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

‘Move makes sense’: Skadden breaks up White & Case City PE duo with Youle hire

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Strategic recruitment Skadden, Arps, Slate, Meagher & FlomWhite & Case

In what amounts to a break-up of one of the City’s most storied private equity partner duos, Skadden, Arps, Slate Meagher & Flom has hired White & Case’s global and EMEA PE co-head Richard Youle, along with recently promoted PE partner Katja Butler.

The move splits the long-running and successful pairing of Youle and Ian Bagshaw, who had known each other since Youle was Bagshaw’s trainee at Eversheds in the 1990s. Youle (pictured) joined White & Case with Bagshaw in 2013 after resigning from Linklaters after seven years with the Magic Circle firm.

They were then both named co-heads of PE at White & Case in 2015 and have been central to a strong run of form for the City office of the US firm. Two years after their arrival, the private equity group in London was already pulling in close to the £40m that the Linklaters team had been generating under their leadership.

A spokesperson for White & Case said: ‘We can confirm that Richard Youle and Katja Butler are leaving White & Case to join Skadden. We wish them every success in their future endeavours. Our private equity team and leadership is deep and broad on a global basis and will continue to be run by Ian Bagshaw based in London and Oliver Brahmst based in New York.’

Bagshaw told Legal Business: ‘Richard is a great partner, I’ve had the pleasure of working with him for ten years. This move makes sense for him. We have had a great run since joining up in 2013 and will continue building out White & Case’s private equity practice in London going forward with the wider team.’

Youle advises PE houses and financial sponsor clients on all forms of leveraged M&A and portfolio assistance including restructuring advice, with clients such as HgCapital, Montagu, Oaktree and Mid Europa Partners.

Butler was made up to partner at White & Case in January and her focus is on PE deals as well as providing assistance to sponsor-held portfolio companies between buyout and exit.

White & Case’s London office saw a 4% increase in turnover to $290m as the firm posted a 7% increase in global revenue for 2016 reaching $1.63bn, up on last year’s 1% increase in revenue of $1.52bn.

In 2016, Kikland & Ellis hired David Holdsworth, one of Linklaters’ last remaining private equity heavyweights in the City, as the US firm rebuilt its London office. This followed a six-partner team announced in February 2016 to depart Kirkland to set up a City PE team at Sidley Austin.

Earlier this year, a group of five Paris corporate partners – collectively responsible for a book of business worth £8m – moved from Ashurst to Freshfields Bruckhaus Deringer.

georgiana.tudor@legalease.co.uk

For more on the City private equity shark tank, see ‘ABC – the brutally simple world of a private equity lawyer’

Legal Business

‘Competitive remuneration key’: White & Case hikes associate pay with NQs seeing a 17% increase

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Salaries White & Case

White & Case‘s London associates have seen a significant increase in their pay with the US firm awarding its newly qualified (NQ) associates with a £15,000 pay hike for 2017.

NQs will see a 17% increase to their salaries taking home £105,000. Those lawyers with one years’ post-qualified experience (PQE) have seen a 16% raise from £95,000 to £110,000. Two years’ PQE take home pay has seen the largest percentage increase, up 19% to £120,000.

By the time White & Case’s lawyers reach three years’ PQE, their pay becomes discretionary, with the firm saying it expects remuneration to be as competitive as banded pay levels. The firm’s bonus arrangements for its lawyers in London are separate to their salaries, which are paid out after White & Case’s financial year end.

Trainees also saw a bump in their pay, receiving a £2,000 increase. First year trainees will take home £46,000, while second year will take home £50,000.

A statement from the firm said: ‘Student debt, increasing inflation and the high cost of living in London make competitive remuneration key for the brightest young lawyers in considering their career options. In this environment, and following discussions with partners and feedback from our London employee committee, White & Case has significantly increased its legal salary grid for 2017 in London, including an increase for our trainees. The increase in the legal salary grid is a positive change which also reflects the strong performance of the firm globally and of our people in London.’

