With the weight of economic power widely-regarded to be shifting east, a tie-up between Chinese merger talks partners Zhong Lun and Jun He would give the merged entity unrivalled breadth in the People’s Republic of China (PRC) and beyond, although UK partners say they have no immediate concerns that the firm would be competing with them for deals on the world stage. Continue reading “Succeed or fail, the merger talks between China’s Zhong Lun and Jun He are something of a game changer”
Withers to appeal £1.6m negligence finding as former client also appeals point of judgment
Leading private client firm Withers has confirmed it will appeal a recent High Court decision that ordered the firm to pay £1.6m in damages after upholding a professional negligence claim, while the claimant Wellesley Partners (WP) has said it also intends to appeal a finding of the judgment. Continue reading “Withers to appeal £1.6m negligence finding as former client also appeals point of judgment”
Stephenson Harwood enters Formal Law Alliance with Singapore’s Virtus Law
Stephenson Harwood has received formal approval to work with Singapore firm Virtus Law from the local Attorney General’s Chambers.
Under the Formal Law Alliance (FLA), the firms will work more closely together to undertake work requiring both English and Singapore law expertise. Continue reading “Stephenson Harwood enters Formal Law Alliance with Singapore’s Virtus Law”
Hogan Lovells, CC, Simpson Thacher and Ashurst secure roles on Investindustrial’s €2bn sale of Avincis
Hogan Lovells and Clifford Chance (CC) have secured leading corporate roles on European investment group Investindustrial’s €2bn disposal of aerial service provider Avincis to Babcock International, with Simpson Thacher & Bartlett and Ashurst also advising on the deal. Continue reading “Hogan Lovells, CC, Simpson Thacher and Ashurst secure roles on Investindustrial’s €2bn sale of Avincis”
‘Definitely more interest in the EU’ – OC’s Silicon Valley head talks San Francisco launch and US strategy
Building on its existing offices in the Silicon Valley and New York, Osborne Clarke (OC) is rolling out its strategy of providing European legal advice to digital businesses in the US with the launch of a new San Francisco base, which office head Steve Wilson says will help the firm engrain itself in the area’s budding digital business community. Continue reading “‘Definitely more interest in the EU’ – OC’s Silicon Valley head talks San Francisco launch and US strategy”
Skadden latest US firm to enter Seoul after obtaining local licence
Skadden, Arps, Slate, Meagher & Flom has announced it is opening in Seoul, South Korea, joining a growing number of UK and US firms who have already entered the market. Continue reading “Skadden latest US firm to enter Seoul after obtaining local licence”
RBS: some recovery in sight but weak demand and 5,000 surplus solicitors still define turbulent legal market
Disaggregated, wrestling with tight margins, reliant on defensive mergers and probably still with more than 5,000 un-needed solicitors in England and Wales – the good news is that there actually is some good news in a new report on the profession from the Royal Bank of Scotland (RBS).
Irwin Mitchell replaces overdraft facility with £60m finance package
Irwin Mitchell has secured a £60m four-year finance package with an additional £30m ‘accordion’ facility with HSBC, Lloyds and Royal Bank of Scotland to fund its strategic plan to grow its business ‘substantially’. Continue reading “Irwin Mitchell replaces overdraft facility with £60m finance package”
Rise of the accountants: EY appoints Addleshaws corporate chief to establish UK legal capability
Global accountancy giant EY has hired Addleshaw Goddard’s corporate managing partner Philip Goodstone in a bid to build up its UK legal credentials.
A&O duo at risk of SRA investigation after criticism of Dahdaleh conduct
Two senior litigators from Allen & Overy (A&O) face the possibility of an investigation by the Solicitors Regulation Authority (SRA) following allegations of misconduct during a high profile fraud case. Continue reading “A&O duo at risk of SRA investigation after criticism of Dahdaleh conduct”
Profile: Andrew Whittaker and Kate Cheetham, Lloyds Banking Group
The bank’s group and deputy GCs discuss the split of Lloyds and TSB, and helping Lloyds’ efforts to rebuild trust after the banking crisis.
When Andrew Whittaker joined Lloyds Banking Group as group general counsel (GC) in May 2013, the message to the market behind his move following a 13-year stint as GC of the UK’s Financial Services Authority (FSA) was not lost.
