Legal Business

White & Case appoints management as Verrier re-elected while CMS hands Brandi a second term

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Leadership CMSWhite & Case
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Both White & Case and CMS announced yesterday the re-election of their executive chairmen with Hugh Verrier taking the role on for a third time at the US firm while CMS’ Cornelius Brandi was elected for a second term.

Verrier, who was elected to his first term as chairman in 2007, will start another four-year term on 1 September. Having won re-election, the project finance partner also made appointments to the firm’s executive committee, gifting places to London managing partner Oliver Brettle (pictured), São Paulo-based Donald Baker, and banking partner David Koschik in New York. The body is responsible for decision making for the 38-office firm and will see the trio take up their positions on 1 September 2015.

The firm also carried out elections for its other management body, the partnership committee. The eight partners elected to the body comprise: New York partners James Hayden, David Hille, Someera Khokhar and Heather McDevitt, Frankfurt’s Jochen Artzinger-Bolten, Paris-based M&A partner François Leloup, Jacquelyn MacLennan based in Brussels, and Jason Yardley in London. The eight partners will also serve on the Compensation Committee and the New Partners Committee.

Verrier said: ‘I am grateful for the opportunity to lead White & Case for the next four years. As we move forward, we are focused on smart growth and strengthening our capabilities in key markets, attracting and retaining the best talent, and building relationships with clients to support their evolving needs.’

Meanwhile, CMS re-elected executive chairman Cornelius Brandi for a second four-year term. The role is responsible for the firm’s growth and strategic direction, something which Brandi claimed was given backing by his re-election.

Brandi said: ‘Over the years, CMS has achieved a dominant position in transactional work. Our excellent 2014 financial results, with a year-on-year revenue increase of 11%, reflect this. The results show that we have substantially increased our market share in jurisdictions we want to be in. Additionally, the level and quality of mandates that we receive have continually improved. CMS is on the right track.’

michael.west@legalease.co.uk

Legal Business

Mergers helps drive 11% revenue growth at CMS with profits up 3%

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Financial results 2014 CMS
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With two mergers under its belt in 2014, CMS has unveiled double digit growth in revenue for the financial year ending 31 December 2014 with turnover up by 11% to €934.5m (£753.3m).

Although it constitutes a marked turnaround from revenues the year before, which showed a marginal increase of 1% to €842.1m from €837.7m for the year ending December 2013, it benefits from CMS Cameron McKenna’s merger with Dundas & Wilson and a tie-up with Swiss law firm ZPG Avocats.

The 800-partner firm said today (11 June) its net profits also rose 3.3% during that period although it has not provided exact figures. In the UK, turnover was up 37% to £219.7m for the 2014/15 financial year – up from £159m generated the previous year before its Scottish merger took effect on 1 May 2014. The figure implies UK operations also saw organic growth with the tie-up having previously been pegged to add around £45m to the top line.

CMS’ managing partner Duncan Weston (pictured) said: ‘Our combination with Dundas & Wilson has had excellent client feedback and strengthened our UK sectors, practices and our ability to provide clients with greater choice in service delivery. Our technology and efficiency programmes are bringing benefits to our clients and to our firm. As we move into our contemporary new London HQ at Cannon Place, we look forward to the year ahead.’

With a strategic focus on technology, media and communications, energy, financial services, life sciences and disputes, major mandates for the firm included advising Telefónica Deutschland on a cash capital increase of €3.62bn to finance its acquisition of E-Plus from KPN; advising Spain’s Almirall on the $2.1bn transfer of rights to its respiratory franchise to AstraZeneca; and advising Aldwych International on its €600m investment in the Lake Turkana Wind Power Project, to deliver low-cost reliable wind power to the Kenyan national grid.

Executive chair Cornelius Brandi said: ‘We are very pleased with the firm’s excellent revenue growth in 2014, in spite of the geo-political volatility in many regions in which we operate.