White & Case’s London office saw a 4% increase in revenue to around $290m in 2016 with global revenues moving up 7% to $1.63bn, up significantly on last year’s 1% rise to $1.52bn. Profits per equity partner also jumped by 2% to $2.05m up on last year’s $2.02m. Revenue per lawyer saw a 5% increase to $833,000 after 2015’s dip of less than 1%.

White & Case’s NQ pay follows Shearman & Sterling’s UK pay increases, which were announced earlier this month. Shearman’s NQ pay rose by 10.5% from £95,000 to £105,000 with mid-level associates receiving a 9.5% bump in their pay from £126,000 to £138,000. The start of the senior associate salary band has risen by 5.6%, up to £165,000 on last year’s £156,000.

madeleine.farman@legalease.co.uk

Legal Business

The quality of life report: Pursuits – Ian Bagshaw, White & Case

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Profile White & Case

‘This is a hard career, but everything’s hard. Work hard, be the better you and enjoy yourself.’

 

 

In 2012 White & Case’s global private equity co-head Ian Bagshaw lost his younger brother, Dan, then aged just 27. He died suddenly on the finish line of an ITU Olympic distance triathlon in Hong Kong. That same year, while Bagshaw was a partner at Linklaters, his family set up Dan’s Trust to raise money for research and to help the local community.

Legal Business

Freshfields and White & Case line up on Alfa’s £800m IPO in biggest UK tech listing in two years

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Dealwatch Freshfields Bruckhaus DeringerWhite & Case

Freshfields Bruckhaus Deringer and White & Case have won places advising on Alfa Financial Software’s planned float on the London Stock Exchange (LSE), which is expected to value the company at more than £800m.

The float, which specialises in software for the asset finance industry, will be the largest UK tech listing in the past two years. Alfa’s clients include Bank of America, Barclays and Mercedes-Benz.

Alfa enlisted White & Case with advice from recent hire Jonathan Parry, alongside partners Inigo Esteve and Laura Sizemore.

Freshfields is advising the underwriters Barclays and Numis with a team including partners Mark Austin and Doug Smith.

It has been a subdued 12 months for listings in the London market although in November last year it emerged Freshfields and Linklaters were advising on medical products company ConvaTec’s $1.8bn initial public offering (IPO). The global medical products and technologies company raised around £1.5bn, marking the largest European healthcare IPO for more than 20 years.

Freshfields corporate partner Chris Mort led for ConvaTec, which announced its intention to float on the LSE by early November.

Linklaters acted for the banks on the deal, with corporate partners James Wootton, Dan Schuster-Woldan and Mike Bienenfeld leading the team. Bank of America Merrill Lynch, Goldman Sachs and UBS Investment Bank are the global co-ordinators on the IPO, while Credit Suisse, Deutsche Bank, Morgan Stanley and JP Morgan Cazenove are joint bookrunners.

Herbert Smith Freehills is advising Telefónica on the planned IPO of its UK business O2, with the Spanish telecoms giant aiming to sell off between 25% and 49% of the business. An estimated £500m IPO for financial software company Misys is still underway, with Freshfields leading for the company on the float.

madeleine.farman@legalease.co.uk

Legal Business

HSF reaches settlement with eight White & Case-bound partners over exit terms

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Litigation Herbert Smith FreehillsWhite & Case

A court battle between Herbert Smith Freehills (HSF) and eight of the firm’s former partners who quit to join White & Case has ended, with HSF reaching a settlement with the departing group.

According to orders made in the Supreme Court of New South Wales, the claimants, a group of 167 current HSF partners represented by Michael Pryse, came to agreement with the defendants, a group of eight former HSF partners including key project finance partner Brendan Quinn.

Under the terms of the settlement, the White & Case-bound partners will be restricted by a set of injunctions that were imposed at a previous hearing, including a condition that prohibits them from soliciting their former client bases. In addition, the group will be unable to join White & Case officially as partners until after 1 September 2017, but will still be able to practise in a general capacity. The injunctions had originally been interlocutory, but will now be made permanent until the end of 1 September 2017.

