Updated: Clifford Chance in line for windfall payment after PwC reaches European Lehman settlement

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Clifford Chance is among the creditors of the European operations of Lehman Brothers set to receive a windfall after administrator PwC announced a total payout of $7.8bn, the latest in a series of payments made to creditors of the former US investment bank as it nears the end of its mammoth winding-up process.

According to one partner at the Magic Circle firm, the payment could be as much as £10m and a spokesperson for PwC said creditors are likely to receive payment before the end of the calendar year.

Lehman Brothers filed for Chapter 11 bankruptcy in September 2008, listing $639bn of assets against $613bn of outstanding debt but within days creditors filed claims of $1.2trn, double its assets.

Continue reading “Updated: Clifford Chance in line for windfall payment after PwC reaches European Lehman settlement”

Dentons’ Howard Morris to join Morrison & Foerster as head of business restructuring

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One of Dentons best-known long term senior managers and a solid restructuring partner, Howard Morris has joined Morrison & Foerster to head its business restructuring & insolvency group in London, nearly three months after the banking lawyer resigned from the firm after 22 years as a partner.

Morris (pictured) joined legacy Denton Hall in 1991 and served in a number of senior positions as the firm grew and changed names under successive mergers, including the shared role of chief executive alongside current CEO Elliot Portnoy at SNR Denton, created out of the 2010 merger with US-based Sonnenschein Nath & Rosenthal. Continue reading “Dentons’ Howard Morris to join Morrison & Foerster as head of business restructuring”

Staff cuts: Ashurst confirms 120 jobs to go in London

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Ashurst is nearing the end of its London redundancy round as the firm confirms 120 of its support staff will be leaving its City base after 45 days of ongoing consultations.

The 120 employees – selected out of a possible 350 staff earmarked for redundancy – have been given the option to transfer to the firm’s new lower cost Glasgow site or take redundancy, while some effort has been made to find replacement positions in London. Continue reading “Staff cuts: Ashurst confirms 120 jobs to go in London”

Deal watch: September sees significant rise in deal activity

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Lloyds privatisation

Slaughter and May and Freshfields Bruckhaus Deringer led the line in September advising Lloyds Banking Group on the first stage of its privatisation after being taken over by the taxpayer during the financial crisis in 2008. Slaughters, led by capital markets partner Nilufer von Bismarck, is advising UK Financial Investments on HM Treasury’s disposal of a 6% stake in the banking group, worth £6bn. Freshfields, led by corporate partner Will Lawes, advised the joint bookrunners Bank of America Merrill Lynch, J.P. Morgan Cazenove and UBS on the sale.

Microsoft’s $7bn Nokia devices acquisition

One of the most talked-about deals of the month was Microsoft’s game-changing, $7bn acquisition of Nokia’s devices and services business along with a ten-year patent licensing agreement. Skadden, Arps, Slate, Meagher & Flom, led by corporate partner Ken King, is advising Nokia on the deal, which is expected to complete in the first quarter of 2014. Alan Klein of Simpson Thacher & Bartlett in New York is advising Microsoft.

Continue reading “Deal watch: September sees significant rise in deal activity”

Redundancy watch: DWF, Hill Dickinson and Taylor Wessing all confirm job cuts

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The stream of UK law firm job cuts continues apace as DWF, Hill Dickinson and Taylor Wessing have today (30 July) confirmed that recent redundancy consultations have resulted multiple job losses.

DWF, having completed five mergers in less than 18 months and with a remarkable 84% increase in turnover to £188m, has become one of the most closely watched national practices in the legal market of late. The expansion has led to some significant streamlining of the business however and the firm has confirmed to Legal Business it has cut 38 staff from its ranks following redundancy consultations that began in May. Continue reading “Redundancy watch: DWF, Hill Dickinson and Taylor Wessing all confirm job cuts”

Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy

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In a dire market for new money M&A, debt restructuring continues to be a lifeline for major advisers with Freshfields Bruckhaus Deringer, Linklaters and Kirkland & Ellis securing major mandates in recent days.

The standout mandate of May was the €4.2bn debt restructuring of German real estate group IVG Immobilien, which has generated lead roles for Freshfields and Linklaters alongside US duo Kirkland and Kaye Scholer. Continue reading “Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy”

A gloomy week for legal job prospects as OC follows BLP to announce likely job cuts

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Osborne Clarke (OC) is to make up to 13 fee-earners redundant as it begins a two-week consultation, the top 50 UK law firm announced today (15 May).

Managing partner Simon Beswick said that the 400-lawyer firm would be informing associates affected by the consultation today in response to what he said was ‘over-capacity’ in the business. Continue reading “A gloomy week for legal job prospects as OC follows BLP to announce likely job cuts”