Legal Business

Dentons strengthens private equity offering with SJ Berwin hire

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Strategic recruitment Dentons
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Dentons has hired SJ Berwin corporate finance partner Nicholas Plant to lead its private equity group in the UK, Middle East and Africa.

Plant’s practice focuses on advising private equity houses on domestic and cross-border leveraged buy-outs. He also advises on general M&A and joint ventures. Most recently, he has been particularly involved in acting for US corporates, healthcare sector clients and on deal-by-deal financings.

Plant has represented some big name private equity clients, including Duke Street last year in its acquisition of LM Funerals for £37.5m and CVC Capital Partners on the $1.7bn acquisition of Samsonite Corporation back in 2008.

Richard Barham, partner and head of Dentons’ corporate practice, said: ‘Nicholas’ first-class credentials coupled with his drive will enable us to strengthen our private equity offering in the UK and beyond. He joins at an exciting time for the firm and will work with private equity colleagues around the world to further develop the Dentons’ global private equity group.’

‘Nicholas’ first-class credentials coupled with his drive will enable us to strengthen our private equity offering in the UK and beyond.”

Plant joined SJ Berwin in 1996 and has been a partner since 2007. His hire comes a year partner Hugh Naylor left the firm to head up the private equity team at boutique corporate firm Trinity International.

Dentons is the new name of the firm formed by the three-way merger between SNR Denton, Salans and Canada’s Fraser Milner Casgrain that went live at the end March.

david.stevenson@legalease.co.uk

Legal Business

Dentons wins spot as Network Rail announces panel revamp

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Adviser reviews Clifford ChanceDentonsKennedysNetwork Rail
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Network Rail has cut its legal roster from 12 to five core firms in a review that sees newly merged firm Dentons appointed to the panel.

Other firms awarded full service contracts for work in England and Wales are Bond Pearce (Bond Dickinson on 1 May), Eversheds and Addleshaw Goddard. Maclay Murray & Spens has been awarded the contract for Scottish law matters. All four were reappointed from the previous panel.

The firms will provide legal support to Network Rail’s entire business but with a particular focus on corporate projects, commercial contracts, dispute resolution, employment and property work.

Network Rail has also awarded three further contracts for work in specialist areas – to Clifford Chance for treasury and capital markets work; Kennedys for health & safety and regulatory enforcement; and Winckworth Sherwood for public law matters.

As of April 2012 Network Rail had a legal spend of around £15m per year.

Firms not re-appointed to the full panel are Simmons & Simmons, Berrymans Lace Mawer, Bircham Dyson Bell, MacRoberts, Schofield Sweeney and Winckworth Sherwood.

The tender, which was kicked off at a launch presentation in December, was put out to 20 firms, with a further seven unsuccessful.

The rail company’s review of its advisers, led by group general counsel Suzanne Wise, has centred on developing stronger relationships with its advisers and obtaining better value services.

Wise said: ‘This has not been about dissatisfaction with any of the company’s current suppliers. The decision to significantly reduce the size of the panel will drive efficiencies in line with the company’s business objectives. I wanted to develop deeper, more strategic relationships with fewer firms to drive better value and a more integrated approach to our work.’

A statement issued by Network Rail further explained: ‘Network Rail had found its legal spend spread too thinly across a panel of 12 firms making it difficult to develop a close strategic relationship whilst at the same time eroding the company’s ability to gain maximum benefit from the value added offered by many law firms in the market.’

Before joining Network Rail, Wise was general counsel and company secretary of Premier Foods, where she set up the FTSE 100 company’s first formal panel, appointing Eversheds, Slaughter and May and Wragge & Co.

She joined Network Rail in January 2012, with a brief to complete a wholesale review of the strategic objectives of the legal team, including a strategic vision for legal services.

caroline.hill@legalease.co.uk

Legal Business

Landmark three-way merger aims to end Dentons’ Europe woes

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Legal mergers Dentons
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At press time, partners at SNR Denton, Salans and Canadian firm Fraser Milner Casgrain (FMC) were poised to vote through a $1bn, three-way merger using a Swiss Verein model.

A source within SNR Denton said that the union was basically a ‘done deal’ with partners from all firms having met on 13 November to review the business plan behind the proposed merger. SNR Denton and Salans have been in talks for a while and have refused to comment on merger speculation. The addition of FMC to the union emerged in November.

Legal Business

Cohesion critical in proving three into one does go

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Legal mergers Dentons
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By the time you read this Dentons (as anyone sane will call it), a three-way merger between SNR Denton, Salans and Fraser Milner Casgrain, should be formally approved (see opposite). That is unless there’s a late spanner in the works, and with merger negotiations you can never be sure.

Legal Business

Trowers unveils new strategy as Adlington bows out

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Corporate DentonsTrowers & Hamlins
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Trowers & Hamlins senior partner elect Jennie Gubbins has told LB that she is looking to raise the firm’s corporate profile in the City and repair its ailing international offering after a bruising few years.

The firm’s current senior partner, Jonathan Adlington, has announced that he will be retiring next year. Gubbins, currently head of corporate at the firm, will replace him in March 2013.

Legal Business

The changing face of the profession

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Restructuring CMSDentons
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Long live the Verein. The overwhelming majority of firms in this year’s Global 100 report are still single-partnerships, but with seven of the top 100 firms in the world now comprising multiple partnerships, it’s clear that the mantra of ‘one partnership, one firm’ is being challenged.

Legal Business

SNR Denton – Strained Relations

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Financial results Dentons
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It is no secret that legacy firm Denton Wilde Sapte (DWS) has had a rough ride. During the 2010/11 financial year, the firm’s UK LLP (including the Middle East and Europe) posted an 8% decrease in revenue to £154.4m, while profits per equity partner (PEP) fell to an unimpressive £233,000. This represented a 34% drop (the second in a five-year period) on the previous year and saw the bottom of the equity take home just £156,000.

The EMEA side to the business sits at number 89 in LB’s profitability table, having performed better than just six firms in the entire top 100. But with profit per lawyer (PPL) at an all time low of £29,000 and a margin of just 13%, this firm has almost been run into the ground.