Legal Business

A&O focuses on banking in reduced promotions round

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Partnership promotions Allen & Overy
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Allen & Overy (A&O) has made up six in London in a reduced promotions round of 21, with almost half the promotions made in the firm’s banking team.

The Magic Circle firm made up ten banking partners, with three of six London promotions from the banking team.

A&O strengthened its banking team significantly with the introduction of new partners Darren Hanwell, Matt Moore and Kate Sumpter. Others promoted to partner include tax practitioner James Burton, litigator Kate Davies and pensions lawyer Jane Higgins.

One down on last year’s 22 promotions, 15 of the 21 new partners will be based outside of A&O’s London office. Seven have been appointed in the Asia Pacific region, with others made up in Amsterdam, Frankfurt, Johannesburg, Moscow, New York and Paris.

Last year’s round saw just under a third of the 22 made up in the City while a strong contingent was based in continental Europe.

Notably, 29% of the firm’s partner promotions this year are women, down from last year when 41% of females made the cut.

A&O managing partner Wim Dejonghe said: ‘These promotions represent another significant investment in the quality of our international network and the future of our business. The broad spread of locations also underlines the demand we anticipate from clients across our network.’

madeleine.farman@legalease.co.uk

Read more about A&O’s banking practice in the feature: ‘Golden goodbyes – changing faces and fortunes at the City’s top banking teams’

The partner promotions in full:

James Abbott, banking, Sydney

Andrew Battisson, litigation, Singapore

James Burton, tax, London

John Coburn, banking, Frankfurt

Jean-Christophe David, banking, Paris

Kate Davies, litigation, London

Ilya Dvorkin, banking, Moscow

Alun Evans, corporate, Singapore

Goran Galic, corporate, Perth

Tarsis Halintar, banking, Jakarta

Darren Hanwell, banking, London

Jane Higgins, pensions, London

Matthew Hodgson, litigation, Hong Kong

Matt Moore, banking, London

Romy Richter, corporate, Paris

Sophie Roozendaal, corporate, Amsterdam

Knut Sauer, international capital markets, Frankfurt

Yaakov Sheinfeld, real estate, New York

Kate Sumpter, banking, London

Kathleen Wong, banking, Johannesburg

Richard Woodworth, banking, Hong Kong

Legal Business

A&O and Linklaters win advisory roles on $965m financing of Travelex and UAE Exchange

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Corporate Allen & OveryLinklaters
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Allen & Overy (A&O) and Linklaters have won roles advising on a $965m combined financing deal for UAE Exchange Centre and Travelex Holdings backed by nine banks, to support both forex companies’ growth plans.

The $890m loan financing with a $75m accordion will be used to refinance an existing bridge facility, and was backed by Goldman Sachs and Qatar National Bank, Doha Bank, Barclays Bank, Commercial Bank International, National Bank of Fujairah, Abu Dhabi Commercial Bank & IDBI Bank Limited and Axis Bank.

The banks were advised by A&O, led by finance partner Denise Gibson while Peter Timchur led from the UAE, with Simon Hill also advising the security and facility agents.

Linklaters advised UAE Exchange and its founder Bavaguthu Raghuram Shetty as well as Travelex on the deal.

Linklaters corporate partner Nick Garland lead the firm’s team, alongside banking partner John Tucker. Tucker told Legal Business: ‘Dr Shetty and UAE Exchange have been incredibly successful at growing an international brand and this refinancing should put them on an even stronger footing to develop this further.’

Gibson said: ‘Following our role advising on the bridge facility for the Travelex acquisition last year, we have been working closely with the global coordinators, the majority shareholders and other advisers on the take-out financing.’

