Legal Business

‘A natural and necessary next step’: Pinsents to launch infra-focused practice in Johannesburg

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Middle East and Africa Pinsent Masons
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Pinsent Masons is to launch an infrastructure-focused practice in Johannesburg, with two partners hired from local firm Bowman Gilfillan.

The office, which will formally open in early 2017, will be launched by Bowman Gilfillan’s head of construction Rob Morson as well as the firm’s disputes partner Shane Voigt. Pinsents hopes to recruit a further four partners before the office opens, and is currently in discussions with a number of potential recruits. It is understood none of these will be from Bowman Gilfillan.

Speaking to Legal Business, Pinsents senior partner Richard Foley said: ‘Our vision is to be seen internationally as leading the market in our key global sectors, infrastructure is one of those. We already do a significant amount of work across Africa. We have about 40 partners who are doing Africa related work out of Europe, out of Asia, in particular out of the Middle East.

Foley (pictured) added:’We effectively reached a stage in our development where we felt that developing a presence on the continent was the natural and necessary next step to grow the practice.’

In January this year, Pinsents announced plans to open a second German office in Düsseldorf, with a three-partner team of energy and corporate specialists from KPMG’s German legal arm. The firm also has a technology-focused practice in Munich which it launched in July 2012.

Johannesburg has been a hotspot for firms over the last couple of years. In October 2014, Allen & Overy became the first Magic Circle firm to launch in the city with a seven-strong banking and finance team also from Bowman Gilfillan.

Additionally, in October last year, Herbert Smith Freehills launched in Africa with a four-partner office opening in Johannesburg which included a double partner hire from Linklaters’ alliance firm Webber Wentzel.

Earlier this month Pinsents revealed a more subdued performance for the financial year 2015/16 with revenue up 5% from £362.4m to £382.3m and profit per equity partner rising 2% from £538,000 to £550,000.

kathryn.mccann@legalease.co.uk

Legal Business

Ashurst misses out as Gibson Dunn and Pinsents take front row seats on $1.2bn Odeon deal

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Corporate Gibson, Dunn & CrutcherPinsent MasonsWeil, Gotshal & Manges
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City firm Ashurst has missed out to former partners at Gibson, Dunn & Crutcher on the $1.2bn sale of London-based Odeon & UCI Cinemas Group by private equity owner Terra Firma.

Wanda-owned American cinema chain AMC Theatres resurrected a deal for Odeon & UCI, having previously stated the deal would be off if the UK voted to leave the EU, in one of the biggest European deals following the Brexit vote. The deal makes AMC Theatres the largest cinema operator in the world, with 627 theatres and 7,600 movie screens in eight countries.

Terra Firma, which had long been an Ashurst client, instructed former Ashurst partners Charlie Geffen and Nigel Stacey on the sale.

The corporate partners, who both joined Gibson in 2014, acted for Guy Hands’ Terra Firma on its original deal for Odeon back in 2004 and merged it with rival UCI.

Pinsent Masons acted for AMC Theatres, with a team led by private equity partner Tom Leman with partners John Tyerman and Tom Johnson.

Pinsents worked with Husch Blackwell which advised on US elements of the transaction with a team including partners Jim Ash and Kirstin Salzman.

Weil, Gotshal & Manges advised on financing aspects of the deal with a team lead by Courtney Marcus in Dallas. Weil partner Corey Chivers in New York also acted on the deal.

Osborne Clarke acted for the management of Odeon & UCI cinemas.

Leman said: ‘It was a short and intense process with the small hiccup of a Brexit vote along the way. After that we had to work hard to deliver a deal that worked for both parties, however the evidence is there that the UK remains open for business.’

The deal is subject to competition clearances.

tom.moore@legalease.co.uk

Legal Business

Revolving doors: K&L Gates and CC make key appointments as Pinsent Masons makes Magic Circle hire for new Düsseldorf office

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Strategic recruitment Clifford ChanceK&L GatesPinsent Masons
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In this week’s appointment round-up, Clifford Chance (CC) has added muscle to its New York office and K&L Gates has recruited in London, while Pinsent Masons has hired in Germany from CC.

