With most US law firms experiencing something of a slowdown in the London market following the instability around the referendum on the UK’s membership of the EU, and subsequent Leave victory, questions remain around whether investment will keep coming or be held back to focus on other markets.
Magic Circle chase Chinese law as Linklaters launches Shanghai spin-off
The decision by Linklaters to spin off part of its Shanghai office in a bid to then merge with it at a later date, comes as part of a significant push by Magic Circle firms to practise local law in China.
Having already scoped out the local market for a suitable target to form a joint venture with under new Shanghai Free-Trade Zone (FTZ) rules, which permit domestic law firms to tie-up with international giants and practise local law, Linklaters has decided to go it alone.
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Remuneration revamp: Clifford Chance hikes NQ salaries
Clifford Chance (CC) is the latest Magic Circle firm to reveal its 2016/17 pay bands for newly-qualified (NQ) lawyers. Having taken effect last month (1 May), the inclusion of bonuses sees a rise in NQ pay at £85,000 compared to £70,000 before bonuses in 2015.
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Media matters: Magic Circle firms take lead roles on £1bn Argus Media deal
Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy have all won advisory roles as US company General Atlantic has taken a majority stake in Argus Media. The deal, which values Argus Media at £1bn, will see the Nasmyth family exit the business they founded in the 1970s.
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Less bark, more bite – competition to the fore as tougher enforcement arrives
New legislation and a tougher outlook from regulators has competition partners salivating, but the old guard maintain their dominance in the City. Can the rise of US players extend to antitrust practices?
Having long been viewed as stable, the UK’s competition law agenda has been shaken up significantly over the last 12 months, with the Competition and Markets Authority (CMA)’s public attack on the proposed merger of mobile networks O2 and Three last month the clearest example yet. In an unprecedented move CMA chief executive Alex Chisholm published a letter to the European Commission, which is assessing the deal, stating that the £10.25bn purchase of O2 by Three owner Hutchison would cause ‘long-term damage to the UK telecoms market’.
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Magic Circle take the lead as Glencore sells $2.5bn stake in agricultural arm
Freshfields Bruckhaus Deringer and Linklaters advised on Glencore’s $2.5bn sale last month of a 40% stake in Glencore Agricultural Products to Canada Pension Plan Investment Board (CPPIB).
Glencore instructed a Linklaters team led by corporate heavyweights David Avery-Gee and Charlie Jacobs, while Freshfields corporate partners David Higgins and Richard Thexton advised CPPIB. Freshfields’ Amsterdam managing partner Winfred Knibbeler also advised on the antitrust aspects of the deal.
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Deal watch: Corporate activity in April 2016
FORSTERS AND SLAUGHTERS LEAD ON TATA STEEL SELL OFF
Forsters and Slaughter and May acted on Greybull Capital’s rescue deal to buy Tata Steel’s European long products business, which includes the Scunthorpe steel works employing 3,500 people. Slaughters advised Tata, while Forsters acted for family office Greybull.
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Magic Circle trio land £2bn London City Airport sale
Three Magic Circle firms have closed the £2bn sale of London City Airport to a Canadian-led consortium of investors.
Linklaters, Freshfields Bruckhaus Deringer and Slaughter and May acted on the sale of the airport, located six miles from London’s financial district, which was completed late March after the Canadian consortium competed with two Chinese bidders.
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Deal watch: Corporate activity in March 2016
TRAVERS SMITH ADVISES ON $540M SOFTWARE DEAL
Travers Smith and Kirkland & Ellis landed lead advisory roles on the $540m acquisition by Micro Focus of US firm Serena Software. In March, UK software firm Micro Focus said it would acquire Serena Software on a cash and debt-free basis for $540m. Travers Smith acted for longstanding client Micro Focus while Kirkland acted for Serena Software.
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Derivatives experience helps Ashurst join Magic Circle on Credit Suisse UK legal roster
A strong reputation for derivatives work has seen Ashurst selected to join the Magic Circle’s big four international firms on Credit Suisse’s recently finalised UK panel.