Legal Business

U-turn: White & Case’s LLP reverses the trend with UK/Africa offices posting 12% rise in turnover

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White & Case‘s most recent limited liability partnership (LLP) accounts filed at Companies House show turnover at its UK and Africa offices increased 12% in the financial year ending December 2014.

Overall turnover at the offices grew from £137m to £154m – a significant rise from last year when revenues dropped 2% at the end of 2013. Operating profit at the offices also improved from a 7% decline last year (from £56.4m in 2012 down to £52.5m in 2013), rising a robust 14% to just under £60m.

A further breakdown in the filings revealed significant increases in turnover in both the UK and Africa offices individually. While the UK saw revenues lift a solid 12% from £136m to £152m, Africa’s figures were more impressive, with a 126% rise from £842,000 in 2013 to £1.9m last year.

The numbers show a complete turnaround from last year’s figures which in the UK were down by 1.8% from £138.6m in 2012, while accounted activities in Africa dived 35% from £1.3m.

While staff costs fell 4% in 2013, last year this spend increased by 8% from £449m to £53m. This came following a rise in staff members (excluding partners), with staff headcount growing 14% overall from 421 to 479, of which there was an 18% rise in fee-earners to 289 from 245. Wages and salaries for this group subsequently rose by £2m to £44m. 

In 2014, the firm added seven members to its partnership, and while the firm does not disclose the average member remuneration in the filings, the global firm’s average profit per equity partner stood at £2m in 2014. Financial results earlier this year showed White & Case’s global revenues were up 4% to $1.5m, rising an impressive 15% since 2010.

The firm’s London office last month prepared to meet the next wave of regulatory and enforcement investigation work as it launched its first City white collar practice with the hire of white collar and securities litigation partner Jonathan Pickworth from Dechert.

jaishree.kalia@legalease.co.uk

Legal Business

Q&A: Jenner & Block’s Charlie Lightfoot talks about leadership, White & Case, and ‘getting my hands dirty’

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Chicago litigation firm Jenner & Block’s launch of its first overseas office earlier this year in London was as soft as they come. Is there space for another litigation firm or will London be its graveyard? Charlie Lightfoot (pictured), the man tasked with growing the firm’s London office, talks of the firm’s prospects. 

Why did you want to join Jenner & Block?

It took a lot of hard thought but these opportunities don’t come around very often and it’s an exciting step. I’d been at White & Case for 16 years and always been very happy but the more I learned about Jenner & Block the more I realised why it was the right fit for me. I guess there was a leap of faith but every lawyer I met at Jenner & Block gave a consistent message, which is always a good sign, about the personality of the firm and how they felt about the firm opening in London. They also take the quality of their lawyering very, very seriously.

Did you look what Richard East at Quinn Emanuel Urquhart & Sullivan and Natasha Harrison at Boies, Schiller & Flexner are doing and think ‘I want a piece of that’?

I was aware of Quinn and Boies and it gives you some element of confidence if you see other people doing a similar thing and apparently succeeding. But I was much more focused on what Jenner wanted to do and its vision for the office.

There are many people in London who don’t know much about Jenner & Block. What’s your message to the market? 

I’m excited to raise the profile here and educate people about Jenner & Block. They are a firm that handles transactional work as well but their roots, which was attractive to me, are in disputes. Its reputation in the US for disputes is really first class and once you realise you’re dealing with an organisation of that level of quality it becomes very attractive.

Is there more than that? Cooley came to London and said ‘we do M&A for technology companies’, Quinn came and said ‘we’ll sue banks’ and Boies came and said ‘we sue people for hedge funds’. Is there a specific focus? 

‘The message is that we are now bringing the high quality Jenner brand to London. We’re pushing our front door to London to better service our clients. It’s a three-pronged approach of white-collar, commercial litigation and arbitration. We want to push all three of these equally. That’s not to say there won’t be a transactional piece later but these are the priorities. Our client base needs all of that work. We’re excited about the prospects for international arbitration. It’s something that has been growing and that is set to continue.

Is much of the US practice transferable to London?

