Legal Business

Consolidation update – Dentons and McKenna chiefs back tie-up with November partner vote to follow

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Legal mergers Dentons
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Dentons looks set to secure another substantive merger after management of the firm and US suitor McKenna Long & Aldridge this week approved proposals for its mooted union, clearing the way for partners to vote on the tie-up in November.

With both having confirmed the merger discussions in late September, the impending union looks set to create a firm with more than 3,100 lawyers around the world and push revenues through £1bn.

In a statement, the firm said: ‘The boards of Dentons and McKenna Long & Aldridge have recommended to their partners that the firms combine, subject to the approval by their respective partnerships. The voting procedures will follow the protocols of each firm and will be completed no later than November 14, 2013.’

Dentons was formed from the three-way merger of SNR Denton, Salans and Canada’s Fraser Milner Casgrain, which went live earlier this year. The combined firm has 2,360 lawyers and current income of £830m, with profit per equity partner of £451,000.

McKenna Long was formed from the 2002 merger of Atlanta’s Long Aldridge & Norman and Washington DC-based McKenna & Cuneo. The currently firm generates revenues of around $350m.

The impending vote comes amid a flurry of merger bids in the US legal market, with Orrick Herrington & Sutcliffe and Pillsbury Winthrop Shaw Pittman confirming ongoing merger talks earlier this month. Washington DC’s Patton Boggs and Dallas practice Locke Lord were also this month reported to be holding merger discussions.

sarah.downey@legalease.co.uk

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Legal Business

Panel win: £15bn Pension Protection Fund reveals new line up

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Adviser reviews Clyde & CoDentonsGowling WLG
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Labelled one of the most important institutions in the pensions industry with £15bn of assets under management, the Pension Protection Fund yesterday (7 October) announced its new slimmed down legal panel, with Wragge & Co winning a first time appointment for the body as one of three core advisers.

International firms Clyde & Co and Dentons also won core advisory roles on the panel, which has shrunk from a total of 27 firms in 2007 to 23 following a comprehensive tendering process.

Ten firms including Addleshaw Goddard, Berwin Leighton Paisner and Bond Dickinson have been appointed to the PPF’s insolvency and corporate panel, which will be called on to advise where it ‘makes recoveries from insolvent employers and in particular on those occasions where there is consensual restructuring.’

In addition, 18 firms, including a number of those appointed to the insolvency panel as well as first-time appointees such as Ashurst and Herbert Smith Freehills, have won a place on a ‘specialist and reserve’ panel, to give added ‘strength and depth’ in specialist areas such as litigation and investment work.

However, the PPF anticipates that where possible the three core firms will provide it with the majority of its service requirements, the body said in a statement today.

Both Clydes and Dentons have worked for the PPF previously. Clyde & Co partner Mark Howard was previously seconded to the in-house legal team at the PPF, which included advising on legislation to establish the organisation, while Dentons has advised the organisation on IT procurement matters.

The organisation has also entered a sharing agreement with the Regulators’ Procurement Forum under which 12 separate regulatory bodies including the Postal Service Commission, the Office of the Rail Regulator, the OFT and the Civil Aviation Authority are allowed access to the PPF’s panel firms under terms agreed.

PPF director of strategy and legal affairs David Taylor said: ‘Legal issues pervade everything that we do – so it was important that we spent the time and resource making sure that we have the right firms to provide the right advice and support as we continue to grow and develop.

‘With the benefit of eight years’ experience we have a clearer idea of our medium-term legal needs and I am delighted that we have reshaped our panel accordingly.

‘The PPF now protects hundreds of thousands of pension scheme members, is increasingly involved in complex restructuring deals and litigation and manages an expanding asset portfolio which currently stands at around £15 billion. I look forward to working with all our panel firms on the many interesting and novel issues that continue to arise on a daily basis.’

The PPF added that, apart from technical expertise, the primary criteria for choosing firms was quality of service and value for money. The new three-year contracts have the potential to run for a further two years.

