10 November 2008
The Cayman Islands is acting to tackle money laundering and tax evasion, while also respecting clients’ right to confidentiality. By Ziva Robertson
A recent landmark decision clarifies the extent to which offshore courts can enforce foreign matrimonial orders. By James Gleeson
The hike in restructuring work in New York has forced Allen & Overy (A&O) to relocate senior restructuring partner David Frauman after his six-year secondment in London.
Allen & Overy’s growth rate has decreased by 39 per cent according to its 2008-09 half-year results.
As the financial crisis bites, a well-timed ruling from the Isle of Man means that the territory now recognises administrators from other jurisdictions. By Rob Long
Akin Gump today (Friday 14 November) announced the promotion of 15 of its lawyers to the partnership
Inserting arbitration clauses as standard into trust deeds may well be a waste of time, argues Ian Meakin
Ashurst, Milbank, Slaughters land roles on Porterbrook sale" /A trio of City firms have scooped instructions on one of the largest leveraged buy-outs this year, after a consortium of banks and investors bought rolling stock leasing company Porterbrook Leasing Company from Abbey.
Despite criticism of its regulatory regime, the British Virgin Islands is working hard to keep its house in order, says Terrence Williams
Bingham McCutchen has raided Clifford Chance to bulk up its US litigation capabilities, hiring the magic circle firm's Washington DC office head as well as two litigation partners.
Trophy clients are vital if the firm is to compete with Ashurst and Herbert Smith.
Berwin Leighton Paisner has posted flat growth for the first six months of the 2008-09 financial year, attracting £84m in fee income over the period.
Bonus season kicked off yesterday with McDermott Will & Emery announcing its associate bonus advances (see story).
Law firms grappling with how to support lesbian, gay, bisexual and transgender staff in jurisdictions where homosexuality is illegal or taboo can learn from organisations with greater international experience.
Burges Salmon creates new career path" /Bristol-headquartered Burges Salmon is revamping its legal hierarchy and creating the roles of senior associate and legal director.
A group of partners at Cadwalader Wickersham & Taft stand to lose significant sums in an investment made in a Lehman Brothers private equity fund.
CMS Cameron McKenna has taken a leap of faith in its decision to relaunch its insurance practice with a focus on contentious work, as revealed by The Lawyer last week (3 November).
Channel 4's controller of legal and compliance Jan Tomalin has quit after 20 years at the station to start up her own legal practice.
Cleary Gottlieb Steen & Hamilton has promoted eight lawyers to partner and two to counsel in the firm’s latest round of promotions.
Clifford Chance plans pro bono boost" /Clifford Chance aims to increase the number of lawyers doing pro bono work by 10 per cent in the next year.
A new claimant law firm based in Washington opened its doors today and immediately announced plans to expand across the US and into London.
Mr Justice Eady has come under attack from the Daily Mail editor-in-chief Paul Dacre for bringing privacy laws in by the back door.
Denton Wilde Sapte is preparing to launch an alliance with 13-partner South African firm Glyn Marais. The firm has already established links with firms in nine African countries, including Botswana, Kenya, Mauritius, Uganda and Zambia. The move gives Dentons its first base in South Africa. Glyn Marais has offices in Sandton, Cape Town and Pretoria. Dentons’ international presence also covers the Gulf and the CIS, both of which are significant growth regions for the firm.
I spent several days last week in the company of around 100 general counsel at The Lawyer’s in-house summit in Berlin. It’s one of the most illuminating events of the year, because it’s almost the only way the rest of us have to get a feel for in-housers’ collective thinking.
DWF has posted a 12.5 per cent rise in fee income at the half-year stage, bringing in £28m over the six months compared to £24.5m over the same period last year.
Milton Keynes firm EMW Law has merged with London international corporate boutique Picton Howell, taking the first step in its radical expansion plan.
Legislation had already eroded some of the benefits of investing offshore, but is the credit crunch the final nail in the coffin? Gary Telford and Helen Bucktrout report
Eversheds axes 31 lawyers" /Eversheds is in the final stages of its first redundancy consultation and is expected to axe a total of 31 lawyers.
Eversheds launches fresh redundancy talks" class="inline_image inline_image_left" src="/pictures/web/images/14763_david-gray-eversheds.jpg" /Eversheds has launched a second round of redundancy talks with 45 lawyers and related support staff.
Eversheds has been appointed by the Hinduja Group on international aspects of India’s Vizag power project and will work alongside local firm FoxMandal Little.
NBC Universal has hired a Field Fisher Waterhouse partner to launch the legal department of its new International Television Production business.
Freshfields Bruckhaus Deringer is to launch an international pro bono network in an effort to encourage greater coordination between offices doing pro bono work.
