Signature Litigation: Contractual interpretation – eyes on the Financial List

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Abdulali Jiwaji

Partner, Signature Litigation

abdulali.jiwaji@signaturelitigation.com

Sarah Kelly

Associate, Signature Litigation

sarah.kelly@signaturelitigation.com

Disputes over contractual interpretation find their way to the courts relatively frequently, leaving judges to unpick the wording of complex commercial agreements which will often have been negotiated in detail over many months. The courts will have to weigh up the natural meaning of the words in the contract after hearing arguments driven by the commercial implications of different interpretations for the parties involved, and what one might conclude after applying business common sense. The establishment of the Financial List is itself testament to the complexities encountered by the court in resolving financial markets disputes, and in these types of cases the exercise of contractual interpretation can involve more complexities than most.

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Hardwicke: International commercial arbitration: security for costs and third-party funding

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Nigel Jones QC

Hardwicke

nigel.jones@hardwicke.co.uk

Frederico Singarajah

Hardwicke

frederico.singarajah@hardwicke.co.uk

‘As arbitration clauses are widespread in some sectors of economic activity, there has been a serious impediment to the development of the common law by the courts in the UK [though] the UK has not reached the stark example… in the United States, where mandatory arbitration clauses in contracts are removing whole classes of claim from the jurisdiction of the courts and undermining aspects of the law’s development,’ noted Lord Chief Justice Thomas in his 2016 Bailii lecture. As he tries to reverse the arbitration tide so the common law can continue to develop public precedents, others are still promoting arbitration as the best way forward.

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Niederer Kraft & Frey: Does transparency make arbitration more efficient?

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Daniel Eisele

Partner, Niederer Kraft & Frey

daniel.eisele@nkf.ch

Tamir Livschitz

Partner, Niederer Kraft & Frey

tamir.livschitz@nkf.ch

In recent times, a lot has been said and written in favour of, or against, transparency in international commercial arbitration. The transparency discussion has thus far culminated in the promulgation of the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration and the new policy adopted by the International Chamber of Commerce (ICC) International Court of Arbitration to publish certain information on arbitrators also in commercial arbitration. According to the ICC Court website, the new policy is ‘aimed at enhancing the efficiency and transparency of arbitration proceedings’. Parties can opt out of this limited disclosure and can request the ICC Court publish additional information about their case. The new rules and policies promoting transparency in arbitration seem to be an attempt by the ICC Court and others to address the increased criticism launched against arbitration in recent times as being an inefficient means to resolve disputes.

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The Commercial Litigation Summit 2016: Marked to market

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In a centrepiece debate, a group of heavyweight disputes veterans came together to discuss London’s much-lauded new finance court. Can it live up to expectations?

Even amid a packed programme at Legal Business‘s second annual Commercial Litigation Summit, the discussion on the newly-launched Financial List, the dedicated court backed by specialist judges and an innovative appeals track, was a highlight of the day.

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The Commercial Litigation Summit 2016: Dangerous territory

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In an unusual session, Legal Business united top M&A lawyers and litigators to forecast the next wave of disputes to come when the deal cycle turns

It is a received wisdom of the legal industry that the economic cycle inevitably turns from market excesses and greed of the boom to the recrimination and disputes in the following recession. Yet in detail, the pattern – and corresponding risks – never play out the same way.

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Going long: a ten-year view of the LB100

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While headline figures for revenue, profit and headcount in this year’s LB100 confirm another year of subdued trading, a look at how the top 100 UK-based firms by revenue have performed overall since the halcyon, pre-credit crisis days of 2006 makes interesting viewing. Not least as they are testament to the inherent strength of the industry, despite the hurdles it has seemingly faced in ten years. We also look at 2011 as a five-year mid-point, the stage when the global financial crisis had started to ebb. Continue reading “Going long: a ten-year view of the LB100”

Case study: Berwin Leighton Paisner

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Had merger talks earlier this year with Miami-based Global 100 firm, Greenberg Traurig, been successful, Berwin Leighton Paisner (BLP) would now be part of a £1.1bn firm and a £5m fall in revenue would look like a drop in the ocean. As it is, BLP’s strategy is under scrutiny again with its recent revival looking short-lived.

Revenue fell 2% at BLP in 2015/16 to £254m, while profit per equity partner (PEP) was more positive with 4% growth to £687,000. This is in sharp contrast to the rapid growth of the previous financial year, when revenue rose 5% to hit a record £259m and PEP surged 22% to £661,000. Continue reading “Case study: Berwin Leighton Paisner”

Case study: Freshfields Bruckhaus Deringer

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By some margin the strongest-performing Magic Circle firm for the 2015/16 year, Freshfields Bruckhaus Deringer posted 7% revenue growth from £1.245bn to £1.327bn and an 8% profit per equity partner (PEP) hike to £1.47m from £1.37m.

This performance is particularly impressive after a year of investment. The firm pushed hard on the development of its legal services hub in 2015, gaining the lease to its Manchester office in July last year. Rapidly scaled up, Freshfields’ Manchester staff will move into new premises double the size of the current office from early 2017, accommodating legal services staff as well as human resources, IT, marketing and business development, office management, document specialists and change management. Plans are already underway to open a second legal services hub in either the US or Canada to offer a 24-hour service to clients. Continue reading “Case study: Freshfields Bruckhaus Deringer”

The Legal Business 100 2016

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The LB100: The top 25 – In a spin

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Previously outpaced by US rivals and the UK mid-tier, some optimism has been restored by the global elite in London. Legal Business decides where to place its bets

 

 

‘I will tell you the secret to getting rich on Wall Street. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.’

Warren Buffett

 

 

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