Pittsburgh-based K&L Gates has added muscle to its City finance practice, bringing in former Mayer Brown partner Mayank Gupta.

Gupta joins as a partner with experience in leveraged finance, real estate, energy, and telecoms, and multijurisdictional experience in Hong Kong and Australia. K&L London administrative partner Tony Griffiths said: ‘Maynak’s focus on cutting-edge international finance transactions and high-end advice is perfectly aligned with the direction our practice has been heading.’

CC continues to expand its US practice, bringing in Eddie Frastai from Dentons to join its New York real estate team. Frastai has more than a decade of experience advising real estate owners, developers and financial institutions across the US. According to CC’s recently announced financial results, American revenues at the Magic Circle firm grew by a substantial 13%.

‘We have built a strong offering of leading real estate sector products in the US,’ said CC Americas managing partner Evan Cohen. ‘Eddie’s arrival further strengthens an area of strategic focus for us in the US and we couldn’t be happier to welcome him to our firm.’

Going the other way, CC partner Peter Christ is joining Pinsent Masons in Düsseldorf.

Pinsents has invested in its recently opened Düsseldorf practice, bringing the number of lawyers in its German offices to 70 lawyers including 22 partners. The Düsseldorf office launched in February with a focus on energy, with Christ providing added experience to this sector and to life sciences.

Pinsents Germany managing partner Rainer Kreifels said: ‘Peter’s appointment reflects the firm’s continued strategic investment into its international markets and is an important addition to our office in Düsseldorf. His expertise will make a valuable contribution to our employment law practice and strengthens our ability to serve the market internationally.’

In China, Allen & Overy head of IP Benjamin Bai left the Magic Circle firm after nearly six years. Bai moves in-house to join Ant Financial, an affiliate of Chinese e-commerce firm Alibaba.

Ant Financial also recently recruited Simpson Thacher & Bartlett Hong Kong-based partner Leiming Chen as general counsel and senior vice president in March.

matthew.field@legalease.co.uk

Legal Business

Financials 2015/16: A more subdued performance from Pinsents with revenue up 5% and PEP growing 2%

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Financial results 2014/15 Pinsent Masons
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Pinsent Masons has posted more subdued figures for this financial year, with revenue up 5% from £362.4m to £382.3m and profit per equity partner (PEP) rising 2% from £538,000 to £550,000.

Speaking to Legal Business, senior partner Richard Foley said that the firm had made a lot of investments over the last year, accounting for the lower rise in profits – this year’s Legal Business Law Firm Of The Year was the best performer in the Global 100 last year, with PEP soaring 33% while revenues rose 12%.

‘I don’t think we have had a year where we invested as much as this last year. You make a level of profit and then the choice is what you do with it. You either plough some of it back into your business and it doesn’t appear as profit or you give it to your equity partners.’

Foley (pictured) added: ‘The three offices are included this year, the investment into Cerico is this year, and we have had 23 lateral partner hires. We have invested in IT, we have invested in AI, and we have increased the size of our data analysis and knowledge engineers.’

The last financial year included the firm establishing a presence in Australia, launching two infrastructure sector-focused practices in Melbourne and Sydney last July as well as a second German office in Düsseldorf this January. The energy-focused office in Düsseldorf comprises a four-partner team from KPMG’s legal arm in addition to one partner from Hoffman Liebs Fritsch & Partner and brought the number of partners at Pinsents to over 400.

Last month Legal Business revealed the firm had made a series of changes to its management structure, including the introduction of fixed terms for those in leadership positions, the formation of an operations committee and the cession of decision-making to the board.

Board members, which include both the managing partner and senior partner, will now serve a four-year term, with a maximum of two terms, while group heads and sector heads will serve three-year terms, also for a maximum of two stints. The changes mean senior partner Foley’s current term ends in 2018, while the length of John Cleland’s term as managing partner is currently under review.