Wragge & Co human resources partner Paul Feathers said the win was ‘an excellent opportunity for [the firm] to work in partnership with one of the most important institutions in the pensions industry and to help the PPF continue to provide essential protection for members of defined benefit occupational pension schemes.’

The PPF panel in full:

The insolvency and corporate panel comprises: Addleshaw Goddard, Berwin Leighton Paisner, Bond Dickinson, Mayer Brown, Moon Beever, Nabarro, Osborne Clarke, Pitmans, Squire Sanders and Stephenson Harwood, as well as the three core panel firms Clyde & Co, Dentons and Wragge & Co.

The specialist and reserve panel comprises: Addleshaw Goddard, Ashurst, Berwin Leighton Paisner, Bevan Brittan, Bond Dickinson, Burness Paull, Dundas & Wilson, Field Fisher Waterhouse, Herbert Smith Freehills, Hogan Lovells, Jones Day, Kingsley Napley, Mayer Brown, Nabarro, Osborne Clarke, Sacker & Partners, Squire Sanders and Stephenson Harwood.

 

sarah.downey@legalease.co.uk

Legal Business

Consolidation watch: Dentons and McKenna Long in merger talks

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Legal mergers Dentons
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Dentons and McKenna Long & Aldridge confirmed late on Monday (30 September) that they are in merger talks to create a firm with more than 3,100 lawyers around the world.

The firms are reported to be aiming to complete the deal by 1 January 2014 and in response Dentons issued the following statement to the US media:

‘Since creating Dentons earlier this year, we have been very clear in our determination to always deepen our capabilities to serve clients in the U.S. and around the world.

‘This has included discussions with firms and lawyers for whom we have great respect and share common goals.

‘McKenna Long & Aldridge is one such firm, having built in the US, Europe, and Asia a very admirable team of lawyers and professionals with whom many of our people have worked for years.

‘While we continue to have discussions between our two firms and with our partners about the future, we do not have a relationship to announce.’

McKenna Long, which was formed from the 2002 merger of Atlanta’s Long Aldridge & Norman and Washington-based McKenna & Cuneo, said that it continues to explore ‘strategic opportunities that enhance the value of our practices and services, while expanding our geographic reach,’ adding, ‘Dentons, with 75 locations in more than 50 countries and a commitment to delivering creative, dynamic business and legal solutions, is one such firm.’

Dentons was formed from the three-way merger of SNR Denton, Salans and Canada’s Fraser Milner Casgrain, voted through in November 2012.

The combined firm has 2360 lawyers and its 2012/13 revenue figure was flat at £830m, with profit per equity partner also flat at £451,000.

caroline.hill@legalease.co.uk

Legal Business

Texan draw: Dentons opens in Houston as shale gas draws players in

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Partly thanks to the shale gas energy phenomenon Texas has become one of the most attractive markets in the US and it is little surprise that Dentons yesterday (24 September) announced it is to open in Houston.

Home to energy giants Baker Botts, Vinson & Elkins and Jones Day, the widening draw of Houston was affirmed in 2010 when Latham & Watkins opened an office with the hire of lawyers from Baker Botts and Akin Gump Strauss Hauer & Feld, including former energy head Michael Dillard. In 2011 Norton Rose was reportedly looking at the region: that ambition was achieved this year with its merger with Houston-founded leading energy firm Fulbright & Jaworski.

Dentons new office is its 16th US location and 79th globally – in terms of global coverage, the top 50 Global 100 firm punches above its weight, on a par with top five firm Baker & McKenzie, which has 74 offices (DLA Piper in first place has 105). However the 1093-lawyer firm is far thinner spread (Bakers has 4004 lawyers).

The product of a tie-up between Salans, Canada’s Fraser Milner Casgrain and SNR Denton, Dentons also has an office in Dallas, opened in 2007 to service many of the firm’s energy clients locating there.

The new office – staffed by Dallas partners Barry Cannaday, Martin Gibson, Michael Moore, Mark Nelson, Jason Schumacher and Ryan Sears, with Karl Hopkins relocating from Washington D.C and senior advisor Susan Wood moving across from Chicago – will act as a major hub for lawyers across Dentons’ energy practice.

