Weil tops City partner promotions at leading Global London firms

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US firms continue to break ground in London and are increasingly investing in moving their City lawyers up the partnership ranks.

Three out of Global London’s top ten US firms made over a fifth of their partner promotions in the City. Weil, Gotshal & Manges led the way with the highest percentage of partner promotions in January, having a total of 33% of its promotions round in the City. The firm recently announced strong partner profits – up 16.5% in 2014 after two disappointing years of falling profits – and stated its restructuring, finance and transactional practices in London were performing well.

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From suits to silks: the rise of the solicitor QC

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The five solicitors to take Queen’s Counsel in the latest round of appointments had one thing in common: they were all arbitration specialists. While the number of solicitors taking silk remains low, the latest round, announced in January, saw the highest percentage of applicants from law firms, with 4% of the 223 applications coming from solicitors and a record percentage of successful solicitors taking silk, with 5.4% of the 93 new QCs coming from law firms.

Clifford Chance (CC)’s Audley Sheppard, Hogan Lovells’ Simon Nesbitt, Boies, Schiller & Flexner’s Wendy Miles, King & Spalding’s Thomas Sprange and Freshfields Bruckhaus Deringer’s Paris-based Peter Turner all made the cut.

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A robust year for M&A shows challenge for City leaders in competing with US rivals

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With no single UK law firm having made a significant impact on the US market, it was no surprise that the Magic Circle surrendered more ground to their US peers in the annual M&A league tables for 2014, given the deal splurge US corporates have been on.

Freshfields Bruckhaus Deringer, Linklaters, Allen & Overy (A&O) and Clifford Chance (CC) all slipped down Thomson Reuters’ global adviser rankings for value of deals completed during 2014. Ironically, Slaughter and May, which markets to clients and US law firms for UK advisory spots on US deals, was the only Magic Circle firm to rise up the law firm rankings for global M&A, jumping from 28th to 12th.

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Cultural revolution: will the UK Anti-Corruption Plan create a US enforcement regime?

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Michael West reports on how a shift in enforcement will herald a raft of new advisory work

At the tail end of last year, the government launched its long-awaited UK Anti-Corruption Plan, a disparate collection of actions, initiatives and priorities aimed at improving the UK’s transparency, strengthening investigation powers and toughening enforcement options. The strategy, if implemented, will mean an increasing workload for defence lawyers and further overhaul of companies’ compliance regimes.

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Slaughters, Davis Polk and Skadden cash in on Shire’s biggest ever takeover

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Dublin-headquartered Shire, took to the January sales with the $1.5bn it received in a break-fee from US pharma giant AbbVie following the collapse of their proposed $55bn tie-up late last year, securing the acquisition of biotech firm NPS Pharma.

The company returned to Slaughter and May, which drafted the AbbVie break-fee due to the political climate around tax inversion deals, to advise on the purchase of biotech NPS for $5.2bn. The deal is Shire’s largest-ever acquisition and comes amid increased pressure to deliver shareholder value.

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Birmingham’s £307m NEC sale puts the limelight on Eversheds, WLG and Gateley

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Lloyds’ private equity arm acquires landmark event venue

Birmingham City Council brought in the New Year with one of its largest ever sales with Eversheds, Wragge Lawrence Graham & Co (WLG) and Gateley all winning mandates on the sale of the National Exhibition Centre (NEC) to Lloyds Banking Group’s private equity arm LDC.

WLG acted for the council on the £307m deal, which is for all NEC Group businesses except the leases of the Hilton Metropole and Crowne Plaza hotels. That included a 125-year lease for the NEC site itself plus a 25-year leasehold interest in the International Convention Centre and Barclaycard Arena. The transaction involved a substantial amount of property work as well as corporate aspects and saw Eversheds act for LDC, with Gateley for the management.

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Deal watch: Corporate activity in February 2015

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FRESHFIELDS, CC AND NRF CALLED IN ON BT’S £12.5BN PURCHASE OF EE

Freshfields Bruckhaus Deringer advised telecoms giant BT as it opted to acquire Britain’s largest mobile network group EE, over rival O2, for £12.5bn. The joint owners of EE, Deutsche Telekom and Orange, were advised by Clifford Chance and Norton Rose Fulbright respectively.

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Dentons becomes world’s most lawyered firm with Dacheng tie-up

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Firms set to create a 6,600-lawyer, $1.7bn law firm giant

In a bid to create the world’s largest firm by lawyer headcount, Dentons is to combine with China’s biggest firm, Dacheng Law Offices, to form a 6,600-lawyer giant operating under a Swiss verein structure.

With offices across over 50 countries, combined revenues will be in the region of $1.7bn. At the end of the financial year 2013/14, Dentons’ turnover was $1.3bn, while Dacheng confirmed that its revenues currently stand at $400m, although revenues were reported to have hit just RMB1.78bn ($287m) in the 2013 financial year. The firm will have revenue per lawyer of $257,000, compared to $769,000 across the Global 100. Both partnerships confirmed the tie-up in late January, although at the time of press, both firms were awaiting approval from Chinese regulators.

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Withers targets Asia through new Australian presence

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The end of 2014 saw two Legal Business 100 firms open international offices targeting new markets. Private client leader Withers launched in Australia, creating Withers SBL through an alliance with Sydney tax practice Balazs Lazanas & Welch (BLW) and Melbourne-based corporate boutique SBL Shmith, while Penningtons Manches set its sights on the US with the opening of its first overseas office in San Francisco’s financial district.

Withers has hired immigration law partner Rita Chowdhury to head up, on its side, the alliance with its Australian partners BLW, which was established in 2009 by three former Baker & McKenzie tax partners and SBL Shmith, a Melbourne boutique led by former Ashurst corporate partner Justin Shmith.

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Succession planning: RBS and Barclays lose their GCs

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Last month saw both Barclays and The Royal Bank of Scotland (RBS) put succession planning into place as global general counsel (GC) of corporate and investment banking at Barclays, Judith Shepherd, announced she would step down in the first half of 2015, while RBS’s group GC Chris Campbell was replaced as he prepares to retire.

Shepherd had risen steadily through the ranks, having joined as deputy group GC in 2006 from US firm Gibson, Dunn & Crutcher, where she was a partner specialising in M&A, particularly public takeovers and cross-border securities issues.

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