Pinsents is the latest in a string of LB 100 firms to post subdued results, with Watson Farley & Williams and RPC both posting single digit revenue growth last week. Meanwhile, Nabarro’s revenue growth has slowed dramatically, as the mid-market firm posted a 3.5% revenue rise to £130.4m, after posting an 8% jump last year.

kathryn.mccann@legalease.co.uk

Legal Business

Pinsents, Gowling WLG and KWM appointed to reduced Royal London Asset Management panel

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Adviser reviews Gowling WLGKing & Wood MallesonsPinsent Masons
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Pinsent Masons, Gowling WLG, King & Wood Mallesons and specialist commercial firm Cannings Connolly have been appointed to Royal London Asset Management’s (RLAM) reduced real estate panel following a review.

The panel, which has been trimmed from six firms, took effect on 1 June and will last at least three years. The process was overseen by Kevin Bould head of support services, in conjunction with RLAM’s in-house legal team.

In a statement, Bould said: ‘Royal London Asset Management completed a tender for its property legal services which sought to align its sector driven approach with specialist advisers. We have appointed King & Wood Mallesons LLP, Cannings Connolly, Gowling WLG and Pinsent Masons on retail, offices and industrial property work with effect from the 1 June 2016.’

Established in 1988, RLAM is a fund management company with assets under management of more than £87.9bn. It is wholly owned by Royal London, the UK’s largest mutual life and pensions company.

Ongoing panel reviews at the moment include the Crown Estate, which has launched a review of its external legal adviser panel following the departure of general counsel Vivienne King who has been replaced by former deputy Rob Booth.

The Crown Estate, which has £13bn of assets under management, operates a structured panel for significant legal work and aims to develop long term relationships with the firms it uses. On a rolling basis, panel mandates are retendered typically every five years.

kathryn.mccann@legalease.co.uk

Legal Business

Rolling on: Pinsents sole supplier deal with E.ON to run full term

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In-house Pinsent Masons
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Energy giant E.ON has confirmed its five–year single-supplier mandate with Pinsent Masons will run its full course, with the energy supplier electing not to exercise a three-year break clause after appointing the firm as sole legal adviser for general matters in October 2013.

The deal, which was a first in the energy sector, meant that E.ON’s UK legal function reduced its roster of legal advisers to just one in a contract that would ‘encompass work across a full range of specialist legal services.’

E.ON’s current in-house UK legal team, led by head of UK legal Kirin Kalsi will continue to carry out a significant proportion of work, while the energy group’s central legal function (based in Düsseldorf) and specialist legal teams, such as City-based E.ON Exploration & Production UK, will retain separate panels, including a small number of UK firms.

It is a show of confidence in the firm and Pinsents litigation partner Jonathan Fortnam, who led on the original deal alongside E.ON’s former head of UK legal, Graham Line. Line said at the time: ‘We want to deliver a high-quality, high-value service to the business, and Pinsent Masons demonstrated through their approach and knowledge of the sector that they are the right person to achieve that.’

There are a number of other single-supplier deals still active, most notably for Eversheds, which has several deals in place – including one with security systems company Tyco, which was renewed in 2014 for a further three years, and another with FTSE 100 water company Severn Trent, renewed in 2015 for a five-year period.

Also in 2015, the UK arm of global beer and cider producer Heineken announced the appointment of DLA Piper as its principal legal adviser for a major proportion of work, in a move which the company made in a bid to cut down on external legal spend.

kathryn.mccann@legalease.co.uk

Legal Business

Pinsent Masons scraps leadership for life amid top-down management restructure

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Restructuring Pinsent Masons
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Pinsent Masons has made a series of changes to its management structure, including the introduction of fixed terms for those in leadership positions, the formation of an operations committee and the cession of decision-making control to the board.

Board members, which include both the managing partner and senior partner, will now serve a four-year term, with a maximum of two terms, while group heads and sector heads will serve three-year terms, also for a maximum of two stints. The changes mean senior partner Richard Foley’s current term ends in 2018, while the length of John Cleland’s term as managing partner is currently under review.

The changes also see the nine-member board become the primary decision maker for the firm, while an operations committee, chaired by Cleland and comprised of both sector heads and practice group heads, will deliver and execute board decisions.

According to Foley (pictured) the changes, which have been made over the last year, are designed to help speed up decision-making and create opportunity by ending ‘jobs for life’.

