Moses LJ has set his satirical pen a scribbling in a recent speech reported in the Gazette. It simplifies, as satire must I suppose, but it got me thinking about something that has been bothering me for some time. Before I come to that, let me set the general theme. There is already a market for judicial services. It may not bite as hard or as dangerously as price competitive tendering, and it may not as directly influence the judges, but it is there nonetheless. It works on a number of levels. Forum shopping from judges can be a form of market for influence. Arbitration is a more obviously economic market in competition with the courts.
Reappointing and renewables – the newly-merged Norton Rose Fulbright and Bond Dickinson in again on Crown Estate energy panel
Norton Rose Fulbright and Bond Dickinson have been reappointed to the Crown Estate’s energy and infrastructure panel in what will be regarded as an important win for both law firms.
The Crown Estate said that the move ‘consolidated legal advice across an extremely diverse portfolio’, cutting the body’s previous specialist panel from five to two advisers after a competitive tender process. The appointments will be considered as trophy roles for both firms, in particular underlining their credentials in the renewable energy sector, which remains a coveted area for advisers despite protracted challenges in Europe’s sustainable energy sector.
Deal Watch: sporting metaphor alert as Dechert, HSF and DLA Piper score high-profile football roles
The balance sheets of most English clubs may be shakier than Villa’s back four, but when it comes to raising your deal-doers’ profile there’s still nothing like acting for major football teams.
Among the advisers getting off the bench (sorry) are Dechert, Herbert Smith Freehills (HSF) and Squire Sanders on the sale of Fulham Football Club while DLA Piper is working on the £260m regeneration of Liverpool’s Anfield ground.
Can’t make an omelette – newly-merged Norton Rose Fulbright sees exodus in Middle East
So far the high-stakes merger between Norton Rose and US practice Fulbright & Jaworski has been sealed with minimal fall-out but a prominent exception has been confirmed in the Middle East with an eight-partner team quitting the legacy Houston law firm’s Dubai arm for a rival.
Baker Botts today (16 July) confirmed the hire of a 14-lawyer team, which includes the bulk of the legacy Fulbright & Jaworski’s Dubai branch.
Into the Breach: Investigations work on the rise as Linklaters takes on G4S tagging role
Big ticket M&A may be in short supply but both defensive and regulator-instigated investigations into corporate behaviour is burgeoning, as Linklaters becomes the latest leading law firm to secure a high profile mandate, advising G4S on its recent tagging scandal.
The Magic Circle firm led by corporate partner Richard Godden and litigator Tom Lidstrom has been called in to advise the private security company, which recently returned to the public eye after the justice secretary Chris Grayling called for it and rival security firm Serco to be investigated for overcharging for the electronic tagging of offenders.
From Meerkats to Bulldogs: Direct Line Group latest insurer to enter legal services market
Direct Line Group (DLG) looks set to become the next major insurance group to launch a new legal services venture, in partnership with Parabis Law, after applying to the Solicitors Regulation Authority to form an alternative business structure (ABS).
The retail general insurer has also added an interesting dimension to the debate over cuts to legal aid by announcing it plans to launch ‘competitive’ law firm DLG Legal Services at a time when most Britons are struggling to afford legal services.
Financial results 2013: DAC Beachcroft, Stephenson Harwood, Brodies and Morgan Cole reveal their numbers
Top 30 UK firms DAC Beachcroft and Stephenson Harwood today (15 July) unveiled growth in revenue for 2012/13, while Brodies last week revealed a third consecutive increase in turnover and profit and Morgan Cole has seen its profits drop significantly.
DAC Beachcroft’s revenues have increased by 14.2% to £188.2m, up from £164.8m in 2011/12. Net profit at the 1079-lawyer firm also increased by 42% to £31.8m at the end of the last financial year, up from £22.4m the previous year. However, profit per equity partner (PEP) is down by 11.5% from £321,000 in 2011/12 to £284,000.
Revolving Doors: DAC Beachcroft, RPC, K&L Gates and Reed Smith boost London offering with lateral hires
London has been the focus of a series of hires for top national, City and US firms including DAC Beachcroft, RPC, K&L Gates and Reed Smith, as Dechert has also boosted its Moscow offering with a hire of a partner from Hogan Lovells.
Adrian Williams joins DAC Beachcroft’s corporate insurance team from reinsurance giant Swiss Re, where he was general counsel for Europe, Middle East and Africa, and was based in Zurich. The firm has also bolstered its real estate team in London with the hire of Nathan East from Hempsons. East specialises in advising medical professionals, care providers and the NHS.
Comment: Hogan Lovells was right to get hitched. It needs to remember that
I’m not a big fan of comparing law firm mergers to marriages. All those torturous metaphors and incongruous imagery. But in assessing the three-year old union between Lovells and Hogan & Hartson, it’s hard to escape the nuptial motif. The deal was forged amid high expectations and a simple analysis: both firms were better off together as neither looked compellingly positioned for an emerging elite of global law. Putting together a transatlantic merger of equals with two large firms that ranked just below the top tier in their respective markets made sense and was arguably a first for the profession.
Risky business: BAE’s compliance head to direct risk at Rolls Royce as Lord Gold’s monitor role comes to an end
BAE Systems compliance and regulation chief counsel Mark Serfozo has moved to Rolls-Royce as director of risk after nearly 20 years at the defence, security and aerospace giant in a move said by BAE’s high profile general counsel Philip Bramwell to be ‘a good career move’.
Serfozo was appointed to head compliance in 2007 as part of Bramwell’s move to beef up that function shortly after his arrival at BAE and during the height of long running investigations by the Serious Fraud Office into the al-Yamamah arms deal.Since then, the compliance function at BAE has quadrupled to around 100 staff and the legal team doubled to 250, while the company’s litigation costs have dropped by 80%.