It is transferable. Until the opening of the London office they were a domestic practice but it’s an incredibly international practice base. We have these clients we know need assistance in London, and I hope to generate our own work too, we’re going to be an office that is going to support Jenner’s existing client base.

You weren’t in a leadership position at White & Case. What will your leadership style be like at Jenner?

As an experienced partner you are in a leadership role anyway. I’m a consensual person, who leads from the front. I enjoy getting my hands dirty on cases and working with teams. I love doing cases and I love being a lawyer but the strongest reason for this transition was the opportunity to take more of leadership role and a step in my career I was happy to make.

How do you plan to grow the office?

It’s going to be a steady expansion and my role is to use my knowledge of the London market to find the right people to help them get the message to our client base that we have strong capability in London. 

I learned a lot from White & Case. When I joined there were just 50 lawyers in London and now it’s got around 400 lawyers. I’ve been through the process of watching something grow and I’ve learned a lot from that.  I’m optimistic that Jenner’s London office will become busier and will need to grow to meet that demand.

London can be a graveyard for some US firms – Edwards Wildman Palmer and Bingham McCutchen to name two – are there any lessons to be learned in not being half-hearted?

London is a tough legal market but Jenner, from its Chicago roots, has taken on tough legal markets in New York and Los Angeles and has succeeded despite being an outsider. It now sees that the next natural progression is to London.

tom.moore@legalease.co.uk

Legal Business

White & Case steps up private equity march with hires from Clifford Chance and Debevoise

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White & Case’s march on the London private equity market has stepped up another gear with the hire of Caroline Sherrell from Clifford Chance and Kenneth Barry from Debevoise & Plimpton.

Sherrell leaves Clifford Chance after nine years at the Magic Circle firm, having been made partner in 2012. Barry, who joins as partner, is currently a senior associate in Debevoise & Plimpton’s London private equity group, departs four years after joining the New York-based firm, following previous stints at Simpson Thacher & Bartlett and Clifford Chance.

The moves come as part of an aggressive recruitment drive by White & Case to build one of the City’s strongest private equity teams. That mission is centred on former Linklaters duo Ian Bagshaw and Richard Youle, who arrived at the start of 2013 after a six-year stint running that firm’s global private equity team.

Barry’s hire aims to boost White & Case’s frontline private equity deals team, with Sherrell arriving as part of a play to capture the increasing amount of private equity activity in the infrastructure space. There has been a slew of private equity houses raising dedicated infrastructure funds in the past two years, with one of Brazil’s biggest banks Banco Bradesco one of the latest to do so with two new funds created earlier this year, and giants of the market like Axa Private Equity repositioning away from the retail sector to focus more heavily on infrastructure.

Sherrell, who counts France’s Antin Infrastructure Partners as a client at Clifford Chance, will team up with long serving White & Case partner John Cunningham in leading the City private equity team’s push into infrastructure. 

Barry arrives with a focus on building White & Case’s private equity profile in the oil and gas area, with many houses actively hunting deals in that sector following the collapse in oil prices and the resulting need for oil and gas companies to raise cash through sell-offs. He will also work closely with the head of White & Case’s Africa practice, Johannesburg-based banking partner Joshua Siaw, to build the firm’s private equity presence in Africa.

Since arriving at White & Case, Bagshaw and Youle have been instructed on mandates for private equity houses HgCapital, Montagu, CVC, Castik Capital, Rhone Capital, Oaktree, Triton, Mid Europa Partners, Novator and Arle Capital and have led on two high profile buyside deals in Europe this year, the CVC-led consortia acquisition of Alvogen and the ACP/Borealis consortia acquisition of Tank & Rast.

tom.moore@legalease.co.uk

Legal Business

Korea still a boon for global firms as A&O, White & Case set up shop

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Global 100 firms continue to pile into South Korea, with Allen & Overy (A&O) and White & Case launching in Seoul in recent weeks, while disputes boutique Kobre & Kim has also opened a base in the Korean capital.

