Magic Circle playbooks in Europe are full of contradictions

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Magic Circle playbooks in Europe are full of contradictions

To recap as the UK tiptoes towards banana republic territory in the wake of last month’s inconclusive, prediction-defying general election: City professionals face the prospect of an unsteady government negotiating a logistically-epic exit from the EU with an uncertain agenda against a much larger and better prepared counter-party. That is until the next general election in perhaps the autumn.

But let us put politics to one side and assume that a form of substantive Brexit is happening. Where does that leave top London law firms with such ominous clouds hanging over London as a finance and legal services hub?

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The last word: Global horizons

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The last word: Global horizons

‘Recent events have not helped the UK’s Brexit negotiating hand – or foot, which now sports a large bullet hole.’

Andy Ryde, Slaughter and May

GOODBYE GLOBALISM

‘There has been significant M&A slowdown in the first quarter of 2017 – despite pundits commenting positively. There is no empirical survey evidence to show a drop-off in confidence, so we will have to see what happens in the next few quarters. The overall macro predictions continue to be steady but we’re not expecting spectacular growth. I fear the world as a whole is backing away from globalism – that’s bad for M&A activity – and it will disproportionately hit cross-border work.’

Richard Hall, head of M&A EMEA, Cravath, Swaine & Moore


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The Scottish play – amid uncertain times English law firms keep crossing the border

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The Scottish play – amid uncertain times English law firms keep crossing the border

Neither political nor economic uncertainty in Scotland is dampening enthusiasm for law firm tie-ups across the border

With a listless economy, an oil and gas industry decimated by low commodity prices, and uncertainty over its future relationship with the EU and the rest of the UK, Scotland is lacking both clarity and optimism over its future.

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The Iran debate – The long, long game

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The Iran debate – The long, long game

Hopes that Iran’s economy is opening up to foreign business have been raised and dashed in recent years. Will this year’s election change the dynamic?

On 19 May, Iran went to the polls for what many believed would be a tightly-fought election. By the next morning it was clear that the analysts’ predictions had been wide of the mark. Incumbent president Hassan Rouhani, leader of the Moderation and Development Party, secured a landslide victory over his nearest rival, Ebrahim Raisi, chair of the Popular Front of Islamic Revolution Forces. Shortly after the results were announced, Rouhani appeared on state television to say the election had shown Iran was committed to improving relations with the rest of the world. To investors and businesses that have been eyeing the country for years, it was a positive sign, but hopes of an open market have been dashed before. Sanctions related to Iran’s nuclear programme were lifted in early 2016, but business has so far been frustrated in the ongoing difficulties they face in the market.

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Big leap forward? City reacts to Conservative manifesto pledge to scrap SFO

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Big leap forward? City reacts to Conservative manifesto pledge to scrap SFO

Theresa May’s pledge to scrap the Serious Fraud Office (SFO) and incorporate it into the National Crime Agency (NCA) has dominated the City’s reaction to the release of the Conservative Party manifesto, which also makes clear the need for proper approval of bidders on M&A transactions.

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Solicitors’ tribunal hands Clyde & Co record fine under money laundering rules

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Solicitors’ tribunal hands Clyde & Co record fine under money laundering rules

In one of the largest penalties awarded against a law firm by the Solicitors Disciplinary Tribunal, Clyde & Co has been fined £50,000, while three partners also received £10,000 each in fines for breaching accounting and money laundering rules. Continue reading “Solicitors’ tribunal hands Clyde & Co record fine under money laundering rules”

‘Not a smooth process’: The legal profession opines on the Brexit negotiations to come

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‘Not a smooth process’: The legal profession opines on the Brexit negotiations to come

City lawyers have voiced their concerns as today (29 March) prime minister Theresa May has started the process of triggering article 50, launching a complex two-year negotiation before Britain leaves the EU in 2019. Continue reading “‘Not a smooth process’: The legal profession opines on the Brexit negotiations to come”