International firm Ashurst and Magic Circle trio Clifford Chance, Freshfields and Linklaters are advising the UK’s biggest banks over an inquiry into competition in the banking sector, following an investigation launched by the Competition and Markets Authority (CMA) in mid-July.
BLP begins consultations to ease rules around managing out partners
Following a period of upheaval that has seen Berwin Leighton Paisner (BLP) exit a number of non-performing senior lawyers, the top 20 firm is considering changes to its partnership deed to make it easier to manage partners out.
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Senior management reshuffle approved at Reed Smith
Reed Smith’s recently elected managing partner, Sandy Thomas, has had his recommendations for a senior management reshuffle, which rotates nearly half the team, approved by the firm’s partnership.
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Ashurst downsizes Adelaide office as head relocates
Global top-40 firm Ashurst is scaling back its Adelaide office headcount as its only Adelaide-based partner and office head Tanya Denning relocates to Melbourne to lead its energy practice.
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Baker & McKenzie takes lead role on £650m Gherkin receivership
Global 100 firm Baker & McKenzie has secured a heavyweight real estate mandate advising on the receivership of London’s iconic building, the Gherkin, valued at around £650m and which has been put up for sale after collapsing into receivership earlier this year.
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Guest post: ‘Stockholm syndrome’ in legal services – GCs are captured by their advisers
A caricature may reveal a truth…
‘Why, if there is all the talk of change, is change so slow?’
One might be forgiven for thinking that there is rather too much talk of change in the legal profession and perhaps rather less evidence of it happening. It is not easy to see the wood from the trees sometimes, but I would like to offer a perspective on why this may seem to be the case from both a law firm and a client point of view. Continue reading “Guest post: ‘Stockholm syndrome’ in legal services – GCs are captured by their advisers”
Edwards Wildman sees final corporate partner exit for Olswang as Arnold & Porter emerges as ‘in talks’ with disputes team
US firm Edwards Wildman has seen the last of its quintet of disgruntled corporate partners resign as it has emerged that Niall McAlister has departed for Olswang. Continue reading “Edwards Wildman sees final corporate partner exit for Olswang as Arnold & Porter emerges as ‘in talks’ with disputes team”
Shearman & Sterling secures historic $50bn arbitration award in epic Yukos dispute
Russia has been ordered to pay $50.08bn to the majority shareholders in Yukos Oil Company, once Russia’s largest oil producer, by an arbitral tribunal sitting in The Hague under the auspices of the Permanent Court of Arbitration (PCA).
Simmons & Simmons expands in Saudi Arabia
Top 20 UK firm Simmons & Simmons is set to expand in Saudi Arabia through the opening of a new office in the country’s capital, Riyadh, by alliance firm Hammad & Al-Mehdar.
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Serious Fraud Office settles first Tchenguiz case for £3m with a further £3m in costs
The high profile Tchenguiz brothers’ lawsuit against the Serious Fraud Office (SFO) for around £300m has finally settled after the SFO agreed to pay Vincent Tchenguiz £3m.
Summer retention 2013/14: RPC posts 100% trainee retention rate as CMS sees rate drop to 67% post Dundas tie-up
City firm RPC is the latest to reveal its trainee retention rates this summer, and has announced it will keep all 15 trainee solicitors who applied to qualify this year, constituting the second time the firm has achieved a 100% rate since 2010. Meanwhile, CMS Cameron McKenna posted more modest results and confirmed a retention rate of 67.2%, with the firm’s London office keeping the lion’s share of trainees.
Guest post: Where now for legal regulation? – A consensus to change the UK regulatory framework has emerged, but none over direction
A direct consequence of the government’s decision in May not to make any major changes to the regulatory framework for legal services is that it simultaneously fired the starting gun for the race to introduce major changes to the regulatory framework for legal services.
Clifford Chance ushers in more streamlined constitution with end to regional and practice head votes
As part of the first major changes to its corporate governance structure in 14 years Clifford Chance yesterday (24 July) voted to dispense with regional and practice head elections in favour of appointment by managing partner Matthew Layton.
BP announces specialist panel with Fieldfisher returning to the fold
BP has selected nine firms to provide niche legal services as part of its wider panel. Firms appointed are Baker & McKenzie, Fieldfisher, Hill Dickinson, Holman Fenwick Willan, Reed Smith, Stevens & Bolton, Sullivan & Cromwell, Watson Farley & Williams and arbitration boutique Three Crowns.
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Mayer Brown cuts trainee intake by half and retains 67% while Weil retains 100% of trainees
Mayer Brown will be cutting its September 2016 trainee intake by half, taking in just ten applicants compared to their usual intake of 20.
Slaughters and Links lead on £3bn Carillion/Balfour talks; HSF and A&O advise on BSkyB’s £7.4bn European acquisitions
Construction group Carillion has instructed Slaughter and May’s corporate heavy hitter William Underhill and fellow corporate partner Kathy Hughes to advise on a proposed £3bn merger with UK rival Balfour Beatty, which has turned to Linklaters’ M&A veteran and longstanding adviser Iain Fenn.
The Bar: BSB picks Sir Andrew Burns as new lay chair
The Bar Standards Board has selected Sir Andrew Burns as its next chair with Baroness Ruth Deech QC due to reach her term limit at the end of 2014. Continue reading “The Bar: BSB picks Sir Andrew Burns as new lay chair”
Guest post: The Age of Anxiety – In London, in New York, it’s still hard out there
We’re just back from a week in London – coincidentally smack in the middle of the UK firms’ earnings-release season – and for reasons far more profound than that annual roll call of bragging rights, the level of preoccupation with the future in the great City has never to us seemed higher to us. A telling, and extremely representative, moment came when one managing partner we were meeting with started to enumerate the threats facing his (very solidly performing) firm as, ‘One,…., and two…., and – oh hell, there are threats everywhere!’
Trainee retention rate at Linklaters up to 93%
Linklaters has kept on 93% of qualifying trainees in its latest cohort, up on the 86% spring 2014 retention rate.
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Financials 2013/14: Bristows records 4% revenue drop alongside 17% PEP slide as Withers enjoys revenue boost
London stalwart Bristows has revealed disappointing results for the 2013/14 financial year, as revenue has decreased nearly 4% to £34.1m while profit per equity partner (PEP) suffered a steep 17% drop to £364,000. Private client-focused Withers, meanwhile, saw revenue grow 4.7% to £123.3m from £117.8m as well as a 3.6% PEP boost to £376,000.