The trend towards embracing regulatory skills (think now-departed FSA chief executive Hector Sants’ appointment as compliance head at Barclays) came as the major high street bank continued to deal with the fallout of the financial crisis, which for Lloyds meant a multi-billion pound bail-out by the UK government. That is to say nothing of its implication in payment protection insurance mis-selling and ongoing investigations into its involvement in alleged Libor rigging.
Continue reading “Profile: Andrew Whittaker and Kate Cheetham, Lloyds Banking Group”
Post Excalibur litigation victory, Gulf Keystone enters the main market led by Memery Crystal
The sometimes nail-biting growth of independent oil and gas exploration companies was illustrated this week with the entry onto the London Stock Exchange (LSE) of Gulf Keystone Petroleum, led by City firm Memery Crystal, just months after the company successfully defeated a $1.6bn claim by Excalibur Ventures in one of the biggest cases of 2013. Continue reading “Post Excalibur litigation victory, Gulf Keystone enters the main market led by Memery Crystal”
When futurology becomes reality – LexisNexis gains ABS licence to launch compliance service
The UK arm of legal publishing giant LexisNexis has been awarded an alternative business structure (ABS) licence by the Solicitors Regulation Authority and hired Duane Morris compliance and technology partner Jonathan Armstrong to spearhead its new business, Cordery Compliance. Continue reading “When futurology becomes reality – LexisNexis gains ABS licence to launch compliance service”
‘We have always been committed to growing our presence there’ – Trowers expands lower cost Birmingham site
Only shortly in the wake of the announcement that Hogan Lovells is to launch a low-cost nearshoring venture in Birmingham, Trowers & Hamlins has said it is to build up its existing Birmingham base with the relocation of three public sector City lawyers. Continue reading “‘We have always been committed to growing our presence there’ – Trowers expands lower cost Birmingham site”
Noerr cites uptick in cross-border work for revenue growth of 12.3% to €190.8m
German independent Noerr has posted a record turnover of €190.8m for 2013. The Munich-headquartered firm’s revenue grew by 12.3% from €170m in 2012, although turnover in its Central and Eastern European offices fell by around 3% to €26.3m, the firm said today (26 March).
Continue reading “Noerr cites uptick in cross-border work for revenue growth of 12.3% to €190.8m”
Clifford Chance’s third-party £130m professional negligence claim settles
The high profile £130m derivatives dispute between JP Morgan and German public transport provider BVG, during which Clifford Chance (CC) was brought in as a third-party defendant over allegations of professional negligence, has settled. Continue reading “Clifford Chance’s third-party £130m professional negligence claim settles”
Guest Post: Three Leading Indicators of Failure
Can you remember a time when there was so much talk of more BigLaw firm failures? I can’t.
Count yourself a believer or a sceptic (and there are hard core advocates on both sides, including gleeful cheerleaders in the first camp and diehard deniers in the second camp), this is a new phenomenon on our landscape. Continue reading “Guest Post: Three Leading Indicators of Failure”
Latham bolsters City arm with hire of partner Lucy Oddy as BLP finance departures keep coming
Berwin Leighton Paisner (BLP) structured finance partner Lucy Oddy is set to join Latham & Watkins, representing a further City partner hire for the acquisitive US firm and further fallout from BLP’s beleaguered finance team. Continue reading “Latham bolsters City arm with hire of partner Lucy Oddy as BLP finance departures keep coming”
Former Shell legal head Rees joins Thirty Nine Essex Street
With the global arbitration market currently powered by a string of high stakes energy disputes, Thirty Nine Essex Street Chambers looks to have secured itself a trophy tenant with the London set this morning announcing the arrival of former legal director of Royal Dutch Shell Peter Rees QC. Continue reading “Former Shell legal head Rees joins Thirty Nine Essex Street”
Capital call on salaried partners at Weightmans and Addleshaws in response to impending LLP tax overhaul
The tally of City firms calling on salaried partners to increase their capital investment in response to new HM Revenue & Customs (HMRC) rules is growing as Weightmans and Addleshaw Goddard this week confirmed they are in the process of significantly raising contribution levels. Continue reading “Capital call on salaried partners at Weightmans and Addleshaws in response to impending LLP tax overhaul”