‘As a gateway to the world’s most important energy markets, Houston will draw Dentons lawyers from around the world to focus on our clients’ most complex and sophisticated needs,’ said Elliott Portnoy, Dentons global chief executive officer.

sarah.downey@legalease.co.uk

 

 

 

 

 

Legal Business

Deal Watch: Dentons & King & Spalding act on HR Owen hostile takeover bid as Freshfields and Skadden secure Asian M&A roles

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Corporate DentonsFreshfields Bruckhaus DeringerKing & SpaldingReed Smith
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While the traditional August lull in corporate work may have seen Asia relax, the giant is far from asleep and has gifted a number of transatlantic and Magic Circle firms with eye-catching international M&A deals.

Dentons led by corporate partner Jeremy Cohen is advising luxury car dealer HR Owen on the £32.5m hostile takeover bid by Malaysian billionaire Vincent Tan’s Berjaya Philippines, which HR Owen last week rejected as ‘derisory’.According to Cohen, Dentons, which has previously advised HR Owen out of its Milton Keynes office, advised on the defence and takeover roles.

Top 40 US firm King & Spalding led by London corporate partner William Charnley is advising Berjaya Philippines on the attempted takeover, which valued the company at 130 pence a share and will be voted on by shareholders later this month. Charnley, who has held roles as head of corporate finance at Simmons & Simmons and London managing partner of McDermott Will & Emery, joined King & Spalding’s London office in July last year.

The bidder has until 19 August to obtain the requisite level of acceptances by shareholders.

Elsewhere, Freshfields Bruckhaus Deringer and Reed Smith Richards Butler Hong Kong are advising leading UK retailer Tesco and China Resources Enterprise (CRE) respectively on talks to combine their Chinese retail operations to form a leading retailer in the People’s Republic. Tesco, which has been operating in China since 2004 and has 131 stores, is looking to combine with CRE’s 3000 outlets trading as Vanguard.

The Freshfields team is being led by client relationship partner Claire Wills, head of Freshfields’ retail sector group, while at Reed Smith corporate partner Ivy Lai is leading a team out of Hong Kong.

The proposed joint venture would create a business with sales of £10bn, in which CRE would control 80%, with the remaining 20% controlled by Tesco. However, according to Tesco, there is no certainty that the transaction will go through.

Elsewhere, Skadden, Arps, Slate, Meagher & Flom is advising Cheil Industries and Samsung Electronics on an acquisition of a majority stake in lighting specialist Novaled. Cheil Industries is set to acquire 50% while Samsung will take 40% of the company in a deal that values Novaled at €260m. The remaining 10% is currently held by Samsung Venture Investments, which will maintain its shareholding.

The Skadden team is being led by M&A partners Matthias Horbach in Frankfurt and Young Shin in New York alongside tax partner Johannes Frey in Frankfurt. Sullivan & Cromwell led by Frankfurt corporate partner York Schnorbus advised Novaled. This will be Samsung’s first large strategic investment in Germany.

david.stevenson@legalease.co.uk

Legal Business

Retention round up: mixed bag as Shoosmiths, Dentons, Taylor Wessing record reduced rates

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Following last week’s round of positive trainee retention rates within a mix of Magic Circle, international and regional firms; the latest batch of results has revealed a substantial reduction in the number of newly qualified lawyers offered a position at their respective firms.

It’s bad news for the junior lawyer at Shoosmiths as the national firm announced yesterday (7 July) that it will only retain 41% of NQ trainees. Out of a cohort 22, nine out of 11 trainees have so far accepted jobs while out of the remaining 13 newly qualifieds (NQs), seven have been offered jobs at other law firms, and one will return to a non-legal career.

It follows the release of top-40 firm Shoosmiths’ financials which illustrated a modest 3% rise in turnover while PEP dropped 9.7% from £298,000 to £269,000. The firm attributed this to the rise in average equity partner numbers from 40 to 45 during the year.

A spokesperson for Shoosmiths said: ‘Because our trainees are recruited so far in advance, it’s always difficult to predict exactly what our requirements will be at qualification time.

