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

Eversheds, Reed Smith and Dentons land spots on inaugural Avis panel

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Adviser reviews DentonsEversheds SutherlandReed Smith
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Eversheds, Reed Smith, Dentons and K&L Gates have landed spots on a seven-firm global panel created by US car rental giant Avis.

Avis, the world’s third largest car rental agency, has condensed its use of law firms through a detailed panel review that will see it move from using around 650 firms to a seven-firm global panel.

Eversheds, Reed Smith, Dentons and K&L Gates have all secured spots for European legal work. Three US firms have also been selected.

The New York-listed company has an annual revenue of $8.5bn and has expanded rapidly in Europe over the past five years, purchasing car-sharing firm Zipcar for $500m in 2013 and Avis Europe, once a separate corporate licensing the Avis brand, for $1bn in 2011. The company has a fleet of 500,000 cars.

Avis created an innovative legal panel that bars its law firms from competing with each other for work. Each firm has been given pre-determined areas of work, with the idea being that the panel firms act as one unit, joining up their advice across their respective remits. The firms have agreed to a global blended rate.

The panel process was run by Michael Tucker, executive vice president and general counsel, and EMEA head of legal Gail Jones. Legal Business understands that Trevor Faure, the former general counsel at Big Four accountancy EY, was drafted in to advise Avis on its use of outside legal counsel.

K&L Gates has a long history of advising Avis, particularly in the US, where Washington DC-based partner William Kirk is known to provide lobbying advice.

Other recently concluded panel reviews include Siemens, which reappointed Eversheds and Osborne Clarke, while adding Addleshaw Goddard to its list of preferred firms, and Credit Suisse which appointed Ashurst along with the big four of the Magic Circle to its panel.

tom.moore@legalease.co.uk

Legal Business

Eversheds in talks with Singapore boutique as UK firms target Asia hub

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Asia Eversheds Sutherland
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Fresh from failed merger talks with US firm Foley & Lardner, Eversheds is in talks with Harry Elias Partnership in a bid for a Singapore tie-up.

Eversheds has been open about its desire to secure international expansion, and has had a office in Singapore since 2009. The outpost is currently led by managing director Oommen Mathew.

Harry Elias, which has about 60 lawyers, is led by managing partner Philip Fong. The full service law firm is well-regarded for its strong dispute resolution practice which includes expertise in international arbitration, and its formidable matrimonial and family law practice.

A spokesperson at Eversheds would not confirm the talks with Harry Elias until ‘such time as there is something tangible to report’.

‘Growth in Asia is a key part of our global strategy and we will continue to look at opportunities with potential partners including firms with whom we have a strong existing relationship.’

Last November merger discussions between Eversheds and Milwaukee-based Foley & Lardner ended, just over a week after reports Eversheds had identified the US firm as the primary candidate for a tie-up.

International expansion has loomed large in Eversheds’ thinking since the mid-2000s when it became increasingly evident that the firm had to rapidly upgrade its international offering. This was further reinforced in the firm’s 2020 Vision, a three-year strategy put forward by Hughes in 2012, which emphasised global aspirations.

At the time of the failed talks, Eversheds said in a statement: ‘We have made our position clear, whilst we appreciate that there will be speculation on our progress, a number of options remain open to us.’

If Eversheds secures full integration with Harry Elias, the merger will allow the firm to gain access to Singapore’s legal market without being subject to local licensing requirements that only allow firms to practise Singapore law in ‘permitted areas’ and are subject to renewals. A full merger would need approval from Singapore’s Ministry of Law.

Eversheds posted 2015 profits of £123m up from £121.9m the year before, after turnover fell in the UK to £336.5m from £337.5m and in the rest of Europe to 17m from £17.7m. The firm’s profit per equity partner (PEP) nudged up 2% to £740,000, and net cash position saw an improvement to £23m.

madeleine.farman@legalease.co.uk

Legal Business

Eversheds highest-paid member takes home 5% more as turnover dips

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Financial results 2015/16 Eversheds Sutherland
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Eversheds‘ highest-paid LLP member took home £1.46m last year, an increase of 5% on the previous year, while turnover at the firm dipped.

The highest paid member at the firm took home £1.46m, compared with last year’s £1.38m. The figures in the LLP accounts do not necessarily equate to the highest paid equity member and can relate to ‘golden handshakes’ to retiring members.

However, average remuneration per member decreased slightly, down from £417,000 in 2014 to £410,000 in 2015.

The firm posted profits of £123m from £121.9m the year before, after turnover fell in the UK to £336.5m from £337.5m and in the rest of Europe to 17m from £17.7m. The firm’s profit per equity partner (PEP) nudged up 2% to £740,000, and net cash position saw an improvement to £23m.

