888 looks set to strike £900m deal
Deal lawyers took little respite over the summer as the traditional lull failed to materialise. One deal that kept teams at Magic Circle duo Allen & Overy (A&O) and Freshfields Bruckhaus Deringer busy was the bidding battle between 888 and GVC Holdings for online gambling company Bwin.Party Digital Entertainment.
Continue reading “A&O and Freshfields win work on Bwin’s bidding battle”
Eight elite City firms have adopted a contextual recruitment tool designed to boost social mobility in their ranks after a government report criticised professional services firms for ‘systematically excluding bright working-class applicants’ from their workforce.
A busy US deal market saw rainmakers pack a bigger punch than ever at the world’s largest law firms but the contest remains tough for aspiring firms. Legal Business separates the champs from the contenders.
Linklaters managing partner Simon Davies chooses his words carefully when describing his partnership’s feelings on the City giant’s performance in 2014/15: ‘they appear content’. The Magic Circle collectively went into the financial year with considerable hopes of rekindling their momentum after a long grind through the post-banking crisis wilderness.
Firm posts 8% PEP hike and 4% revenue increase
With all of the Magic Circle financial results in, Allen & Overy (A&O) has outperformed its peers in an otherwise muted year of growth for the London elite, which saw both Clifford Chance (CC)’s and Freshfields Bruckhaus Deringer’s profitability drop.
Continue reading “A&O leads City’s big four amid subdued results”
Having spent a reasonable chunk of my pundit duties over the last three years noting significant shifts against London’s elite on the global stage, I confess I had expected financial results this year to break that pattern with City leaders managing a more confident showing.
Unfortunately for London’s finest and my own credibility, that expectation has proved plain wrong because the City’s big four have just posted their most indifferent collective performance since the wipe-out of 2008/09.
True, a weakening euro made the performance look a little softer than it actually was (though a rebound in sterling flattered their results in our Global 100 ranking) but it has still been a very subdued result given a firmer UK economy, masses of cheap debt sloshing around and robust levels of cross-border activity. Continue reading “The Global 100: so much for the City comeback as US leaders land the big blows”
The yearly contest to attract new talent has started with Magic Circle duo Slaughter and May and Linklaters both making salary hikes of over 5% for junior lawyers, while Hogan Lovells kept pace by bumping its junior pay up to match Slaughters’ £70,000 newly-qualifieds’ (NQs) salary.
Although Linklaters reported its NQs received a £3,500 pay increase to £68,500, this was still behind Slaughters, which has traditionally been a bellwether of trainee and associate salaries among the Magic Circle and gifted an 8% wage bump to NQs, taking them to £70,000. However, Linklaters’ salary bands were increased more aggressively higher up the associate ladder as both two and three-year post-qualification experience (PQE) lawyers were given sizeable salary increases that topped Slaughters.
Continue reading “Slaughters starts salary race with £70k for NQs”
Shell offers £47bn for BG Group
The proposed £47bn acquisition of BG Group by fellow energy major Shell saw a trio of Magic Circle firms land leading roles, as Freshfields Bruckhaus Deringer, Slaughter and May and Allen & Overy (A&O) advising on what constitutes the largest UK-to-UK deal ever.
Slaughters is acting for Shell, supported by Cravath, Swaine & Moore on US corporate law and allied firm De Brauw Blackstone Westbroek on Dutch aspects of the deal. Corporate partners Roland Turnill, Hywel Davies and Rebecca Cousin are leading Slaughters’ team, which Turnill told Legal Business started ‘working in earnest’ on the transaction as far back as Christmas. Finance partner Matthew Tobin is also working on the deal alongside tax specialist Steve Edge, competition partners Bertrand Louveaux and Jordan Ellison and pensions and employment partners Jonathan Fenn and Roland Doughty.
Continue reading “A&O, Freshfields and Slaughters land key roles on biggest-ever all-UK deal”
GE RESTRUCTURING BRINGS IN RAFT OF ADVISERS
A host of firms picked up work on General Electric (GE)’s restructuring, fielding large cross-border teams as the industrial giant sold $26.5bn of real estate assets and announced it would divest most of GE Capital’s other holdings. Hogan Lovells led for GE on the real estate sale, with buyers The Blackstone Group and Wells Fargo represented by Simpson Thacher & Bartlett and Dechert respectively.
Weil, Gotshal & Manges is advising GE on the wider restructuring, which will return up to $90bn to shareholders, alongside Sullivan & Cromwell and Davis Polk & Wardwell.
Continue reading “Deal watch: Corporate activity in April 2015”
CC, LINKLATERS AND LATHAM & WATKINS WIN KEY ROLES ON PIRELLI TAKEOVER
Advised by Clifford Chance (CC), China National Chemical Corporation bought tyre-maker Pirelli in a $7.7bn deal. The Chinese company acquired a 26.2% stake from Camfin, which was advised by Chiomenti, while Lombardi Molinari Segni handled financing aspects and Linklaters advised fellow investor Long Term Investments. Latham & Watkins advised underwriters JP Morgan.
Continue reading “Deal watch: Corporate activity in March 2015”
Last week saw both Clifford Chance (CC) and Allen & Overy (A&O) lose partners in Europe while, in Hong Kong, Linklaters lost a capital markets partner to Freshfields Bruckhaus Deringer. In South Africa, Baker & McKenzie made a significant hire, bringing in DLA Cliffe Dekker Hofmeyr’s head of projects and infrastructure.