She added: ‘The new financing deliver a long-term capital structure that facilitates the growth strategy for the UAE Exchange and Travelex businesses and which recognises the benefits the commonality in the majority shareholders delivers in terms of synergies, expertise and infrastructure.’

madeleine.farman@legalease.co.uk

 

Legal Business

Revolving doors: A high profile return to chambers as Squire, Eversheds and A&O make key hires

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Strategic recruitment Allen & OveryEversheds SutherlandSquire Patton Boggs
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The legal market has seen a high-profile return to chambers and a series of both national and international lateral appointments this week at firms such as Squire Patton Boggs, Allen & Overy (A&O) and Eversheds.

In a move back to her old stomping ground, Shami Chakrabarti is to re-join 39 Essex Chambers as a door tenant. Formerly director of civil liberties advocacy group Liberty where she spent 13 years in the role, Chakrabarti began her career with a pupillage at 39 Essex Chambers in 1994.

Speaking on her return to 39 Essex, Chakrabati described it as a ‘pleasure and privilege’ to be back at the chambers where she learned her law and began her career. ‘Lawyers face unfair attacks but a chambers that produces advocates on both sides of vital disputes and so many senior judges well represents the Rule of Law.’ Chakrabati has been replaced at Liberty by Doughty Street Chambers barrister and human rights campaigner Martha Spurrier.

Meanwhile Squire Paton Boggs has appointed Andrew Herring to its real estate practice in its London office. Joining from DWF, Herring brings his experience advising on international and cross-border projects throughout the US, Europe, and the Middle East to the firm. Head of the firm’s global infrastructure group Philippa Chadwick predicts Herring will play a key role in supporting its global clients after seeing significant growth in its rail work in markets around the world. Chadwick said: ‘Andrew Herring is a go-to international rail and transportation lawyer. He has advised on some of the most complex global and UK projects, and he brings a wealth of experience to our burgeoning infrastructure practice.’

In Manchester, Eversheds has expanded its commercial contracts team with the hire of Nick Stubbs, who joins from Ward Hadaway and has in-house experience as Aviva’s legal counsel. Eversheds head of contracts in Manchester Tom Bridgford said of the appointment, ‘we are delighted to welcome Nick Stubbs who is joining our award winning Manchester commercial contracts team as a partner to support our continued growth. Nick has a wide range of expertise in high value commercial contracts, IT and outsourcing agreements.’

After spending two years at Simmons & Simmons, corporate partner Tom Butcher has returned to A&O to head the firm’s Middle East technology, media and telecommunications and intellectual property practice groups. With Butcher’s expertise in strategic outsourcing, technology procurement, data protection and transactional IP, the firm’s Middle East head of corporate Andrew Schoorlemmer said: ‘This is a significant appointment at a time when Middle East governments are investing in technology to develop sustainable knowledge-based, innovation-led economies to diversify from the traditional hydrocarbon industries. Local and international corporates are also engaging more and more in high value transactions and projects to bring technology to the Middle East and African markets.’

Hogan Lovells has strengthened its corporate practice offering with appointments to its New York and Tokyo offices with two international lateral hires. Paul Downs joins as partner in the firm’s New York office from Jones Day, where he was partner in the firm’s New York M&A group and co-head of its sovereign investor practice. With focuses on domestic and cross-border investments, M&A, and joint ventures, global head of Hogan Lovells’ corporate practice group David Gibbons said Downs brings a particular knowledge to the firm, which will help expand its offering. ‘Paul is a talented lawyer, whose transactional and cross-border experience is a natural fit with our M&A and private equity teams. His skill set and successful track record for clients will continue to strengthen our offerings both nationally and on a global scale.’

The firm has also hired partner Lisa Yano to its Tokyo office, increasing its capabilities in Asia and its cross-border M&A offering into and out of Japan. She brings experience advising both Japanese and offshore clients across electronics, telecommunications, media, life sciences and automotive sectors to Hogan Lovells. Regional managing partner for Asia and the Middle East Patrick Sherrington said: ‘Lisa has a profound understanding of the Japanese market and her contribution will be invaluable as we continue the build-out of our capabilities in the region.’

madeleine.farman@legalease.co.uk

Legal Business

A&O, Macfarlanes and Travers Smith to contest top prize at the Legal Business Awards

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Allen & OveryMacfarlanesTravers Smith
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Allen & Overy, Macfarlanes and Travers Smith are among the firms competing to be named Law Firm of the Year at this year’s Legal Business Awards.

