Greenberg Traurig builds European real estate team with 12-lawyer hire from A&O and Norton Rose

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In a bid to enhance its real estate offering in Central Europe, Greenberg Traurig last month recruited 12 lawyers to its Warsaw office from Allen & Overy (A&O) and Norton Rose Fulbright (NRF).

Joining Greenberg is A&O’s Warsaw real estate head Radomił Charzyński and NRF’s Warsaw real estate head Agnieszka Stankiewicz. Charzyński brings with him three others, including senior associate Karol Brzoskowski, who becomes a partner at Greenberg, and two senior associates, while Stankiewicz, named a leading individual in The Legal 500 for Polish real estate, brings with her local partner Magdalena Życzkowska-Jóźwiak, one senior associate and five associates.

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After downsizing Germany Orrick bucks trend with Geneva launch as US firm bolsters arbitration credentials

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Having recently shut two out of four of its German offices as it refocuses its European strategy, Orrick, Herrington & Sutcliffe is opening a new base in Geneva to build its arbitration presence on the continent with the hire of Vanessa Liborio from Akin Gump Strauss Hauer & Feld.

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News in brief – May 2015

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WHITTAKER STEPS DOWN AS LLOYDS GC

Group general counsel (GC) Andrew Whittaker is stepping down from his role at Lloyds Banking Group with deputy GC Kate Cheetham set to replace him. Whittaker joined the bank in May 2013 after having served as the legal head of the Financial Services Authority. The bank also saw the departure of disputes chief Philippa Simmons last month and began a redundancy consultation looking at cutting up to 25 mid-level positions.

 

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‘Phase two’: AIG reviews UK panel and establishes 64-strong European roster

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American insurance giant AIG has carried out a review of its UK-based legal panel and established a new 64-member roster to cover the company’s European operations across 12 countries.

Both reviews were carried out at the same time by the company’s Legal Operations Center. The UK panel review, which was primarily a housekeeping exercise around the 25-firm panel established in 2013, took three months, while the Continental roster took a year due to the size and volume of firms and the administration involved.

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‘There is no end point’: Dentons’ expansion continues with US outfit McKenna Long and White & Case Budapest team

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Having already announced a mammoth combination with Chinese firm Dacheng under a Swiss verein structure this year, Dentons bolstered both its US and CEE capabilities last month by combining with Atlanta-based McKenna Long & Aldridge and hiring a 50-strong team from the Budapest office of White & Case.

Dentons had been scoping the market for a US combination for some time, and previously attempted to tie-up with McKenna Long in 2013 – though that was unsuccessful after partners at both firms rejected the move. This time, Dentons chief executive Elliott Portnoy said events ran more smoothly than had been widely reported. ‘The conversation moved with substantial speed; in 2013 we weren’t able to bring it to a final closure. It’s common for them to begin and unfold over a number of years but fade before a deal can be done. You need a high level of alignment around strategy.’

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The mother of invention – why necessity and high prices will push private equity to new heights

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Travers Smith’s Paul Dolman argues a reviving buyout industry will increasingly drive European deal markets

2014 was a year that saw the number and value of private equity (PE)-backed exits reach unparalleled highs globally. More benevolent economic and market conditions, including an increase in global M&A activity, created renewed confidence in the industry. With a mountain of dry powder to deploy – that’s unused equity in the industry slang – and more debt funding available than has been the case for years (and on more favourable terms), PE firms have been very busy looking for new investment opportunities. This has resulted in fierce competition for any high-quality assets that come to market. Coupled with the continued high valuations of comparable companies on the public markets and near-zero interest rates, this has inflated valuations and resulted in the purchase-price multiples for leveraged buyouts in Europe reaching an average of ten times EBITDA – highs not seen since the peak of the last cycle.

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Targeting Amsterdam: Baker & McKenzie bulks up with Linklaters partner and Houthoff Buruma team

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Baker & McKenzie has ramped up its corporate offering in Amsterdam with the hire of seven lawyers including Linklaters‘ corporate partner Henk Arnold Sijnja and a large team from local firm Houthoff Buruma.

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