Aside from Quinn, the other defendants were Andrew Clark, Joanne Draper, Jared Muller, Tim Power, Joel Rennie, Alan Rosengarten and Josh Sgro.

A HSF spokesperson said: ‘We are pleased to announce we have reached a settlement in our proceedings. Under the settlement the current interlocutory injunctions will be made final. We are happy to bring this matter to a conclusion.’

A White & Case spokesperson added: ‘We are pleased that the parties have reached a settlement and that the matter has been resolved. All involved have agreed to keep the terms of the settlement confidential. The current interlocutory injunctions have been made final by the court and will continue to 2 September 2017. We are extremely pleased that the eight lawyers were able to join the Firm as of 2 March 2017 and are making a significant contribution to the Firm and its clients. We are happy to bring this matter to conclusion.’

Earlier this year, court documents revealed that the decision to classify White & Case as a ‘specified competitor’ was taken by the HSF Australia board on 31 August 2016, one day before the eight partners resigned en masse, within half an hour of each other.

White & Case’s move last year to hire the project finance team from HSF was considered one of the largest legal moves ever in the Asian market.

tom.baker@legalease.co.uk

Legal Business

White & Case makes capital markets play with Ropes rising star Chris McGarry

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Strategic recruitment Ropes & GrayWhite & Case

White & Case has continued to strengthen its capital markets capability bringing on London based Ropes & Gray partner Chris McGarry.

McGarry (pictured centre) joined Ropes as a partner from Weil, Gotshal & Manges in 2015. He was an associate at Clifford Chance and a vice president at RBS before moving on to Weil for three years. McGarry focuses on structured finance transactions, advising sponsors, issuers, arrangers and investors on securitisations and collateralised loan obligations including all types of asset-backed securities, residential mortgage-backed securities, trade receivables and esoteric asset classes such as commodities and TMT receivables.

Recently, McGarry advised Virgin Media on two innovative financings alongside Ropes’ co-head of global finance Jane Rogers and high-yield partner Robert Haak. The team raised £350m through the world’s first-ever issue of receivables financing notes through an orphan SPV, while the second deal was the first-ever handset securitisation seen in Europe. The transactions won the US firm finance team of the year at 2017’s Legal Business Awards.

McGarry’s other clients have included Trafigura, Shop Direct, Lloyds, Bank of America Merrill Lynch, Deutsche Bank, Europcar, Bain Capital Credit, Blackstone/GSO, Investec and Jerrold Holdings.

White & Case EMEA capital markets regional sector head Philippe Herbelin said: ‘Chris is an entrepreneurial, technically skilled, energetic and experienced lawyer who is held in high regard by his clients and has a growing profile in the London market. As well as building our capability in London, Chris is an excellent fit with our existing client portfolio as we continue to focus on growing our London-based financial sponsor, funds and large corporate clients.’

Last year White & Case took on capital markets partner Jonathan Parry from Ashurst. Parry made partner at Ashurst in 2010 and had since become one of the strongest partners in Ashurst’s well regarded ECM team. His client book includes London-listed fund JZ Capital Partners, New York investment bank Jefferies International and boutique investment bank Liberum Capital.

Going the other way, it was confirmed earlier this year that capital markets partner Josh Parbhu had left White & Case after 15 years.

madeleine.farman@legalease.co.uk

Read more on the challenges ahead for Ropes in: ‘One man band: Can Ropes & Gray maintain the momentum without Allen?’

 

Legal Business

‘Reputation is catching up with reality’: White & Case and Bakers enjoy City revenues gains as rivals stall

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Financial results 2016/17 Baker McKenzieWhite & Case

London turnover down at Akin Gump, Debevoise and Reed Smith

The London outposts of leading international firms reported mixed results for 2016, with White & Case and Baker McKenzie reporting income growth while Reed Smith and Debevoise & Plimpton both struggled.

