Legal Business

‘Hugely complicated’: Watson Farley, White & Case, A&O line up on $14bn shipping deal

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Finance Allen & OveryWatson Farley and WilliamsWhite & Case

Watson Farley & Williams (WFW) has advised a group of 29 international and local banks who were acting as financiers on a $14bn merger between shipping giants Hapag-Lloyd and United Arab Shipping Company (UASC).

The merger will create one of the five largest container shipping lines in the world, with 237 vessels and a combined turnover of around $12bn.

Dubai-based finance partner Andrew Baird led for WFW with support from Dubai partner Neale Downes, Hamburg partner Maren Brandes, London partner Kavita Shah and Singapore partner Mei Lin Goh.

Allen & Overy (A&O) and Ince & Co acted for Hapag-Lloyd in the deal, while White & Case provided advice to the UASC. White & Case’s team was co-led by New York partner Chris Frampton and London partner Alison Weal, with partners Michiel Visser and Roger Kiem.

Sami Chowdhury and Jan Hungar acted for Ince & Co and Frankfurt partner Bianca Engelmann led for A&O.

Baird told Legal Business that WFW began working on the deal around eight months ago, commenting: ‘It was a hugely complicated transaction, as you can imagine.’

‘We co-ordinated a team across our Dubai, Hamburg, London and Singapore offices, so a lot of people played their part in bringing their expertise to bear,’ he said.

‘We currently have a lot of mandates of this type, but obviously this transaction is huge in its own right. We won the mandate due to a combination of our market leading position and the fact we have acted for the banks on a large number of the underlying financings in the past.’

The deal is the largest WFW has worked on this year, since landing a role on Shell’s $3.8bn sale of North Sea oil and gas assets in January.

Joe Levin led WFW in advising third party banks, as British investment firm Chrysaor Holdings bought out an initial consideration of $3bn, plus an additional potential payment of up to $600m, subject to commodity prices and $180m for future oil and gas finds.

White & Case partners Ian Bagshaw and Richard Jones advised Harbour Energy Limited, an investment vehicle managed by EIG Global Energy Partners, on its agreement to lead for Chrysaor on the acquisition of the oil and gas portfolio.

tom.baker@legalease.co.uk

Legal Business

WFW fills chair gap with finance partner as Dunne continues New York push

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Leadership Watson Farley and Williams

Watson Farley & Williams (WFW) has elected shipping finance partner Nigel Thomas as the firm’s new chairman, taking over from long-serving partner Frank Dunne.

Dunne, who had acted as chairman between 2004 and 2016, moved to WFW’s US office last year.

He said: ‘Nigel is an excellent choice as chairman. He will have my full support as I continue to dedicate my time and energy to the exciting challenges of my new role in New York and in supporting the firm’s world-leading maritime practice.’

Thomas has been with the firm since 1987, specialising in maritime law. During that time, Thomas has led on a number of high-value deals, including advising global shipping company Teekay on its $1.4bn acquisition of AP Moller Maersk’s LNG shipping fleet in 2011 and advising oil company Petroserv Marine in 2015 on consolidating $1.7bn of loans.

Thomas (pictured) said: ‘I’m very much used to being an informal ambassador of the firm in my daily practice, but now with a slightly more formal addition to that as chairman. I want to be a sounding board for people’s concerns that our full-time management team may not necessarily pick up immediately.’

He added: ‘It’s also about supporting our managing partners. We have two managing partners at the firm who are very energetic. I hope to be someone senior they can bounce ideas off.’

In January 2017, WFW landed a role on Shell’s sale of $3.8bn worth of North Sea oil and gas assets, alongside Clifford Chance, Dechert and White & Case.

The LB100 firm has had a solid run of late, growing revenue by 5% to £131.2m for 2015/16, while the firm has already posted a 14% bump for the first half of 2016/17. Revenue for the first six months of the year came in at £67.6m from £59.5m.

Recent additions to the firm include litigator Joshua Sohn join as a partner from Mishcon de Reya along with three associates and one paralegal, while Michael Lubin and Jeffrey Rendin joined the firm’s real estate group as counsel. Lubin moved to Watson Farley from Stroock & Stroock & Lavan where he was a real estate special counsel, while Rendin joins from the office of the New York Attorney General.

tom.baker@legalease.co.uk

Read more: ‘This is not ad hoc’: WFW leadership duo aims to drive City specialist ahead of the pack’


Legal Business

Clifford Chance leads on Shell’s $3bn disposal of North Sea assets

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Corporate Clifford ChanceWatson Farley and WilliamsWhite & Case

Clifford Chance, Dechert, White & Case and Watson Farley & Williams have all landed roles on Shell’s sale of $3.8bn worth of North Sea oil and gas assets.