Also shortlisted in the flagship category for the awards, which take place at Grosvenor House Hotel next Thursday (7 April), are Mishcon de Reya, Pinsent Masons, Stephenson Harwood and Stewarts Law.

The full shortlists, revealed below, will see high-calibre law firms, in-house teams and individuals competing across 23 categories, including 11 practice area awards.

The finalists for the coveted In-House Team of the Year award are BT, Funding Circle, InterContinental Hotels Group, Roche Products, SABMiller and Skyscanner.

Meanwhile, Ashurst, Freshfields Bruckhaus Deringer and Shearman & Sterling are among the firms fighting it out to be named Corporate Team of the Year. In the Dispute Resolution category, Cleary Gottlieb Steen & Hamilton, Slaughter and May and a joint nomination for Herbert Smith Freehills and Jones Day are among the contenders.

The winners, which will be unveiled at the gala ceremony hosted by journalist and broadcaster Nick Robinson, will be decided by an independent judging panel for the second year running.

This year’s panel comprises: Nilema Bhakta-Jones, group legal director of Ascential Group; Claire Chapman, general counsel (GC) and company secretary of Daily Mail and General Trust; Kirsty Cooper, group GC and company secretary at Aviva; former vice-president and GC of group legal affairs & compliance at RB Claire Debney; Chris Fowler, GC UK Commercial for BT; FT GC Dan Guildford; Michael Herlihy, GC at Smiths Group; Marks and Spencer’s head of legal Robert Ivens; Alison Kay, group GC & company secretary at National Grid; Zoopla Property Group GC Ned Staple; Nyeem Syed, assistant GC, financial & risk at Thomson Reuters; Tony Williams of Jomati; and Suzanne Wise, group GC and company secretary of Network Rail.

Major winners last year included Osborne Clarke, which was named Law Firm of the Year and Macfarlanes, which won the Corporate Team of the Year award, while Royal Mail walked away with the In-House prize.

mark.mcateer@legalease.co.uk

Click here for further information about the awards.

