Slaughters adds US capability in Hong Kong as best friends become rivals

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Moore becomes first lateral hire in firm’s 125-year history

It had been well telegraphed but even so news that Slaughter and May was making the first lateral hire in its 125-year history to add US securities capability to its Hong Kong arm was enough to send a minor jolt through the global legal profession.

Slaughters unsurprisingly chose a top-notch CV to break with tradition, hiring Morrison & Foerster’s co-head of China capital markets John Moore. Moore, who joined the UK firm in February as its 12th Hong Kong partner, is the former head of the US capital markets team for Herbert Smith and has also previously held senior roles at Sullivan & Cromwell and Goldman Sachs.

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Global office launches for Norton Rose, Quinn Emanuel, Bakers and Jones Day

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Global 100 firms embraced foreign expansion again in February. Norton Rose Fulbright (NRF) announced a significant addition to its Latin America footprint with the launch of an office in Rio de Janeiro, hiring BP’s global corporate assistant general counsel (GC) Andrew Haynes as office co-head, while US litigation leader Quinn Emanuel Urquhart & Sullivan set up shop in Brussels, Baker & McKenzie in Myanmar and Jones Day in Perth.

NRF’s new office in Brazil, which will also be run by current head of Colombia, Glenn Faass, will be the firm’s third in the region after Venezuela (Caracas) and Colombia (Bogotá), and its 55th office worldwide.

Haynes joined NRF at the start of February from BP, where as assistant GC global corporate he oversaw all M&A legal work for BP.

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Deals: CC, Taylor Wessing and Ashurst act on infra and real estate deals

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Advisers benefit as investors target industrial assets

The shift towards global industrial real estate portfolios as an asset class last month saw Clifford Chance (CC) advise newly-formed SEGRO European Logistics Partnership (SELP) on its €472m acquisition of a portfolio of prime development land in Germany, Poland and France from funds managed by Tristan Capital Partners.

The CC team leading the deal included global head of real estate Adrian Levy, alongside London real estate partner Mark Payne and fellow City-based head of real estate tax David Saleh.

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BT selects Axiom for global legal outsourcing and analytics contract

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Jobling steps aside as head of volume business BT Law

An innovator long at the vanguard of transforming the traditional in-house legal function, BT in February entered into a three-year contract with Axiom to provide the telecoms giant with legal outsourcing and analytics services across the UK, US, Africa, Middle East and Asia, replacing and extending a contract formerly held by legal process outsourcing (LPO) provider UnitedLex.

All work previously undertaken by UnitedLex, which includes 30% of BT’s global services division’s legal work in the UK, transferred to Axiom on 1 February after a successful tender process that concluded towards the end of 2013.

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Mergerwatch: Speechly Bircham in talks with Charles Russell

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Speechly Bircham is trying its hand once more at finding a merger partner as the firm last month announced it is currently in talks with fellow Legal Business 100 firm Charles Russell, a deal that would place the combined firm in the top 30 of the LB100.

A joint statement released by both firms on 21 February said: ‘City law firms Charles Russell and Speechly Bircham have confirmed that they are in preliminary talks about a potential merger between their two firms.

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MasterCard appoints Murphy as GC as Hanft steps down

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UBS and HSBC see key in-house moves

The start of 2014 has seen almost as much in the way of global lateral movement and internal promotions in-house as out. Last month, MasterCard named Tim Murphy as its general counsel (GC) and chief franchise officer; Gibson, Dunn & Crutcher appointed UBS’s former global head of investigations and Americas GC Mark Shelton as a partner in New York; and HSBC confirmed that Cleary Gottlieb Steen & Hamilton partner Shawn Chen has joined the bank to oversee its regulatory and enforcement department.

Murphy is to take his seat on the corporation’s executive committee as MasterCard’s GC from 1 April as current incumbent Noah Hanft retires from the role.

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Life During Law: James Palmer

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I don’t believe people that do well have an unerring right to succeed and it’s entirely down to their own abilities. Loads of incredibly able people don’t hit the right spot. I was very lucky that I started working as a lawyer doing something that I turned out to be good at. I could easily have done something else. I applied because I didn’t know what else to do.

Law attracts people who are not just in it for money, but want that sense of professionalism and intellectual curiosity, and also people who want to work with other people. I became more entrepreneurial as I became older, but whether I am entrepreneurial, I’m not sure. I’m a team person, not a classic entrepreneur.

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National Grid conducts wholesale review of internal and external legal function

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Energy giant to analyse in-house team and links with UK and US counsel National Grid’s group general counsel (GC) Alison Kay has launched a wholesale review of the FTSE 100 energy giant’s in-house and external legal function, which will look at whether the internal legal team is delivering the right services and adding value to the business, as well as a potential shake-up of both its UK and US external law firm panel.

The current UK panel, which was put together in 2011 when National Grid cut its roster of firms by 25% to 16, includes Allen & Overy, Linklaters, DLA Piper, Eversheds, CMS Cameron McKenna, Berwin Leighton Paisner and Field Fisher Waterhouse.

Kay, who has been with National Grid since 1996 and was promoted to her current role in January 2013 when Helen Mahy left to pursue outside interests, said she is responding to rate pressures across the business and the energy sector as a whole.

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Morgan Stanley and Deutsche Bank blame litigation for drop in Q4 profits

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Financial institutions report multibillion-dollar effects of post-crisis costs

Morgan Stanley and Deutsche Bank have become the latest major financial institutions to declare that their earnings have been hit hard by litigation costs with Morgan Stanley in January reporting a fourth quarter 78% drop in net income to $192m, compared to $890m in its third quarter, due to legal costs and weak fixed income trading.

Revenue for the period rose from $7bn to $7.8bn since last year but pre-tax legal costs of $1.2bn meant that earnings for the quarter were almost wiped out, the FT reported in January.

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Clyde & Co loses 15-strong US litigation team to LeClairRyan

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Latest exits add to departures of two partners from City headquarters

The expiry of Clyde & Co’s three-year post-merger partner lock-in appeared to pass almost unnoticed last April, but the UK top-20 firm has lost two London partners in recent months as its established US practice was hit in January with a 15-strong team walk out, which included three litigation partners.

London commercial partner Alan Meneghetti, who joined the firm five years ago as a legal director and became an aviation partner in 2010, left the firm on 31 December 2013 for Locke Lord’s corporate practice in London. Meneghetti’s experience within the aviation and aerospace sector includes handling regulatory issues surrounding procurement, data protection and privacy, intellectual property, information technology and the drafting and negotiating of commercial agreements.

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