The deal sees British investment firm Chrysaor Holdings buy out an initial consideration of $3bn plus an additional potential payment of up to $600m subject to commodity price and $180m for future oil and gas finds.

Chrysaor was advised by Dechert M&A partner Jonathan Angell with specialist oil and gas advice from Bond Dickinson partner Paul Stockley.

Panel firm Clifford Chance were the lead advisers to Shell on the M&A side of the deal, alongside Shell’s in-house team.

White & Case partners Ian Bagshaw and Richard Jones advised energy investment house Harbour Energy Limited, an investment vehicle managed by EIG Global Energy Partners, on its agreement to lead for Chrysaor on the acquisition of the oil and gas portfolio. Watson Farley partner Joe Levin also acted as an adviser for third party banks.

The deal is the third major announcement for White & Case’s private equity team in January. Global private equity head Bagshaw led on Bridgepoint group’s recent £750m buyout of vehicle business Zenith from HgCapital. The team also advised Bridgepoint earlier this month along with Stockholm-based Nordic Cinema Group Holding AB on the $929m sale of Nordic to AMC theatres.

Shell’s divestment to Chrysaor follows its £47bn acquisition of BG Group in 2015. Slaughter and May advised Shell, supported by Cravath Swaine & Moore in the US while Freshfields Bruckhaus Deringer acted for BG.

Anglo-Dutch oil giant Shell reduced its core panel of legal advisers last year from 11 to six firms. Eversheds, Reed Smith Clifford Chance, Allen & Overy, Baker & McKenzie and Norton Rose Fulbright were all understood to have been appointed.

matthew.field@legalease.co.uk

 

Legal Business

H1 2016/17: Watson Farley achieves 14% growth as DAC endures a slower first half

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Financial results 2016/17 DAC BeachcroftWatson Farley and Williams
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Watson Farley & Williams (WFW) has reported strong first half results for the 2016/17 financial year as DAC Beachcroft saw its turnover grow just over 1%.

WFW recorded a strong first half to the year with its revenue growing 14% for the first six months of the financial year. H1 turnover grew from £59.5m to £67.6m. The LB100 firm’s full financial results for 2015/16 saw turnover increase 5%, hitting £131.6m.

The firm’s co-managing partner Chris Lowe (pictured) said: ‘This is a very encouraging financial result for the firm, building on the solid 5% revenue increase achieved in the 2015/16 financial year. The past six months have seen significant market volatility due to events such as the Brexit vote, but this is something WFW is well placed to manage.’

Last year, the firm invested heavily in lateral hiring by adding 17 new partners to its offices, while last month WFW also strengthened its Dubai office, adding aviation finance partner Oliver Tebbit from Clyde & Co.

Meanwhile, DAC has seen a weaker financial performance for the six months ending 31 October. The firm’s revenue for the period stood at £102m, up 1% on the same period in 2015/16.

The firm saw a steady financial performance for 2015/16, reporting a turnover increase of 2% to £201.6m while profit was up 9% to £35m.

DAC managing partner David Pollitt said: ‘I am pleased with this good result at the half-year stage, which bears testament to the continuing hard work of all our people. We have managed to trade through some difficult market conditions in the first six months of this financial year, hitting the tough targets we set ourselves at the beginning of the year.’

matthew.field@legalease.co.uk

 

Legal Business

Revolving doors: Another two out at Olswang as Clydes and WFW add to their benches

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Strategic recruitment Clyde & CoWatson Farley and Williams
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Arnold & Porter and Withers take the latest Olswang leavers, while Watson Farley & Williams (WFW), Clyde & Co and Shakespeare Martineau have all added laterals this week.

In its first UK hire since its merger deal with Kaye Scholer, Arnold & Porter has secured Olswang’s former head of telecoms and Asia managing partner Rob Bratby for its London office.

The US firm is set to add the telecoms lawyer who becomes the latest partner to leave Olswang ahead of the firm’s merger with CMS Cameron McKenna and Nabarro. Bratby will join the newly-merged Arnold & Porter Kaye Scholer when the deal is completed on 1 January 2017.

In another departure for Olswang, corporate partner Azlinda Ariffin-Boromand is set to join Withers’ London office in December. Ariffin-Boromand spent three and a half years at Olswang, having joined from Fasken Martineau in 2013. She has particular experience advising high net worth families in Malaysia and South East Asia.

