Legal Business

Expansive White & Case taps Ashurst for the second time in two weeks for disputes partner

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Litigation AshurstWhite & Case
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Within weeks of securing Ashurst equity capital markets partner Jonathan Parry, White & Case has tapped the Anglo-Australian firm again with the arrival of disputes specialist Mark Clarke.

Clarke, Ashurst’s London head of disputes, joins the global giant’s London arm as White & Case sustains its recent aggressive hiring spree as part of a bid to build a 500-lawyer practice in the City by 2020. M&A, capital markets and disputes were put at the centre of that growth strategy.

Driven in part but a major expansion in its City corporate practice, White & Case in 2015 surpassed Latham & Watkins as the highest billing US firm in London with revenue rising 22% to hit £185m.

Clarke made partner at Ashurst in 2010 and is touted as one of the rising stars of its contentious City team, having represented a string of governments and corporates in both litigation and arbitration. He specialises in disputes arising out of the energy, resources and infrastructure sectors and had substantial experience in antitrust matters.

White & Case London executive partner Oliver Brettle (pictured) commented: ‘As the firm prioritises growth in key markets, practices and sectors, Mark’s arrival ticks all the strategic boxes – the growth of the London office and disputes practice, while building on our expertise in the oil and gas sector.’

Michael Polkinghorne, co-leader of White & Case’s oil and gas group, added: ‘Mark is a high-quality lawyer who brings a wealth of knowledge and experience that will be a valuable asset as we continue to enhance our energy and disputes practices.’

Clarke is the latest in a string of departures for Ashurst, with financial regulatory partner James Perry departing for Gibson Dunn & Crutcher and corporate partner Anthony Clare moving to Stephenson Harwood last month.

The City firm has, however, made several notable hires of its own in the City, with King & Wood Mallesons real estate duo Darren Rogers and Patrick Williams and Herbert Smith Freehills TMT duo Nick Elverston and Amanda Hale arriving this year. Also significant was the hire of DLA Piper’s well-regarded head of international arbitration, Matthew Saunders, at the start of the year.

tom.moore@legalease.co.uk

For more on US firms in the City, subscribers can see our 2016 Global London report

Legal Business

Partner promotions spread evenly as Ashurst reveals reduced round

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In a significant drop in numbers from last year, Ashurst has added 12 to the partnership in its 2016 promotions round with just four women (33%) made up this time.

The number has fallen 40% on last year’s round of 20, where the firm largely concentrated its hires in London making up 12 promotions alone. Women made up 45% of last year’s promotion round.

Interestingly, the firm has focused promotions evenly across its international network with continental Europe gaining more new partners than London. It has added four to its Australian offices, three in London, two in Frankfurt and one each in Paris, Hong Kong and Madrid.

The promotions will boost the firm’s dispute resolution, real estate and resources and utilities teams with three partners joining each of the practices. Just one partner each has been added to the banking, corporate and employment practices.

After four months of search, the firm announced last month the appointment of its new global managing partner Sydney-based global finance co-head Paul Jenkins. Jenkins will assume his role from 1 June, after current head James Collis announced earlier this year he will stand down after completing his four-year term at the end of May 2016, and return to full-time practice.

Madeleine.farman@legalease.co.uk

 

The Ashurst promotions are:

Guillaume Aubatier, real estate, Paris

Ian Bolster, dispute resolution, Sydney

Mark Bradley – dispute resolution, Melbourne

James Comber – dispute resolution, Hong Kong

Julia Derrick – resources and utilities, London

Rebecca Dixon – resources and utilities, Sydney

Donna Fleming – real estate, London

Stuart James – resources and utilities, Perth

Jan Krekeler – corporate, Frankfurt

Diana Rodríguez Redondo – employment, Madrid

Ewen Scott – banking, London

Hendrik Theismann – real estate, Frankfurt

Legal Business

White & Case hiring spree continues with appointment of Ashurst capital markets partner

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Strategic recruitment AshurstWhite & Case
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As White & Case aims to build a 500-lawyer practice in the City by 2020, its recruitment spree has continued with the arrival of capital markets partner Jonathan Parry from Ashurst.

Parry’s arrival strengthens the firm’s equity capital markets team in London. He made partner at Ashurst in 2010 and has since become one of the strongest partners in Ashurst’s well regarded ECM team. His client book includes London-listed fund JZ Capital Partners, New York investment bank Jefferies International and boutique investment bank Liberum Capital.

He has worked on a string of IPOs, advising Madame Tussauds owner Merlin Entertainments on its £3.3bn IPO on the London Stock Exchange in late 2013, property manager Tritax Big Box REIT (real estate investment trust) on its listing on the specialist fund market of the LSE later that year. He also led Ashurst’s advice to behavioural healthcare company Cambian on its £190m IPO in early 2014 and worked on the recent £2.3bn gambling merger between Gala Coral and Ladbrokes.