‘Even more important to us than the financials are the level and quality of mandates that we receive. We have advised on some of the largest deals in Europe, and we have been ranked number one in Europe by deal count for the fourth time in five years.’

sarah.downey@legalease.co.uk

Legal Business

Partner promotions: CMS makes up 39 in international partnership round

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The CMS international network has this year made up 39 lawyers to partner across Europe and the Middle East, including 10 in the UK and with women accounting for over 46% of total promotions.

The promotions were made across multiple practice areas, with corporate taking the lion’s share with eight promotions, followed by six in real estate and five in disputes, four each in employment and energy, and the remaining spread among banking and finance, commercial, competition & EU, restructuring and insolvency, insurance, maritime, public procurement and tax.

In the UK, real estate was the main focus with four partners being made up in the practice area plus two each in disputes and energy and one in both employment and insurance.

The figures mark a notable increase on last year’s 30-strong round, which included just five in the UK. It nonetheless constitutes a drop on 2012’s number of 50.

The promotions are made within the firm’s sprawling network and regions in this year’s promotions round includes the UK, Germany, France, Belgium, Spain, the Czech Republic, Poland, Austria, Switzerland, the Netherlands, United Arab Emirates, and Oman.

Formed in 1999, the original network group comprised Cameron McKenna, Hasche Sigle in Germany, Derks Star Busmann in the Netherlands, DeBacker in Belgium, Rui Pena & Arnaut in Portugal and Reich-Rohrwig Hainz in Austria – which then quickly expanded to include Swiss practice Von Erlach Klainguti Stettler Wille in 2000; French tax specialist Bureau Francis Lefebvre (BFL) in 2001; Italy’s Adonnino Ascoli & Cavasola Scamoni in 2002; and Albiñana & Suárez de Lezo in Spain in 2005. Cameron McKenna further absorbed beleaguered Scots firm Dundas & Wilson in 2013.

On the promotions, senior partner Penelope Warne said: ‘We are delighted to welcome these talented individuals to the partnership. These promotions were made across a number of areas, and reflect the talent and commitment of our lawyers as we grow the firm internationally. We are proud that seven of the 10 partners in the UK are women, reinforcing our strong commitment to diversity.’

CMS chair Cornelius Brandi added: ‘The naming of 39 new partners is a clear indication that CMS is continuing on its course of growth and expansion. With over 800 lawyers in total in 59 locations, we have a very strong position in the international legal market.’

Others to confirm partner promotions includes Taylor Wessing which yesterday (20 April) announced five lawyers were being made up to partner in its UK round, while Wragge Laurence Graham & Co promoted six.

Partner promotions across CMS for 2015 include:

Banking & International Finance

Marlous de Groot, Netherlands

Cristina Reichmann, Romania

Corporate

Alexandre Delhaye, France

Anela Musat, CEE

Christian Delgado, Netherlands

Clair Wermers, Netherlands

Clemens Grossmayer, Austria

Jakub Marcinkowski, Poland

John O’Connor, United Arab Emirates

Patrik Przyhoda, Czech Republic

Commercial

Alexis Hallemans, Belgium

Ellen Gielen, Netherlands

Competition & EU

Claire Vannini, France

Edmon Oude Elferink, Belgium

Dispute Resolution

Alison Gow, UK

Cristina Coto, Spain

Luis Javier Vidal Calvo, Spain

Reto Hunsperger, Switzerland

Sarah Grenfell, UK

Employment

Caroline Froger-Michon, France

Daniel Ludwig, Germany

Gillian MacLellan, UK

Sören Langner, Germany

Energy, Environment, Projects and Construction

Ben Ewing, Oman

Christine Worthington, UK

Iga Lis, Poland

Valerie Allan, UK

Insurance

Zoe Burge, UK

Maritime

Christoph Zarth, Germany

Public Procurement

Virginie Dor, Belgium

Real Estate

Angus MacRae, UK

Chris Rae, UK

David Abel, UK

Emma Pinkerton, UK

Lukáš Hejduk, Czech Republic

Ursula Steinkemper, Germany

Restructuring & Insolvency

Björn Frisch, Germany

Niklas Lütcke, Germany

Tax

Frédéric Gerner, France

sarah.downey@legalease.co.uk

Legal Business

Dealwatch: Phones 4u, with £105m profit and ‘cash in the bank’, enters administration with CC, A&O and CMS acting

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Corporate Allen & OveryClifford ChanceCMS
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Allen & Overy (A&O), Clifford Chance and CMS Cameron McKenna have all landed key roles advising on the administration of high street retailer Phones4u.