New legislation brings Luxembourg into line with international law and should have investors queuing up, says François Pfister
Given the current market turmoil, reasonable half-year results are allowing many managing partners to breathe a sigh of relief – but some might be hiding bad news.
A report has found that the Russian court system has made great strides to entice oligarchs and businesses back to the country, months after it came under fire for lacking independence.
The London Borough of Hackney has recruited senior social service lawyer Suzanne Bond from the London Borough of Hillingdon.
Hill Dickinson and WFW both up" /Halliwells has reported a three per cent drop in fee income for the first six months of the 2008-09 financial year.
Hammonds has confirmed that it is to axe up to 95 employees with most job losses expected to be in the corporate and real estate groups.
Herbert Smith has hiked its associate salaries at the half-year stage with £2,000 being added to annual salaries as of the beginning of November.
Mr Justice Hickinbottom, a former McKenna & Co solicitor, has launched an attack on law firm managements, claiming they create unnecessary hurdles for solicitors trying to join the judiciary.
Howrey and Reed Smith have become the latest US firms to acquire remnants of collapsed firm Thelen.
After signing tax treaties with China, the United Arab Emirates and a number of African countries, Mauritius is fast emerging as the ideal investment platform. By Anthony Whaley, Nicolas Richard and Sameer Tegally
The cost of bringing litigation is under greater scrutiny than ever after the Master of the Rolls Sir Anthony Clarke appointed Lord Justice Rupert Jackson to conduct a year-long review.
Changes to the UK corporate tax regime have prompted some businesses to set up shop in Jersey. By Mike Jeffrey
Lawyers have been offered a discount on around-the-world trips if they prove they have been made redundant.
US firm King & Spalding has promoted 12 associates to partner level, including two in London. The firm has made up eight partners across its US offices, two in Abu Dhabi, where the firm opened in March (The Lawyer, 24 March), and two in London. In the UK Michael Rainey and Pulina Whitaker join the partnership. Rainey joins the finance practice, while Whitaker, who heads the London employment and benefits practice, will join the corporate group.
Law firms owed millions of pounds by Lehman Brothers have been missed off a list of trade creditors issued last Tuesday (4 November) by administrators PricewaterhouseCoopers (PwC).
Nomura set to inherit half of bank’s team as 60 lawyers quit
Freshfields Bruckhaus Deringer has made its third round of global counsel promotions this year, with London picking up just one of the 11 promotions.
The Icelandic government has appointed Lovells as it considers legal action against the British Government over its reaction to the country’s banking crisis. Iceland has criticised chancellor Alistair Darling’s decision to put the UK subsidiaries of Kaupthing and Landsbanki into administration and freeze their assets, and has turned to Lovells corporate partner Richard Brown for legal advice.
Lovells’ pro bono team has won a landmark case for a rape victim whose accused attacker had his conviction quashed.
The Law Society has warned that access to justice could be adversely affected after the Legal Services Commission (LSC), which runs the legal aid scheme, cut 600 jobs.
Indian firm Luthra & Luthra has scooped a four-lawyer team from Indian IP specialist firm Anand & Anand.
McDermott Will & Emery has announced associate bonuses for the first time since overhauling its bonus structure in February.
Mid-market firms including Addleshaw Goddard and Trowers & Hamlins are learning from the magic circle and sharing out work from busier practice areas rather than making large-scale redundancies.
The merger this summer of longstanding Newcastle-area firms Jacksons and Mincoffs (TheLawyer.com, 18 June) created a new player in Newcastle’s usually steady second tier.
Mischon de Reya has signed up alongside Field Fisher Waterhouse and Reed Smith to give pro bono advice through a newly-launched advice service at Queen Mary, University of London.
"These are tough times, I'm just trying to steer us through," one Bristol managing partner sighs.
Morgan Lewis has hired the former head of Hogan & Hartson’s Brussels office as a new partner in New York.
Tulkinghorn and all of his male scribes are gearing up to grow moustaches for Movember, a charity scheme set up for everyday people to become 1970s legends and raise some money for prostate cancer in the process.
Eloise Walker has this month joined the London office of Pinsent Masons as a tax partner. She leaves Linklaters, where she was a senior associate, to take up the role. Walker said: “Linklaters specialised in corporate tax, but I wanted to do more asset finance and funds work. I just fancied a bit of a change.”
Muckle donates 1 per cent of profit to charity" /Newcastle firm Muckle is celebrating its sixth year of distributing 1 per cent of total firm profit to charity.
News that CMS Cameron McKenna is to transform its legacy insurance practice into a dispute resolution group is yet more evidence that the legal market is having to re-invent itself to keep pace with changes in the wider economy.
Guernsey’s new Companies Law means that compromise agreements are now more aligned with English law. Nick Gamble and Mathew Newman report
Norwich Union is to radically overhaul the legal team of its life insurance business, slashing 20 per cent of its annual budget.