White & Case head of global capital markets Stuart Matty said: ‘White & Case has built a leading ECM practice across EMEA – we advised on around 150 ECM deals in the past couple of years and, according to Bloomberg, advised on more IPOs in EMEA during 2015 than any other law firm.’

He added: ‘As a leading UK ECM lawyer, Jon will help grow our UK IPO practice and, with the majority of ECM deals in the region governed by English law, further support the development of our English law ECM practice.’

Oliver Brettle, London executive partner, added: ‘Jonathan’s arrival is another example of our determination to pursue growth in London, and in our capital markets practice, in line with our strategy to 2020.’

tom.moore@legalease.co.uk

Legal Business

‘A global perspective’: Australia partner Jenkins next to head Ashurst

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After four months of searching for the firm’s next global managing partner, Ashurst has turned to its Australian side and appointed Sydney-based banking partner and global finance co-head Paul Jenkins as the second man in charge.

Jenkins (pictured) will assume his role from 1 June, after current head James Collis announced earlier this year he will stand down after completing his four-year term at the end of May 2016, and return to full-time practice.

The Sydney-based appointment is a symbolic move for a firm that has looked outside of the City to complete its leadership. Jenkins will join chairman and fellow New Zealander Ben Tidswell at the helm, splitting his time between London and Sydney.

Jenkins said: ‘I have a global perspective – alongside Sydney, I have worked in London and in Tokyo, and currently manage the global finance division – so it’s not about where I come from, it’s about what I’ll do and how I’ll do it.’

Part of his role will include heading the executive committee, the day-to-day management of the firm, partner performance and client management. ‘There is no change in the strategic direction of the firm in terms of my appointment. I am very much aligned to the current strategy,’ added Jenkins. ‘I want to retain the strong collaborative culture, keep internal processes and structures as simple as possible and encourage the entrepreneurial spirit for which the firm is renowned.’

Tidswell commented: ‘There is a degree of overlap with what we both do. Paul will focus on the day to day running of the firm and driving client management and behaviour, whereas I will continue with firm governance.

He added: ‘One of the things we have done really well is move away from the perception that one country or region has primacy over another. It’s a bit of a growing up point. We chose the best person for the role across a very extensive network of 27 offices.’

Jenkins, who joined Australia’s big six legacy firm Blake Dawson in 1996 and became a partner ten years later, has experience in corporate finance, debt capital markets and securitisation.

Ashurst previously had Australia-based John Carrington as its managing partner down under, who retired from the firm in October 2014. No successor to the role of Australian managing partner was appointed and the responsibilities of the position were shared across the firm’s Australia-based leadership group.

Jenkins’ appointment followed a vigorous selection process, involving a sub-committee with two non-executives, and ended up with two short-lists – one for internal candidates and the other for external candidates that were non-lawyers.

Earlier this year Ashurst brought in a headhunter to find external non-lawyers to be considered for the role as one of the options. Recruiting a non-lawyer as the firm’s next managing partner would have meant a shift toward a more ‘process-driven’ firm.

jaishree.kalia@legalease.co.uk

Legal Business

Ashurst loses another partner to Gibson Dunn as Perry quits

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Strategic recruitment AshurstGibson, Dunn & Crutcher
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Gibson, Dunn & Crutcher has revisited Ashurst for yet another lateral hire, appointing financial institutions partner James Perry.

Perry joins fellow ex-Ashurst colleagues Charlie Geffen, Jonathan Earle, Mark Sperotto, Nigel Stacey and James Cox, who previously quit Ashurst to join the US firm in London as it aims to build a full-service platform in the City.

With clients like Skandia, Royal & Sun Alliance, Credit Agricole, Société Générale under his belt, Perry will continue his regulatory and transactional practice with a focus on the financial services and insurance industries.

Jeffrey Trinklein, co-partner in charge of the London office said: ‘Our London office already has a strong contentious regulatory practice. Jim’s [Perry’s] focus on non-contentious financial services regulation strengthens our position as a leading global law firm that is able to interact with multiple regulators and allows us to continue to build a top US and English dual regulatory capability that few firms can match.’

Perry had practiced with Ashurst since 1987 and became a partner in 1998.

Gibson Dunn chairman and managing partner Ken Doran commented: ‘Jim [Perry] has a uniquely broad background with deep experience in both financial services regulation and M&A for financial institutions, including insurance companies.’

The news comes within weeks of Stephenson Harwood’s hire of Ashurst corporate partner and board member Anthony Clare who is leaving the firm after 14 years. In his new role, he will work closely with Stephenson Harwood’s corporate head Andrew Edge, who trained and qualified alongside Clare at Ashurst.

jaishree.kalia@legalease.co.uk

Legal Business

KWM real estate duo land at Ashurst following restructure

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Strategic recruitment AshurstKing & Wood Mallesons
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With 24 partners on the market following King & Wood Mallesons‘ (KWM) decision to axe 15% of its European and Middle Eastern practice, Ashurst has picked up real estate partners Darren Rogers and Patrick Williams.

