With a listless economy, an oil and gas industry decimated by low commodity prices, and uncertainty over its future relationship with the EU and the rest of the UK, Scotland is lacking both clarity and optimism over its future.
On 19 May, Iran went to the polls for what many believed would be a tightly-fought election. By the next morning it was clear that the analysts’ predictions had been wide of the mark. Incumbent president Hassan Rouhani, leader of the Moderation and Development Party, secured a landslide victory over his nearest rival, Ebrahim Raisi, chair of the Popular Front of Islamic Revolution Forces. Shortly after the results were announced, Rouhani appeared on state television to say the election had shown Iran was committed to improving relations with the rest of the world. To investors and businesses that have been eyeing the country for years, it was a positive sign, but hopes of an open market have been dashed before. Sanctions related to Iran’s nuclear programme were lifted in early 2016, but business has so far been frustrated in the ongoing difficulties they face in the market.
David Patient, Travers Smith
Rarely, if ever, has a 12-month period seen such a dramatic change in the prospects, opportunities and risks facing leading law firms. As we assembled a group of law firm leaders at the end of April to mark our annual Legal Business 100 report, the turnaround since last summer in business, legal and political circles is remarkable. The period has been defined by the Brexit vote, sustained political upheaval and the shock US election of Donald Trump, to say nothing of a looming general election and Europe’s largest-ever legal collapse in the shape of King & Wood Mallesons’ local arm in January.
For many, 2016 was a year that threatened to halt the forces of globalisation. Anxieties over the global economy, particularly in China, and falling energy prices gave way to political shocks delivered by voters in the shape of Brexit and President Trump. From this maelstrom, Europe emerged in relatively good shape. As did its independent law firms.
The Big Four accountants are pushing once again into the legal services market as they hunt beyond their audit heartlands. Should you be worried?
‘It has happened to me where you serve a client, have a great book of business, and then Ernst & Young [EY] is lucky enough to win the audit work for that client,’ says EY global legal head Cornelius Grossmann, reflecting on the vagaries and rewards of providing legal services in a Big Four giant.
Continue reading “Who’s afraid of the Big Bad Four? – Inside the accountants’ assault on law”
Lawyer headcount 503
Partners 104
Revenue €190m (-1%)
Offices Paris, Brussels, London, Warsaw, Moscow, Istanbul, Beijing, Shanghai, Hong Kong, Ho Chi Minh City, New York, Algiers, Casablanca, and Tunis.
Key clients BNP Paribas, Eni, Crédit Agricole, Société Générale, LVMH
Managing partner Stéphane Puel (pictured)
Recent work highlights Advising DCNS on a €32bn programme for the design and construction of Australia’s future submarines; advising Veolia Environnement on the first issue of €2bn Panda bonds; and advising Agence des participations de l’État on the €2bn+ privatisation of Nice and Lyon airports. Continue reading “Focus: Gide Loyrette Nouel”
Lawyer headcount 264
Partners 90
Revenue €257m (+6%)
Offices Berlin, Brussels, Düsseldorf, Frankfurt, London, Munich, Shanghai
Key clients General Electric, KKR, METRO, RWE, Siemens
Managing partners Dirk Bliesener, Georg Seyfarth
Recent work highlights Advising RWE on the €5bn IPO of innogy on the Frankfurt stock exchange – the largest IPO since 2000 and the fourth largest in German history; advising KKR on its acquisition of Airbus Defence Electronics Business Companies; Linde on its merger with Praxair.
Lawyer headcount 425
Partners 87
Revenue €124m (+5%)
Offices Rome, Milan, Bologna, Padua, Turin, Abu Dhabi, Brussels, Hong Kong, London and New York
Key clients Hitachi, UniCredit, BNP Paribas, Gruppo COIMA, Leonardo
Managing partners Antonio Auricchio, Rosario Zaccà
Recent work highlights Advising the Italian state railway, Ferrovie dello Stato, in the privatisation of Grandi Stazioni – sold by auction for €953m; advising Leonardo-Finmeccanica in the agreement with Space2 in its acquisition of 81% in Avio – a space propulsion system provider – from Cinven.
Continue reading “Focus: Gianni, Origoni, Grippo, Cappelli & Partners”
Lawyer headcount 307
Partners 64
Revenue €70m (-10%)
Offices Belgrade, Bratislava, Bucharest, Budapest, Kiev, Ljubljana, Prague, Sarajevo, Sofia, Tirana, Vienna, Warsaw, Zagreb
Key clients REWE Group, PORR, Erste Group Bank, FACC, Advent International
Managing partners Erik Steger, Richard Wolf, Nikolaus Paul
Recent work highlights Advising Allianz Capital Partners and several insurance companies of the Allianz Group on the acquisition of a 49% stake in Gas Connect Austria from OMV; representing Total on the €3.2bn sale of its speciality chemicals business Atotech to The Carlyle Group; advising South African-listed healthcare brands company Ascendis Health on its acquisition of a 100% stake in Hungary-headquartered Scitec Nutrition for €170m.
