With City law firms braced for Brexit-related shocks, the first 2016/17 results from a major London practice will ease Square Mile nerves with Simmons & Simmons today (8 June) confirming a 7% hike in revenues and an emphatic rise in partner profits.
While Herbert Smith Freehills became embroiled in a very public court battle over a team defection to White & Case in Australia earlier this year, Simmons & Simmons has quietly amended its partnership deed following a group exit to Allen & Overy (A&O) in 2016.
Some 9,000 Royal Bank of Scotland (RBS) shareholders have accepted a last-minute 82p per share out-of-court deal from the bank over its 2008 share sale, ahead of this morning’s court appearance.
Lewis Silkin has appointed Graeme Wood as chief operating officer (COO) from CMS Cameron McKenna Nabarro Olswang, ‘to support long term growth’ at the firm.
In a week of European-focused lateral hires, firms have expanded their German ranks. Dechert hired in Frankfurt, Watson Farley & Williams in Hamburg, and McDermott Will and Emery in Dusseldorf.
Simpson Thacher & Bartlett and Clifford Chance (CC) have advised Blackstone and China Investment Corporation (CIC) respectively, as Blackstone announced the $12.2bn sale of its pan-European logistics company Logicor to CIC.
Herbert Smith Freehills has hired veteran corporate crime partner Brian Spiro from London litigation boutique BCL Solicitors, as it bolsters its growing global corporate crime and investigations practice (CC&I).
Despite a slightly less active week for lateral hires in the UK, firms continue to grow their European footprint. Baker McKenzie and Fieldfisher added to their Paris and Dusseldorf bases respectively, as national firm Weightmans hired in Manchester and Kirkland & Ellis opened a new office in Boston.
The board of the 9,000-strong Royal Bank of Scotland (RBS) Shareholders Action Group has endorsed a settlement to claimants of 82p per £1 offer made by RBS on the evening of the trial, although the sum is below original estimates.
The judge hearing the Royal Bank of Scotland (RBS) £4bn rights issue damages case – currently stayed pending settlement negotiations – has highlighted the bank’s ‘extraordinary’ £129m costs in the case, in a preliminary judgment published on 23 May.