Rogers, who made partner at what was then SJ Berwin five years ago, has joined Ashurst’s real estate team as a partner. He moves with Patrick Williams, who was promoted less than a year ago when KWM made up only two London lawyers from a 36-strong round.

Rogers’ clients include CarVal Investors, an investment arm of US industrial giant Cargill, online retailer Amazon and the real estate arm of investment manager Invesco. He and Williams have also advised longstanding client of the firm, British Land, which named KWM as one of eight go-to law firms when it issued its first formal legal panel at the end of last year.

Rogers said he was ‘delighted to be joining Ashurst’ as it has ‘a clear strategic commitment to the built environment sector’.

Ashurst global head of real estate Hugh Lumby, added: ‘Built environment is a key strategic focus for Ashurst. Darren and Patrick are highly experienced lawyers with excellent reputations and strong client relationships which complement that business and demonstrate once again Ashurst’s commitment to a market leading real estate practice.

He added: ‘They also bring particular experience in the Asian markets and with the increasing globalisation of real estate and projected increase of capital flows into Europe from Asia, Middle East and the US, Darren and Patrick are a perfect fit for our leading global practice.’

While Legal Business understands the departures of Rogers and Williams are part of the restructuring announced in March, earlier this month KWM lost nine European partners in a week as a six-partner private equity team in Paris moved to Goodwin Procter and three partners left the London office for Mishcon de Reya, Dentons and Goodwin Procter. The moves were not part of the restructuring of the legacy SJ Berwin practice.

tom.moore@legalease.co.uk

Read more analysis of King & Wood Mallesons in the comment piece: ‘KWM – ultimately a question of confidence’

Legal Business

Ashurst corporate partner Clare quits for Stephenson Harwood

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Strategic recruitment AshurstStephenson Harwood
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Stephenson Harwood has hired Ashurst corporate partner and board member Anthony Clare who is leaving the firm after 14 years.

He joins Stephenson Harwood and will work with the firm’s corporate head Andrew Edge, who trained and qualified alongside Clare at Ashurst.

At Ashurst, Clare helped launch the firm’s New York office where he was resident from 1999-2000. He specialises in M&A and corporate finance and his experience in both public and private corporate finance includes IPOs, equity issues, acquisitions and disposals. His client base includes both corporates and investment banks. He was also a member of Ashurst’s healthcare practice.

Edge commented: ‘I worked alongside Anthony for 18 years and I have long admired and respected his approach to tackling often complex deals. His experience in M&A and corporate finance will be a real asset to the Stephenson Harwood team, and I am particularly looking forward to working with him again.’

For Stephenson Harwood, Clare’s recruitment follows the recent hire of two partners from Eversheds – King Tak Fung and Ivan Ng – along with along with five associates in Hong Kong.

Ashurst, which suffered a string of exits in recent years has also been hiring with the addition DLA Piper’s high-profile international arbitration head Matthew Saunders in January; and the hire of Skadden, Arps, Slate, Meagher & Flom’s former global private equity co-head Shaun Lascelles in August last year.

The firm is in the process of appointing a new managing partner as current head James Collins is to stand down after completing his term at the end of May this year. The new leader will be Ashurst’s first board-selected head since its chairman Ben Tidswell was elected to the run the firm in 2013.

jaishree.kalia@legalease.co.uk

 

Legal Business

Clifford Chance secures position on Serco panel as Ashurst and Linklaters miss out

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Adviser reviews AshurstClifford ChanceLinklaters
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Following a recent review, outsourcing company Serco has announced its UK legal panel with Clifford Chance, Clyde & Co, Pinsent Masons, Bird & Bird, Addleshaw Goddard and DWF all securing places.

Clifford Chance will take up the position as the listed company’s lead corporate firm with the remaining five firms taking up work across Serco’s legal practice areas, supported by some ‘additional specialist firms’.

Former preferred legal advisers Ashurst, Linklaters and RPC have missed out on appointments to the formal panel.

Serco said in a statement the new panel ‘meets the changing needs of the business and ensure best value for money. This is in line with industry best practice and our commitment to continuous improvement.’

The last panel review carried out by Serco was carried out in 2012 and while former panels have run for three years, Serco said it had not set a date for the next review.

The review is the first carried out by group general counsel (GC) and company secretary David Eveleigh who joined the FTSE 250 company in 2014, taking on a new expanded role overseeing all the group’s general affairs. Eveleigh was previously a GC at BT, having sat on BT’s Global Services legal leadership team.

