King & Wood Mallesons (KWM) is restructuring its London teams, which has delayed the election of a new European managing partner and comes amid cash flow problems in the legacy SJ Berwin practice.
The move comes as the firm rolls out its 2020 strategy, which KWM global managing partner Stuart Fuller described as setting ‘a vision to be in the global elite for the next century’.
Firm leaders discuss selling points as deal goes to a vote
As Berwin Leighton Paisner (BLP) closes in on its merger with Miami-based Greenberg Traurig, both firms have targeted full financial integration as their leaders sell the deal to their partnerships.
After a four-month election, Allen & Overy (A&O)’s C-suite for the next four years was revealed last month with corporate lawyers Wim Dejonghe and Andrew Ballheimer chosen as the new leaders.
Arguably the only Magic Circle firm to keep pace with US rivals over the last five years, A&O’s partnership opted for continuity as Dejonghe, who has been managing partner for the past eight years, was named senior partner. Co-head of corporate Ballheimer joined him as global managing partner, giving the management duo at A&O – which has traditionally included a partner from the firm’s signature banking group – a distinctly corporate look.
In the largest New Law merger to date, the UK’s biggest freelance lawyer service Lawyers On Demand (LOD) has sealed a deal with Australia’s AdventBalance to create a £25m business.
Revenue at LOD rose by 42% in the 2014/15 financial year to hit £12.3m and, with the merger doubling turnover, the deal is set to catapult LOD into the UK’s 100 largest legal services businesses, pulling in more than established law firms such as Harbottle & Lewis and Boodle Hatfield, less than a decade since its launch.
Lobby groups set up on both sides as questions loom large for the country’s legal framework
Debate among lawyers over Brexit stepped up last month as lawyers from chambers 8 New Square and Legal Business 100 firms Slaughter and May, CMS Cameron McKenna and Wedlake Bell formed a new pro-Brexit lobby.
Continue reading “City lawyers form pro-Brexit coalition led by 8 New Square QC”
A&O, Freshfields and Hogan Lovells advise on €2.55bn sell-off
In preparation for one of the largest corporate deals of the year, Allen & Overy (A&O), Freshfields Bruckhaus Deringer and Hogan Lovells won roles on the proposed divestment of SABMiller’s European beer brands to Japanese brewer Asahi, the latest sale aimed at facilitating the $275bn merger between SABMiller and Anheuser-Busch InBev (AB InBev). Continue reading “City firms line up on Asahi deal as SABMiller’s merger with AB InBev draws nearer”
Continued interest in European assets by Chinese investors peaked last month, as Simpson Thacher & Bartlett and Davis Polk & Wardwell landed key roles on China National Chemical Corporation (ChemChina)’s $43bn bid for Swiss seeds and pesticides group Syngenta – in what will be the largest-ever acquisition by a Chinese firm.
Simpson Thacher advised state-owned ChemChina on M&A, acquisition finance and regulation with a team led by partners Alan Klein, Shaolin Luo, Chris May and Sinead O’Shea, alongside Swiss corporate leader Homburger. Davis Polk and another top-tier Swiss player, Bär & Karrer, acted for Syngenta. Davis Polk’s team included partners Louis Goldberg and Oliver Smith, with John Reynolds providing regulatory advice; Ronan Harty and Jon Leibowitz advising on competition law; and Avishai Shachar advising on tax.
Continue reading “Wall Street elite go head to head in largest ever Chinese acquisition”
Clifford Chance sees senior exits as Clydes makes more hires in region
The Australian market saw some of the world’s largest firms make changes last month, including Skadden, Arps, Slate, Meagher & Flom, which shut its small Sydney practice after nearly three decades of operation.
Continue reading “All change Down Under as Skadden closes Sydney office after 27 years”
With many major law firms losing money in the Middle East after overinvesting during the oil boom in the 2000s, Simmons & Simmons has followed Latham & Watkins and Herbert Smith Freehills (HSF) in shutting down its Abu Dhabi operations.
Simmons carried out ‘a detailed review’ after its losses in the Middle East, which also includes offices in Dubai and Doha, rose from £243,000 in 2014 to just under £2m in the 12 months to 30 April 2015. The closure of the Abu Dhabi office affects five lawyers, including three partners. The firm’s accounts show in total Simmons has 56 staff, including 29 fee-earners and three partners in the Middle East.
Continue reading “Abu Dhabi exodus continues as Simmons becomes the latest major firm to pull out”
Victoria Young speaks to the management duo about the transformed mid-market player
‘We’ll be the first to admit the firm of five years ago wasn’t delivering what the partners wanted,’ says Fieldfisher managing partner Michael Chissick. In 2012, Legal Business took a close look at Field Fisher Waterhouse and at the time the mid-market law firm was desperate for a suitor. Three years, two failed merger talks and several high-profile partner exits later, and Fieldfisher has undergone a reboot far beyond its change of name.
Continue reading “‘We needed to move on’: Why Fieldfisher has turned its back on the dating game”
