12 January 2009
The Lawyer
20 per cent of associates would refuse retraining
Twenty per cent of associates would rather take redundancy than retrain to another practice area, according to the latest YouGovCentaur survey.
A&O to make 10 redundancies in Hong Kong
Allen & Overy (A&O) is in redundancy consultations with up to 10 lawyers in its Hong Kong office, after seven of its partners there quit to join Latham & Watkins last year (The Lawyer, 20 October 2008).
Addleshaws, Muckle thrash out Officers Club rescue
Addleshaw Goddard and Muckle led the legal involvement in the administration and subsequent rescue of menswear retailer Officers Club.
Addleshaws, Muckle thrash out Officers Club rescue
Addleshaw Goddard and Muckle led the legal involvement in the administration and subsequent rescue of menswear retailer Officers Club.
Advisers feeling the heat as blame game gets underway
The legal fallout from the economic crisis will be more severe for professional advisers than ever before, professional indemnity lawyers have warned.
Ale nous: Claude Bahoshy, Anheuser-Busch InBev
As the UK and Ireland legal director for recently merged drinks giant Anheuser-Busch InBev, Claude Bahoshy is one in-house lawyer who knows what it is to be called to the bar.
Ashurst appointed in Land of Leather administration
Ashurst has landed the latest retail insolvency, having been called in by the administrators of Land of Leather.
Associates fall into line as redundancy fears cast shadow over legal market
The fear coursing through the legal market – revealed by the YouGovCentaur survey last week - has made associates a much more amenable bunch.
Berg Legal
Managed by long-termer Alison Loveday and steered by founder Reuben Berg, Manchester firm Berg Legal has witnessed steady growth, over the past two years in particular, to reach last year’s turnover of £4.5m.
Cadwalader London hit by seven-partner walkout
Cadwalader Wickersham & Taft has been rocked by the mass walkout of seven London partners to Paul Hastings.
Cadwalader profits plummet 30 per cent
Profits at US firm Cadwalader Wickersham & Taft plummeted 30 per cent in the 2008 calendar year, with average profit per equity partner dropping from $2.72m in 2007 to $1.88m.
Cadwalader’s Bob Link to head London office after walkout
Cadwalader Wickersham & Taft is flying in managing partner and former chairman Bob Link (pictured) to head up its London office, after failing to convince the bulk of its London partnership to stay at the firm.
Cadwalader’s profit per point drops 38 per cent
Cadwalader Wickersham & Taft’s profit per point dropped by 38 per cent during the last year, despite the firm reporting a profit per equity partner (PEP) slump of ‘only’ 30 per cent, The Lawyer can reveal.
Camerons advises RWE on E.ON joint venture
CMS Cameron McKenna has been instructed by RWE on a long-term joint venture with E.ON that will see the German utilities build nuclear power stations in the UK.
CC warns partners: profits will plummet by a third
Slump will see plateau partners’ payout fall below £1m for the first time in two years.
CC, O’Melveny help raise £2bn for Actis
Clifford Chance and O’Melveny & Myers jointly advised emerging markets private equity house Actis on a $2.9bn (£1.99bn) fundraising for Actis Emerging Markets 3. Partners Jason Glover and Ed Gander and associate Peter Olds led the Clifford Chance team. O’Melveny & Myers was led by UK partners John Daghlian and Solomon Wifa and included US partners Luc Moritz and Kathy Sanders.
CC’s London layoffs set off dot com bomb
The News that Clifford Chance is to lay off 70-80 London lawyers spurred an avalanche of debate from readers of TheLawyer.com, with the story swiftly becoming one of the most read in the website’s history.
Clifford Chance boosts Abu Dhabi with NY move
Clifford Chance New York-based M&A partner John Graham has moved to the firm’s Abu Dhabi office to help build its corporate presence in the Middle East.
Clifford Chance joins forces with top Indian firm
Clifford Chance joins forces with top Indian firm" class="inline_image inline_image_left" src="/pictures/web/images/15668_india-taj90.gif" /Clifford Chance has underlined its commitment to its Asian practice by signing a best ...