Legal Business

‘An industry-wide issue’: City reacts as Australian judge rules HSF partners can join White & Case

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Australia Herbert Smith FreehillsWhite & Case

Leavers’ provisions in war for talent come under scrutiny

While the first round of a case that saw Herbert Smith Freehills (HSF) pursue an action against eight partners who quit to join White & Case in Australia has concluded, the dispute has highlighted the ongoing war over talent between UK firms and their US rivals.

Legal Business

Freshfields, Mishcon and White & Case up for the top prize as shortlist unveiled for 20th Legal Business Awards

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Freshfields Bruckhaus DeringerMishcon de ReyaWhite & Case

Freshfields Bruckhaus Deringer, Mishcon de Reya and White & Case are among the firms competing to be named Law Firm of the Year at this year’s Legal Business Awards.

Also shortlisted in the flagship category for the awards, which take place at Grosvenor House Hotel on 23 March, are Clyde & Co, Osborne Clarke and Stewarts Law.

The full shortlists, revealed below, will see high-calibre law firms, in-house teams and individuals competing across 24 categories, including 12 practice area awards at the 20th year of the Legal Business Awards.

The finalists for the coveted In-House Team of the Year award are Anheuser-Busch InBev, Barclays, Crown Estate, Sellafield, Shell and Virgin Media.

City giants Linklaters, Clifford Chance and Travers Smith are among the firms fighting it out to be named Corporate Team of the Year. In the Dispute Resolution category, Boies, Schiller & Flexner, Stewarts Law and Mayer Brown are among those in contention. In private equity, one of the most in-demand strategic practices areas in the Square Mile in recent years, the shortlist includes Freshfields, Gibson, Dunn & Crutcher and Baker McKenzie.

With American law firms securing an increasing share of high-end work in the City, Latham & Watkins, Goodwin Procter, and Quinn Emanuel Urquhart & Sullivan are among the shortlist for US Law Firm of the Year in what will be one of the most competitive categories of the night.

The winners, which will be unveiled at the gala ceremony with a 1,000 guests hosted by journalist and broadcaster Alastair Stewart, are decided by an independent judging panel of senior general counsel.

This year’s panel comprises: Nilema Bhakta-Jones, group legal director of Ascential Group; Claire Chapman, general counsel (GC) and company secretary of Daily Mail and General Trust; Kate Cheetham, general counsel at Lloyds Banking Group; Kirsty Cooper, group GC and company secretary at Aviva; Claire Debney, director of legal strategy at Shire; Chris Fowler, GC UK Commercial for BT; FT GC Dan Guildford; Geoffrey Timms, GC and company secretary at Legal & General Group; Zoopla Property Group GC Ned Staple; Nigel Paterson, general counsel at Dixons Carphone; Nyeem Syed, assistant GC, financial & risk at Thomson Reuters; and Tony Williams of Jomati.

Major winners last year, included Pinsent Masons, which was named Law Firm of the Year and Herbert Smith Freehills, which won the Dispute Resolution Team of the Year award, while Skyscanner walked away with the in-house prize.