With PwC acting as administrator, the company went into administration on Sunday [14 September] after the withdrawal of EE, O2 and Vodafone products from its stores, placing 5,596 jobs and more than 700 outlets at risk.

Owned by pan-European private equity house BC Partners, a statement from the company said on Sunday: ‘Following the decisions of Vodafone and EE, Phones 4u has no option but to seek the appointment of administrators from PwC’.

The statement continued:’Phones 4u is a profitable, well-managed business with 550 standalone stores, employing 5,596 people. The company has a turnover of over £1bn, EBITDA of £105m for 2013 and significant cash in the bank.’

A&O restructuring and corporate insolvency partner Ian Field is leading a team advising Phones4u alongside the firm’s managing partner of the global restructuring and insolvency group Mark Sterling.

Clifford Chance is understood to be advising the lenders of the company’s rolling credit facility on the administration with a team led by finance partner Charles Cochrane.

CMS Cameron McKenna is also advising on the mandate, and is acting for the security trustee, ING Bank, with corporate recovery and restructuring partner Martin Brown advising.

Shortly before the administration, Moody’s downgraded its outlook over the company’s ability to repay its debts following Vodafone’s decision to not renew its network agreement with Phones 4u, which represented more than 20% of the latter’s revenues and gross profit.

Sarah.downey@legalease.co.uk

Legal Business

Financial results 2013/14: CMS unveils flat revenues with profit up 3.3%

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CMS has unveiled a marginal increase in revenue for the 2013/14 financial year, with turnover up by under 1% from €837.7m to €842.1m for the year ending 31 December 2013.

The 3,000 fee-earner firm said today (5 June) that its profits during that period rose moderately by 3.3% from the previous year, although the firm has yet to provide its underlying figures. 

The results, which come after the firm’s merger with Scottish firm Dundas & Wilson at the end of 2013, follow a 2011/12 revenue increase of 5.1%. However, CMS executive chairman Cornelius Brandi said: ‘2013 was a particularly good year for CMS. Despite the global economic situation, we managed to increase our revenue and our profitability.

‘We established an office in Istanbul which has in its first six months of existence proved successful and we signed a co-operation agreement with energy specialists Woodhouse Lorente Ludlow in Mexico.

‘All of these are constructive developments that show CMS as an attractive partnering option within the legal industry. We are proud that in 15 years we have built the largest legal footprint in Europe and are consistently ranked number one for M&A deal volume in the region.

‘CMS is in a very strong competitive position in our key sectors of energy, financial services, life sciences and TMT, where we executed some highly complex cross-border matters in 2013. We feel confident that there are opportunities ahead as we move towards a more positive economic outlook across the world.’

Standout deals include advising Telefónica Deutschland on its acquisition of E-Plus for €3.7bn and acting for Statoil on the divestment of UK and Norwegian Continental Shelf assets to OMV for $2.65bn.

Other UK firms to have disclosed their 2013/14 financial results include Berwin Leighton Paisner, where revenue has increased by 6%, and Charles Russell, which has seen a 7% rise in turnover for the period.

jaishree.kalia@legalease.co.uk

Legal Business

Redundancy watch: CMS and Dundas cut 60 support staff roles

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CMS and Dundas & Wilson confirmed today (30 April) that they have made 60 staff redundant ahead of their £300m merger, set to go live tomorrow.

The redundancies follow the duo’s announcement in mid-March that 60 support staff roles were at risk, including 40 roles at Dundas & Wilson, while around 20 jobs were at risk within CMS and its third party suppliers Integreon, Initial and Xerox. CMS confirmed at the time there would be no impact on any fee-earning roles.