‘Continuing economic uncertainty makes that doubly difficult, and unfortunately we have fewer vacancies at this point in time for newly-qualified solicitors than trainees. We’re hoping more vacancies will become available between now and September, should the economy pick up. In the meantime, we will take all the steps we can to provide support, guidance and help to those trainees still looking for an NQ role.’

Newly merged Dentons has also posted a modest retention rate compared to its peers so far, of 68%. Of its 25 trainees, 17 accepted offers while three were unsuccessful and five chose not to apply.

The low numbers follow the release of the entity’s first financials last month. Publishing broadly flat figures since combining SNR Denton, Salans and Fraser Milner Casgrain, the results equated to a combined total turnover of £829.7m, in the top 20 of global law firms in terms of turnover.

Top-20 firm Taylor Wessing also announced its retention rate this week, posting a 70% retention rate out of a cohort 23, making disappointing reading on last year’s figure of 86%. This year, three chose not to apply and the 16 out of 20 that did were successful, equalling a retention rate of 86% from that perspective.

‘We always try to retain as many NQs as possible,’ said graduate recruitment partner, Tim Worden. ‘Having trained them, we expect them to be first-rate associates with good prospects for continued career growth at Taylor Wessing. It’s obviously disappointing that our retention rate isn’t as high this year.’

‘Every year we try our best to match the needs of our various practice areas with the areas into which our trainees wish to qualify, but it’s not always easy to find the perfect match. We hope our retention will be back up to normal levels again next year.’

Those results follow the firm’s announcement last week where a recent redundancy consultation resulted in 22 secretary job losses.

In contrast, City firm Nabarro posted an 83% retention rate across its London and Sheffield offices. It’s a significant boost on the firm’s ranks last year which equalled a 69% retention rate last September. Out of 18 that applied this time around, 15 offers were made and all applicants accepted.

Jane Drew, head of graduate recruitment at Nabarro said: ‘We are pleased that all 15 of our offers have been accepted this year and our retention rate has improved after a blip last year. We put a lot of work into the selection process for our trainees and it is always rewarding to welcome such high quality new lawyers to the firm.’

Elsewhere, SJ Berwin, which recently confirmed a ground breaking union with Asia powerhouse King Wood & Mallesons, unveiled an 88% graduate intake for September 2013

Out of 16 applicants, a total of 14 trainees accepted newly qualified roles with the firm, illustrating a 10% improvement on the firms’ Spring retention rate of 78%. The overall retention rate for this year was 83%. To date, 96% per cent of trainees have accepted roles with the firm.

Nicola Bridge, training principle at SJ Berwin said the firm was ‘impressed at the level of talent this year,’ while its continually ‘high’ retention rates ‘demonstrate that SJ Berwin remains an attractive option for trainees.’

Sarah.downey@legalease.co.uk

Legal Business

Comparing apples with, err, pears: Dentons’ financials show slight increase in revenue as Withers and Travers reveal numbers

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Financial results 2013 DentonsTravers SmithWithers
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If the financial results of 2013 are useful for one thing, it will be to remind us of the sheer volume of transcontinental mergers, nearly-ran mergers, and the growth in popularity of the Swiss verein model.

The tail end of the financial reporting season has seen Dentons post its first, broadly flat set of results since the three-way merger of SNR Denton, Salans and Fraser Milner Casgrain, while Withers and Travers Smith (which stands out all the more for its fierce independence) have both seen a small increase in turnover.

Dentons posted a combined total turnover of £829.7m, placing it broadly in the top 20 of global law firms in terms of turnover. Its PEP figure is £452,000, while net earnings stand at £225.2m.

The turnover sum is reached by combining the revenues of each limb of the verein, which on the face of it seems straightforward but for the fact that they do not all have the same financial year. This will undoubtedly skew any really meaningful comparison with Dentons’ peers.

Compared with last year, Dentons’ revenue figure represents a 1% increase and PEP is down by 1%. A spokesperson for the firm confirmed that by practice area, corporate work made up for around 61% of total global revenues, or £507.5m, disputes brought in £164.4m (20%), finance work contributed £75.4m (9%), and property £82.3m (10%) of the total revenues.

