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Playing catch-up: CC to push on with remuneration changes

While its Magic Circle peers have made significant progress with modifying their locksteps to attract and retain talent, Clifford Chance (CC) is dragging its feet on implementing proposals voted in nearly two years ago.

In 2015 CC made amendments to its pay structure to allow leading partners to go up to 130 points, while plateau partners, as well as teams and geographies contributing less may be brought down and capped at 70. The ladder previously ranged from 40-100.

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Gateley makes approaches to secure new Scottish tie-up

With the merger between its former Scottish arm and Addleshaw Goddard due to go live on 1 June, Gateley is looking at options for a new Scottish tie-up and has approached a number of firms in the market.

According to one Scottish partner, Anderson Strathern, which has offices in Edinburgh, Glasgow and East Lothian, would be the most likely option for a tie-up.

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‘This latest round has been disappointing’: A&O vows to address lack of diversity as Magic Circle announces new partners

Allen & Overy (A&O) promoted just two women to partnership last month, 8% of its total round, with the firm stating it is working towards three clear 2020 targets to address the diversity concerns.

The targets include having 20% female partners; at least 30% women in each promotion round; and 30% of women in its partnership in non-elected leadership roles.

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‘Glaring defaults’: SDT hits Clyde & Co with record fine under anti-money laundering rules

In the joint-largest fine ever handed down to a law firm, in March Clyde & Co was hit with a £50,000 penalty for breaching accounting and money laundering rules. In a Solicitors Disciplinary Tribunal (SDT) decision, Clydes corporate partners Christopher Duffy and Simon Gamblin, alongside projects partner Nick Purnell, all received individual fines of £10,000.

The charges related to the use of a client bank account as a banking facility, in direct breach of the Solicitors Regulation Authority (SRA)’s money laundering regulations. Duffy and Purnell admitted they failed to take on guidance of the Law Society’s rules on fraudulent financial arrangements in acting as an escrow agent on behalf of the client.

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‘Just get on with it’: City partners fear yet more uncertainty ahead of general election

As Theresa May’s call for a general election on 8 June came as a surprise to many in the City, law firm partners say their UK clients will be dogged by yet more uncertainty.

The announcement last month came as the polls suggest a clear lead for the Conservative Party, while May said she is seeking a direct mandate for her plan to deliver a smooth British exit from the EU.

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‘The real work starts now’: profession reacts as regulator makes radical changes to legal training

Super-exam to be used from September 2020

Despite some considerable hostility, the Solicitors Regulation Authority (SRA) announced last month that its planned Solicitors Qualifying Examination (SQE), dubbed ‘the super exam’, will be used from September 2020.

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City partners eye white-collar crime mandates as Tesco plea bargain gets green light

Tom Baker speaks to corporate crime specialists as Freshfields advises supermarket on UK’s fourth-ever DPA and hires top SFO lawyer

Last month the fourth deferred prosecution agreement (DPA) in UK history was approved by judge Sir Brian Leveson, enabling Tesco to pay a £129m fine and escape criminal charges relating to the false accounting scandal of 2014.

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CC takes first major transaction for Prudential Capital as government sells off loans

Clifford Chance (CC) has picked up its first significant deal for Prudential Capital Group in the UK government’s £11.8bn sale of buy-to-let mortgages from failed lender Bradford & Bingley.

Slaughter and May, Allen & Overy (A&O) and CC all picked up advisory roles on the disposal of loans purchased at the height of the financial crisis.

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Linklaters wins Bovis mandate over Freshfields as Slaughters and Camerons advise bidders

Linklaters' HQ

In response to a pair of competing takeover bids, Linklaters won the mandate to advise the target Bovis Homes, taking the role from regular adviser Freshfields Bruckhaus Deringer.

CMS Cameron McKenna advised prospective buyer Galliford Try, while Slaughter and May won a place acting for rival bidder Redrow.

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The Finance View – City finance teams pick spots as direct lending market hits the mainstream

Victoria Young assesses the advisers targeting the alt lending crowd

‘Almost every partner in our team is working on a direct lending mandate right now and that’s reflective of where markets are moving,’ notes White & Case partner Gareth Eagles. ‘It began as a niche, but it’s now a regular part of the funding mix. It’s not alternative finance. People said the Beatles were alternative in 1962 but they didn’t by 1966!’

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Deal watch: Corporate activity in May 2017

MAGIC CIRCLE ADVISE ON VODAFONE’S INDIA MERGER

Slaughter and May, Allen & Overy (A&O) and local advisers S&R Associates, Vaish Associates Advocates and Bharucha & Partners all gained mandates as Vodafone struck a deal to acquire Indian rival Idea Cellular. The merger will create India’s largest communications business by revenue, valued at more than $23bn. Slaughters and S&R represented Vodafone and Vodafone India, while A&O, Vaish and Bharucha advised Idea.

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