In a joint statement today a spokesperson said: ‘There has been considerable work going on as we prepare for the combination of CMS with Dundas & Wilson on the 1 May. With any combination it is regrettably to be expected that there are some duplication of roles resulting in redundancy.

‘While there is no reduction in the number of lawyers, we can confirm that as we anticipated about 60 support roles have been made redundant with two thirds of those roles within Dundas & Wilson and one third within CMS and its third party suppliers.’

The move comes after CMS completed a redundancy programme in 2013 that cut 37 jobs across fee-earner and support roles.

Other firms to have made redundancies this year include Ince & Co and DWF, which, following a series of mergers, last month made 19 business services staff in its finance department redundant following the conclusion of a consultation which put 21 at risk in March.

Sarah.downey@legalease.co.uk

For more coverage of CMS see ‘Buy-side story: how CMS and Dundas & Wilson finalised their surprise merger’

Legal Business

Partner promotions: CMS promotes 30; Clyde & Co nine; Lawrence Graham five

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Partnership promotions Clyde & CoCMSGowling WLG
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The latest round of partner promotions among the top 20 UK firms has this week seen CMS Cameron McKenna announce the appointment of 30 associates to partner across Europe, including five in the UK, while Clyde & Co has promoted nine and, outside the top 20, Lawrence Graham has made up five new partners.

While CMS has roughly maintained its promotion levels of last year, when 31 associates were made up, the figure nonetheless constitutes a significant drop when compared with 2012, when that figure was 50.

The promotions were made across areas including banking and international finance; corporate; disputes; energy; employment; and real estate. The firm also awarded a promotion to new merger partner Dundas & Wilson, from which real estate consultant Margaret McLean has been made up.

She is one of five UK partners promoted, a dip compared to the nine UK associates made up last year.

UK senior partner Penelope Warne said: ‘We are delighted to welcome our new partners. Including our colleagues from Dundas & Wilson, we will have over 830 partners globally.’

Meanwhile, Clydes promotion of nine to partner is an increase on the 1,081-lawyer firm’s promotion last year of six. This is said by the firm to reflect its continuous growth and financial performance, which last year saw a healthy 17% revenue increase to £336.6m while profit per equity partner was up 4% to £580,000. The promotions are effective from 1 May 2014.

The promotions fall heavily in the firm’s insurance practice, as well as in its employment; real estate; disputes; employment; corporate; and finance practices. As of 1 May, the firm will have a 307-strong partnership.

Clydes senior partner James Burns said: ‘These promotions demonstrate our continuing growth across our global network and the benefits of our focus on our core sectors. The seven promotions within insurance show our strength across all classes from excess liability, through professional and financial lines to personal injury and clinical negligence. Our breadth of coverage of the trade and marine market is also reflected but so too is our continuing growth across dispute resolution, real estate, project finance and employment, already one of, if not the, largest in the City.’

Three of the promotions were in the EMEA region and Burns added: ‘We continue to grow our leading practice in the Middle East and our presence in Africa and are pleased to see the development within the Clyde’s model of partners who have joined us relatively recently through our mergers.’

Elsewhere, Lawrence Graham has promoted five senior associates to partner across its real estate; disputes; private capital; and corporate practice groups. The promotions are announced as the firm’s £171m merger with Midlands giant Wragge & Co is set to go live this Thursday (1 May).

Managing partner Hugh Maule, said: ‘All five lawyers have demonstrated excellent client development and management skills. They have each made a significant contribution to the success of their practice groups, all of which are highly regarded within their sector. I am very proud that they have all been successful in their respective fields and am confident that they will continue to inspire others as part of Wragge Lawrence Graham & Co from 1 May.’

sarah.downey@legalease.co.uk

The full list of partner promotions:

CMS:

Banking & international finance

Marc-Etienne Sébire (France)

Simona Marin (Romania)

Beltrán Gómez de Zayas (Spain)

Corporate

Arnaud Hugot (France)

Lars Eckhoff (Germany)