Speaking to Legal Business, he said: ‘We decided on the changes as a package and we have been implementing them as we have been rolling them through. Partners didn’t vote. We had some really good consultation. We went out to a number of partners and we were very open with them. We said: “Look, we aren’t going to consult with everybody, but we are going to consult with a really broad cross-section.”‘

Foley added: ‘Both John in his process of election to managing partner and more so with me with my election to senior partner, signalled that there were some ways we could reorganise ourselves to make us more successful. The partners knew it was coming and it has been warmly received.’

Substantive changes to the leadership structure were last considered during the firm’s merger with McGrigors in 2012. It is understood that the firm had not considered installing fixed terms for its leaders before because the series of mergers over the last two decades made continuity at management level more desirable.

In addition to these changes, the firm has recently made a number of senior appointments as part of a wider process of modernising its leadership.

Pinsents, which was named the 2016 Legal Business Law Firm of the Year last month, is enjoying a period of sustained growth, including a 12% increase in revenues for the financial year 2014/15, recently appointed Alastair Mitchell as its first chief operating officer and Pauline Egan as the board’s first non-executive member.

kathryn.mccann@legalease.co.uk

Legal Business

Revolving doors: HSF, Pinsents and Bird & Bird make key international laterals while High Court judge returns to Bar

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Strategic recruitment Bird & BirdHerbert Smith FreehillsPinsent Masons
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Last week saw a host of international law firm lateral hires, while judge Sir Jeremy Cooke has left the UK’s High Court to return to the commercial Bar.

Stephenson Harwood has hired Herbert Smith Freehills (HSF) partner Pierre-Nicolas Sanzey to spearhead the launch of a real estate practice in Paris. His client portfolio has included UK-based asset manager Resolution Property, Allianz and Premier Group and his arrival follows Stephenson Harwood’s acquisition of a seven-strong banking and litigation team from Eversheds in Hong Kong in February.

In Düsseldorf, Herbert Smith Freehills has added to its recently launched office with the hire of Baker & McKenzie senior corporate partner Soenke Becker. Becker co-headed Bakers German corporate practice until 2014 and currently chairs its Europe, Middle East and Africa M&A practice and is a member of the global M&A steering committee.

Meanwhile Norwegian firm Wikborg Rein has recruited Ince & Co shipping partner Nick Shepherd. Shepherd, who will serve as head of Ince’s Piraeus office until December, will join Wikborg in London in May. At the same time, Ince’s former shipping head Faz Peermohamed returned to the firm after four months as chief executive of client the Norwegian Hull Club.

In Asia, Bird & Bird secured the hire of Simmons & Simmons head of TMT Alexander Shepherd as partner in its global tech & communications group in a bid to ‘enhance the firm’s transactional capabilities’ in the sector. Having relocated to Singapore in 2013 to establish an office for Simmons, Shepherd will continue to be based in the region where the firm’s international practice head, Graeme Maguire, said it has become ‘an increasingly important regional hub for tech and comms clients and work.’

Meanwhile Pinsent Masons has strengthend its oil and gas team in Asia with the hire of Ashley Wright from Norton Rose Fulbright. A partner in Norton Rose’s Singapore office since 2011, clients have included Hess, Petronas, PTTEP, KUFPEC and Pertamina.

In Scotland, Burness Paull has bolstered its technology practice with the addition of DLA Piper partner Callum Sinclair to its Glasgow office. Sinclair, who currently counts Skyscanner and the Edinburgh Fringe Festival among his clients, will lead the firm’s technology group, and take over as head of the commercial division from partner David Goodbrand, who steps down from the management role after a decade.

Finally at the Bar, commercial set 7KBW has welcomed the return of judge Sir Jeremy Cooke, after he recently stepped down from the bench. He joined the set as a full time arbitrator and mediator earlier this month (3 May).

Cooke’s time as a judge included presiding over the criminal court trial of the first trader to be convicted for attempting to fix Libor. A justice of the Dubai International Financial Court, he specialises in commercial law, including shipping, insurance, professional negligence, and banking.

