Eversheds real estate head and tax partner to form high-end boutique

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William Naunton and Clive Jones to depart after year-long notice period.

The head of Eversheds’ international real estate group, William Naunton, is to leave the firm alongside tax partner Clive Jones to set up a high-end real estate boutique, after both have served a one-year notice period.

Jones and Naunton, who was a main board member until he stepped down in 2011, made their intentions clear when they handed in their notices in January, meaning they will be free to set up on their own in the New Year of 2015, with the unusually long notice period understood to reflect Naunton’s significant book of business.

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Camerons launches cost-saving venture through Dundas offices as the firm prepares for move to Cannon Place

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CMS Cameron McKenna plans to utilise the Scottish offices and personnel of new merger partner Dundas & Wilson as a form of northshoring as the top-ten firm unveiled its real estate ‘deal of the century’ with its move into its new Cannon Place offices next year.

The Dundas cost-saving initiative, spearheaded by Camerons energy partner Stephen Millar, who alongside managing partner Duncan Weston and senior partner Penelope Warne led the merger negotiations between the two firms, will see Camerons split the pricing of City-generated deals into work done in London and that which is hived off to Scottish lawyers under the supervision of a partner.

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Q&A with Hogan Lovells new chief executive Steve Immelt

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As Washington DC-based Steve Immelt next month takes over the reins from Hogan Lovells co-chief executives David Harris and Warren Gorrell, the disputes lawyer talks to Legal Business about the strategy going forward and partner ambition.

How did your appointment come about?

I wasn’t a part of the soundings process, but the board had talked to practically every partner in the firm to get their views – it was a comprehensive effort to get a sense of the partnership, which was invaluable.The board asked a number of people if they would consider the position. I was asked and decided I would. Continue reading “Q&A with Hogan Lovells new chief executive Steve Immelt”

BP brings in reverse auction as it pushes ahead with panel review

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Energy giant seeks increased transparency in bidding process with new online element

BP has introduced a reverse auction into its latest panel tender process, an announcement which came in the same week the energy giant lost an appeal to restrict access to its $20bn compensation fund for the Deepwater Horizon disaster. The FTSE 100 company confirmed on 22 May that it has issued invites to existing and potential panel member firms, and revamped the process with the introduction of an online reverse auction element to make the bidding process more transparent, quicker and efficient.

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Financial results 2013/14: BLP’s PEP up 35% and revenue 6%

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In one of the most anticipated sets of financial results of the 2013/14 financial reporting season, Berwin Leighton Paisner (BLP) last month unveiled its latest figures, with the top-20 firm’s revenue and profits per equity partner (PEP) up by 6% and 35% respectively, to £246m and £542,000.

As one of the earliest top City firms to unveil its financial results, these numbers, and the timing of their release are in marked contrast with last year, when the firm became the last to disclose that its PEP was down by 39% and its revenues were flat.

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Slaughters, A&O and Linklaters announce associate pay increases

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Trainees, NQs and PQEs to receive salary boost.

Setting the bar for trainee, newly-qualified (NQ) and associate pay last month were early Magic Circle movers Slaughter and May, Allen & Overy (A&O) and Linklaters, as Ashurst, Hogan Lovells and Shearman & Sterling were among other firms to announce changes.

Linklaters’ decision to increase pay pushes it ahead of the Magic Circle pack, with first-year trainees’ pay up by £500 to £40,000, and NQ salaries by £1,000 to £65,000. One-year post-qualified experience (PQE) associates also took home an extra £1,000 to £70,500, while two and three-years PQE saw more substantial increases, up by £3,750 and £4,500 to £82,000 and £93,500 respectively. These increases are significantly higher than last year, when pay rose by £2,250 and £1,000 respectively for two and three-year PQE associates.

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Weil’s City banking head Stephen Lucas joins Kirkland

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One of the best-known names in the leverage buyout market, Stephen Lucas, is set to join Kirkland & Ellis from Weil, Gotshal & Manges, where he heads the Wall Street firm’s City banking practice.

Lucas handed in his resignation last month and leaves Weil Gotshal just three years after he joined in June 2011 from Linklaters, where he was a banking partner. Prior to that, he was a partner at Magic Circle rival Clifford Chance.

He will be replaced as banking head at Weil by former Hogan Lovells partner Mark Donald.

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In need of sponsors – can a bank-dominated A&O get the hang of this private equity thing?

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Jaishree Kalia assesses A&O’s latest attempt to break into the buyout game.

There was never any obvious reason for Allen & Overy (A&O) to largely ignore private equity. While a circular debate simmered in the City about the problems of combining deal finance and corporate, its arch rival Clifford Chance (CC) had long made hay in both leverage finance and private equity. A finance-centric law firm should on paper be in tune with private equity houses, while the lack of a public M&A heritage to rival a Linklaters would suggest the buyout barons would have made good clients to build its corporate brand.

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Always a bridesmaid: can Nabarro revive itself post-Lehman without a partner?

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Sarah Downey reports on the property leader’s attempts to position itself.

With its five-year financial performance standing out as one of the worst of the top 50 in last year’s LB100 and at least one abandoned merger talk under its belt, Nabarro is perceived by a number of clients and rivals as a firm in need of change.

Heavily dependent on a mixture of high-end but also commoditised property work, the firm has dropped down the UK legal rankings from its 2008 high, when it stood in 23rd place on the back of a revenue increase of 16% to £142.4m.

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OC joins Magic Circle on Dixons Carphone tie-up

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Carphone Warehouse and Dixons merge along with DEMB and Mondelez

Major M&A mandates have over the past month seen Linklaters, Freshfields Bruckhaus Deringer and Osborne Clarke (OC) secure roles on the £3.6bn merger of Carphone Warehouse and Dixons Retail, as Clifford Chance (CC) and Skadden, Arps, Slate, Meagher & Flom led on the $7bn merger of the coffee businesses of Kraft Foods spin-off Mondelēz International and DE Master Blenders 1753 (DEMB).

UK top-40 firm OC capitalised on its longstanding relationship with Carphone Warehouse to secure a role on its May merger with Dixons, which also owns Currys and PC World. Corporate partner Jonathan King led for OC and told Legal Business: ‘Any merger of this size is complicated when you’re dealing with two FTSE 250 companies coming together.’

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