Dr. Eckart Gottschalk (Germany)

Dr. Martina Schmid (Germany)

Ellen Gielen (Netherlands)

Matteo Ciminelli (Italy)

Commercial, regulatory and disputes

Assen Georgiev (Bulgaria)

Martin Wodraschke (Hungary)

Clemens von Zedtwitz (Switzerland)

Energy, projects and construction

Lukas Janicek (Czech Republic)

Richard Sinclair (UK)

Phillip Ashley (UK)

Loredana Mihailescu (Romania)

Employment

Gaël Chuffart (Belgium)

Dr. Nina Hartmann (Germany)

Dr. Tobias Polloczek (Germany)

Valeriy Fedoreev (Russia)

Insolvency

Dr. Charlotte Louise Schildt (Germany)

Life sciences

Dr Monika Ploier (Austria)

Dr. Thomas Hirse (Germany)

Litigation

Bas Baks (Netherlands)

Pensions

Maria Rodia (UK)

Real estate

Przemyslaw Kucharski (Poland)

Jules Needleman (UK)

Margaret McLean (UK)

Tax

Romain Marsella (France)

Technology, media & telecoms

Florian Dietrich (Germany)

Dr. Ole Jani (Germany)


Clyde & Co:

Keith Conway – Disputes, London

Keith Hutchison – Disputes, Dubai

Keith Guerts – Disputes, Toronto

Simon Jackson – Insurance (energy, marine), London

Annabelle Redman – Real estate, London

Charles Urquhart – Employment, London

Prarthna Chaddha – Corporate, Dubai

Peter Kasanda – Finance, Dar es Salaam

 

Lawrence Graham:

Clive Chalkley, real estate, London

Alex Jay, disputes, London

Daniel Ugur, private capital, London and Singapore

Sam Gray, corporate, London

Kristian Rogers, corporate, London

Legal Business

CMS extends Middle East footprint with Oman launch

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Middle East and Africa CMS
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CMS will join only a handful of international law firms with a presence in Oman, as the top 10 LB100 network today (10 March) announces a new office in Muscat, its second office in the Gulf region.

With an initial focus on energy, projects and financial institutions clients, the team leading the launch include Aberdeen-based energy, projects and construction practice group head Stephen Millar and Dubai managing partner Matthew Culver, as well as new hires Ben Ewing from Akin Gump Strauss Hauer & Feld and Amur Al Rashdi from local firm Khalifa Al Hinai, both who join as consultants and will be based in Muscat.

Oman’s legal market has stayed strong despite ongoing instability in the Middle East, attracting foreign investors through its focus on infrastructure, power and water projects. Early last year saw Addleshaw Goddard launch via a tie-up with local firm Nasser Al Habsi. Other players in the Sultanate include Dentons, DLA Piper and Trowers & Hamlins, which in January announced it was pulling out of Egypt, due to continued uncertainty in light of the political upheaval.

Oman is CMS’ second Middle East office after Dubai.

Millar said: ‘The energy, projects and financial services sectors are growing in Oman and throughout the Middle East. They are strategically important areas for our clients and priority sectors for CMS. Our strategy is to be where our clients need us to be, and a presence in Oman complements our global offering.’

This latest move by CMS to grow its international offering follows the launch of an office in Istanbul in November, where the firm relocated Döne Yalçin and John Fitzpatrick to lead a team offering services in project finance and infrastructure work, with further plans to expand in the fields of energy, capital markets, and M&A.

sarah.downey@legalease.co.uk

Legal Business

West meets East – CMS latest to announce Istanbul office launch

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Middle East and Africa CMS
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The latest move by CMS to enhance its international offering lies at the cross roads between Europe and Asia, with the Global 100 firm today (7 Nov) announcing that it is to launch an office in Istanbul – the latest western firm to open in one of the world’s fastest-growing economies.

As partners Döne Yalçin and John Fitzpatrick relocate to Istanbul to lead the new venture, the office will offer services in project finance and infrastructure work, with further plans to expand in the fields of energy, capital markets, and M&A.