Clydes snares former Thacher Proffitt partner
Clyde & Co has hired a former partner from dissolved firm Thacher Proffitt & Wood for its New York office.
Clydes spends £45m on international growth
Clyde & Co has borrowed nearly £45m to help fund its international expansion programme, the firm's LLP accounts for 2007-08 reveal.
Cravath, Davis Polk, Wachtell advise on broker mega-merger
A trio of US firms have snared lead roles advising on the merger of Morgan Stanley Wealth Management and Citi’s Smith Barney.
DAC pair re-elected to senior posts unopposed
Davies Arnold Cooper (DAC) has elected Lucy Walsh as its managing partner for a two-year term.
DLA Piper kept busy as slump continues to hit UK businesses
DLA Piper kept busy as slump continues to hit UK businesses" /DLA Piper bagged roles on three high-profile administrations as businesses across the UK continued to succumb in the pre-Christmas period.
Eadie steps into Sales’ hooves as Treasury Devil
Blackstone Chambers silk James Eadie QC has been appointed First Treasury Counsel and will lead for the Government in all major litigation.
Field Fisher cuts 31 jobs as consultation ends
Field Fisher Waterhouse (FFW) has cut 31 support staff after a redundancy consultation ...
Former Halliwells partner launches insolvency team
JMW has launched a corporate recovery and insolvency department with the recruitment of a former Halliwells partner.
French law specialists set up shop in Leeds
Two former partners from the International Law Partnership have launched a firm in Leeds specialising in French law.
Furley Page sets up shop in Lloyd’s building
Canterbury-headquartered firm Furley Page has opened in London in a bid to capitalise on the insurance market.
Going solo
This is written for the benefit of all lawyers out there chewing their nails to bits or having panic attacks over their employment situation. Whether you have been made redundant or fear redundancy may be coming, here is my story and how I have coped with the doom and gloom of the economic crisis and all it entails.I qualified at
Guardian hires legal chief from Times
The Guardian has poached the head of litigation at Times Newspapers to replace Nuala Cosgrove as legal chief after she left for media regulator Ofcom at the end of last year.
Heavyweights square up for Northern Rock trial
It’s been a long time coming, but the Northern Rock trial, which kicks off this week (13 January), is sure to be well worth the wait – if for no other reason than the sheer spectacle it promises to provide.
Herbies puts off partner consultation on top role
Herbert Smith has postponed a partnership consultation into the function of its managing partner role, instead opting to begin the process in the second half of 2009.
Hill Dickinson expands into Singapore
Hill Dickinson is preparing to extend its international footprint with the launch of a Singapore office in March.
Insolvency heritage pays off as DLA, Hammonds mop up the mandates
Mid-market firms are working their clearing bank contacts.
Insolvency special report: buying a lease portfolio – caveat emptor!
The credit crunch is causing a significant increase in activity for lawyers in asset finance. Leasee default levels have been relatively low since the early 1990s, when major insolvencies kept many lawyers busy for years.
Insolvency Special Report: Chain reactions
The shift to a just-in-time model of supply has seen businesses achieve greater efficiencies, but has also left them vulnerable to the downturn. Alastair Lomax and Dan Kelmanson explain what to look out for to protect your business from the ‘weakest link’
Insolvency Special Report: means to an end
A new ethical code governing the conduct of licensed insolvency practitioners comes into effect this month. Frances Coulson looks at what it will mean for the industry
Insolvency special report: right to supply
In these uncertain times, suppliers need to protect themselves against losing their biggest clients, say Jonathan Wheeler and John Adams.
Is the magic rubbing off?
Last Friday, Clifford Chance’s management committee gathered for its regular monthly meeting. I’m guessing the mood was chastened. The previous day the firm had announced the first redundancy programme in the magic circle.
Jackson LJ’s review of litigation costs must be more far-reaching, insists profession
Concerns have been raised about the implications of a root and branch review of litigation costs, with leading litigators calling for further examination of the litigation model.
