16 September 2002
The Lawyer
A letting man
Canary Wharf Group legal head Michael Ashley-Brown keeps Ashursts and Clifford Chance on their toes. Julia Cahill investigates
A&O Madrid advises on CVC supermarket buy
Allen & Overy's (A&O) Madrid office has acted on its second deal this year for Clifford Chance private equity client CVC Capital Partners. The magic circle firm advised CVC on its purchase of the 600-store Spanish supermarket group El Arbol from Dutch supermarket group Laurus.A&O Madrid joint managing partner Iñigo Gomez-Jordana, who was recruited from Clifford Chance's ...
Altered image
Kathryn Hobbs meets Robin Allen QC, who says he is determined to revamp the image of the Bar
Altheimer extends global network
Altheimer & Gray has added two new offices to its global network. The US firm has opened in Paris and San Francisco and has added 20 lawyers to its current 360. The San Francisco office will concentrate on intellectual property, corporate, tax and litigation work, while the Paris office is the product of a merger with 11-lawyer Paris corporate boutique Cournot.
Anti-discrimination agencies: new beginning or bitter end?
Jon Robins asks whether creating a single discrimination watchdog will just cause more trouble
Asset test
The upcoming Proceeds of Crime Act brings into play a weapon against money laundering with teeth - the Asset Recovery Agency. Adam Cowell explains the dangers for lawyers
Australia sets down takeover guidelines
Australia's takeover regulator the Australian Takeovers Panel has released final guidelines aimed at helping panel members avoid conflicts of interest. Under the guidelines, the president of the panel must disclose all relevant interests of panel members to the parties in proceedings, even if those interests do not give rise to a conflict. Panel members must also disclose such information to parties, even if no conflict arises.
Banks demand Norton Rose drops restrictive covenants
Norton Rose has been forced to release four of its former partners from their restrictive covenants several months early due to pressure from key clients Deutsche Bank and JPMorgan Chase
BNP Paribas counts on Norton Rose for last minute financing
BNP Paribas has strengthened its relationship with Norton Rose, after turning to the firm when a borrower needed to complete a $730m (£470m) Nigerian oil pre-export financing in just a week.The firm's London and Paris offices assisted BNP Paribas in arranging senior, subordinated and junior loan facilities for Nigeria's largest indigenous oil producer. The facilities were made ...
Board member's plans to lobby Law Soc raise conflict concerns
A member of the Law Society's main board has launched the Legal Services Reform Group to lobby the Law Society, attracting conflict of interest allegations from society backbenchers
CC, Freshfields and Linklaters break into France's legal top 10
International firms continue to make the running at the top end of the French legal market, according to the latest research by Juristes Associés
Cheok Sankaran sets up Sharia law division
A Brunei firm is to become the first to establish a Sharia law department as the state takes a further step away from Western laws to Muslim legal codes
Citigroup lawyer takes on senior role
Citigroup has announced that its top lawyer Charles Prince is to become chairman and chief executive of the global corporate and investment bank. Prior to his new appointment, Prince had held the position of chief operating officer at the company. His current responsibilities for risk, legal, compliance, technology, human resources, communications and government relations will be taken over by Robert Willumstad, chairman and chief executive of the global consumer group. (10 September)
Clifford Chance battles Slaughters over British Energy rescue package
Magic circle giants Clifford Chance and Slaughter and May have gone head-to-head in an effort to sort out a Government-backed rescue package for stricken electricity generator British Energy.Clifford Chance partner David Childs, long-term adviser to the embattled energy company is leading negotiations ...
Corporate
The perennial problem for Allen & Overy's (A&O) Richard Cranfield is how to take his corporate team out of the shadow of the finance boys. In a bid to beat the corporate holy trinity of Freshfields Bruckhaus Deringer, Linklaters and
Corporate and IT jobs cut at Taylor Wessing
Taylor Wessing, the newly merged firm of Taylor Joynson Garrett and German firm Wessing, has laid off 13 assistants and a number of secretaries
Correction
In last week's employment supplement, it was incorrectly stated that Jane Mann was an employment partner at Pattison & Brewer. Mann is, of course, a partner at Fox Williams.
Croydon picks seven sets for panel
A panel of seven chambers has been set up by Croydon Council to do all of its main advocacy and advisory work
DEAL OF THE WEEK - ABB
Freshfields takes on first ABB corporate instruction
Deals summary
Arnold & Porter (Julian Thurston, Bradley Theobald, Cathryn Noke) advised Cambridge private biotechnology company KuDOS Pharmaceuticals on the completion of a third round of private equity funding totalling £29.5m.Charles Russell (Jennifer Pierce, Glafkos Tombolis) advised Elevon on the sale of its UK operations for $16.5m (£10.6m) to its UK management team in a deal funded ...
Deals summary
SJ Berwin (David Ryland) acted for Hilton Group on its £335.7m sale of 10 hotels to a limited partnership between Hilton Group, Rotch Property Group, Farnsworth Group and Bank of Scotland. Herbert Smith (Christopher de Pury) acted for Rotch and Farnsworth. Maclay Murray & Spens (Graeme Sloan, Bruce Patrick, Susan Kelly) advised the Bank of Scotland. Bayerische Landesbank, the senior debt provider, ...