Elsewhere, Withers, which in May called off merger talks with Speechly Bircham, saw its revenues rise by 4% to £117.8m from £113.3m the previous year. It’s PEP, however dropped by 4% from £386,000 to £370,000. The top of equity has also dropped from 548,000 to 519,000 but the bottom of equity rose by 4% to £272,000.

Given the firm’s private client focus, it’s no surprise that wealth planning made up for almost half of its turnover, 48%, with disputes and corporate bringing in 17% and 15% respectively.

Meanwhile, the ever independent Travers Smith posted total revenues of £86.2m, up 3% from £83.8m last year. However, PEP dropped by 2% to £790,000 from £804,000 in 2011/12.

The results comes in a week that saw Herbert Smith Freehills announce its financial performance for just seven months – the period since the union between Herbert Smith and Australian leader Freehills went live on 1 October – but refuse to disclose the proceeding five months of the legacy City firm’s financial year.

The issued seven-month figures appear to support claims that the firm has seen an effective 10% fall in its profitability, at least judged by the rough ‘n’ ready formula of a pro-rata reading of the results over a 12-month period.

The seven-month results show revenues of £471.2m, with net profits of £137.2m, to be shared across 316 equity partners. On a 12-month extrapolation – admittedly a very rough guide – this equates to a profit per equity partner (PEP) of £753,000, against a legacy figure for Herbert Smith of £840,000 for the 2011/12 year. The legacy Herbert Smith PEP figure is on the basis of 131 equity partners.

David Willis, managing partner of HSF, told Legal Business that a straight financial comparison is not realistic. ‘You’re not really comparing like-for-like with the old firm. We’ve bought together two firms,’ he said.

david.stevenson@legalease.co.uk

Legal Business

Asia Round-up: Field Fisher launches in Shanghai while Global 100 leaders position themselves in Hong Kong and Dubai

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Asia DentonsDLA PiperFieldfisherMorgan, Lewis & Bockius
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Field Fisher Waterhouse has joined forces with Ryser & Associates in Shanghai while a show of strength among the Global 100 leaders in Hong Kong over the past week has seen Jones Day, Dentons and DLA Piper bolster their finance and capital markets capability.

Field Fisher announced yesterday (8 July) that it has launched in Shanghai under the brand Field Fisher Ryser. Ryser & Associates was formed in 2004 with a focus on intellectual property and corporate.It services clients from China, Japan, the US and Russia across industries such as food, electronics, automobiles and finance led by managing partner Zoe Zhan.

Commenting on the move Field Fisher’s managing partner Michael Chissick said: ‘A key aspect of the two firms coming together was the opportunity to have a credible base in China built on the IP/IT and corporate focus of both firms. We hope Field Fisher Ryser will continue to grow over the next few years and help our clients realise their ambitions and strategic plans in China whilst also enabling us to better service our growing Chinese client base.’

In Hong Kong meanwhile, Jones Day – in 10th position by revenue in this year’s Global 100 – secured a high profile local hire in the form of Michelle Taylor, former Asia managing partner and China office leader at US rival Orrick Herrington & Sutcliffe. She has joined the firm’s banking and finance practice.

Taylor has 20 years’ experience of structured finance, real estate finance, debt capital markets and securitisation. Jones Day Hong Kong head Robert Thomson said: ‘Michelle’s in-depth knowledge and market leading experience in structured finance make her a great asset to our clients and significantly enhances our ability to work on the some of the most innovative financial transactions in the region.’

The hire builds on the arrival last year of banking and finance specialist Maria Tan Pedersen, who came from K&L Gates in August.

Jones Day’s Asian presence was given a significant boost in February this year when it was one of four firms to be awarded a qualifying foreign law practice (QFLP) license in Singapore.

Also in Hong Kong, Dentons has bolstered its local capital markets practice with the hire of corporate partner Gordon Ng from O’Melveny & Myers, in what may be interpreted as a vote of confidence in the local IPO market, in which Ng specialises and for which the forecast has so far been cloudy.

