16 February 2009
The Lawyer
A&O hires restructuring duo for New York
Allen & Overy (A&O) has beefed up its US restructuring group after hiring lawyers from Cadwalader Wickersham & Taft and King & Spalding.
A&O slashes Easter vac scheme
Allen & Overy has axed its forthcoming Easter vacation scheme due to “lack of interest” from students.
A&O to slash partnership in £44m restructuring
Allen & Overy (A&O) is to cut up to 247 lawyer jobs and jettison its private client business in a global restructuring expected to cost the firm £44m.
A&O, CC advise on Abu Dhabi banks’ bailout
Allen & Overy and Clifford Chance have advised on the Abu Dhabi government’s AED16bn (£2.98bn) bailout of five local banks.
Allen & Overy and out
Allen & Overy and out" /So Allen & Overy has now joined most of its magic circle rivals in restructuring its global business. It was really just a matter of time.
ASB volume arm in hunt for external capital
South East firm ASB Law is looking to shore up its volume business with a cash injection from external investors.
Australia Special Report: Downturn under
Thanks to their investments in Asia, Australian firms have so far steered clear of the worst effects of the recession. But they certainly won’t be seeing another boom year, says Kelly Parsons.
BLG provides swift results on Abbey Life divestment
Barlow Lyde & Gilbert (BLG) has picked up a choice mandate for reinsurer Abbey Life Assurance Company on a £1.5bn insurance portfolio sale to Pacific Life.
Brit paralegal leaves for internship on US death row
A would-be lawyer is about to swap life at a corporate law firm for one working with prisoners on death row after securing an internship with pro bono charity Amicus.
Browne Jacobson appoints new chief
Browne Jacobson appoints new chief" /Midlands firm Browne Jacobson has appointed its head of business services as managing partner. Iain Blatherwick replaces Brian Smith, the firm’s managing partner since 2001. Smith will return to his former role as head of planning and corporate. Partner Gavin Cummings ...
Buncefield barrister Edey awarded silk in 2009 QC round
The only lead counsel on the Buncefield litigation who was not a QC has been awarded silk in this year’s round of QC appointments.
Burges Salmon set for India, China advance
Burges Salmon is focusing on India and China as part of a push to expand its ‘better friends’ network into emerging markets.
CC offloads spare room to KPMG
Clifford Chance is set to boost its coffers by almost £4m in the 2009-10 financial year by subletting three and a half floors of its Canary Wharf office to KPMG.
Charles Russell halves summer vac scheme
Charles Russell has announced plans to cut its two-week summer vacation schemes in half in a bid to “control the costs” involved with running them.
College of Law bags A&O, Links GDL contracts
Magic circle firms Allen & Overy and Linklaters have signed up College of Law (CoL) to run every aspect of training for their future trainee solicitors.
Colt kicks off hunt for Euro advisers
Colt Telecom has begun the search for new legal advisers to work across its European network.
Debevoise hires former US attorney general
US firm Debevoise & Plimpton has scooped George W Bush's final attorney general Michael Mukasey.
Dewey & LeBoeuf takes the lead on MBIA split
Dewey & LeBoeuf has snared a lead role advising bond insurer MBIA on the separation of its public finance division.
DLA Piper posts solid results after layoffs
DLA Piper’s EMEA and Asian businesses today reported a 16.2 per cent revenue hike for the 2008 financial year.
Eni shuns external advice on £4bn deal to cut costs
Italian energy company Eni drew entirely on its in-house legal team when disposing of EUR 4.7bn (£4.18bn) worth of subsidiaries, amid a plan to drastically cut its future legal spend.
Eversheds raids DLA for HK partners
Eversheds raids DLA for HK partners" /Eversheds has boosted its Asia practice with the hire of a five-partner team from DLA Piper in Hong Kong.
Ex-Debevoise employee strikes back with counterclaim
Solicitor Joan Leopold has filed a counterclaim to US firm Debevoise & Plimpton’s claim against her, which relates to work she undertook for the firm in 2007.
Fifty take voluntary redundancy at Clifford Chance
Clifford Chance has accepted the voluntary redundancy of around 50 fee earners over and above the 80 lawyers facing compulsory redundancy.
Fox Hayes loses FSA negligence appeal
A judge has slammed Fox Hayes and its former managing partner in a Court of Appeal victory for the Financial Services Authority (FSA).
Freshfields asks trainees to delay start date
Freshfields Bruckhaus Deringer has asked some of its trainees to push back their start dates in a bid to “even out” the size of its intakes.
Freshfields times it perfectly with pay freeze announcement
Important events happen at high noon. If you were working at Freshfields Bruckhaus Deringer last Monday, then at midday you would have received some bad news about your salary.