Total headcount at the firm rose by 17 to 2,647, as partner numbers rose slightly to 296 from 292. Support staff numbers also were up to 941 from 920. Staff costs were down slightly to £150.2m from £150.8m, while group debtors jumped to £173.7m, up by 9% on 2014.

The firm continued to invest in developing its international operations across the year. Eversheds extended its presence in South Africa with a formal alliance with Cape Town firm Walkers in February of 2015.

However, Eversheds continues to search for a US merger partner after discussions with US firm Foley & Lardner came to an end at the end of last year.

Foley chair and chief executive Jay Rothman had said that while there had been preliminary conversations around exploring a more formal affiliation between the two firms, ‘no decision was ever made by Foley to pursue such an affiliation’.

madeleine.farman@legalease.co.uk

 

Legal Business

Switching sides: Eversheds Manchester banking head departs to take GC role

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In-house Eversheds Sutherland
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Eversheds Manchester banking head Nigel Dale is leaving the firm after 20 years to join specialist lender Together as its general counsel (GC).

Dale has headed the firm’s banking team at Eversheds’ Manchester office for the last two decades and advised Together for the last 15 years.

‘The alternative finance sector is growing rapidly and Together is poised to capitalise on this thanks to its strong financial position and its appetite for both residential and commercial lending,’ said Dale.

At Eversheds, Dale acted for financial institutions, borrowers, private companies, major listed public companies, property developers, banks and equity providers.

His main areas of practice include acquisition finance transactions, bilateral and syndicated facilities, property finance and advising on security. Dale is described by the Legal 500 as ‘top notch’ and is a leading individual for banking and finance in the north west.

Recent deals Dale advised on include vehicle hire firm Northgate’s £424m debt refinancing in August, and long-time client University College London’s new £150m loan provided by a syndicate of banks including HSBC, Lloyds Bank, RBS and Barclays in March.

In September, Eversheds managing partner Lee Ranson was tasked with leading a ‘Growth Agenda’ following the firm’s subdued performance in this year’s Legal Business 100.

The firm posted flat results for the last financial year, with revenues at £380.7m compared with £379.1m in 2013/14, while profit per equity partner nudged up just 2% from £731,000 to £749,000.

jaishree.kalia@legalease.co.uk

 

Legal Business

‘Do what we think is right’: Eversheds continues search for US deal as Foley & Lardner ends merger discussions

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Legal mergers Eversheds Sutherland
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Eversheds will continue to search for a US deal after the firm’s top target, Milwaukee-based Foley & Lardner, ended merger discussions last month via a leaked internal memo.

In the memo, Foley chair and chief executive Jay Rothman said that while there had been preliminary conversations around exploring a more formal affiliation between the two firms, ‘no decision was ever made by Foley to pursue such an affiliation’.

Legal Business

‘Not interested’: Eversheds’ lead US suitor Foley calls time on merger talks

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Legal mergers Eversheds Sutherland
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Milwaukee-based Foley & Lardner has ended merger discussions with Eversheds, just over a week after reports Eversheds had identified the US firm as the primary candidate for a tie-up.

In an internal memo seen by The American Lawyer, Foley & Lardner’s chairman and CEO Jay Rothman said that while there had been preliminary conversations around exploring a more formal affiliation between the two firms, ‘no decision was ever made by Foley to pursue such an affiliation’.

Rothman added: ‘We have advised Eversheds that we are not interested in engaging in further discussions on that topic. Notwithstanding that decision, we remain committed to our strategic objective of expanding the global reach of our firm to better serve our clients.’

During a partnership vote last June, the Eversheds partnership had heavily backed a US tie-up, which cumulated in the firm’s executive, including chair Paul Smith and chief executive Bryan Hughes, narrowing discussions down to two firms of which Foley & Lardner emerged as the preferred firm.

Significant factors in choosing the right US merger partner for Eversheds include culture, a full-service offering and a New York presence. A strong corporate team is also important, although the US firm does not need to be led by its corporate practice.

International expansion as a whole has loomed large in Eversheds’ thinking since the mid-2000s when it became increasingly evident that the firm had to rapidly upgrade its international offering. This was further reinforced in the firm’s 2020 Vision, a three-year strategy put forward by Hughes in 2012, which emphasised global aspirations.

Foley & Lardner, which posted revenues this financial year of $665m has 17 offices across North America, including in Boston, Chicago, New York, San Francisco, Silicon Valley and Washington DC. The firm also has a presence in Brussels, as well as in Shanghai and Tokyo.