In keeping with the theme of ‘change,’ the US presidential election has sparked a slew of commentary, including speculation on the future composition of the US Supreme Court.
A stringent new offshore tax bill in the US, backed by Barack Obama, could have serious implications for any territory that finds itself on Washington’s blacklist. Stephen Platt reports
The historic election of Barack Obama as the next US president could create a pivotal moment in how offshore firms operate globally. This Offshore Special Report examines the looming political and economic challenges facing the sector.
Olswang fees up 4 per cent at half year stage" /Olswang has posted growth of four per cent for the first six months of the 2008-09 financial year.
Overloaded, overcomplicated and overlooked. That’s not a description of a day in the life of a corporate lawyer, but one of the key findings to come out of a new Business in the Community (BITC) report on school governors.
Orrick Herrington & Sutcliffe has become the latest US firm to announce layoffs.
Simon Gildener of insurance brokers Howden is an in-house legal chief with a difference – in what may prove a legal business model of the future, he’s there to advise the company’s clients as much as his own board.
Fee income at Pannone has risen eight per cent in the first six months of the 2008-09 financial year compared with the same period last year.
Paul Weiss Rifkind Wharton & Garrison has won a leading role on the high-profile dispute between chemicals companies Hexion and Huntsman.
Pinsent Masons continues to lead the way in terms of the number of AIM clients, with DLA Piper and
The Law Society joined forces with the Bar Council and the Institute of Legal Executives this morning to launch the seventh annual Pro Bono Week.
Pressing concerns11 November 2008 The Daily Mail has caused a storm.And its editor-in-chief Paul Dacre has sparked a flurry of hot-blooded comments on TheLawyer.com after he poured scorn on leading privacy judge Mr Justice Eady.
Clifford Chance, together with offshore firms Appleby and Charles Adams Ritchie & Duckworth, has settled one of the world’s longest-running cases – 67 years after the initial hearing in 1941.
The financial crisis has sparked a flurry of investors seeking to redeem their investments. Funds with adequate safeguards in place will be the ones that survive, say Sandie Corbett and Caroline Williams
The Turks and Caicos Islands appeal court has given the green light to an inquiry that is set to probe into the heart of the islands’ government. David Phillips QC and Patrick Patterson report on how the court reached its decision
Simmons & Simmons has hired two partners and a managing associate for its international real estate practice. Commercial property specialist Rachel Francis-Lang has joined the London office as a partner from Eversheds, while Phillip Beer joins the firm as partner from Herbert Smith, where he was of counsel.
Linklaters by slashing client count" /Simmons & Simmons is planning a Linklaters-style strategy of cutting the number of its key global clients in the wake of the financial crisis.
Simmons & Simmons has hired a senior legal counsel from Wachovia Bank to expand its China financial markets group.
SJ Berwin has advised Christian Candy’s CPC Group on a swap with Icelandic bank Kaupthing, allowing the property developer to exit Noho Square in Fitzrovia, London.
The Administrative Court is facing a massive backlog of cases due to a shortage of specialist judges.
The Solicitors Regulation Authority has today launched the final consultation into the new qualified lawyers transfer scheme.
Many companies are finding that the Caribbean legal systems make the region an ideal destination for dispute resolution, says Seamus Andrews
Some of history’s greatest figures have utilised the power of the moustache.
Taylor Wessing's half-year UK revenues have decreased by 1 per cent on the same period last year to £42.6m.
Hammonds, Macfarlanes and Paul Weiss have lined up on a rare £1bn deal as Mitsubishi Rayon swoops for UK chemicals company Lucite.
Tulkinghorn thought his readers would like an update on how his Movember Moustache Team was getting on.
The economic crisis has claimed its first two substantial victims in the British legal sector.
New regulations mean that private trust companies no longer need to obtain a trust licence to act as trustees, allowing the Cayman Islands to maintain its competitive edge, reports Sara Collins
Leeds firm Walker Morris has scooped Addleshaw Goddard’s only Manchester pensions partner in a bid to beef up its capacity for non-cyclical work.
The dramatic drop in legal jobs last month is an indicator that recession is more than just looming.
The credit crunch rollercoaster keeps on chugging along. Yesterday Orrick launched a round of 40 lay-offs, just weeks after taking a large chunk of the now defunct firm Heller Ehrman.
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White & Case is set to close its third office in less than a month as Thailand follows departures from Italy and the German city of Dresden.
White & Case is cutting three per cent of its workforce including a handful of associates in London and around 70 across its US offices.
As London and New York lose their status as leading financial centres, Peter Bubenzer asks: should offshore firms look to pastures new?
WilmerHale launches in Frankfurt" /US firm WilmerHale has opened in Frankfurt after poaching four Mayer Brown partners.