrence Graham

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Wragge & Co at last has the prospect of achieving its long-held dream of securing a substantive City merger, with the Birmingham-bred giant today (18 November) informing its partners of discussions with Lawrence Graham. The proposed talks could create a £170m legal practice, with over 700 lawyers and a strong City presence.