Cooke’s departure coincides with current strife within the profession about the clear declining morale in the judiciary over issues including pay and working conditions.

sarah.downey@legalease.co.uk

For more on movement at Ince & Co, see this month’s cover feature ‘Ports in a storm – can Ince get back on course’

Legal Business

Pinsents scraps leadership for life amid top-down management restructure

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Restructuring Pinsent Masons
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Changes include new board responsibility for strategic decision-making

Pinsent Masons has made a series of changes to its management structure, including the introduction of fixed terms for those in leadership positions, the formation of an operations committee and the cession of decision-making control to the board.

Legal Business

Revolving Doors: Freshfields, Dentons and Pinsents make key hires as Uber and Callcredit build in-house teams

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Strategic recruitment DentonsFreshfields Bruckhaus DeringerPinsent Masons
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Following a string of seven recent hires to its Advanced Manufacturing and Technology (AMT) sector, Pinsent Masons has boosted its corporate team with the appointment of TMT specialist Andrew McMillan to its AMT sector. Previously head of Simmons & Simmons TMT practice, McMillan brings experience in advising TMT corporates, investment banks and private equity houses on in-sector mergers and acquisitions and high-value commercial contracts.

In bar news, 39 Essex Chambers has welcomed Sian Davies and Edmund Townsend to the set. Called to the bar in 1999, Davies joins the set from Cornerstone Barristers. She specialises in a full range of public law matters including adult social service, children services, housing, immigration & asylum, EU law and Court of Protection. Civil law barrister Townsend joins 39 Essex from Farrar’s Building Chambers. Although he specialises in personal injury and insurance, Townsend undertakes work for both claimants and defendants across the spectrum of chambers’ practice areas.

In-house teams are not exempt from this week’s round up of hires. Callcredit Information Group has announced Colin Rutter as its chief risk officer and general counsel (GC). Previously GC at Experian Rutter said he was looking forward to joining the credit reference agency and consumer data management specialist which he believes will provide him with a new leadership challenge. Callcredit CEO Mike Gordon described Rutter as a ‘valuable asset’ to its leadership team. ‘With a distinguished legal career that includes extensive commercial, legal, compliance, risk, government affairs and regulatory experience working in the credit reference industry both in the UK and overseas markets, Colin will provide critical guidance as we look to double the business over the next five years and expand into international markets.’

Meanwhile, Uber has hired former DLA Piper commercial litigator Helen Fletcher to its team as its senior compliance and litigation counsel. With over ten years’ experience at the firm, Fletcher will bring her experience in complex IT disputes, with significant experience in high value public sector IT contracts.

In international appointments, Freshfields Bruckhaus Deringer has hired one of the US Department of Justice’s (USDoJ) leading international white-collar prosecutors, Daniel Braun, who was most recently the deputy chief of the USDoJ’s fraud section of the criminal division. Braun will focus on the defense of investigations into alleged market misconduct and collusion, foreign bribery and corruption and economic sanctions and related issues for public companies and financial institutions for the firm. Freshfields global head of dispute resolution David Scott said: ‘Dan’s arrival is a wonderful addition to the leading regulatory enforcement team we have been building across the US, London, Europe and Asia. Our outstanding range of recent assignments that straddle multiple jurisdictions reflects our global clients’ demand for an integrated one-firm approach to handling their biggest and most complex challenges.’

Still in the US, Dentons has added former Pinsent Masons partner Meriam Alrashid to its New York office. The international arbitration lawyer will expand Dentons’ capabilities to counsel clients in complex disputes across key geographic markets. Alrashid has served as counsel in international disputes and transactions involving parties from nearly 20 countries across Asia, the Middle East, Europe, Africa and North America. Dentons US managing partner Mike McNamara said: ‘Meriam’s experience in guiding clients through international investment disputes expands our capabilities as a leading international arbitration firm and builds upon our goal to strategically grow our exceptional team of award-winning international arbitrators in key regions.’

Fladgate has appointed Russia specialist and dispute resolution partner Eugene Matveichuk. Joining from Osborne Clarke, Matveichuk specialises in advising entrepreneurs, high net wealth individuals and corporates from Russia and the CIS on their international interests. The firm’s chairman Charles Wander said: ‘His extensive experience of advising businesses and individuals from Russia and the CIS will add gravitas to our growing capability in this field while his considerable expertise in dispute resolution will enhance our existing high profile in this area.’

madeleine.farman@legalease.co.uk