CMS Cameron McKenna has also lost a partner with legacy Dundas & Wilson lawyer Craig McGinn moving in-house to Scottish company SMS Plc. McGinn joins SMS, which makes smartmeters, as general counsel having spent almost ten years at legacy Dundas and two years at Camerons.

In London, Shakespeare Martineau has boosted its office with the hire of two partners in intellectual property and real estate litigation. The firm has hired diputes partner David Vaughan from BLM and technology and IP partner Kim Walker from Bond Dickinson.

WFW has added to its Dubai office, taking on aviation finance partner Oliver Tebbit and a senior associate from Clyde & Co. Tebbit has 15 years’ experience of asset finance deals and commercial aviation work and has worked in Dubai since 2001.

Head of Dubai Andrew Baird said: ‘Oliver is a terrific addition to our Dubai team. His experience and expertise will significantly enhance our regional aviation offering and enable our continued successful growth in the Middle East.’

Going the other way, Clyde & Co has hired into its Hong Kong office, bringing in corporate lawyer John Chrisman from US firm Dorsey & Whitney. Corporate partner Chrisman has 28 years’ experience working with financial institutions and investment banks and particular experience representing Indian clients.

Clyde & Co Hong Kong managing partner Simon McConnell said: ‘We are fortunate to have a firm with strong ties to India and see John’s appointment as an opportunity to further strengthen our capability across the entire Asia Pacific and Middle East region.’

matthew.field@legalease.co.uk

Legal Business

Financials 2015/16: Subdued market sees Watson Farley and RPC post single digit revenue growth

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Financial results 2015/16 RPCWatson Farley and Williams
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LB100 firms Watson Farley & Williams and RPC reported slower revenue growth for 2015/16 with Watson Farley growing revenues by 5% to £131.2m, while RPC’s turnover is up 6% to £100.5m.

Watson Farley & Williams mirrored its half year results and broke the £130m barrier with a further 5% revenue growth from £125.2m to £131.2m. In the first half of the year the firm also reported 5% growth from £56.8m to £59.5m, although for 2014/15 the firm was up 7% on the year prior.

According to Watson Farley co-managing partner Lothar Wegener, the solid growth is a result of significant investments the firm has made in all its business services including technology improvement programmes for IT and infrastructure, knowhow management and offices.

Co-managing partner Chris Lowe added: ‘On a currency adjusted basis we are more than 8% ahead of last year, with our lawyers having advised on a large number of high-profile cross-border transactions and disputes in our core sectors of energy and transport. This is clear evidence that our constant investment into high-profile practices complimentary to our sectors continues to help the firm succeed and differentiate itself in a highly competitive legal market and it is an endorsement for continuing our growth plan.’

Watson Farley welcomed seventeen lateral hires last year, particularly in the firm’s New York office. This month saw litigator Joshua Sohn join as a partner from Mishcon de Reya along with three associates and one paralegal, while Michael Lubin and Jeffrey Rendin join the firm’s real estate group as counsel. Lubin joins Watson Farley from Stroock & Stroock & Lavan where he was a real estate special counsel, while Rendin joins from the office of the New York Attorney General.

Meanwhile, RPC’s revenue was up by 6%, to £100.5m from £94.4m. The core law firm business’s profits rose by 1%, with RPC managing partner Jonathan Watmough calling the result ‘a stellar year’.

While the firm posted 12% revenue growth in 2014/15, Watmough said the 6% increase was a great achievement given the uncertainty surrounding the EU referendum.

The firm, which is known for its work with the insurance industry, has branched out into management consultancy in 2015, targeting its core insurance clients. Last year, RPC hired Rory O’Brien, former global head of risk consulting at Towers Watson to lead the venture.

It added to this business with the launch of a consultancy for in-house lawyers. Dubbed RPC Perform, the consultancy is headed by Julia Chain, the former general counsel of T-Mobile.

RPC promoted three City partners this year bringing the firm to 79 equity partners. The firm also completed a tie-up with Singapore firm Premier Law, expanding its presence in South East Asia to target claims against major banks. This leave the firm with four offices: in London, Bristol, Hong Kong and Singapore.