White & Case launched an office in Seoul in the summer with plans to relocate three partners and build on relationships with project finance clients. The venture is led by James Lee, who heads the Korea practice group and relocated to Seoul from Los Angeles. He will be joined initially by Mark Goodrich, a construction partner in London who will also transfer to Seoul, and Hong Kong partner Kyungseok Kim, who recently joined the firm’s M&A practice from Linklaters where he was an associate.

Legal Business

Debevoise and White & Case to battle out South Korea tax arbitration

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Debevoise & Plimpton and White & Case are among firms drafted in to fight out an arbitration claim against South Korea from Abu Dhabi’s International Petroleum Investment Company (IPIC).

Two Dutch subsidiaries of IPIC, Hanocal and IPICI want to reclaim tax paid to South Korea when it sold its controlling stake in a national oil refinery for $2.2bn in 2010. According to domestic media, Hanocal filed a claim for 180 billion won ($165 million) in compensation.

The investment arm of the Abu Dhabi has brought the claim over tax paid on the sale of Hyundai Oilbank to the world’s largest shipyard Hyundai Heavy Industries. The claim has been filed at the World Bank’s Washington DC-based arbitration court The International Centre for Settlement of Investment Disputes.

South Korea’s government has instructed New York-based David Rivkin, co-head of dispute resolution at Debevoise and president of the International Bar Association, and London-based partner Sophie Lamb to defend the claim. They will be supported by a trio of partners at local law firm Kim & Chang: Byung-Chol Yoon, Liz Kyo-Hwa Chung and Chol-Won Lee.

IPIC has instructed renowned arbitration lawyer Carolyn Lamm, a partner at White & Case, to spearhead its claim. She is being supported by Washington DC-based colleagues, Andrea Menaker and Brian Gleicher, as well as Abu Dhabi-based partner Abdulwahid Alulama.

London-based Gary Born, chair of the international arbitration group at Wilmer Cutler Pickering Hale and Dorr has been appointed to a three-person panel to hear the dispute by Hanocal and IPICI. South Korea has nominated William Park, a law professor Boston University and former vice-president of the London Court of International Arbitration, as its party-appointed arbitrator. The panel’s president is yet to be selected.

In 2009 Debevoise had acted alongside Bae, Kim & Lee to win $750m for Hyundai Heavy Industries after an arbitration panel ruled the IPIC had materially breached a shareholders’ agreement.

tom.moore@legalease.co.uk 

Legal Business

Revolving Doors: clutch of firms including Ashurst, Penningtons Manches and White & Case make key hires

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A number of firms have made noteworthy appointments this month, including Ashurst, Squire Patton Boggs, Penningtons Manches, Dentons, White & Case and Eversheds who have all added to their teams.

Ashurst has strengthened its dispute resolution capability in Middle East by appointing Dyfan Owen to its Dubai office.

Managing partner of the Middle East, Joss Dare, said: ‘The disputes market in the Middle East has gone through a transformative period in the last few years. The level of mega-projects and infrastructure investments have been generating an increasing number of large, multi-jurisdictional disputes and we see this trend as continuing.’

White & Case has appointed Arlene Hahn as a partner in the firm’s global intellectual property practice, to work closely with the firm’s global mergers & acquisitions practice.

Meanwhile Eversheds has hired Nicholas Jew as a consultant in its employment team, from DLA Piper where he headed the Birmingham employment team.

Squire Patton Boggs has appointed Karim Maalioun as a partner in its Global Corporate Practice, to be based in Paris. Maalioun was the former general counsel (EMEA) for power business ContourGlobal. Christopher Wilde, managing partner of the Paris office said Maalioun adds major energy sector expertise to the firm’s established corporate team.

National firm Pennington Manches has added two new partners to its Cambridge office to strengthen its corporate and real estate teams. Ross McNaughton joins from Paul Hastings where he had been a partner since 2012 and Sarah Coates comes from Thomson Webb & Corfield where she had been a partner since 2013.

Herbert Smith Freehills has appointed former Secretary of State for Energy and Climate Change Ed Davey as a consultant to its top-tier global energy group. As of September, Davey will work closely with the co-heads of the firm’s Global Energy Group, John Balsdon, Anna Howell and Rob Merrick, advising on thought leadership development in the energy and climate change sectors, and providing a unique understanding of both past, present and future UK and EU energy policy.