Gate expectations: Adil Hussain, Gatehouse Bank
Gatehouse Bank legal head Adil Hussain has big ambitions – both for the fledgling bank and for Islamic finance. Tom Phillips reports.
Gómez-Acebo defies economic crisis with 12 per cent turnover hike
Spanish firm Gómez-Acebo & Pombo Abogados has posted a 12 per cent jump in turnover to hit e61.1m (£54.83m).
Greenberg tiptoes into Europe
International expansion remains at the forefront of Greenberg Traurig’s strategy, in spite of the global recession. While the firm’s plans to conquer the European legal market may have been halted by the collapse of the economy, it is by no means off the table for the US national.
Grim up North
1.14pmFollowing a five-year investigation the Solicitors Disciplinary Tribunal yesterday suspended three partners from Raleys Solicitors over the firm's relationship with the National Union of Miners.
Halliwells uses assets as security on RBS loan
Halliwells could see its bank move in and seize its assets in the event of financial difficulties under the terms of a debenture agreement signed with Royal Bank of Scotland.
Hastings decision
The Lawyer’s rolling Revenue Counter added several members today as more US firms reported their 2008 results.
Hill Dickinson celebrates Maersk’s Liverpool relocation
Hill Dickinson celebrates Maersk’s Liverpool relocation" /Maersk Line, the shipping company and division of the AP Moller-Maersk Group, announced last week that it will shift its UK headquarters from London to Liverpool later this year.
Hogan London gains one partner in promotion round
Hogan & Hartson’s London office has received one new partner in the US firm’s latest round of promotions.
Indian market proves a tough nut to crack for non-domestic players
Despite Western law firms’ continued presence in the country’s deals tables, their influence may be on the wane.
Lest you be judged
6.12pmWhen is a judgment not a judgment? When it's not clear who wins.
Lincolnshire top legal post left in limbo
The lawyer appointed to run Lincolnshire County Council’s new-look legal practice will not be taking up the job following allegations made by a former colleague at ;Northamptonshire County Council, his former employer.
Linklaters and Simmons & Simmons: Parallel lines
Two very different law firms occupying disparate places in the legal echelons – but Linklaters and Simmons seem to employ uncannily similar methods to achieve similar aims.
Linklaters Asia head quits firm for in-house role
Linklaters Asia head quits firm for in-house role" /Linklaters' Asia managing partner Giles White is to leave the firm to join infrastructure conglomerate Jardine Matheson as general counsel.
Links strives to keep Ferretti afloat with debt restructuring
Linklaters private equity partner Ian Bagshaw is working across the table from former colleagues at his old firm Clifford Chance on the restructuring of Italian boatbuilder Ferretti’s debt.
Lovells and DLA Piper announce redundancies
DLA Piper announce redundancies" /DLA Piper and Lovells have joined the growing list of law firms embracing drastic job cuts as a means of shoring up their businesses.
Mayer Brown names insolvency head
Mayer Brown has appointed Ian McDonald to head its eight-partner insolvency team in London.
Mercedes panel review forces firms to explain bills
Mercedes Benz put costs at the heart of its recent panel review, with the firms winning a place on the roster expected to justify their expenses on a regular basis.
Michael Wachtel, Watson Farley & Williams
If you were stranded on a desert island, what two luxury items would you take?Cold beer and suntan oil.
Milbank suffers 16 per cent profit drop
Milbank Tweed Hadley & McCloy has posted a double digit drop in average profit per equity partner (PEP) along with a 3 per cent fall in total revenue for the 2008 financial year.
Mixed results from Paul Hastings, Simpson Thacher at financial year end
Paul Hastings has unveiled its 2008 financial results, posting a rise in revenue and a drop in average profit for the year.
Moves roundup: 16 February 2009
DWF has recruited new corporate partner Peter Allen from Barlow Lyde & Gilbert, where he was an equity partner. He will be based in Manchester.
Muckle hit by 33 per cent PEP decrease
Average profit per equity partner (PEP) at Newcastle firm Muckle dropped by a third in the 2007-08 financial year, the firm’s LLP results have revealed.
Nabarro signs LPC tie with Nottingham-Kaplan
Nottingham Law at Kaplan Law School has signed up a third law firm for its bespoke course.
New York firm Kramer Levin announces layoffs
New York firm Kramer Levin Naftalis & Frankel has become the latest US firm to announce it is making layoffs.
Norton Rose collects old mobiles for charity
Norton Rose has been collecting old mobile phones and second-hand clothing from its partners and staff as part of a week-long campaign to support its local charities.
Norton Rose gets picked for mining merger
Russian gold producer Peter Hambro Mining has turned to Norton Rose partner Simon Cox for advice on its proposed merger with iron ore company Aricom, from which it demerged in 2003. Cox also advised Peter Hambro on a share placing that raised $105m (£74.16m) for the company.