Other LB100 firms to report this year include Fieldfisher, which saw revenue growth of 7% to bring turnover up to £121.5m. Meanwhile TLT, saw a 15% jump to £71.6m, and Browne Jacobson reported a 9% turnover increase to £64m.

matthew.field@legalease.co.uk

kathryn.mccann@legalease.co.uk

Read more about Watson Farley’s strategy in the Focus feature: ‘This is not ad hoc’: WFW leadership duo aims to drive City specialist ahead of the pack’

Legal Business

Revolving doors: Osborne Clarke and RPC strengthen City practices as WFW makes major New York hire

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Strategic recruitment Osborne ClarkeRPCWatson Farley and Williams
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Several LB100 firms have announced a range of lateral hires this week, with Osborne Clarke, Watson Farley & Williams (WFW), RPC and DAC Beachcroft all adding new partners.

Osborne Clarke boosted its London real estate team by adding two partners, Jo Footitt and Louise Cartwright, from Irwin Mitchell.

Footitt, previously a partner at legacy firm SJ Berwin and later Irwin Mitchell, has experience acting for developers, lenders, investors and land owners. Cartwright, who trained at SJ Berwin before joining Irwin Mitchell in 2010, making partner in 2014, specialises in the industrial and retail sectors.

Osborne Clarke head of project, real estate and finance Tim Simmonds said: ‘Both Jo and Louise are highly regarded practitioners with a track record of delivering strong results.’

RPC has also been recruiting in London, hiring international trade specialist Stuart Shepherd from Ince & Co to join its commercial disputes team in London. RPC managing partner Jonathan Watmough said Shepherd’s arrival would add ‘significant extra firepower’ to the firm’s offering on litigation and large scale disputes.

Bolstering its Newcastle office, DAC Beachcroft has recruited a four-lawyer professional indemnity team from Manchester-based DWF. DAC Beachcroft bring in former Newcastle Law Society president Helen Ager, as well as fellow partner Tom Whitfield and two further solicitors. The move follows last month’s hires, when the firm added seven partners, also from DWF, to its Newcastle office.

In New York, WFW has added to its litigation practice, bringing in former Mishcon de Reya partner and head of civil litigation and white collar defence Joshua Sohn. Sohn has 20 years’ experience in commercial and regulatory issues and brings a team of three associates with him to WFW.

matthew.field@legalease.co.uk

Legal Business

Revolving Doors: Squire and Watson Farley make Paris hires in big week for international appointments

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Strategic recruitment Squire Patton BoggsWatson Farley and Williams
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Paris has been a hot spot for lateral hires this week, as firms including Squire Patton Boggs, Watson Farley & Williams (WFW) and Mayer Brown make international appointments across the board.

Squire has hired Veronique Collin to join the firm’s financial services practice in Paris. Previously at DLA Piper working in its offices in London, Paris and Tokyo, Collin has over 25 years’ experience advising on real estate finance, structured finance, bond issues, acquisition finance and refinancing, asset finance, transaction rating work and general banking law.

Head of Squire’s global financial services practice group James Barresi said: ‘Veronique’s in-depth knowledge of French banking law and her international background will undoubtedly enrich our financial services practice, which has an increasingly multijurisdictional client base.’

WFW has also made a lateral hire to its Paris office with Arnaud Troizier joining its Paris energy and infrastructure team. With his experience in public business law, Troizier regularly advises industrial groups, banks, investors and public bodies on the development of projects which involve matters regarding transport, energy and building infrastructure, and communication networks.

The head of the firm’s Paris public business law practice Laurent Battoue said: ‘Not only does the firm have a worldwide reputation for excellence in its sector of focus, but our practices also naturally complement each other. It is an incredibly dynamic environment and the variety of ongoing projects opens up some very exciting opportunities in France and Africa in particular.’

As it continues to grow its New York office, Mayer Brown has appointed Douglas Donahue to its global banking and finance practice and derivatives and structured products group. Previously at Cadwalader, Wickersham & Taft, Donahue has a focus on transactional and advisory matters related to derivatives.

Co-leader of the firm’s global banking and finance practice Jon Van Gorp said Donahue is well-known in the industry for his extensive experience. He added: ‘His arrival will enhance our ability to advise on the ongoing transformation of the derivatives and financial products industry as part of our full-service banking & finance offerings to clients around the world.’

Osborne Clarke has boosted its IP practice with the lateral hire of Matthias Kloth to its Hamburg office. Joining from White & Case, Kloth has a focus on advising national and international companies on intellectual property law. ‘We now fully cover the whole range of intellectual property on a high level.’ Head of IP Marcus Sacré said: ‘With Matthias Kloth we have found an experienced trademark and competition lawyer with many years of process experience – continuing the expansion of our IP practice. We want to be strongly represented, especially in Hamburg.’

