Legal Business

KWM exits continue as German banking head takes team to Taylor Wessing

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Following the resignations of five King & Wood Mallesons (KWM) partners last week, the firm has lost the bulk of its Frankfurt financing team to Taylor Wessing, which takes on five lawyers including two partners. The exits come as the legacy SJ Berwin practice has halted its recapitalisation plans in the face of mounting departures.

KWM’s German head of banking and finance Sabine Schomaker and partner Clemens Nieder will join Taylor Wessing before the end of the year along with of counsel Ulf Gosejacob and two associates.

The partners joined KWM from White & Case in January 2013. Schomaker and her team have been recommended in the European Legal 500 for their ‘excellent level of service’.

The hire brings Taylor Wessing’s German banking and finance practice up to 17 lawyers. German banking and finance head Peter Seemann said: ‘This is a milestone in strengthening out Frankfurt location and expanding our financing practice.’

The Australian-Chinese firm recently lost key European funds partner Sonya Pauls from its Munich office. High-billing Pauls left for Clifford Chance in August. Pauls has more than 20 years’ experience advising European and global fund managers.

In July, K&L Gates opened an office in Munich with a three-lawyer hire from KWM, bringing in investment management partner Hilger von Livonius.

KWM’s European arm has endured a difficult summer of partner exits, a leadership election and a stalled recapitalisation. Just weeks after electing Frankfurt-based Michael Cziesla as EUME senior partner and London-based Tim Bednall as EMUE managing partner the firm saw four key partners announce their resignations last week.

Key private equity partner Michael Halford and former managing partner Rob Day both resigned along with corporate finance partner Andrew Wingfield and Jonathan Pittal.

The firm’s legacy SJ Berwin office halted its recapitalisation plans following the exits. A spokesperson said at the time: ‘In light of these resignations, the firm has paused its recapitalisation programme in EUME (having received commitments for the requested amount of capital) whilst it assesses the financial impact. We anticipate this process will be complete within four weeks.’

matthew.field@legalease.co.uk

Read more: ‘Comment: the moment of truth arrives in the SJ Berwin saga’

Legal Business

Taylor Wessing hires buyout partner in latest London exit for Olswang

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Taylor Wessing has moved to bolster its City buyout practice with the hire of a partner from Olswang in the latest in a string of departures from the City media and entertainment specialist.

Duncan McDonald joins Taylor Wessing’s City corporate team, bringing the number of lawyers covering private equity in London for the firm to 20. McDonald spent eight years at Olswang and has previously advised clients including Better Capital, Chamonix Private Equity and Sony.

Before joining Olswang, McDonald spent 18 months as general counsel for Citigroup Capital UK and was previously a partner at Pinsent Masons.

Taylor Wessing head of private equity James Goold said McDonald’s arrival would ‘consolidate our position in the UK and international private equity mid-market’.

Olswang has seen a number of partner exits in the last 18 months, with international telecommunications head Purvi Parekh leaving the firm earlier in the summer. Corporate partner Barry Stimpson also left in July to join Bond Dickinson. Stimpson worked with investment funds and private equity and has been retained as a consultant by Olswang despite his new role at Bond Dickinson.

The top 40 UK firm has seen a dip in revenues, falling 11% to £112.5m for 2015/16, the sharpest fall this year in the LB100, a fall linked to the departure last summer of a large team which moved to US practice Greenberg Traurig to launch a Berlin practice. The annual report showed Olswang had also lost 14 partners in that year to leave it a 100-partner firm.

In contrast, Taylor Wessing has been a consistent financial performer in recent years, with the Anglo-German law firm seeing revenues up 32% over the last five years to £254.5m.

matthew.field@legalease.co.uk

For more on Taylor Wessing, see ‘No more Taylor Who?’ to see our analysis in the September edition (£)

Legal Business

No more Taylor Who? Flair and a bit of vision take Taylor Wessing to next step but what now?

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Matthew Field and Victoria Young talk to Taylor Wessing head Tim Eyles and assess the firm’s prospects

‘When Tim Eyles took over there was a sea change,’ says one Taylor Wessing partner of their firm’s high-profile UK managing partner. ‘What you need as a leader is clear vision and Tim’s vision of how important it is to be global and focused and to have a culture that recognises achievement is key.’

