‘There’s a bunch of defensive mechanisms firms are using to shore up their stars – they could be lost to Paul Weiss or some other big firm if they don’t do something,’ says one US partner of the fierce war for talent at the very top of the legal market.
In many ways, the deal is the easy part. Financing in place, subclauses, choosing exactly the right type of pen to make things official, and there you have it – it’s announced. Your company intends to acquire another company – and at a great price! You’re confident this is a transaction from which the public will benefit as well. You, the buyer. Them, the seller. Any number of interested third parties. You hold these things to be self-evident – it’s a good deal.
Then the phone rings. Your blood chills. There’s somebody you forgot to ask.
The Federal Trade Commission. Worse still – the Department of Justice agrees with them.
Continue reading “To live or die in DC – getting deals done amid US antitrust crackdown”
‘Brexit was a big moment,’ notes Allen & Overy (A&O) London antitrust group head Mark Friend. ‘It has big ramifications for antitrust practitioners because the CMA (Competition and Markets Authority) is no longer able to enforce EU competition law but on the other hand, it is increasingly flexing its muscles. The high-level theme is that the CMA has an opportunity to compete on the international enforcement stage – freed from the shackles of the EU. We’ll see it taking an increasingly high-profile role.’
The UK’s departure from the EU has had an impact on all areas of legal practice, but perhaps none more so than antitrust and competition. Traditionally, the CMA as the UK regulator was largely subservient to the EU, meaning that all high-level work was European-facing. Though one may expect that Brexit would cause the London market to suffer, the emergence of the CMA as a global regulatory force has meant that London competition work is of greater global importance than ever before, to the extent that numerous US giants have been in hiring mode. Continue reading “The Legal 500: Competition: Close competition”
The Supreme Court has today (11 December) dismissed Mastercard’s efforts to thwart former financial ombudsman Walter Merricks’ £14bn group action claim against it in what is a landmark decision for the future of collective actions against companies in the UK courts.
The decision from the Supreme Court upholds a previous ruling from the Court of Appeal and sets aside the original judgment of the Competition Appeal Tribunal (CAT) which would have stymied the group action claim. Continue reading “£14bn Mastercard group action claim to proceed following historic Supreme Court ruling”
COVID-19 continues to wreak havoc with the global economy, disrupting all manner of business throughout the world. Stock markets have plummeted and many companies are having to grapple with economic damage that seemed unimaginable at the start of the year.
This unprecedented environment could afford opportunistic buyers the chance to acquire or invest in companies that have been weakened by the crisis. In addition, creditors may unintentionally find themselves in a position where they acquire control over a business. Continue reading “Guest post: Coronavirus tears up competition regimes for foreign investments as Europe struggles to shield reeling economies”
In mid-October, when Legal Business decided it would dedicate this column to analysing the Belgian legal market, there was still the outside chance that it would appear in our first post-Brexit issue. By the time the piece was written a few days later, the UK Government had conceded defeat on its pledge to take the country out of the EU by the end of the month, triggering yet another delay to the process.
Not that the Brussels legal elite was surprised. Located in offices a few metres from the rooms where the Brexit negotiations have dragged on for almost three years, local counsel have had more than enough time to prepare for possible outcomes – deal? No deal? No Brexit? ‘After the referendum people were concerned about what would happen, but things have smoothed down,’ notes Freshfields Bruckhaus Deringer local head Vincent Macq. ‘I don’t think there is any firm that sees it as a concern now.’ Continue reading “Letter from… Brussels: Brexit convulsions prove no problem for Brussels hands as the age of tough antitrust enforcement proves a boon”
With the trickle of follow-on damages claims after high-profile competition investigations threatening to become a flood, Dominic Carman examines how firms are preparing their clients for battle
‘We have talked about competition litigation emerging as a work stream in civil litigation for a long period of time, but we have seen a real boom in activity over the last few years,’ says Francesca Richmond, partner at Baker McKenzie. ‘Defendants to regulatory investigations should now expect civil claims to be filed against them and account for that in their overall strategy.’ Continue reading “Market Report: Competition Litigation – Healthy competition”
Anna Lawrence
Legal director, offer and supply chain
KINGFISHER
Anna Lawrence is legal director of Kingfisher’s offer and supply chain business unit. Formed in 2015, the business brings together the buying teams for a large portfolio of home improvement brands, including B&Q and Screwfix in the UK and Brico Dépôt and Castorama in France, with Lawrence now overseeing everything from managing relationships with suppliers to monitoring IP on thousands of product lines globally.