Norton Rose hikes Middle East with trio
Norton Rose is relocating three finance partners to the Middle East, including its global Islamic finance chief Neil Miller, who will move to Dubai.
Norton Rose trainees offered £10k to defer
Norton Rose has offered its future trainees up to £10,000 to push back their start dates for up to 12 months.
Opinion: Hard times - needs must when the devil drives
Extraordinary times call for extraordinary measures. Not a day passes without more news regarding the extremely difficult economic climate.
Outer Temple chiefs examine commercial alternatives
Outer Temple Chambers has hired legal consultant Deborah Sabalot as a professional associate as the set undertakes a year- long review into alternative business structures (ABSs).
Postcard from... Monte Carlo
In the latest in our Postcards from… series, Lawrence Graham partner William Easun discusses the highs and, er, highs of legal life in Monte Carlo.
Professional Negligence Special Report: Event horizon
Regulators are looking afresh at the activities of professionals, and litigation is sure to follow. But how will these claims be paid for? asks Peter Smith.
Professional Negligence Special Report: Out for the count
A rise in claims against professionals generally follows a downturn – and accountants are no exception. Matt Andrews and Barnaby Winckler look at what could be in store.
Professional Negligence Special Report: The ex factor
A recent case provides useful guidance on when a law firm can and cannot act for a former client. Richard Harrison reports.
Raleys managing partner suspended over miners compensation scandal
The senior partner of north-east firm Raleys Solicitors has been banned from practising law for four years over his role in handling compensation claims from sick coalminers.
Relocation relocation
Never is there a good time to make redundancies, but it is even worse if you are a managing partner who has spent the last two years trying to build up certain capabilities only to find you don’t have the work to fulfil that mandate.
Revenue and profit down at Dechert
Dechert today unveiled its financial results for 2008, with the US firm posting reductions in both turnover and average profit per equity partner (PEP).
Salans muscles in on Olswang’s US friend
Greenberg to step up international drive with closer ties to European giant
Shearman & Sterling's UK revenue down 14 per cent
Shearman & Sterling has reported a 14.2 per cent drop in UK revenue for the 2008 financial year.
Simmons to cut up to 69 in latest redundancy talks
Simmons & Simmons is undertaking a fresh redundancy consultation that is likely to see around 20 associates and up to 49 secretarial and support staff lose their jobs.
SJ Berwin, White & Case wind up Baugur
SJ Berwin and White & Case have bagged roles as key advisers on the collapse of Baugur, which was placed into administration following a ruling by the High Court.
Skadden commits to Brazil with Shearman capture
Skadden Arps Slate Meagher & Flom has bolstered its Brazilian office, hiring Shearman & Sterling veteran Dick Aldrich.
Slaughters leads on Land Securities rights issue
Land Securities has turned to stalwart adviser Slaughter and May for advice on its £755.7m rights issue.
Special reports: professional negligence and Australia
Three brand news special reports on professional negligence and one on Australia.
Sumption tipped for Supreme Court role
Brick Court Chambers is keeping tight-lipped over mounting speculation that high-profile tenant Jonathan Sumption QC is hoping to join the Supreme Court.
Taylor & Emmet
For South Yorkshire firm Taylor & Emmet Solicitors, 2009 will be a landmark year.
The Bear necessity
Barclays’ decision last week to pull its New York lawsuit against Bear Stearns must be utterly galling for Linklaters.
Thring Townsend in double office closure
Thring Townsend Lee & Pembertons is to close two satellite offices as it attempts to stem redundancies by cutting overheads.
Trowers breaks new ground with Syrian tie-up
Trowers & Hamlins has formed an exclusive association with Syrian firm Sultans Law, making it one of the first international law firms to move into Syria. The tie-up comes after Trowers advised the Syrian government ;on ;social housing and other matters.
Tulkinghorn: How to save a bob or two
As you can see in this picture, Charles Russell has come up with an innovative way to reduce headcount during the economic crisis – crush them with a law firm-sponsored boat.
Wal-Mart promotes deputy GC to top legal job
US retail giant Wal-Mart has promoted its deputy general counsel Jeff Gearhart to the general counsel role.
Ward Hadaway lures Addleshaws partner
Ward Hadaway has continued recruiting for its fledgling Leeds office with the hire of a senior property litigation partner from Addleshaw Goddard.
Web week
Continuing with extracts from TheLawyer.com’s new ‘Postcard from...’ series, this week’s blogger is Richard Clegg, head of Wolf Theiss’s Sofia office.
Weightmans scores plum health and education mandates
Weightmans has been appointed as legal adviser to two public sector bodies in the areas of education and health.
Weil Trumps rivals for lead bankruptcy role
Weil Gotshal & Manges has snared a lead role advising on Casino operator Trump Entertainment Resorts’ bankruptcy protection.