Practice area awards shortlists

TMT Team of the Year

Dentons

DLA Piper

King & Wood Mallesons

Linklaters

Olswang

Powell Gilbert

Finance Team of the Year

Akin Gump Strauss Hauer & Feld

Herbert Smith Freehills

Macfarlanes

Pinsent Masons

Simmons & Simmons

Weil, Gotshal & Manges

Restructuring Team of the Year

Allen & Overy

Hogan Lovells

Sidley Austin

Simmons & Simmons

Weil, Gotshal & Manges

White & Case

Competition Team of the Year

Freshfields Bruckhaus Deringer

Linklaters

Macfarlanes

Nabarro

Norton Rose Fulbright

Slaughter and May

Energy and Infrastructure Team of the Year

Ashurst

DLA Piper

Milbank, Tweed, Hadley & McCloy

Norton Rose Fulbright

Pinsent Masons

Stephenson Harwood

Dispute Resolution Team of the Year

Cleary Gottlieb Steen & Hamilton

Herbert Smith Freehills/Jones Day

Hogan Lovells

Humphries Kerstetter

Mishcon de Reya

Slaughter and May

Private Client Team of the Year

Boodle Hatfield

Charles Russell Speechlys

Irwin Mitchell

McDermott Will & Emery

Penningtons Manches

Taylor Wessing

Insurance Team of the Year

BLM

DWF

Eversheds

Herbert Smith Freehills

Norton Rose Fulbright

RPC

Corporate Team of the Year

Ashurst

Clifford Chance/Norton Rose Fulbright

Freshfields Bruckhaus Deringer

Gowling WLG

Jones Day

Shearman & Sterling

Squire Patton Boggs

Private Equity Team of the Year

Addleshaw Goddard

Clifford Chance

Freshfields Bruckhaus Deringer

Latham & Watkins

Simpson Thacher & Bartlett

Travers Smith

White & Case

Real Estate Team of the Year

Burges Salmon

Eversheds

Hogan Lovells

King & Wood Mallesons

Mayer Brown

Nabarro

Winckworth Sherwood


Merit awards shortlists

Boutique Law Firm of the Year

Campbell Johnston Clark

Kemp Little

MJ Hudson

Radiant Law

Signature Litigation

Tapestry Compliance

Three Crowns

Lawyer of the Year

Susan Crichton, TSB

Ian Forrester QC, White & Case

David Morley, Allen & Overy

Chris Saul, Slaughter and May

Penelope Warne, CMS

CSR Programme of the Year

CMS

Freshfields Bruckhaus Deringer

ITV

Linklaters

Reed Smith

Simmons & Simmons

International Firm of the Year

Al Tamimi & Company

Arthur Cox

Garrigues

Goltsblat BLP

Harneys

Magnusson

Noerr

Rising Star In-House Counsel of the Year

Carole Deadman, Abbey Life Assurance

Henry Gardener, Markel International

Annaliese Hemsley, BATLaw

Daniel Whitehead, Citibank

Matthew Wilson, Uber

Caroline Withers, Virgin Media

In-House Team of the Year

BT

Funding Circle

InterContinental Hotels

Group

Roche Products

SABMiller

Skyscanner

Management Partner of the Year

Ray Berg , Osborne Clarke

Nick Buckworth, Shearman & Sterling

James Burns, Clyde & Co

Michael Chissick, Fieldfisher

Tim Eyles, Taylor Wessing

Chris Lowe/Lothar Wegener, Watson Farley & Williams

Margaret Robertson, Withers

US Law Firm of the Year

Akin Gump Strauss Hauer & Feld

Boies, Schiller & Flexner

Gibson, Dunn & Crutcher

Latham & Watkins

Paul Hastings

Quinn Emanuel Urquhart & Sullivan

Ropes & Gray

Legal Innovator of the Year

DAC Beachcroft

DLA Piper

Eversheds

Gowling WLG

Lawyers On Demand

Skadden, Arps, Slate, Meagher & Flom

Legal Technology Team of the Year

Axiom

Berwin Leighton Paisner

Cooley

DWF

Kennedys

Osborne Clarke

RPC

National/Regional Firm of the Year

Ashfords

Bond Dickinson

Brodies

Browne Jacobson

Foot Anstey

Shoosmiths

Stevens & Bolton

Law Firm of the Year

Allen & Overy

Macfarlanes

Mishcon de Reya

Pinsent Masons

Stephenson Harwood

Stewarts Law

Travers Smith

Legal Business

Allen & Overy leadership latest: banking co-heads step down

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In a run of new leadership announcements, Allen & Overy (A&O) has elected Philip Bowden and Andrew Thomas as the firm’s new global co-heads of banking.

It is understood that current co-heads Stephen Kensell and Andrew Trahair did not want to stand for another term, and will complete their second four year term of office at the end of April. Both Kensell and Trahair will return to full-time practice.

The announcement comes after A&O elected its London corporate head Richard Browne to join Dirk Meeus to co-head the firm’s global corporate practice earlier this week.

Browne replaces Andrew Ballheimer who had been global co-head of corporate alongside Meeus since 2010 and was recently appointed global managing partner.

Based in London, Bowden joined A&O in 1999 and has been a partner in the banking practice for 14 years. He became global co-head of the leveraged finance practice in 2014, and has experience of advising banks and borrowers on a range of debt products, specialising in corporate and financial sponsor leveraged acquisition financings, as well as structured finance and investment grade event driven acquisition financings.

Thomas joined the firm in 2001 and became managing partner of the A&O office in Amsterdam in 2009. He specialises in cross-border leveraged finance, debt restructuring, syndicated corporate lending (both secured and unsecured) and acquisition finance. He regularly advises private equity firms on a range of issues and lenders (including banks and funds) on leveraged finance and debt restructuring.