As it continues to expand its presence in Australia after launching its offices in Melbourne and Sydney in 2015, Pinsent Masons has appointed infrastructure specialists Anthony Arrow and Margaret Cole as partners. Cole joins the firm from White & Case where she led the Middle East business. Arrow joins from Allens and has experience advising on major renewable energy, road and rail projects acting for sponsors, contractors and operations and maintenance providers.

Pinsent Masons Australia head David Rennick said: ‘The addition of Anthony and Margaret to the team is an important step in the continued development of our Australian business.’

Fintech company MarketInvoice has hired former Fieldfisher partner Simon Coles as its general counsel. Coles made partner in 2012 and had trained at Allen & Overy. Co-founder and CEO of MarketInvoice Anil Stocker expects Coles to bring important legal experience to the business which he says is vital at this stage of scaling the business. ‘We’re constantly looking to find new ways to get cash flow finance to businesses in the fastest, safest, most efficient way possible. This goal presents new challenges every day and Simon will play a vital role in driving us forward’

madeleine.farman@legalease.co.uk

Legal Business

‘This is not ad hoc’: WFW leadership duo aims to drive City specialist ahead of the pack

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Finance Watson Farley and Williams
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Victoria Young talks to Chris Lowe and Lothar Wegener about their ambitions for the firm

‘It’s not about: “Here’s an opportunistic piece – let’s grab that.” It’s about a continuous cycle of investment, not something which just happens.’
Chris Lowe, Watson Farley & Williams

 

Legal Business

Revolving doors: Withers and Watson Farley make City hires as A&O boosts Frankfurt and New York practices

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Strategic recruitment Allen & OveryWatson Farley and WilliamsWithers
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In a busy week for lateral hires, Withers and Watson Farley & Williams (WFW) have made appointments in the City while Allen & Overy (A&O) has boosted its German and US offices.

Withers has hired property litigation partner Andrew Chesser to join its London office. Chesser moves from DAC Beachcroft where he was head of the firm’s contentious property team. Withers head of real estate Paul Brecknell said: ‘Andrew is an acknowledged leader in conducting property disputes and, with 25 years of experience, has addressed the widest spectrum of contentious issues that can arise in relation to real estate.’

Meanwhile WFW has made a key energy hire with the appointment of John Conlin. Oil and gas specialist Conlin joins from the London office of Houston-headquartered energy firm Andrews Kurth, having previously been a partner at Norton Rose Fulbright. WFW managing partner Chris Lowe said: To secure the services of a highly regarded partner like John highlights the potency of our existing energy platform and the firm’s commitment to investment and growth in this area.’

A&O has improved its Frankfurt and New York practices with hires from Orrick, Herrington & Sutcliffe and Simpson Thacher & Bartlett respectively. The firm has appointed Benedikt Burger from Orrick who joins next month as a partner in the Frankfurt office. Burger’s focus is on arbitration, and he will work closely with practice head Daniel Busse. Meanwhile in the US, the Magic Circle firm has bolstered its securities practice by adding Justin Cooke as a partner in its New York office, a month after announcing it had hired David Flechner from Cleary Gottlieb Steen & Hamilton. Cooke joins from Simpson Thacher where his practice focused on a variety of US and cross-border capital market transactions, including SEC-registered and private offers of debt equity securities. The hire is part of A&O’s bid to increase the size of its US securities practice, which currently has 25 partners globally.

Norton Rose Fulbright has also made a move in the Big Apple with the hire of Skadden, Arps, Slate, Meagher & Flom finance partner David Barrett. Barrett’s practice focuses on acquisitions and disposals, restructurings, securities offerings and other transactions involving financial institutions and financial services businesses. Norton Rose US managing partner Linda Addison said: ‘David has advised major New York-based and global financial institutions for more than 10 years. His experience working with clients in the major financial centres around the world will greatly benefit Norton Rose Fulbright’s clients.’

Finally, in in-house news, BNY Mellon has appointed former Bank of England counsel Jacqueline Joyston-Bechal. Formerly head of legal for markets, banking and notes directorates at the central bank, Joyston will join as head of BNY Mellon’s advisory compliance team in EMEA for investment services. BNY Mellon head of international compliance Alain Lesjongard said: ‘We are expanding our compliance team and continue to deepen our expertise in areas such as prudential matters, conduct risk and financial crime to meet the evolving regulatory landscape across Europe, the Middle East and Africa.’

victoria.young@legalease.co.uk