Over at Dentons, new capital markets partner Nikolas Colbridge is being welcomed to the firm from Skadden Arps.

Jeremy Cohen, Dentons UKMEA chief executive officer, commented, ‘We are particularly impressed by the work Nik has done on complex listings in Europe, emerging and developing markets, and across the world. His exceptional skill and depth of knowledge will be a real asset to our global practice.’

Finally, US firm Quinn Emanuel Urquhart & Sullivan has added Jonathan Bunge to its ranks, to join the Chicago office as managing partner. Bunge is an experienced first chair trial lawyer who has tried more than 40 jury and bench trials who was a partner at Kirkland & Ellis.

victoria.young@legalease.co.uk

Legal Business

On trend: White & Case launches London white-collar practice with Dechert hire

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White & Case is preparing to meet the next wave of regulatory and enforcement investigation work as it launches its first City white collar practice with the hire of white collar and securities litigation partner Jonathan Pickworth from Dechert.

The hire comes as blue-chip corporates continue to face greater scrutiny from global regulatory authorities from both the US and the UK. Pickworth has experience of advising clients on regulatory and internal investigations, compliance and risk – with a focus on corruption, market misconduct, fraud, tax fraud and money laundering.

A spokesperson for White & Case said:  ‘The addition of Jonathan strengthens our global white collar capabilities and enhances the firm’s position as a recognised leader in global investigations and corporate crime. He brings a wealth of knowledge and experience at a time when the demand for his skills is increasing.’

He also has experience in the handling of investigations by government agencies including the Serious Fraud Office, the Financial Conduct Authority and HM Revenue & Customs, into allegations of market misconduct such as Libor and FX benchmark manipulation, insider trading and similar matters.

Pickworth joined Dechert in 2011 from DLA Piper, alongside fellow partner and former global co-head of litigation and regulation Neil Gerrard. Pickworth worked at DLA Piper for nearly 12 years where he was the EMEA head of corporate crime and investigations. Before this, he was an associate at Magic Circle firm Linklaters.

The hire comes as many City practices look to beef up their regulatory offering, especially after the government launched its long-awaited UK Anti-Corruption Plan – a disparate collection of initiatives aimed at improving the UK’s transparency, strengthening investigation powers and toughening enforcement options – which will mean an increasing workload for defence lawyers and further overhaul of companies’ compliance regimes.

In April, Ropes & Gray launched its City commercial litigation practice with the hire of K&L Gates disputes partner Thomas Ross, as the firm looked to Ross to advise clients on dispute-related issues in its government enforcement practice – particularly around regulatory and compliance issues, internal investigations and white collar crime – as well as support its transactional and business restructuring practices.

White & Case lost partner Charlie Lightfoot early this month who exited the firm after 16 years to head Jenner & Block’s litigation and arbitration practices in London. 

jaishree.kalia@legalease.co.uk

Legal Business

Hardwicke Chambers and White & Case take barristers from soon-to-be-dissolved 11 Stone Buildings

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Hardwicke Chambers is the latest to take members from soon-to-be-dissolved London commercial and chancery set 11 Stone Buildings (11SB), confirming today it will take a junior barrister quartet and 11SB’s business development manager.

The set confirmed today that junior barrister quartet Amanda Eilledge, Alaric Watson, Sarah Clarke and Harriet Ter-Berg have all accepted offers from Hardwicke and ‘will join shortly’. White & Case has also invested in its advocacy offering with the hire of 11SB barrister Shawna Pasquale.

The four-strong team heading to Hardwicke are specialised in commercial litigation, corporate and partnership disputes, property and insolvency. The set has also hired 11SB business development director Sally Wollaston, a former solicitor who trained at Allen & Overy as a commercial litigator.

Hardwicke joint head of chambers Paul Reed QC said: ‘We are sorry to see the dissolution of such a pre-eminent set of chambers such as 11SB. However, we are delighted to be able to welcome our talented new colleagues, who will strengthen and enhance the service we give to our clients in the areas of commercial, property and insolvency work.’