Deals summary
Ashurst Morris Crisp (Mark Vickers) and Fried Frank Harris Shriver & Jacobson (Chris Kandel) advised the Bank of Scotland on debt finance and a working capital facility for the $20m (£12.9m) acquisition of Money Market Services International. Alchemy Partners, the equity sponsor, advised by Macfarlanes (Orla ...
Debevoise takes on Linklaters finance partner
Debevoise & Plimpton has hired Linklaters partner Eryl Besse. Finance specialist Besse will join Debevoise's Paris office in November. The addition of dual-qualified English solicitor and French advocat Besse gives the office additional capability for the firm's cross-border M&A, capital markets and financing transactions.
Dechert ups pay for new associates
Dechert has raised the game in first year associate salaries in the US after announcing an increase from $105,000 (£67,558) to $125,000 (£80,426) in its Philadelphia and Princeton offices, effective from January 2003
Dentons scores ITV Digital
Denton Wilde Sapte is set to be revealed as the main adviser on the liquidation of ITV Digital, while Grant Thornton is expected to be named as the liquidator, replacing administrator Deloitte & Touche, at a creditors' meeting scheduled for 18 October.The Grant Thornton-Dentons lineup is understood to have been agreed by ITV Digital's four largest creditors.ITV Digital ...
Enronitis epidemic
It Looks like there's a pot of gold at the end of the Enron rainbow for insolvency specialists 3-4 South Square. Last week, one of The Lawyer's hacks called a silk for a general quote on the Enron scandal. "Sorry," came the reply, "I can't comment, I'm involved." The reply of the next QC was exactly the same. Undeterred, the hack then called a clerk at the set to find out which of the other insolvency specialists weren't involved, ony to be told: "Sorry, can't ...
Eversheds bosses in clash over leadership
Gray criticised for corporate hard line; balance shifts towards Brown in election
Ex-Bingham McCutchen partner joins Nomura
Richard Gitlin (left), the former senior partner with US firm Bingham McCutchen, has been appointed by Nomura International to advise the investment bank on growing the number of Japanese corporate restructurings. Gitlin, a world-renowned workout and restructuring specialist, who is best known for his role as the US administrator on the US-UK bankruptcy of Maxwell Communication Corp, will act as a senior strategic adviser to Nomura through his newly established venture, Gitlin & ...
Gianni lands IAA head of legal
Linklaters' Italian best friend Gianni Origoni Grippo & Partners has made its second high-profile hire from the Italian Antitrust Authority (IAA)
Govt panels in radical overhaul as Goldsmith picks 300 new barristers
Almost 300 new counsel have been appointed by the Attorney-General as panel members of seven Government departments and non-departmental public bodies
Halliwell Landau opens new division in London
Halliwell Landau has launched an employment and pensions department in its London office, with the hire of a partner and a barrister from Hardwick Stallards. The firm has hired employment partner Tola Ogundumi and barrister Nadia Okraku. Ogundumi, who is also assistant deputy coroner for the City of London, will head up the new department. First revealed on www.thelawyer.com/lawyernews on 11 September
Hearsay
Of which recently troubled law firm did one of its own lawyers privately remark: "Oh dear. Now the lunatics really are running the asylum."?And... which magic circle partner had a dungeon in his house?
Herbert Smith to handle SMG sale
Herbert Smith is about to embark on its first major corporate deal for the Scottish Media Group (SMG).SMG revealed on Tuesday (10 September) that is putting its publishing arm, including Scottish newspapers The Herald and The Sunday Herald, up for sale for more than £200m.Herbert Smith has been SMG's main law firm since December 2000, when it replaced Freshfields ...
Keeping abreast in partnership
In many firms, making up shedloads of women partners would be a cause for a certain amount of celebration - lots of PR value, women breaking through the glass ceiling, trebles all round. Ah, but not at Ashurst Morris Crisp. According to managing partner Justin 'Pankhurst' Spendlove, the fact that Ashursts made up 14 female partners in the space of a couple of years isn't in the least remarkable, ...
Landwell team moves to Lovells
Lovells' Paris office is set to boost its public law capability with the hire of a team from Landwell Global
Lawyers finally called to account in Enron debacle
Will Vinson & Elkins and Kirkland & Ellis be dragged through the mud? Emma Vere-Jones reports
Lovells goes limp on condoms
The Lawyer can exclusively reveal that Lovells has removed all the condom machines from the toilets in its new Holborn headquarters, just days after having them installed
Lovells profits from FTSE 100 reshuffle
Lovells and Gouldens are among the law firms to gain FTSE 100 clients as a result of the annual shake-up of the share index of the UK's biggest companies by market value
Masons appointments spark structural rejig
Masons has appointed a new managing partner and four new divisional heads after undergoing a structural and management overhaul
Maximum security
A new act in the US reforming corporate governance has given fresh powers to the SEC to investigate lawyers and senior business personnel. Alex Cohen and Michael Dunn report
MCCLURE NAISMITH
McClure Naismith has set itself some ambitious goals for growth
Michelmores and Foot Anstey invest in iimia
South West firms Foot Anstey Sargent and Michelmores have seized the initiative over how law firms should respond to regulatory changes governing their investment arms
Milburn House in limbo as head moves out to 11 KBW
Newcastle set Milburn House is facing crisis following the departure of its head and co-founder Paul Cape. The set will now consist of just one tenant
Money laundering - ignorance is no defence
Professional practices are uniquely placed as facilitators to the business community and this, combined with a culture of trust and confidentiality, means that lawyers can become unwitting accomplices to money laundering activities.
