Dentons is suing the Republic of Guinea and its Ministry of Mines and Geology for $10.2m over alleged unpaid legal fees, as well as costs that the country has ‘repeatedly acknowledged they owe’ the firm. US firm Williams & Connolly is representing Dentons in the dispute.
Trainee retention: Freshfields keeps on 82% of junior lawyers
Freshfields Bruckhaus Deringer has become the second Magic Circle firm to post a high retention rate keeping on 82% of junior lawyers.
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Revolving Doors: City hires for KWMSJB and Kaye Scholer; international recruits for Dentons and Eversheds
This week’s lateral hiring has seen international firms King & Wood Mallesons SJ Berwin (KWMSJB) and US firm Kaye Scholer expand in London, while Dentons made a c-suite recruit in Europe and Eversheds hired in Hong Kong.
Stephenson Harwood gets licence to open Seoul office
Stephenson Harwood will open its Seoul office in autumn this year after the Korean Ministry of Justice awarded the firm a licence to practice in the region.
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Vinson & Elkins snatches BLP arbitration partner ahead of Panama Canal dispute
Berwin Leighton Paisner arbitration partner Amir Ghaffari has switched to Vinson & Elkins as the firm looks to gear up for an International Chamber of Commerce arbitration over the standoff between contractors and authorities concerning a historic expansion of the Panama Canal.
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Redundancy watch: Parabis Law reviews 41 roles across two regional offices
Parabis Law has placed two of its regional offices under review as of today (4 August) affecting 41 employees.
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Monckton Chambers secures largest ever award from European Court of Human Rights in second historic Yukos ruling
In what becomes the second multibillion dollar award against Russia in the space of a week, the European Court of Human Rights in Strasburg has ruled that the country must pay 50,000 Yukos shareholders €1.9bn ($2.5bn) for unlawful tax penalties and disproportionate enforcement in the run up to the oil company’s bankruptcy.
Simmons & Simmons forms Africa alliance with Fasken Martineau
Top-20 UK firm Simmons & Simmons has become the latest firm to establish a presence in Africa, by forming an alliance with Fasken Martineau, in a bid to ‘enhance their respective African offerings’.
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Financials 2013/14: Penningtons Manches, Lewis Silkin and Farrer & Co post results
A trio of LB 100 firms have posted financial results for the 2013/14 year, with newly combined Penningtons Manches revealing revenue of £46.6m while profit per equity partner (PEP) came in at £268,000.
Sidley Austin and Linklaters lead on Bank of Cyprus €1bn capital raise
The London teams of both US firm Sidley Austin and Magic Circle firm Linklaters have scored heavyweight roles advising on a €1bn capital raise for the beleaguered Bank of Cyprus, in a landmark deal completed just one year after it was saved from collapse by an international rescue package.
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PwC beats international law firms to complete tie-up in Singapore with local firm Camford Law
Big four giant PwC has made a decisive move to enhance its legal offering around the Asia-Pacific region, and has entered into a tie-up in Singapore with local firm Camford Law.
Gardening leave is not at your leisure – High Court rules on notices and covenant periods
It is often forgotten that the received wisdom as the 1990s wore on was that restrictive covenants and other restraints on free movement of staff would become a thing of the past for law firm partners and industry in general as the market went the way of the US. However, a High Court ruling this week is a further reminder that employers’ rights to insist on such terms – and how they are used – are still very much a reality.
Slaughter and May acts for Serious Fraud Office as it pays out £4.5m in Tchenguiz battle
Within days of the Serious Fraud Office (SFO) settling the first Tchenguiz case for £3m, the agency has agreed its final pay out of £1.5m to Robert Tchenguiz drawing the case to a close today (31 July).
Clifford Chance replaces Campbell and Dunnigan in governance shake up
Magic Circle firm Clifford Chance continues to overhaul its corporate governance structure and today (31 July) announced that global finance chief Mark Campbell will step down from his leadership position alongside head of the global capital markets practice David Dunnigan, to be replaced by London-based partners Rob Lee and Adrian Cartwright respectively.
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Financial results 2013/14: Slight revenue and PEP increase at Holman
UK top-30 insurance firm Holman Fenwick Willan has posted a slight increase of 2% in global revenues with receipts growing to £143.8m in the last financial year ending 2013/14, only marginally up from £141m the previous year. Profits per equity partner (PEP) at the firm fared better, coming in at £554,000, an increase of 5% from £528,000 last year.
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Fieldfisher loses Facebook to Hogan Lovells as the firm hires Bristows partner as privacy head
Fieldfisher has lost key instructions from social networking giant Facebook which is set to direct privacy and information law work to top-ten firm Hogan Lovells.
Taylor Wessing and Macfarlanes advise on £350m RBS credit facility deal
Anglo-German firm Taylor Wessing and City-firm Macfarlanes have both landed leading roles on a major refinancing deal as the real estate market continues to see an upturn.
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Covington and CMS lead on AstraZeneca’s £1.2bn Spanish transaction
A London team at Covington & Burling led by corporate partner Lucinda Osborne advised AstraZeneca on a potential $2.1bn deal to purchase Spanish healthcare group Almirall’s respiratory unit in a move that sees the company add to its pipeline of asthma products.
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Dundas & Wilson reveals 4.5% revenue dip alongside 8% PEP increase in its final year
Once a storied institution in the Scottish legal market, Dundas & Wilson has unveiled its last ever financials and has recorded mixed results, with unaudited figures for the 2013/14 financial year showing a revenue decrease of 4.5% to £47m from £49.2m, while profit per equity partner (PEP) increased 8% to £181,006 from £167,625. The fall in revenue constitutes a 29% drop over the last five years.
Freshfields wins Deutsche Bank $243m pay out from Sebastian Holdings
The UK Court of Appeal has ruled that investment fund Sebastian Holdings must pay Germany’s Deutsche Bank $243m after losing a case at the High Court last year, or risk its appeal being struck out.
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