Kensell and Trahair were appointed in 2008 for two terms heading A&O’s banking team. Kensell was a candidate in A&O’s recent management election to replace senior partner David Morley, but managing partner Wim Dejonghe secured the role last month. Trahair went for the managing partner position, which was won by Ballheimer.

jaishree.kalia@legalease.co.uk

Read more on the major City finance teams in ‘Golden goodbyes – changing faces and fortunes at the City’s top banking teams’

Legal Business

A&O names new corporate heads as Ballheimer prepares to join senior leadership

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Corporate Allen & Overy
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Within weeks of electing the firm’s new leadership, Allen & Overy has announced London corporate head Richard Browne has joined Dirk Meeus as joint leader of the firm’s global corporate practice.

The position in London became available when Andrew Ballheimer – who has been global co-head of corporate alongside Meeus since 2010 – was recently appointed global managing partner.

The firm called for nominations in early March with just London-based Browne (pictured) putting his name forward and Meeus re-elected to serve another term.

A spokesperson for A&O said: ‘Both Dirk and Richard stood unopposed and will commence their four-year term on 1 May 2016 while maintaining their roles as fee-earning partners.’

Meeus is managing partner of A&O Belgium alongside his role as global corporate head, and specialises in M&A, equity capital markets and private fundraising.

Browne has a broad practice covering public takeover bids, auctions and other private sale and purchase transactions, joint ventures and a range of equity capital markets transactions. He was appointed London corporate head in 2010 and notable mandates last year include leading the A&O team advising Banco Sabadell on its £1.7bn takeover bid for TSB.

The firm confirmed that an ‘internal process is underway to appoint a new managing partner for the London corporate practice’.

At the end of February, A&O announced Ballheimer will replace Wim Dejonghe as global managing partner in May this year for an initial term of four years, as Dejonghe moves to the senior partner position, replacing the retiring David Morley after winning the election.

jaishree.kalia@legalease.co.uk

Legal Business

Asia round-up: Stephenson Harwood formalises Guangzhou association as A&O makes FinReg play

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Asia Allen & OveryStephenson Harwood
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Stephenson Harwood has formalised its association with Chinese law firm Wei Tu, while Allen & Overy has made a key hire into its finance practice in Hong Kong.

Having first entered an association with local firm Wei Tu in December 2014, Stephenson Harwood made its relationship with Guangzhou-based Wei Tu official by establishing an association permitted under a free trade agreement, Closer Economic Partnership Arrangement (CEPA), between mainland China and Hong Kong. The association means Stephenson Harwood can practise Chinese law through Wei Tu.

Wei Tu is led by former Stephenson Harwood shipping lawyer in Guangzhou Xianming Lu. The association will be called ‘Stephenson Harwood – Wei Tu (China) Association’, and is formed under the CEPA arrangement which allows localised international firms in Hong Kong to gain a PRC law capacity through association.

Stephenson Harwood managing partner for Greater China Voon Keat Lai said the association was an important step forward.

Lai added: ‘In choosing the firm with which to partner, one of our fundamental priorities was to ensure that clients could confidently expect the same standards of advice and service as they would from Stephenson Harwood. Xianming Lu is in a strong position to do this, having worked for the firm for a number of years previously.’

Meanwhile, Allen & Overy has hired Charlotte Robins into its regulatory practice from Norton Rose. Robins is both Hong Kong and England & Wales qualified and departs Norton Rose after being a partner for five years.

The global head of the firm’s regulatory practice Bob Penn said knowledge of multi-jurisdictional regulatory matters is what wins the firm strategic roles on headline deals.