mark.mcateer@legalease.co.uk

Click here for more information or email ben.lawless@legalease.co.uk

Legal Business Awards 2017: The full shortlist

TMT Team of the Year

Bristows

Cooley

DLA Piper

Powell Gilbert

Reed Smith

Simmons & Simmons

Finance Team of the Year

CMS Cameron McKenna

Herbert Smith Freehills

Linklaters

Paul Hastings

Ropes & Gray

Simmons & Simmons

International Arbitration Team of the Year

Baker McKenzie

Boies, Schiller & Flexner

Cleary Gottlieb Steen & Hamilton

Skadden, Arps, Slate, Meagher & Flom

Three Crowns

Weil, Gotshal & Manges

Restructuring Team of the Year

Allen & Overy

Ashurst

Bond Dickinson

Clifford Chance

Cleary Gottlieb Steen & Hamilton

Paul Hastings

White & Case

Competition Team of the Year

Allen & Overy

Ashurst

Bristows

Herbert Smith Freehills

Mishcon de Reya

Travers Smith

Energy and Infrastructure Team of the Year

Burges Salmon

CMS Cameron McKenna

DLA Piper

Pinsent Masons

Shearman & Sterling

Sullivan & Cromwell

Commercial Litigation Team of the Year

Boies, Schiller & Flexner

Charles Russell Speechlys

Clyde & Co

Mayer Brown

Stewarts Law

Weil, Gotshal & Manges

Private Client Team of the Year

Charles Russell Speechlys

Harbottle & Lewis

Irwin Mitchell

McDermott Will & Emery

Stephenson Harwood

Withers

Insurance Team of the Year

Bond Dickinson

DAC Beachcroft

DLA Piper

Eversheds

Skadden, Arps, Slate, Meagher & Flom

TLT

Corporate Team of the Year

Clifford Chance

Freshfields Bruckhaus Deringer

Linklaters

Shearman & Sterling

Slaughter and May

Travers Smith

Weil, Gotshal & Manges

Private Equity Team of the Year

Baker McKenzie

Clifford Chance

Freshfields Bruckhaus Deringer

Gibson, Dunn & Crutcher

Hogan Lovells

Norton Rose Fulbright

Real Estate Team of the Year

Berwin Leighton Paisner

Gowling WLG

Hogan Lovells

Macfarlanes

Norton Rose Fulbright

Reed Smith

White & Case

Boutique Law Firm of the Year

Candey

Humphries Kerstetter

Powell Gilbert

Sacker & Partners

Signature Litigation

Three Crowns

Lawyer of the Year

Maurice Allen, DLA Piper

Peter Crossley, Squire Patton Boggs

Jo Hickman, Public Law Project

Sue Millar, Stephenson Harwood

Frances Murphy, Slaughter and May

Mark Rawlinson, Morgan Stanley

Joanne Wheeler, Bird & Bird

CSR Programme of the Year

Bond Dickinson

CMS Cameron McKenna

Dechert

Dentons

Gowling WLG

Hogan Lovells

International Firm of the Year

Garrigues

Gómez-Acebo & Pombo

Magnusson

Mason Hayes & Curran

Noerr

Vieira de Almeida

Wolf Theiss

Rising Star In-House Counsel of the Year

Edward Anderson, Sainsbury’s

Julia Boyle, Telefónica

Jonathan Cope, RSA Group

Ahsan Gulabkhan, Virgin Atlantic Airways

Craig Harris, British American Tobacco

Sarah Rosser, Vodafone

In-House Team of the Year

Anheuser-Busch InBev

Barclays

Crown Estate

Sellafield

Shell

Virgin Media

Management Partner of the Year

Tim Eyles, Taylor Wessing

Richard Foley, Pinsent Masons

John Joyce, Addleshaw Goddard

Charles Martin, Macfarlanes

Mark Rigotti and Sonya Leydecker, Herbert Smith Freehills

John Westwell, Foot Anstey

US Law Firm of the Year

Fried, Frank, Harris, Shriver & Jacobson

Goodwin Procter

Latham & Watkins

Paul Hastings

Quinn Emanuel Urquhart & Sullivan

Sidley Austin

Sullivan & Cromwell

Legal Innovator of the Year

Allen & Overy

Axiom

Dentons

Lawyers On Demand

Pinsent Masons

RPC

Vodafone

Legal Technology Team of the Year

Addleshaw Goddard

Linklaters

Mishcon de Reya

Riverview Law

Simmons & Simmons

Taylor Wessing

National/Regional Firm of the Year

Brodies

DMH Stallard

Freeths

Harper Macleod

Mills & Reeve

TLT

Law Firm of the Year

Clyde & Co

Freshfields Bruckhaus Deringer

Mishcon de Reya

Osborne Clarke

Stewarts Law

White & Case