IT departments a wasted resource in City firms, senior figures say

Posted on |

City law firms are being challenged to revise the way they view their information technology (IT) teams and elevate them to a far more strategic level.

As examined in this month’s special legal tech feature, the role of individuals who manage IT teams is now acknowledged as critical but firms’ thinking about where those departments fit into their hierarchy is often out of touch when compared with new entrants.

At the Innovators in Law ‘By Invitation Only’ (BIO) conference for IT directors in September, speaker Richard Tapp, company secretary and director of legal services for Carillion, told delegates: ‘I don’t think all is lost and the demand for legal services will continue but what will change is the way those services will be delivered and that will involve a greater use of technology.’

Continue reading “IT departments a wasted resource in City firms, senior figures say”

Gordons and A&O on Morrisons panel as L&G cuts roster

Posted on |

One of the UK’s largest supermarket chains, Morrisons, last month finalised its first-ever legal panel, with Allen & Overy (A&O), Ashurst, DAC Beachcroft and Eversheds among the firms selected. Selection was overseen by the company’s recently appointed general counsel Mark Amsden.

Forty firms made the long list, which was whittled down to a shortlist of 22. There are 14 firms on the panels. Amsden divided the panel into six categories: employment, property, personal injury, licensing and regulatory as well as one panel covering ‘everything else’ – corporate, commercial, litigation, pensions and intellectual property. One more panel covers Scotland, with DWF and MacRoberts selected.

Continue reading “Gordons and A&O on Morrisons panel as L&G cuts roster”

Corporate caution as private equity acquisitions and IPOs trickle in

Posted on |

A wary optimism was the prevailing mood of private equity partners in October, as deals such as the $2.2bn acquisition of Vion Food Group’s gelatine-making subsidiary, Vion Ingredients by private equity house Darling International demonstrated that there is appetite, and funds, for the right kind of asset.

Texas-based Darling used K&L Gates and Clifford Chance (CC), while the Netherlands’ Vion was advised by leading Benelux independent De Brauw Blackstone Westbroek.

K&L Gates fielded an international team, led by Dallas corporate partner Mary Korby and including Frankfurt-based corporate partner Mathias Schulze Steinen and London competition partner Scott Megregian. Continue reading “Corporate caution as private equity acquisitions and IPOs trickle in”

Burns to maintain Clydes’ expansive form as he takes charge of insurance giant

Posted on |

Jaishree Kalia talks to Clyde & Co’s new senior partner as veteran head Payton hands over the baton after 29 years

There are succession issues and succession issues. James Burns, the incoming senior partner at Clyde & Co, is facing the latter category as he takes the helm of the world’s largest legal insurance specialist, which has been one of the most successful UK practices of the last decade and run by a respected figure for nearly three decades.

Two years on from the top-15 firm’s merger with Barlow Lyde & Gilbert (BLG), its strategy is to grow its disputes practice, expand internationally (on the back of significant expansion this year) and gear up for its next global management board election.

Continue reading “Burns to maintain Clydes’ expansive form as he takes charge of insurance giant”

Deal watch: Corporate activity in October

Posted on |

Arrow Global IPO

Debevoise & Plimpton and Slaughter and May landed roles on Arrow Global’s initial public offering (IPO). Slaughters was the primary adviser to Arrow Global and its primary shareholder RBS Special Opportunities Fund (RBS), led by corporate partners David Johnson and Richard Smith. The London office of Debevoise, led by David Innes, advised members of the executive committee and other shareholders on its successful IPO last month, which valued the company at £357m. The successful IPO marks a partial exit for RBS, which acquired the company in 2009.

Cleary advises Inter Milan on equity sale

Inter Milan has turned to Cleary Gottlieb Steen & Hamilton on the sale of equity to International Sports Capital (ISC), which will give ISC a controlling 70% stake in the club. Cleary’s team was led by  Continue reading “Deal watch: Corporate activity in October”

Life During Law: Maurice Allen

Posted on |

In 1980 I went from doing conveyancing in Manchester to international finance at Coward Chance (CC). The banking practice at that time had around five partners and we were left to our own devices. I got to spend a lot of time with clients, one of which was Citibank, where I went on secondment in 1984 – there were no in-house teams at that time so I was the only lawyer there. At that time, Chase Manhattan Bank was one of Allen & Overy (A&O)’s key clients. I remember going back to my senior partner at CC and saying I thought we could get a lot of work from Chase, and I was told not to bother. But I gave it a go and, eventually, they became one of CC’s biggest clients.

Continue reading “Life During Law: Maurice Allen”

Layton leads the field as CC set for managing partner election

Posted on |

The race to fill the shoes of Clifford Chance (CC)’s longstanding global managing partner David Childs has reached a decisive stage, with the initially reluctant Matthew Layton widely cited as the favourite as the firm takes soundings on potential candidates.

Layton is widely tipped to be running alongside three other likely candidates: Paris-based office managing partner and M&A corporate specialist Yves Wehrli; global head of tax, pensions and employment David Harkness; and City-based banking and finance partner Andrew Carnegie. Continue reading “Layton leads the field as CC set for managing partner election”

Ashurst closes in on Australian tie-up and leadership election

Posted on |

As Ashurst dots the Is and crosses the Ts on its merger with Australian top-tier firm Blake Dawson, a number of partners report an internal mood of resignation, despite a two-year courtship that has avoided significant tension or fallout.

As Legal Business went to press, both firms were to vote on full financial integration following the 2011 deal that aligned the pair ahead of this year’s vote. The merger will create a top 50 global law firm with revenues of well over £500m. Continue reading “Ashurst closes in on Australian tie-up and leadership election”

The legal elite dominates big-ticket mandates including Vodafone’s $130bn Verizon sell off

Posted on |

The autumn deal-doing season kicked off in style in September as Vodafone announced the $130bn disposal of its 45% stake in Verizon Wireless to Verizon Communications and GlaxoSmithKline (GSK) sold off its drinks brands Lucozade and Ribena for £1.35bn.

Slaughter and May, led by corporate partner Roland Turnill, took the lead for Vodafone on one of the biggest corporate deals in history, working alongside Simpson Thacher & Bartlett in the US. Hogan Lovells had a secondary role advising Vodafone. Continue reading “The legal elite dominates big-ticket mandates including Vodafone’s $130bn Verizon sell off”

Deal watch: September sees significant rise in deal activity

Posted on |

Lloyds privatisation

Slaughter and May and Freshfields Bruckhaus Deringer led the line in September advising Lloyds Banking Group on the first stage of its privatisation after being taken over by the taxpayer during the financial crisis in 2008. Slaughters, led by capital markets partner Nilufer von Bismarck, is advising UK Financial Investments on HM Treasury’s disposal of a 6% stake in the banking group, worth £6bn. Freshfields, led by corporate partner Will Lawes, advised the joint bookrunners Bank of America Merrill Lynch, J.P. Morgan Cazenove and UBS on the sale.

Microsoft’s $7bn Nokia devices acquisition

One of the most talked-about deals of the month was Microsoft’s game-changing, $7bn acquisition of Nokia’s devices and services business along with a ten-year patent licensing agreement. Skadden, Arps, Slate, Meagher & Flom, led by corporate partner Ken King, is advising Nokia on the deal, which is expected to complete in the first quarter of 2014. Alan Klein of Simpson Thacher & Bartlett in New York is advising Microsoft.

Continue reading “Deal watch: September sees significant rise in deal activity”