K&L Gates opens in Frankfurt with Simmons hires
K&L Gates has opened a new German office in Frankfurt with the hire of two Simmons & Simmons partners.
Law firm trio wins shard of glass deal
Eversheds, Norton Rose and Rosenblatt Solicitors have snared the key roles in a deal to secure a new funding package for the construction of Europe’s tallest building, the Shard of Glass at London Bridge.
Law Soc, Bar join mobility push on 'middle class' sectors
The Law Society and Bar Council are set to contribute to a review of social mobility led by the government’s social mobility chief, Alan Milburn.
Linklaters advises on stricken UK stalwart Waterford Wedgwood
Linklaters has been named as adviser to Deloitte on the administration of luxury goods maker Waterford Wedgwood.
Links and Slaughters lead on RBS China sell off
Linklaters and Slaughters have been handed roles on RBS's $2.34bn (£1.6bn) sale of its entire stake in Bank of China, raising $2.34bn (£1.6bn) for the troubled lender.
Links, Sullivan advise Lloyds on $350m US settlement
Lawyers from Linklaters' New York office have worked alongside Sullivan & Cromwell to advise Lloyds TSB on a $350m (£230m) settlement with the US government.
Lovells launches South African outsourcing pilot
Lovells has embarked on a second major outsourcing project, with document production for its real estate practice currently being carried out in South Africa.
Lovells trio to contest European leadership
Three Lovells Germany partners are standing to succeed Harald Seisler as Continental Europe head after Seisler stepped down from the role in early December.
Lovells unveils bribery/corruption division
Lovells has set up a taskforce to handle cases of bribery and corruption.
Macfarlanes feels the heat
Macfarlanes feels the heat" /When Macfarlanes revealed it would be laying off up to 14 staff this week, perhaps the only surprise was that the announcement hadn’t come sooner (see story).
Macfarlanes to make up to 14 redundant
Macfarlanes has launched a redundancy consultation that could affect up to 14 staff, including seven fee earners.
McDermott announces associate bonuses
McDermott Will & Emery has announced associate bonuses for the first time since overhauling its bonus structure.
McDermott's revenues drop 1.2 per cent
McDermott Will & Emery is the latest US firm to admit a drop in global revenue during the 2008 financial year.
Morgan Cole snaps up insurance panel colleague CIP Solicitors
Thames Valley firm Morgan Cole has taken over Bristol-based insurance boutique CIP Solicitors, which has four partners and 75 staff.
Moves roundup: 13 January 2009
Reading firm Boyes Turner has taken on banking partner John Barker from Osborne Clarke to head up its banking and finance group. Barker said: “I’m delighted to be joining such a dynamic and ambitious firm that has its sights set on becoming the region’s premier law firm.”
Northern Rock shareholders “deprived of their property”, court told
Northern Rock shareholders were deprived of their property when the Government nationalised the stricken bank last year, Blackstone Chambers’ Lord David Pannick QC told a court today.
Ofsted to form in-house legal team
Ofsted is set to create its first in-house legal team and is appointing a head of legal services to oversee the process.
Opinion: a civil approach to insider dealing could reap dividends
Tony Woodcock, commercial litigation partner, Stephenson Harwood
Orrick boosts London revenue 14 per cent
Orrick Herrington & Sutcliffe’s London office has reported a 14.3 per cent revenue hike for the 2008 financial year.
Orrick, MoFo suffer PEP falls at year-end
Orrick Herrington & Sutcliffe and Morrison & Foerster are the first US firms to announce results for the 2008 financial year.
Pillsbury Winthrop revenue down, profit static
Pillsbury Winthrop Shaw Pittman has posted end of year financial results that reveal a slight dip in revenue and effectively flat net profit growth.
PwC enlists Hammonds on Adams collapse
The administrators for ailing retail chain Adams Childrenswear have appointed Hammonds as legal counsel.
Reed Smith recruits Herbies’ facilities boss
Reed Smith has recruited Herbert Smith global head of facilities Phil Page as Europe and Middle East operations director.