This month saw the $284m IPO of leading Hong Kong casino and gaming facilities owner Macau Legend Development, in which Hogan Lovells’ Hong Kong office advised the underwriters.

Meanwhile, DLA Piper brought in Mayer Brown Hong Kong banking and finance partner Benjamin Sandstad. His practice focuses on structured finance, securitisation and debt capital markets transactions. Recent clients include China International Marine Containers (Hong Kong), which he advised on the establishment of a $600 million US commercial paper program.

Charles Morrison, partner and international head of finance & projects at DLA Piper said: ‘We are pleased to welcome such a highly regarded partner to the finance & projects group in Asia, Ben’s appointment is testament to our growing F&P practice and our commitment to the region. The Asia-Pacific market offers a wealth of opportunity for our firm, and it is a real coup for us to have such an energetic and dynamic individual join us.’

Bob Charlton, partner and managing director, Asia Pacific, of DLA Piper added: ‘The Asia region is a key focus for DLA Piper and the hire of Ben is seen as an important step in the plan to strengthen the F&P team there, this will ensure that the firm takes advantage of the available opportunities in the region now and in the future.’

Elsewhere, Morgan Lewis & Bockius announced this week that it plans to open an office in Dubai, bringing in Ayman Khaleq, a structured finance and debt capital markets lawyer in the Middle East region who has a particular knowledge of Islamic finance and Jim Knight, a corporate and transactional lawyer with more than 20 years of experience in energy and other industries.

They are joined by London-based energy transactions partner Lewis Jones, who concentrates his practice on the development and financing of energy and infrastructure projects with a particular focus on emerging markets.

Other recent entrants to the Dubai market include White & Case, which announced it has been granted a licence to practice in the emirate, Baker & McKenzie which merged with leading Dubai outfit Habib al Mulla this month and Addleshaw Goddard and Cleary, Gottlieb, Steen & Hamilton, which opened in the emirate last September.

david.stevenson@legalease.co.uk

Legal Business

Middle East: Dentons ends period of upheaval in Kuwait with decision to close local office

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Restructuring Dentons
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Dentons’ partnership has voted in favour of shutting its Kuwait office following a review, bringing to an end a turbulent chapter in the region.

The firm, which has had an office in Kuwait since 2008, only in January entered into a new association with local lawyer Jamal Ahmed Al-Shehab, replacing its association with International Legal Group.

This latest move follows the three-way merger of SNR Denton with international firm Salans and Canadian firm Fraser Milner Casgrain, which went live at the end of March. The 2,600-lawyer firm, which will continue to service its Kuwait clients from its other Middle East offices, has not commented on whether it will continue working with Al-Shehab & Partners in the region.

The Kuwait office currently houses a five-strong team led by managing partner Stuart Cavet, and advises local businesses and international investors in the public and private sectors on inward and outward bound investment. The firm did not confirm whether there would be any redundancies in Kuwait or whether local lawyers will be relocated as a result of the decision by partnership.

A statement released by the firm said: ‘We regularly review our global and regional presences to determine how best to serve our clients’ needs and, accordingly, to set our investment priorities. In this context we have decided to cease operating in Kuwait shortly.

‘However, we remain committed to the representation of clients on our many Kuwait-related matters, and we will – as we have done very successfully over many years – continue to serve their needs through our capabilities in our other Middle East locations as well as from our offices in other regions, such as London and Washington, DC.

‘As one of the oldest and largest international law firms in the Middle East, Dentons continues to view the region as a strategic priority, as reflected by the recent addition of a number new partners within the region, with further growth planned.’

Sarah.Downey@legalease.co.uk

Legal Business

Revolving Doors: Clutch of firms including Bird & Bird, Dentons and Sidley make key hires

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Strategic recruitment Bird & BirdDentonsSidley Austin
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The lateral hires market has over the past week continued to defy an overall drop in activity as Bird & Bird, DWF, Dentons, Sidley Austin and Baker & McKenzie all made strategic hires.