Legal Business

‘Natural next step’: Taylor Wessing opens in Hong Kong through local association

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Weeks after cementing a Vietnamese tie-up, Taylor Wessing has launched a Hong Kong office, by entering an association with a local firm to expand its presence across Asia.

The firm has teamed up with Hong Kong firm HM Chan & Co, a firm that provides advice on corporate, M&A, capital markets and regulatory matters.

The latest addition to Taylor Wessing is its 33rd office worldwide, with the firm now operating in 20 jurisdictions across Europe, the Middle East, Asia and the US.

German corporate partner Jakob Reimenschneider will relocate to the Hong Kong office to head up the new Taylor Wessing branch.

Taylor Wessing UK managing partner Tim Eyles said Hong Kong was ‘the natural next step for our growth’.

He added: ‘Our international growth strategy has always been aligned to the needs of our clients and we are seeing an increased focus from them on the inbound and outbound opportunities Asia presents.’

The firm said the new association would help complement Taylor Wessing’s international sector strength across technology, media and communications, life sciences, private wealth and energy.

HM Chan & Co managing partner Mark Chan said: ‘Taylor Wessing is a quality operator and my team and I look forward to working with Jakob to provide our clients with a formidable international team.

‘Having worked with Taylor Wessing over the last 12 months we know our fit and values are completely aligned, which is core to great client service and international integration.’

Taylor Wessing’s Singapore-based office RHTLaw Taylor Wessing recently completed a tie-up with Vietnamese firm PBC Partners, adding two new offices to the firm’s Asian offering.

The firm has also furthered its international presence with an association in the Middle East. In May, Taylor Wessing officially entered an association with Alsumlaim Alawaji & Partners Law Firm in Saudi Arabia. The local firm has offices in Riyadh and Jeddah.

matthew.field@legalease.co.uk

Legal Business

‘Maintaining momentum’: Taylor Wessing posts UK income up 4.4% to £126.6m

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Growth has stalled at Taylor Wessing as UK income is up 4.4% to £126.6m. The results follow an increase of 8.2% in UK revenues the year before.

Taylor Wessing has reported an increase in global revenues 1.4% to £254.4m from an adjusted £251m for 2014/15.

The firm’s UK profit per equity partner (PEP) is now at £512,000, while the year prior the firm posted PEP of £767,000. However the firm recently changed to an all-equity partner structure and says on a like-for-like basis UK PEP stands at £770,000. For 2014/15 Taylor Wessing had reported a bumper PEP increase in the UK of 17%.

Taylor Wessing said it had achieved growth in the UK and internationally with a focus on its key sectors; technology media and communications, private wealth, life sciences and energy.

UK managing partner Tim Eyles (pictured) said: ‘Against a backdrop of challenging economic conditions, both in the UK and further afield, these well-balanced results consolidate our stellar performance in 2014/15 and maintains the momentum we have generated as a firm.’

He added the firm is continuing its international strategy, having recently opened two offices in Vietnam following a merger between local firm PBC Partners and Taylor Wessing’s Singapore practice RHTLaw Taylor Wessing. The launch in June this year brings the firm’s global reach to 32 offices in 19 jurisdictions.

The firm has also increased its presence in the Middle East, entering into an association with Saudi Arabia firm Alsulaim Alawaji & Partners.

The firm has shaken up its management structure over the last twelve months, with Rachel Reid joining as chief operating officer from King & Wood Mallesons and Michael Michaelides joining as international business development director from Allen & Overy.

Taylor Wessing also recently acted on one of the first major post-EU referendum transactions, advising News Corporation on its offer for talkSport owner Wireless Group for £220.3m.

Recent financial results have seen Addleshaw Goddard post a 5% revenue increase to £201.8m, while Clyde & Co posted double digit growth of 13% to £447.3m.

matthew.field@legalease.co.uk

 

Legal Business

Making it official: Taylor Wessing deepens Vietnam reach with local merger

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Taylor Wessing has expanded its offering in Vietnam, by merging its Singapore outpost, RHTLaw Taylor Wessing, with its Vietnamese alliance firm PBC Partners.