Rent-free deal to save Burges £12m on new HQ
Burges Salmon has cut a deal to save nearly £12m in rent as it prepares to move into its new office building in 2010.
Revealed: Clifford Chance redundancy details
Clifford Chance redundancy details" /Clifford Chance is to appoint 13 employee representatives to aid communication with the 880 members of staff taking part in the firm’s redundancy consultation.
Revenue and PEP up almost 10 per cent at Cleary
Revenue at Cleary Gottlieb Steen & Hamilton rose 8 per cent during the 2008 financial year while profit per equity partner (PEP) was up 9 per cent.
Review sees Brum gain Admin Court
Birmingham is to gain a permanent Administrative Court for the first time following a review that called for more judicial representation outside the capital.
Romania Special Report: Late expectations
After 10 years of economic growth, international firms have finally started to flock to Romania. But with the global downturn beginning to have an effect, have they arrived too late?
SFO hands GC role to criminal silk
The Serious Fraud Office (SFO) has hired a barrister as its first ever general counsel, bringing in criminal and fraud specialist Vivian Robinson QC.
Simmons bulks up Middle East offering with two more partners
Simmons & Simmons has continued to invest in its Middle East practice by sending two finance partners to Dubai, including Philip Abbott, who will head the regional finance team.
Sir Nigel Knowles: Knight exemplar
As one of the very few practising solicitors ever to be thus honoured, DLA Piper’s Nigel Knowles was a surprise addition to the ranks of the nation’s knights. But don’t worry – he’s not about to let it go to his head.
SJ Berwin litigation partner found dead
Staff at SJ Berwin are mourning the death of litigation partner Catherine Bailey, whose body was found in the Thames on Saturday.
Special report: Insolvency
For insolvency lawyers the New Year parties are well and truly over as they delve head-first into what could be the busiest 12 months of their careers.
Special report: Romania
With a population only second in size to Poland’s, any lawyer operating in international markets will now be well aware of Romania as one of the most exciting of the emerging markets in Eastern Europe.
Speechly adds two partners to IP/IT team
Speechly Bircham has bolstered its IP, technology and commercial practice by taking on two partners, Nathalie Moreno from Beachroft and Vinod Bange from Eversheds.
TfL's Gareth John takes up GC role at Sodexo
Transport for London's (TfL) director of compliance Gareth John has left the company to take up the general counsel role at facilities management services provider Sodexo.
The Devil Wears Ede & Ravenscroft
11:07The Treasury has a new Devil.
The Rock's hard place
11: 19Once the wigs and suits had rooted themselves in court 76 of the Royal Courts of Justice there was barely room for the busload of Geordies to squeeze in.
Top-tier US firms mull associate pay freezes
The US legal market is divided, with top-tier firms split on whether to freeze associate pay in response to the worsening economic conditions.
Trainee retention rates defy economic crisis
Trainees due to qualify in spring 2009 have been largely shielded from the recession, with retention rates holding steady at above 80 per cent.
Tulkinghorn: two yaks, one cow and an after-dinner Minto
Tulkinghorn often hears of strange things happening over Christmas, but never involving yaks. Cloisters Chambers has broken that run by celebrating the festive season with the purchase of two hairy creatures from Save the Children.
UK promotions down at DLA Piper
DLA Piper has cut the number of UK lawyers being promoted to its partnership by 20 per cent in the latest round, with 16 making the grade compared to 20 in 2008.
Web Week
The Lawyer’s Web Week is a weekly commentary on legal activity on the web. This includes an overview of the best of the week’s blogs. If you want to direct us to useful links, email webweek@thelawyer.com.
Why is Northern Rock like a truffle?
13:37Grabiner wasted no time in rubbishing the arguments put forward by shareholders, but - perhaps in deference to the aggrieved Geordies in court - he was not his usual flamboyant self.
Work Life Quiz: Richard Barnett, Barnetts
What was your first-ever job?Selling Marks & Spencer reject clothes at Ormskirk market during the summer holidays when I was 14.
