Internal worries as firm’s new low-cost hub could affect up to 800 roles
Freshfields Bruckhaus Deringer’s decision to jump on the near-shoring wagon with its first low-cost services hub in Manchester is on a scale larger than its peers, with up to 800 support service jobs being transferred – a move which is unsettling some at its Fleet Street headquarters.
Following an extensive review of its legal support services in May, Wragge & Co has made 26 full time equivalent (FTE) staff redundant with a further 65 roles transferred across to business process outsourcing (BPO) group Intelligent Office.
The BPO arrangement sees staff from across all four of the 502-lawyer firm’s legal groups – corporate, commercial, finance and projects; real estate; human resources; and dispute resolution – transfer to form a new document production centre, concierge hubs and a ‘docucentre’ for reprographics, post and archiving, all managed on site by Intelligent Office. Continue reading “BPO – Wragges transfers 65 support staff to Intelligent Office as 26 staff take redundancy”
Longstanding Magic Circle client warns creditors that it could face administration
Slaughter and May is advising Punch Taverns on its £2.4bn securitised debt restructuring as the UK’s largest pub company warns creditors it could face administration.
On 10 June a powerful group of lenders rejected plans to reduce the pub group’s interest payments to £32m a year. Slaughters, led by corporate partner David Johnson is advising longstanding client Punch, which owns around 5,000 pubs across the UK.
Under the revised plans, Punch asked senior bondholders to approve a reduction in debt service payments of £600m over five years. However, a special committee set up by the Association of British Insurers to represent lenders rejected the plans last month, dismissing them as ‘vague’ and only a marginal improvement on proposals submitted in March.
Continue reading “Slaughters leads on Punch Taverns £2.4bn debt restructuring”
Dentons’ partnership has voted in favour of shutting its Kuwait office following a review, bringing to an end a turbulent chapter in the region.
The firm, which has had an office in Kuwait since 2008, only in January entered into a new association with local lawyer Jamal Ahmed Al-Shehab, replacing its association with International Legal Group. Continue reading “Middle East: Dentons ends period of upheaval in Kuwait with decision to close local office”
Slaughter and May is advising Punch Taverns on its £2.4bn securitised debt restructuring as the UK’s largest pub company warns creditors it could face administration.
On Monday (10 June) a powerful group of lenders rejected plans to reduce the pub group’s interest payments to £32m a year. Slaughters led by corporate partner David Johnson is advising longstanding client Punch, which owns around 5000 pubs across the UK. Continue reading “Slaughters leads on Punch Taverns £2.4bn debt restructuring as pub group warns it could face administration”
US firm Cadwalader, Wickersham & Taft is focusing its restructuring practice on Europe with the hire of partners Holly Neavill and Louisa Watt, who have joined the firm’s London office.
Neavill was previously a partner at Latham & Watkins London office, although she began her career in the US. She has worked on some high profile restructurings and distressed M&A deals, including advising the committee of bondholders in the restructuring of the publicly-listed Italian directories business SEAT Pagine Gialle last year. Continue reading “Cadwalader focuses on Europe with London restructuring hires”
Berwin Leighton Paisner (BLP) has become the latest major UK law firm to announce job cuts as firms increasingly examine their business models in light of a sustained slump in market activity.
The top-20 City firm announced today that is has entered a redundancy consultation affecting around 58 legal staff, 44 secretarial staff and some business services staff, with a target reduction in salary of 15% in the latter group. Continue reading “Redundancy round continues as BLP latest to announce fee-earner cuts”
CMS Cameron McKenna has reformed its partnership remuneration model from 1 May, enabling salaried partners to become equity partners more quickly but increasing management scrutiny of performance.
After 18 months of deliberation, the firm voted in favour of discontinuing its salaried partner level, achieving the 80% majority needed to push the reforms through.
The change will see 65 salaried partners become part of a 75-strong fixed-share rank.
Continue reading “Partnership structure overhaul for CMS Cameron McKenna”
Unusually for a firm that has averaged 10% growth over the last five years and posted a 22% leap in profit per lawyer in 2011/12, national firm Hill Dickinson has announced a review of its UK business today (30 April), which could lead to redundancies.
The firm, which employs more than 1,400 people including 190 partners, confirmed it would be reviewing its range of services and geographical reach, which it anticipates will lead to the restructuring of a number of unspecified teams. Continue reading “Hill Dickinson to review its business to maintain profitability”
CMS Cameron McKenna will reform its partnership remuneration model on 1 May, enabling salaried partners to become equity partners quicker but increasing management scrutiny on performance.
After 18 months of deliberation, the firm voted in favour of discontinuing its salaried partner level recently, achieving the required 80% majority needed to push the reforms through.
Continue reading “CMS Cameron McKenna overhauls partnership structure”