Meanwhile White & Case’s disputes team has boosted its City ranks with barrister Shawna Pasquale, who regularly appears in the High Court and County Courts as sole advocate or led by senior counsel. Pasquale further undertook a five-month secondment in the general counsel division of the Financial Conduct Authority, during which she advised on the application of and compliance with Financial Services and Markets Act 2000, and related legislation.

These latest moves follows the news earlier this week that Wilberforce Chambers has taken 11SB silks Lexa Hilliard QC, Alan Gourgey QC and Marcia Shekerdemian QC alongside junior barristers Tim Penny, Max Mallin, Iain Pester, Tom Robinson and Laura Newton. Radcliffe Chambers also confirmed this week it will take on seven 11SB members including Jeremy Cousins QC, Gary Lidington, Tina Kyriakides, Adam Deacock, Christopher Boardman, Reuben Comiskey and Dawn McCambley.

Hilliard QC said that the members of 11SB ‘decided amicably, but with considerable regret to cease to operate as a set of chambers at 7pm on Friday 30 October 2015. Until then 11SB will remain fully operational as a set of chambers.’

sarah.downey@legalease.co.uk

Legal Business

Called to the bench: White & Case partner Ian Forrester QC made an EU judge

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White & Case partner Ian Forrester QC has been appointed as the UK’s judge at the General Court of European Union, succeeding judge Nicholas Forwood QC. Forrester QC, who is based in Brussels will sit at the court based in Luxembourg from October of this year. 

The EU law specialist has worked in the fields of competition law, trade law, customs, internal market rules, intellectual property and constitutional human rights.

Hugh Verrier, White & Case’s chairman said: “It’s an important role that we know Ian will approach with the same wisdom and enthusiasm that have made him such a successful commercial lawyer and an authority in EU competition law.”

Forrester QC will be one of 28 judges forming the general court, which is responsible for the interpretation and application of the Treaties of the European Union and hearing appeals against acts of the European Commission particularly in antitrust and trade matters.

The new judge had joined White & Case in 1998 when Forrester Norall & Sutton merged with the firm in Brussels. He has acted as head of the White & Case’s international pro bono practice and is a noted public speaker. 

victoria.young@legalease.co.uk

Legal Business

Jenner & Block hires White & Case’s Charlie Lightfoot to front London launch

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As Jenner & Block ramps up its City presence, the US litigation firm has hired White & Case partner Charlie Lightfoot to lead its charge on the London litigation market.

With US disputes powerhouses Quinn Emanuel Urquhart & Sullivan and Boies, Schiller & Flexner having launched City offices in 2008 and 2013 respectively, Chicago outfit Jenner & Block joins a growing band of litigation firms expanding into London.

Entering the City with a lower profile launch than Quinn Emanuel and Boies, Lightfoot leaves White & Case after 16 years to head Jenner & Block’s litigation and arbitration practices in London. He will link up with a four-lawyer team that arrived from Dechert earlier this year to launch the office, with senior associate Christian Tuddenham making partner through the switch that also saw special counsel Kelly Hagedorn and associates Victoria Fitzpatrick and Tracey Lattimer move across in April.

Lightfoot, who became a partner in 2010 and acts for telecomms, defence, energy and financial services clients, said, ‘leading the disputes practice for a firm like Jenner & Block in its new London office is a wonderful opportunity’.

Fellow partner Tuddenham specialises in banking and financial services disputes, particularly those with links to Asia, and was joined in London recently by partners Peter Pope and Nancy Jacobson, who relocated from the US to push the firm’s white-collar play. Pope, who co-chairs the firm’s white-collar defence and investigations practice, is a former New York prosecutor.

Terrence Truax, Jenner & Block’s managing partner, said: ‘Bringing a high-calibre UK-based talent like Charlie into our new London office is a major step forward in the strategic buildup of our cross-border litigation and international arbitration practices. Charlie is an outstanding lawyer, a gifted natural leader and the right choice to lead our disputes practice in London. We are thrilled to have him with us.’

tom.moore@legalease.co.uk