Nabarros goes after £200K fees from client
Nabarro Nathanson is to pursue a claim for outstanding fees of £200,629.75 and interest of £3,561.78 in the High Court
New EC competition head Lowe committed to reform
Philip Lowe last week replaced Alexander Schaub in one of the European Commission's (EC) top competition positions
New López Velarde partner sees name change
Mexican firm López Velarde Heftye Abogados has become López Velarde Heftye Abogados y Soria after appointing the commissioner of the Mexican government's federal telecommunications division Gerardo Soria as a name partner to the firm. Prior to his role as commissioner, Soria was a partner in the telecommunications and corporate finance department at Franck Galicia Duclaud y Robles. His clients there included Cable & Wireless, Teléfonos de México SA de CV, ...
Opinion
So TMT is out. Real estate is in. Turnover is largely up. Profits are mostly down. Huge salary increases are passé. Recruitment freezes are back. Expansion is off but mergers are on. Confused? So is the entire legal market.
Radio ga-ga
Never let it be said that the Bar is out of touch with the modern world. Well, maybe just occasionally. One Birmingham-based barrister, upon being introduced to a new pupil, was told that she had previously worked as a DJ. "How on earth did she get to become a District Judge without being a qualified lawyer?" the barrister enquired innocently. Now, even Tulkinghorn tunes in occasionally to DJ Terry (Wogan) on Radio 2, playing his favourite popular beat combos on those wheels of steel.
Redundancy hovers over Dentons assistants
Denton Wilde Sapte has six corporate assistants facing redundancy. The firm is looking to redeploy the six into its banking and energy practice groups or negotiate redundancy packages with them. The firm stated that there is also the option of placing the six lawyers in its overseas offices, but if they do not want to be redeployed it will renegotiate redundancy packages. First revealed on www.thelawyer.com/lawyernews on 10 September
Russell Jones bags CTC work
Russell Jones & Walker has beaten off 14 other firms to be appointed as the sole provider of legal services to CTC, The National Cyclists' Organisation
Scottish anti-lawyer group mounts political challenge
Campaigning aristocrat challenges parliamentary elections and sues Brodies for £45m
Separated at birth
Could it be true? Is Mark Stewart, one of Clifford Chance's pre-eminent banking partners, really a furry-footed Hobbit with a magical ring? One glance at these photos proves that there must surely be a connection between the lovely Mr Stewart and Bilbo Baggins. Played by Ian Holm in the recent film Lord of the Rings: The Fellowship of the Ring, Bilbo spends his days eating lots, drinking gallons ...
Sidley man in Simmons U-turn
Simmons & Simmons' Hong Kong office has taken back a consultant who left the firm six months ago to join Sidley Austin Brown & Wood
Sidley's Singapore team breaks apart
Sidley Austin Brown & Wood has lost two of the four Baker & McKenzie lawyers it hired two years ago to break into the securitisation market in Singapore
SJ Berwin construction partner joins Kennedys
Kennedys has recruited SJ Berwin construction partner Nicholas Carnell. His practice focuses on contentious work for contractors, engineering and construction companies.
Taylor Root Law Society Sevens Tournament
The Taylor Root Law Society Sevens Tournament takes place this Sunday (22 September) at Richmond rugby ground. The popular event, supported by The Lawyer and which last year saw Clyde & Co take the coveted crown, displacing the much-fancied Freshfields, starts at 11am.
The Leader Column
When Eversheds' equity partners went home on Friday night, they will have found an interesting item of post waiting for them: envelopes containing details of nominations for the two men who want to lead their 4,000-strong firm through the next crucial stage in its development.
The night shift
There are certain things that lawyers really shouldn't do. Sleeping with a client is bad; sleeping with a number of your clients is even worse. Tulkinghorn is therefore a little concerned by the behaviour of Paul Renney, head of e-commerce at Theodore Goddard, who is planning to do just that. And he's got the audacity to sleep with them on the same night and in a public place. And if the clients aren't enough, he's got a few celebrities lined up for good measure. ...
The odd couple
Are the Ashursts-Fried Frank talks doomed to failure? Dearbail Jordan investigates the cultural differences between the two firms
Vetting in practice
The vetting of prospective staff can be an employer's first line of defence in weeding out undesirables, explains Andrew Durant
War of words as CC partners do battle
Contenders for the senior partner job at Clifford Chance issued their manifestos last week as one of the six candidates dropped out of the race
White & Case partners in the firing line over Deacons row
White & Case looks to be off the hook in its court battle with Deacons, although its new insolvency partners have now been put in the dock