CMS is the latest of a string international law firms to have recently established a presence in Turkey in the last year. In February, Pinsent Masons entered into a joint venture with local lawyer Noyan Göksu – formerly head of arbitration at Turkey’s largest law firm Hergüner Bilgen Özeke – while US firm Edwards Wildman received approval from the Istanbul Bar Association to operate as a foreign law firm, offering services in cross-border private equity and corporate M&A. In addition, it confirmed an association with local boutique Ismen in early September.

CMS also operates Turkish desks in the Netherlands, Germany and Austria. Yalçin, former head of the Turkish desk at CMS Vienna, said: ‘Being on the ground in Istanbul gives CMS an excellent opportunity to expand on the work we do for clients in Turkey. With strong links across CMS and with dedicated Turkish desks in four locations, Turkish clients have access to full-service expertise across the 31 jurisdictions in which CMS has a presence.’

Corporate partner John Fitzpatrick explained that the region is of increasing interest to international companies and investors.

‘Opening this office in Istanbul is proof of CMS’ commitment to providing first-rate advice to our clients in key jurisdictions,’ he added. ‘CMS lawyers have been working extensively on Turkey related matters for many years. Over time, we have developed a deep understanding of how to structure and complete transactions relating to Turkey, with a particular focus on cross border and international transactions.’

sarah.downey@legalease.co.uk

Legal Business

Trainee retention: Eversheds, Clyde & Co, CMS Cameron McKenna and Simmons reveal rates

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Trainee retention Clyde & CoCMSEversheds SutherlandSimmons & Simmons
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The number of training contracts being offered by City firms may have dropped by over 20% but the recently revealed retention rates of Eversheds, Clyde & Co, CMS Cameron McKenna and Maclay Murray & Spens remain high, although Simmons & Simmons has slid to 71%.

Eversheds, which yesterday (10 September) posted an 87% retention rate, offered 40 out of 45 newly-qualified (NQ) lawyers a permanent role at the firm, which 38 accepted. The figures mirror last autumn’s retention round, when the same number of NQs were kept on.

Angus McGregor, HR director at Eversheds, congratulated the successful NQs, commenting: ‘Our training contract is designed to extend the experience and skill sets of junior lawyers across multiple industries and sectors, preparing them for the modern legal world.’

Elsewhere, 1081-lawyer Clyde & Co has reported that it will retain 95% of its trainees, with 36 out of 37 trainees accepting a job at the firm. This follows an equally high retention rate of 94% this time last year.

Meanwhile, top ten LB100 firm CMS Cameron McKenna has announced it will hold onto 28 out of 34 NQs this September, equating to a retention rate of 82%. Of those retained, 23 will join the City office, while two will move to the insolvency and recovery group in Bristol. The others bolster the firm’s practice in Scotland, with one joining the real estate and finance practice in Edinburgh, a further lawyer heading to the Edinburgh office’s disputes department, and the last joining the employment team in Aberdeen. CMS unveiled a similar result last year of 84%.

However, Simmons & Simmons has revealed a retention rate of 71%, a drop on last year’s figure of 89%. The firm offered 17 out of a total of 24 trainees a position, with the vast majority taking on roles in the City.

Outside of the City firms, Weil Gotshal & Manges’ London arm has offered jobs to four out of six NQs, a retention result of 67%. This marks a slide on last year’s figure of 73%.

The beleaguered Scottish market has also seen Maclay Murray & Spens (MMS) offer 15 out of 19 NQ positions this year across its London, Glasgow, Edinburgh and Aberdeen offices.

MMS chief executive Chris Smylie said: ‘We are delighted to have been able to offer so many opportunities to newly qualified lawyers. It signals our confidence in the future, as we further build our strategy for growth, following last year’s root and branch review. This follows on from our recruitment of three lateral hires at partner level in August and the promotion of two partners from associate in June.’

However, at Dundas & Wilson, out of 21 trainees who applied for positions with the firm, 14 have accepted offers to stay after they qualify.

sarah.downey@legalbusiness.co.uk