Late last week 234-partner Bird & Bird was joined by Field Fisher Waterhouse (FFW) franchising partners Graeme Payne and Victoria Hobbs – a not unexpected move after the recent hire of high profile FFW IP and IT head Mark Abell, with whom the duo worked on a number of mandates and were widely tipped to follow. Last year the pair advised luxury shirt brand Thomas Pink on a franchise deal leading to the opening of stores across India.

David Kerr, CEO of Bird & Bird said: ‘There are clear synergies between the nature and type of clients that they have worked for and Bird & Bird’s areas of industry and practice focus.’

Meanwhile in the North of England, acquisitive DWF on 9 May announced the recruitment of a five-partner team from Eversheds.

The fast-expanding firm took on a 12-strong Newcastle real estate team led by partners Adam Heather, Gavin Jackson, Mitch Brown and former Eversheds Newcastle head Adrian Stanley. Brown was Eversheds head of affordable housing and has taken up the same position at DWF.

Fifth partner, Eversheds head of affordable housing litigation, Suzanne Gregson, will join DWF’s Manchester office.

The new hires bolster DWF’s 218-strong national real estate team as the firm eyes top 20 UK law firm status post the wholesale acquisition of Cobbetts in February, which placed it firmly in the top 25. Nic Crocker, national head of real estate at DWF, said: “These individuals bring with them a wealth of experience across a number of key areas, and will provide invaluable support to the team as it continues its push towards top 20 firm status and beyond.”

Across the continent, Dentons is forecasting growth in Germany and has announced its first lateral hires since the tripartite merger with Paris-founded Salans and Canada’s Fraser Milner Casgrain in March. Frankfurt partners Michael Graf and Robert Bastian joined from Haarmann on 1 May. Graf, who has experience advising multinational enterprises and private equity funds on international tax law, has joined the firm’s German tax practice group, while Bastian, who specialises in private equity law and M&A, has joined the German private equity group.

Andreas Ziegenhagen, managing partner for Germany, said: ‘Their arrival marks an important step for our German teams, especially in the context of the Dentons combination, as we will be able to increase the quality of our cooperation both in Germany and globally. The signs point towards growth in Germany and I am confident that Michael and Robert will take advantage of the growing opportunities here.’

Elsewhere, activity in Asia continues apace where US firm Sidley Austin has ramped up its Singapore practice with the hire of Morgan Lewis & Bockius M&A partner Gregory Salathé. The firm became one of four international outfits to be granted a Qualifying Foreign Law Practice (QFLP) license in February this year, allowing it to advise on local law.

Salathé, who focuses on Asia-based cross-border M&A deals, funds and private equity, is an important strategic hire for the firm, which recently announced it was to re-launch its funds practice in Singapore with the hire of Clifford Chance partner Han Ming Ho.

Asia Pacific managing partner Thomas Albrecht said: ‘Greg has extensive experience representing clients in Asia-related cross-border M&A transactions and understands exceptionally well the myriad issues that private equity and hedge funds face when they make downstream investments in the region.

Meanwhile in Sydney, Baker & McKenzie – now with upwards of 3800 lawyers – has hired DLA Piper life sciences partner, Amanda Turnill to co-chair the firm’s Australian Life Sciences group with partner Ben McLaughlin.

With more than 20 years’ experience as a product liability litigator and regulatory lawyer, Turnill – who was the global co-chair of life sciences at DLA – has advised pharmaceutical, medical technology, biotechnology, and other life sciences companies all over the world.

McLaughlin said: ‘Before becoming a lawyer, Amanda was a registered nurse so she has been able to combine her knowledge of health issues and her interest in the life sciences industry with law. It’s this depth of experience that makes Amanda one of the most highly sought after lawyers in this industry.’

According to Motive Legal Consulting’s London Lateral Hiring Trends Bulletin for January to March 2013, ‘Q1 2013 was the second-worst Q1 for seven years, ‘beaten’ only by the depths of the recession.’

 

francesca.fanshawe@legalease.co.uk

 

Revolving Doors is a regular round-up of senior legal moves across the globe. To be included please contact caroline.hill@legalease.co.uk