He added: ‘A&O is one of the few firms that offers top-tier expertise combined with local depth spanning the US, Europe, Asia Pacific and the Middle East. The addition of Charlotte further enhances our position as a leading adviser to global financial institutions on complex, multi-jurisdictional financial services matters.’

victoria.young@legalease.co.uk

Legal Business

Magic Circle trainee retention: Clifford Chance, Allen & Overy and Linklaters post lower rates

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Trainee retention Allen & OveryBerwin Leighton PaisnerClifford ChanceLinklaters
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Clifford Chance has retained 80% of its March trainees, with 43 out of a cohort of 54 accepting positions at the Magic Circle firm. The rate comes as rivals Allen & Overy and Linklaters also posted lower retention rates than the year prior.

The figures for Clifford Chance are worse than the firm’s spring 2015 retention rate of 91% when 41 offers made to a 45-strong cohort were accepted. The rate is also the worst of the Magic Circle this spring so far, after all bar Freshfields Bruckhaus Deringer have released their rates.

At Allen & Overy, 39 of the firm’s 43 trainee intake have accepted roles – a retention rate of 91%. All offers that were made to trainees by the firm were accepted. This is also lower than the spring before when 43 of 46 or 93% were kept on.

With 45 of 49 offers accepted, Linklaters secured an 83% retention rate of its March trainees, after keeping on 91% of a larger 54-strong cohort in February last year.

Meanwhile back in January this year, Slaughter and May posted a retention rate of 95%, when 38 of the firm’s 40 qualifying trainees accepted newly-qualified positions. The intake was an improvement on Slaughter and May’s autumn 2015 figure of 33 of 37 trainees, and ahead of its 2015 spring intake when 88% of a 42 strong cohort accepted offers.

Elsewhere, Berwin Leighton Paisner has posted a 70% retention rate for March. With a markedly smaller trainee cohort of 20, 14 of the 16 positions that the firm offered were accepted. The new trainee intake will be spread across the firm’s finance, real estate, corporate, litigation and corporate risk practices.

Our sister website The Lex 100 has created a retention rate table which will be updated as more figures are announced.

madeleline.farman@legalease.co.uk 

Legal Business

Allen & Overy and Wachtell take leads on Deutsche Börse spin-off

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Finance Allen & OveryWachtell, Lipton, Rosen & Katz
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Magic Circle firm Allen & Overy (A&O) has taken a lead role acting for Deutsche Börse as it spins off its US options exchange operator International Securities Exchange, in a move which looks to aid the German stock exchange operator’s proposed merger with the London Stock Exchange (LSE).

A&O is acting opposite Wachtell, Lipton, Rosen & Katz on the sale of International Securities Exchange to Wachtell client Nasdaq for more than $1.1bn.

A&O’s team is led by New York M&A partner Peter Harwich, with support from Frankfurt partner Hartmut Krause. Other specialist members from the firm’s New York office include tax partner Jack Heinberg and Elaine Johnston from the firm’s antitrust team.

The firm has advised Deutsche Börse in the past, with Krause leading A&O’s advice to the stock exchange operator when it signed a landmark agreement between Germany and China to create the first dedicated platform for yuan-denominated trading outside China back in November last year.

Wachtell’s advice for US operator Nasdaq was led by corporate partner David Lam. NASDAQ was advised by Jones Day on regulatory aspects of the transaction.

Deutsche Börse is currently engaged in merger discussions with the LSE, in the third attempt of the rivals to merge. On this transaction the German stock exchange operator is being advised by Linklaters corporate partner Roger Barron.

LSE has engaged Freshfields Bruckhaus Deringer, whose team is led by partners Andrew Hutchings, Mark Rawlinson and London M&A co-head Piers Prichard Jones.

The London and Frankfurt exchanges said they were in ‘detailed discussions about a potential merger of equals’, which if it goes ahead, will create a European trading powerhouse under a new holding company that would give Deutsche Börse shareholders a 54.4% stake and LSE shareholders 45.6%.

victoria.young@legalease.co.uk

Legal Business

Corporate is king as Dejonghe and Ballheimer win vote to lead Allen & Overy until 2020

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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.