SABMiller legal team faces autumn redundancies as £79bn AB InBev deal closes

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credit suisseAs brewing giant SABMiller’s global general counsel (GC) John Davidson prepares to stand down in 2017, up to 35 staff in the UK-based legal team are to be made redundant.

In 2015, the world’s second-largest brewer became the focus of a takeover approach fromAnheuser-Busch InBev (AB InBev) (at press time valued at £79bn). Since the deal was signed, a review was held and the company’s structure overhauled in August.

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Tchenguiz brothers’ legal bill hits £5.1m in court battle against Grant Thornton

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The drawn-out legal battle between property billionaires, Vincent and Robert Tchenguiz, and those they hold responsible for the Serious Fraud Office (SFO)’s botched investigation into their business dealings has proved a costly affair. It has emerged they have already paid out a collective £5.1m legal bill to date in their £3bn litigation against Grant Thornton and others, surpassing the SFO’s £4.5m settlement to the pair two years ago.

First filed by Vincent Tchenguiz after a settlement with the watchdog in 2014, the pair allege defendants, includingGrant Thornton, conspired to pass information, dishonestly, to the SFO in order to instigate and encourage an investigation by the watchdog into his relationship with collapsed Icelandic bankKaupthing, and that they did so for their own commercial gain.

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Eversheds consults on new management structure

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Lee Ranson clear favourite to take chief executive role

Eversheds has begun talks to forge a new leadership team as the firm strives to avoid a divisive contest after current chief executive Bryan Hughes steps down next May. Current managing partner Lee Ranson is expected to take Hughes’ role in a management structure with two other partners.

Legal Business understands that current international managing partner Ian Gray’s post will change or a new role may be created, while global company commercial head Keith Froud is likely to be appointed as the new managing partner by Ranson.

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RPC Consulting targets £50m turnover in plans to challenge Big Four

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New software boosts expansion plans for firm’s start-up

RPC’s insurance management consulting arm is pursuing significant expansion as it bids to hit a £50m turnover target within the next five years.

RPC Consulting managing partner Rory O’Brien said the start-up had been boosted by its acquisition of financial modelling tool Tyche last year, which has led to new deals with high-profile insurance clients.

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Brexit effect hits home as mid-tier reveals job cuts and pay freezes

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Large mid-tier firms in the UK were some of the first to feel the sting of the UK’s decision to leave the European Union, with Berwin Leighton Paisner (BLP), Trowers & Hamlins, Addleshaw Goddard and Gowling WLG all putting their summer salary reviews on hold.

In July, BLP postponed all UK staff pay reviews to November 2016.

The decision came on the back of a sluggish financial performance for 2015/16, with fee income falling 2% to £254m in 2015/16. The firm said in a statement: ‘Following market uncertainties arising out of the recent EU referendum vote, BLP has decided that the responsible and prudent thing to do is to defer making UK salary decisions for a further four months.’

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Linklaters PE team scores first-time instruction from BC Partners

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Linklaters landed its first mandate from private equity (PE) house BC Partners at the end of July, with PE partners Alex Woodward and Vincent Ponsonnaille leading on a $1.6bn deal for a majority stake in Israeli furniture makerKeter Plastic.

BC, which has traditionally usedDickson Minto, turned toLinklaters as it trumped rivals The Carlyle Group and CVC Capital Partners to acquire an 80% stake inKeter from the Sagol family. Woodward and Ponsonnaille worked alongside Linklaters finance partners Brian Gray and Kathryn Merryfield, and tax partner Édouard Chapellier.

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Tokyo deal wave anticipated following SoftBank’s £24.3bn ARM takeover

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Lawyers working on the £24.3bn ARM Holdings takeover by Tokyo-based telecoms group SoftBank expect more M&A deals to come out of Japan after Slaughter and May, Freshfields Bruckhaus Deringer, Davis Polk & Wardwell and Morrison & Foerster (MoFo) scored roles on the deal.

Slaughters advised its long-term client, chip designer ARM, on the largest-ever acquisition of a European tech business. Senior partner Steve Cooke led on the deal alongside corporate partner Chris McGaffin and Brussels competition partner Jordan Ellison. Davis Polk worked alongside Slaughters advising ARM, with a team including managing partner Thomas Reid and London-based corporate partner Reuven Young.

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Osborne Clarke continues Asia phase of international expansion with Singapore tie-up

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Formal association with former Bird & Bird partner forms OC Queen Street

Last month saw Legal Business 100 top 25 firm Osborne Clarke (OC) continue the ‘second phase’ of its international growth by entering into a formal association with new Singaporean firm, OC Queen Street. Set up by a former partner of Bird & Bird ATMD, Chia-Ling Koh, OC Queen Street will focus on IT, data and IP, and will initially serve clients in the digital and fintech sectors. Koh will be joined later in the year by further partners and support staff.

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The Italian job: Dentons opens in Rome a year after Milan launch

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With its sights currently set on deepening its European coverage, Dentons has expanded its presence in Italy by opening an office in Rome, its second branch in the country in less than 12 months.

After launching in Milan in October last year, Dentons has opened the Rome office with hires made earlier this year in Milan, including antitrust partner Michele Carpagnano and corporate partner Luca Pocobelli as well as a team of associates.

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Recasting finance at Freshfields: high ambition married with gently lowered expectations

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Victoria Young and Madeleine Farman analyse the changes in Freshfields’ finance practice

‘I could have spent another ten years punching the clock but I wanted to build a business, and do more than just be another Freshfields [Bruckhaus Deringer] banking partner,’ reflects one former hand at the Magic Circle firm. It’s a refrain that strikes a chord among the sizeable group of notable finance practitioners who have plied their trade at Fleet Street over the years.

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