12 January 2009
Twenty per cent of associates would rather take redundancy than retrain to another practice area, according to the latest YouGovCentaur survey.
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).
Addleshaw Goddard and Muckle led the legal involvement in the administration and subsequent rescue of menswear retailer Officers Club.
Addleshaw Goddard and Muckle led the legal involvement in the administration and subsequent rescue of menswear retailer Officers Club.
The legal fallout from the economic crisis will be more severe for professional advisers than ever before, professional indemnity lawyers have warned.
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 has landed the latest retail insolvency, having been called in by the administrators of Land of Leather.
The fear coursing through the legal market – revealed by the YouGovCentaur survey last week - has made associates a much more amenable bunch.
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 Wickersham & Taft has been rocked by the mass walkout of seven London partners to Paul Hastings.
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 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 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.
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.
Slump will see plateau partners’ payout fall below £1m for the first time in two years.
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.
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 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" 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 ...
Clyde & Co has hired a former partner from dissolved firm Thacher Proffitt & Wood for its New York office.
Clyde & Co has borrowed nearly £45m to help fund its international expansion programme, the firm's LLP accounts for 2007-08 reveal.
A trio of US firms have snared lead roles advising on the merger of Morgan Stanley Wealth Management and Citi’s Smith Barney.
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 bagged roles on three high-profile administrations as businesses across the UK continued to succumb in the pre-Christmas period.
Blackstone Chambers silk James Eadie QC has been appointed First Treasury Counsel and will lead for the Government in all major litigation.
Field Fisher Waterhouse (FFW) has cut 31 support staff after a redundancy consultation ...
JMW has launched a corporate recovery and insolvency department with the recruitment of a former Halliwells partner.
Two former partners from the International Law Partnership have launched a firm in Leeds specialising in French law.
Canterbury-headquartered firm Furley Page has opened in London in a bid to capitalise on the insurance market.
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
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.
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.
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 is preparing to extend its international footprint with the launch of a Singapore office in March.
Mid-market firms are working their clearing bank contacts.
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.
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’
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
In these uncertain times, suppliers need to protect themselves against losing their biggest clients, say Jonathan Wheeler and John Adams.
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.
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 has opened a new German office in Frankfurt with the hire of two Simmons & Simmons partners.
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.
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 has been named as adviser to Deloitte on the administration of luxury goods maker Waterford Wedgwood.
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.
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 has embarked on a second major outsourcing project, with document production for its real estate practice currently being carried out in South Africa.
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 has set up a taskforce to handle cases of bribery and corruption.
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 has launched a redundancy consultation that could affect up to 14 staff, including seven fee earners.
McDermott Will & Emery has announced associate bonuses for the first time since overhauling its bonus structure.
McDermott Will & Emery is the latest US firm to admit a drop in global revenue during the 2008 financial year.
Thames Valley firm Morgan Cole has taken over Bristol-based insurance boutique CIP Solicitors, which has four partners and 75 staff.
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 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 is set to create its first in-house legal team and is appointing a head of legal services to oversee the process.
Tony Woodcock, commercial litigation partner, Stephenson Harwood
Orrick Herrington & Sutcliffe’s London office has reported a 14.3 per cent revenue hike for the 2008 financial year.
Orrick Herrington & Sutcliffe and Morrison & Foerster are the first US firms to announce results for the 2008 financial year.
Pillsbury Winthrop Shaw Pittman has posted end of year financial results that reveal a slight dip in revenue and effectively flat net profit growth.
The administrators for ailing retail chain Adams Childrenswear have appointed Hammonds as legal counsel.
Reed Smith has recruited Herbert Smith global head of facilities Phil Page as Europe and Middle East operations director.
Burges Salmon has cut a deal to save nearly £12m in rent as it prepares to move into its new office building in 2010.
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 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.
Birmingham is to gain a permanent Administrative Court for the first time following a review that called for more judicial representation outside the capital.
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?
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 & 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.
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.
Staff at SJ Berwin are mourning the death of litigation partner Catherine Bailey, whose body was found in the Thames on Saturday.
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.
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 Bircham has bolstered its IP, technology and commercial practice by taking on two partners, Nathalie Moreno from Beachroft and Vinod Bange from Eversheds.
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.
11:07The Treasury has a new Devil.
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.
The US legal market is divided, with top-tier firms split on whether to freeze associate pay in response to the worsening economic conditions.
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 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.
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.
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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.
What was your first-ever job?Selling Marks & Spencer reject clothes at Ormskirk market during the summer holidays when I was 14.