In a move to strengthen its regional cross-border practice, the firm has merged with PBC Partners, its local partner since 2014, adding two offices to its global network. Taylor Wessing now has 32 outposts around the world.

The launch adds 25 lawyers in the two cities covering a range of practice areas including foreign direct investment, M&A, real estate, energy, banking and tax.

PBC Partners was founded in 2005 and has been active in developing Vietnam’s legal current legal system.

RHTLaw Taylor Wessing Singapore managing partner Tan Chong Huat said: ‘What started out as an alliance of like-minded law firms has now grown into a pre-eminent legal firm in Vietnam. Vietnam is one of the fastest growing emerging markets in the world and is poised to play an important role in the ASEAN economy.’

The Vietnam office will be led by Tran Thanh Hai as managing partner and Benjamin Yap as senior partner, both of PBC Partners.

Hai has 19 years of legal experience and previously practiced with PwC Legal Vietnam. Yap is called to the English and Singapore Bar and has 20 years’ experience handling M&A and real estate matters for local and international clients.

Taylor Wessing UK managing partner Tim Eyles told Legal Business: ‘We see Asia as one of the important regions for our clients and the sectors we focus on. This is a very logical extension to Vietnam – it’s a very fast growing market in its own right. It’s also a gateway to the Indochina region, which could help take us into Laos, Cambodia or Myanmar.

‘We feel that having worked with PBC Partners for some time now we have been very impressed with the quality of the lawyers and their ability to service sectors that are important to us. There are good cultural relations between us, which have been established by our working together.’

The coming months will see partners from Taylor Wessing’s Singapore office seconded to the new Vietnam practices and vice versa. The firm said this will help strengthen knowledge across the Asia practice.

Taylor Wessing has seen a series of recent expansions into the far east and South-East Asia. In 2013 the firm opened in Indonesia with an office in Jakarta and formed an association with South Korean full service firm DR & AJU two years ago.

matthew.field@legalease.co.uk

Legal Business

Taylor Wessing takes former Latham technology co-chair in bid to build out TMC practice

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Taylor Wessing has made a key lateral hire to its technology, media and communications (TMC) practice in London with Latham & Watkins‘ former global technology co-chair, Martin Cotterill.

Cited by The Legal 500 as ‘great on outsourcing advice,’ Cotterill specialises in complex technology and outsourcing transactions, strategic alliances and technology joint ventures, particularly within the financial services sector.

At Latham, Cotterill in recent years served as global technology co-chair and was one of the lead partners tasked with building the firm’s international technology transactions practice group.

The hire follows the Taylor Wessing’s recent recruitment of corporate M&A partner Angus Miln from Bird & Bird, and Angus Finnegan from Reed Smith who led the international technology and telecoms group within the entertainment and media practice.

In January the firm made a bid to boost its equity capital markets offering with the appointment of K&L Gates corporate finance partner Jeremy Landau, followed by King & Wood Malleson’s chief operating officer Rachel Reid.

Cotterill said: ‘Taylor Wessing’s TMC team is a destination group at the top end of the market. This provides a natural growth platform for my practice which focuses heavily on the financial services technology and outsourcing sectors.’

Christopher Jeffery, head of UK IT, telecoms & competition, added: ‘Martin’s wide-ranging expertise, combined with his experience of cross border transactions will be a tremendous asset for the firm. His arrival is the latest step in expanding our commitment to TMC as one of the firm’s core sectors.’

sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing taps King & Wood for COO Reid following MP resignation

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Just days after the resignation of King & Wood Mallesons (KWM) European practice head William Boss, Taylor Wessing has announced it has hired KWM chief operating officer (COO) Rachel Reid.

One of the core team that led the merger negotiations between SJ Berwin and King & Wood Mallesons in 2013, Reid will join Taylor Wessing to take the COO post in early February. 

After five years at the firm, Reid officially stepped down at the end of October and has been succeeded on an interim basis by the KWM Australia COO, Tim Finlayson.