Meanwhile in other panel news, Yum! Brands, the company behind KFC, Pizza Hut and Taco Bell, has announced its new trimmed down legal panel with Eversheds, Burness Paull, Squire Patton Boggs, Whiting & Purches, TLT and Wright Hassall winning spots on the panel.

Land Securities also refreshed its panel in recent weeks, adding Pinsent Masons alongside Berwin Leighton Paisner, CMS Cameron McKenna, DAC Beachcroft, Eversheds, Herbert Smith Freehills, Hogan Lovells and Nabarro.

madeleine.farman@legalease.co.uk

 

Legal Business

Ashurst boosts City TMT practice with double Herbert Smith Freehills hire, including global co-head

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Strategic recruitment AshurstHerbert Smith Freehills
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In a bid to improve its City TMT offering, Ashurst has hired TMT duo Nick Elverston and Amanda Hale from Herbert Smith Freehills (HSF) in London.

In what is a ‘major boost’ for Ashurst’s City TMT offering, the dual partner hire will see HSF’s current co-head of global TMT group Elverston, who has been a HSF-partner since 2004 and before that was a partner in the Clifford Chance TMT practice, join Ashurst alongside Hale.

Hale has been a partner at HSF’s TMT practice since 2011, and has 22 years of experience of advising clients in the TMT sector which includes a stint at Clifford Chance and also working as GC at a start-up M2M technology company and at the UK telecoms regulator.

Both Elverston and Hale focus on transactional, commercial and regulatory matters and will be based in London, focussing on EMEA & US whilst also working alongside Australia’s TMT practice.

The firm’s chairman Ben Tidswell said: ‘[The] appointment represents a significant step in the further development of our presence in the digital economy, working for clients which are high growth, high tech and international in nature.’

Ashurst head of TMT Lisa Ritson added the partners join as the ‘demand for TMT expertise continues to grow exponentially, driven by businesses across all industries looking to harness new technologies to gain competitive advantage’.

At the beginning of the year, Ashurst added to its City bench with the hire of DLA Piper’s high-profile international arbitration head Matthew Saunders, after what was a slow churn of lateral partner hires in Ashurst’s London office.

The firm is currently on the hunt for its next managing partner as current head James Collis is to stand down after completing his term at the end of May 2016. The firm has started a selection process to find its successor and will announce the successful candidate in due course. The new leader will be Ashurst’s first board-selected head since Tidswell was elected to the run the firm in 2013.

jaishree.kalia@legalease.co.uk

 

Legal Business

Derivatives experience helps Ashurst join Magic Circle on Credit Suisse UK legal roster

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A strong reputation for derivatives work has seen Ashurst selected to join the Magic Circle’s big four international firms on Credit Suisse’s recently finalised UK panel.

The investment bank renegotiates its legal panel every two years. Ashurst is the latest firm to be appointed to the panel – alongside Allen & Overy (A&O), Clifford Chance (CC), Freshfields Bruckhaus Deringer and Linklaters – thanks largely to its track record in derivatives, with clients that include JPMorgan, and the reputation of finance partner Christopher Georgiou.

A partner at Ashurst for more than a decade, Georgiou was the legal head for derivative boutique Gen Re Securities and before that was head of legal in London for the fixed income and treasury trading floors of NatWest Markets.

Bucking the trend of large-scale banking panels, Credit Suisse has decided to keep its external legal roster small. A lawyer at the bank said: ‘With the big work we send their way, in order to generate savings while not affecting the quality, it is better to concentrate work in [fewer] hands. We can’t have many firms. They can make money if we give them £10m worth of work rather than split it among ten firms for £1m.’

Freshfields is known to primarily undertake disputes work for the bank, while A&O has handled major corporate instructions, including the £500m IPO of UK IT infrastructure provider Softcat in October, advising Credit Suisse on its role as joint sponsor and bookrunners.

The bank is in the process of restructuring its EMEA legal division in readiness for the departure of managing director and EMEA general counsel (GC) Maria Leistner for rival bank UBS, where she has been appointed global GC for the bank’s wealth management division. Leistner joined Credit Suisse in 2004 when it reorganised its operations into a ‘one bank’ model to ensure collaboration between its private banking, investment banking and asset management divisions.

Leistner is currently serving her notice period but there will be no direct replacement for her EMEA GC role and some of her responsibilities will be absorbed into the private banking business. As for her role as GC for UK and Europe for the investment banking division, this has now been given to Adrian Ratcliffe, who previously headed the bank’s securities business.

Other banks that have opted for larger panels in recent months include JPMorgan Chase, which appointed the entire Magic Circle, as well as CMS Cameron McKenna, Eversheds and Norton Rose Fulbright, while The Royal Bank of Scotland also undertook a review, and appointed CC, Linklaters and A&O among several others to its roster for the next three years.

sarah.downey@legalease.co.uk