DAC Beachcroft becomes first UK firm in Chile

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DAC Beachcroft has strengthened its presence in Latin America by becoming the first European-based firm to launch in Chile by acquiring two local firms.

Chilean players SegurosLex and Amunategui y Cia joined the English firm to create DAC Beachcroft Chile at the beginning of November in a move to extend its leading insurance practice in the continent.

DAC Beachcroft is also keen to seal a partnership with Colombian firm De La Torre & Monroy within the next 12 months. De La Torre works primarily with insurers and undertakes a lot of work related to the London market, so would be a logical fit for the major UK firm. Continue reading “DAC Beachcroft becomes first UK firm in Chile”

Locke Lord’s lateral spree continues in London

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US firm Locke Lord has continued its rapid expansion in London since launching in February this year with the addition of three more lateral hires within a few weeks.

The arrival of Mayer Brown reinsurance litigator Ian McKenna at the end of October was followed by the hire of Fox Williams’ corporate finance partner James Channo and Mishcon de Reya’s former head of finance, Luke Morris, in November.

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Magrath launches in Singapore

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November saw London-based Magrath become the first corporate immigration specialist to open a standalone presence in Singapore; Ben Sheldrick and Mark Chowdhry will spearhead the firm’s practice in the city state.

The launch of Magrath Global reflects the eastwards shift of several of the firm’s multinational clients, eager to capitalise on more buoyant markets. ‘Clients have been proactive in asking for this expansion,’ explained Sheldrick. ‘It has been driven by their growing focus on the region.’

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Korea legal market shows signs of saturation

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With the recent influx of foreign firms into Seoul showing no signs of stopping, questions are being raised as to whether the market has reached saturation point and which firms will win the race for Korea’s most prestigious clients.

Paul Hastings and Covington & Burling became the most recent firms to open new offices in South Korea, both at the beginning of November. Since ratification of foreign trade agreements (FTAs) between Korea and the EU in July 2011 and the US in February 2012, 17 firms from the LB Global 100 have either opened an office, applied for a licence or have expressed an interest in opening in Seoul.

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Banks could face backlash on legal panel reviews

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With the latest round of bank panel reviews in full swing, early indications show signs of a backlash from law firms as banks place increasing demands on panel candidates at the same time as driving down costs.

In October, The Royal Bank of Scotland (RBS) announced the results of its long-running panel review. By reducing its number of sub-panels from 13 to five, it has significantly lowered the number of law firms on the panel from around 100 previously to between 55 and 60 now. Meanwhile, former panel firms Slaughter and May, Olswang and Mayer Brown didn’t pitch to join the panel this time around.

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Landmark three-way merger aims to end Dentons’ Europe woes

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At press time, partners at SNR Denton, Salans and Canadian firm Fraser Milner Casgrain (FMC) were poised to vote through a $1bn, three-way merger using a Swiss Verein model.

A source within SNR Denton said that the union was basically a ‘done deal’ with partners from all firms having met on 13 November to review the business plan behind the proposed merger. SNR Denton and Salans have been in talks for a while and have refused to comment on merger speculation. The addition of FMC to the union emerged in November. Continue reading “Landmark three-way merger aims to end Dentons’ Europe woes”

Firms set sights on Asia investment into Middle East

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Squire Sanders expanded both its Middle East and South Korea operations in October, as Latham & Watkins reported a surge in investment activity between Asia, most notably China, and the Gulf states.

Cleary Gottlieb Steen & Hamilton also announced in October that it will open an office in Seoul, following approval from the Korean regulatory authorities. This follows the opening of the firm’s office in Abu Dhabi in September. Squire Sanders expanded its Middle East practice through the acquisition of El-Khoury & Partners’ Middle East and North Africa (MENA) business, which formerly operated in Saudi Arabia as EK Partners & Al-Enezee.

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Places up for grabs on FSA investigation panel

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City law firms unimpeded by banking relationships will be seeking a place on a new Financial Services Authority (FSA) panel of external advisers to carry out investigations into financial institutions. The panel, which will be announced in spring next year, will comprise firms that will compile reports under section 166 of the Financial Services and Markets Act (FSMA), also known as ‘skilled person’ reports, as part of the FSA’s drive towards a risk-based regulatory approach.

The FSA put out a tender questionnaire in October as part of its process to appoint the panel. The FSA will use firms on the panel when a financial services institution finds itself in trouble, using the reports to decide whether to fine or impose other sanctions.

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Baker & McKenzie becomes first global firm in Peru

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Baker & McKenzie has extended its increasing strategic focus on Latin America by becoming the first international law firm to establish in Peru.

The firm announced a new partnership with Estudio Echecopar, a leading Lima-based firm, in October. It is one of the largest firms in Peru, with over 200 staff, and is ranked in the top tier in the current issue of The Legal 500 Latin America for corporate, M&A, disputes, projects and banking and finance.

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Turkey and Africa expansion on the cards for Pinsents

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Following an extremely acquisitive year since its strategic alliance with Salans came to an end, Pinsent Masons shows no signs of slowing down, with Turkey and Africa next in its sights for 2013.

According to a spokesperson at the firm, Pinsents is considering a joint venture or alliance in Turkey next year and its recent launch in Paris also potentially provides access to the energy and infrastructure market in northern and sub-Saharan Africa.

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