On Friday (15 January) it emerged that KWM is holding managing partner elections for Europe after Boss, who will officially step down from his role at the end of April, said he was leaving to concentrate on his real estate practice full time. The practice includes clients such as Marks & Spencer, The Crown Estate and Battersea Power Station.

Meanwhile, Taylor Wessing has also hired Liz Bunce-Grundy from Cushman & Wakefield, to join as international HR director. Bunce-Grundy had been international HR director at the surveying firm and a member of the global management committee and European board. The HR specialist returns to the legal sector having previously served as global and UK HR director at Clifford Chance for four years, and prior to this as head of global employment policy and systems at Allen & Overy.

Taylor Wessing managing partner Tim Eyles said: ‘It’s great to be welcoming two such heavy hitting professionals. Their combination of international experience and track record of delivering large scale innovation will be invaluable as we pursue our ambitious growth strategy in such a fast-paced market.’

sarah.downey@legalease.co.uk

Legal Business

‘Continuing growth’: Taylor Wessing makes capital markets play with K&L Gates senior corporate hire

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Taylor Wessing has made a key hire in a bid to boost its equity capital markets offering with the appointment of K&L Gates corporate finance partner Jeremy Landau.

Cited as a ‘key contact’ by the Legal 500, Landau is a specialist in international corporate and equity capital markets, and has advised on transactional work across industries including technology, media and communications, clean tech, healthcare, life sciences and financial services.

He previously advised companies and investment banks on IPOs and fundraisings on the London Stock Exchanges’ Official List and AIM market.

Recent work highlights for Taylor Wessing’s capital markets team includes advising Tritax Big Box REIT on its IPO and fundraisings over a two-year period on the main market of the London Stock Exchange, raising a total of over £700m; and advising On the Beach Group on its £240m IPO on the main market of the London Stock Exchange.

Taylor Wessing corporate finance head Russell Holden said: ‘Jeremy has long been recognised as one of the most experienced lawyers in the equity capital markets space and his international and industry experience fits very well with our strategy and existing client base.’

Landau said: ‘Taylor Wessing sees corporate as a key part of the firm’s overall strategy, both in the UK and internationally, and, importantly, the firm has key sector strengths that align well with my practice. As such, [the firm] is a great platform for me and I am looking forward to being part of the continuing growth story of the [its] capital markets practice.’

Recent firm investment in capital markets hires saw Gibson, Dunn & Crutcher appoint Herbert Smith Freehills’ partner duo Steve Thierbach and Chris Haynes in September last year. In November King & Wood Mallesons dipped into the laterals market, and appointed US securities partner Bart Capeci in London from Sidley Austin, as it too makes a concerted push for capital markets work.

sarah.downey@legalease.co.uk

 

Legal Business

‘A new dimension’: Taylor Wessing appoints WLG partner to head contentious trusts practice

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Taylor Wessing has enhanced its City private client credentials with the appointment of contentious trusts and litigation partner Emma Jordan, who joins from Wragge Lawrence Graham & Co (WLG) where she will lead the firm’s practice and ‘add a new dimension to [its] contentious capability.’

Recommended by The Legal 500, Bar-qualified Jordan advises and represents trustees and high-net-worth individuals on a range of trust issues in litigation, as well as civil fraud work, asset tracing and recovery within the context of offshore trusts and structures.

Taylor Wessing has been looking to grow its well-established private client practice for some time, and hired Bircham Dyson Bell partner Elaine Dobson to head its residential property practice, and tax partner Antoaneta Proctor from WLG in late 2014.

The firm now has over 50 private client lawyers globally, including 24 partners, and advises high-net-worth individuals from the CIS, US and Asia on UK tax planning and contentious trust issues.

On her appointment Jordan, who was a partner in the strong international private wealth practice at legacy WLG firm Lawrence Graham said: ‘Taylor Wessing stands out in the private client sector in that it is one of only a few firms that benefits from a team comprising some of the industry’s leading advisers, whilst also having strength in depth across an extensive international network.’

Taylor Wessing private client head Andrew Hine said: ‘Emma is well known by the industry for her first-class contentious trust work and this is reflected in her taking on lead roles on some very significant cases over the last few years.’

sarah.downey@legalease.co.uk