Eversheds posted essentially flat results for the last financial year, with revenues subdued at £380.7m compared to £379.1m in 2013/14, while profit per equity partner nudged up 2% from £731,000 to £749,000.

Eversheds said in a statement: ‘We have made our position clear, whilst we appreciate that there will be speculation on our progress, a number of options remain open to us.’

kathryn.mccann@legalease.co.uk

Legal Business

Eversheds inches closer to US tie-up as Foley & Lardner emerges as front runner

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US firms Eversheds SutherlandFoley & Lardner
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Eversheds is moving closer to its much sought-after US merger, with Foley & Lardner identified as the primary candidate for a deal.

After a vote last June in which the Eversheds partnership heavily backed a US tie-up the firm’s executive, which includes chair Paul Smith and chief executive Bryan Hughes, have narrowed discussions down to two law firms. Milwaukee-based Global 100 firm Foley & Lardner, with revenues this financial  year of $665m, has emerged as a leading candidate.

Legal Business

Eversheds inches closer to US tie-up as Foley & Lardner emerges as front runner

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US firms Eversheds Sutherland
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Eversheds is moving closer to its much sought-after US merger, with Foley & Lardner identified as the primary candidate for a deal.

After a vote last June in which the Eversheds partnership heavily backed a US tie-up the firm’s executive, which includes chair Paul Smith and chief executive Bryan Hughes, have narrowed discussions down to two law firms. Milwaukee-based Global 100 firm Foley & Lardner, with revenues this financial year of $665m, has emerged as a leading candidate.

Once the final decision has been made, it will be presented to the partnership. The next stage will be due diligence between Eversheds and its chosen firm, which is likely to take several months.

Significant factors in choosing the right US merger partner for Eversheds include culture, a full-service offering and a New York presence. A strong corporate team is also important, although the US firm does not need to be led by its corporate practice.

An Eversheds spokesperson said: ‘Our global strategy, including an intention to establish a presence in the US is well documented. Our investigations continue in this respect.

‘While we appreciate that there will be speculation on our progress, a number of options remain open to us and until we are clear on the way forward it would be wholly inappropriate to comment further.’

International expansion as a whole has loomed large in Eversheds’ thinking since the mid-2000s when it became increasingly evident that the firm had to rapidly upgrade its international offering. This was further reinforced in the firm’s 2020 Vision, a three-year strategy put forward by Hughes in 2012, which emphasised global aspirations.

Foley & Lardner has 17 offices across North America, including in Boston, Chicago, New York, San Francisco, Silicon Valley and Washington DC. The firm also has a presence in Brussels, as well as in Shanghai and Tokyo.

Eversheds posted essentially flat results for the last financial year, with revenues subdued at £380.7m compared to £379.1m in 2013/14, while profit per equity partner nudged up 2% from £731,000 to £749,000.

kathryn.mccann@legalease.co.uk

Legal Business

Linklaters and Eversheds fuel TDR Capital’s £1.3bn stake in Euro Garages

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Corporate Eversheds SutherlandLinklaters
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Eversheds and Linklaters have won key roles on TDR Capital’s £1.3bn investment in Euro Garages, one of the UK’s largest privately-owned forecourt operators.

Linklaters acted for TDR Capital, the London-based private equity house  that owns rival company European Forecourt Retail Group, while Eversheds advised Euro Garages, the Lancashire-based company owned by brothers Mohsin and Zuber Issa which has 180 freehold-owned sites predominantly located across the North West, North East, Yorkshire, Midlands and Wales.

The deal was led on the Eversheds side by corporate partners Daniel Hall and Robin Skelton alongside partners Nick Swiss, Jason Wurzal and Phillip Tunney. Partner David Holdsworth led for Linklaters while Rothschild also acted as financial adviser to Euro Garages and the Issa family.

Hall, who has advised the Issa brothers for 20 years, said it underlined one of Britain’s biggest business successes in recent years, and had propelled Euro Garages to become one of Europe’s leading fuel retailers.

Mohsin Issa added: ‘We have been very impressed with the commitment and professionalism of the Eversheds team who worked on this deal. The team delivered quickly and efficiently, a testament to the firm’s effective leadership and a strong work ethic demonstrated by all.’

Euro Garages, which was founded in 2001, has grown rapidly in recent months, acquiring over 170 new sites as well as purchasing 48 forecourts from EXXON Mobil’s Esso unit last year. The company listed its turnover at the end of July 2013 as £439m, and currently employs over 1,800 members of staff.

kathryn.mccann@legalease.co.uk