30 April 2007
The Lawyer
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This one is going out to Derek Scriven, who joined Google's growing in-house team from Goldman Sachs. What Scriven will be doing at Google, who he reports to, even his start date, is top secret.
People
•North West firm Scott Rees & Co has appointed Maria Lloyd as a trainee bilingual paralegal. Lloyd was previously a company solicitor and barrister at Weld in Russia and is currently completing a two-year conversion course at BPP Law School in Manchester.
A&O associates receive salary hike to rival CC's
Allen & Overy (A&O) has made a token increase to its associate base salaries, raising them in line with the market rate set by rival Clifford Chance two weeks ago.
A&O invests in Bangalore University
Allen & Overy (A&O) is attempting to strengthen its ties to the Indian legal market by providing an endowment for a professor of law at Bangalore's India University.
A&O provides quickest route to partnership
The promotions round for 2007 has revealed that it takes an average of 8.6 years of PQE for UK associates in the top 10 UK firms to be promoted to the partnership, a rise of almost a year compared with promotions in 2004.
Abousleiman builds LeBoeuf capital markets team
The London office of US firm LeBoeuf Lamb Greene & MacRae has hired Baker & McKenzie capital markets senior associate Federico Salinas as a partner.
Addleshaws rejigs arbitration with new boss
Addleshaw Goddard has appointed contentious partner Simon Kamstra to be the new head of international arbitration.
Akerman nominates first firm president
US firm Akerman Senterfitt has taken steps to create its first-ever firm president, nominating its chief operating shareholder to the role.
Another Freshfields partner departs
Freshfields Bruckhaus Deringer has lost a litigation partner in Frankfurt after Gunhild Schäfer was appointed a lawyer at the highest German civil law court.
Ashurst predicts 28.5 per cent turnover rise
Ashurst is forecasting a storming year-end with preliminary results indicating an astounding 28.5 per cent rise in turnover at its financial year-end.
Bakers moscow and london act on KBC buy
Baker & McKenzie acted for KBC Group on its acquisition of 92.5 per cent of Absolut Bank. The deal, which is subject to regulatory approval, values the bank at $1bn (£500m). The firm has a long history of working in the CIS since the launch of its Moscow office in 1989. The KBC deal played on the strength of the relationship between the firm's London and Moscow offices. The team was led ...
Banks turn to Herbert Smith for KKR's Alliance Boots bid
Herbert Smith is advising the syndicate of banks providing the finance for Kohlberg Kravis Roberts' (KKR) proposed takeover of Alliance Boots, The Lawyer understands.
Beachcroft swoops for MBRM's public law team
Beachcroft has hired the entire public law team from Mayer Brown Rowe & Maw (MBRM), taking one partner and two assistants.
Berryman makes up two, hires one
•Midlands-based Berryman has made two internal partner promotions and one lateral hire. Property development specialist Adam Youatt, IP lawyer Scott Farnsworth and commercial contracts expert Ed Wright took up their posts in April. Youatt and Farnsworth are both established Berryman lawyers, while Wright joins from Denton Wilde Sapte. Managing ...
Bingham seals eighth merger for West Coast push
US firm Bingham McCutchen has merged with Los Angeles firm Alschuler Grossman, increasing its litigation capabilities.
Bircham bags team and chief from Kennedys
Bircham Dyson Bell has raided Kennedys to hire two employment partners, including the insurance-led firm's head of department.
Blair forced to launch inquiry into miners' compensation scandal
The Government has been pressurised into launching an investigation into law firms allegedly exploiting sick miners under the coalminers' compensation scheme.
Boodle leads way in female promotions
•Boodle Hatfield has boosted its number of female equity partners with the promotion of property lawyer Helen Streeton. The firm has also promoted Victoria Symons in the corporate team and Simon Williams in property. Half of all equity partners and 45 per cent of all partners at the firm are women.
Cadwalader creates flood risk bond to protect City
US firm Cadwalader Wickersham & Taft has been instructed to advise on the world's first bond designed to protect London's business districts from large-scale flooding.
CC and Freshfields scoop HSBC HQ sale
Clifford Chance and Freshfields Bruckhaus Deringer advised on the sale-and-leaseback of HSBC's global headquarters in Canary Wharf in what is the UK's largest-ever single property deal.
CC scoops three private equity floats in a week
Clifford Chance acted on a trio of private equity exits last week, bringing all three public via flotation on the London Stock Exchange's (LSE) main market.
CC settles with Russian clients for unpaid fees
Clifford Chance has settled a claim against a group of Russian shipping clients that had refused to pay their bills.
Charles Russell boosts private client with promotions
Charles Russell has strengthened its private client practice with a new partner and made two promotions in real estate and corporate and commercial.
Clydes follows BLG, Links, Lovells with LLP conversion
Clyde & Co will join the flurry of law firms converting to LLP status tomorrow (1 May), The Lawyer can reveal.
Cobbetts, DLA Piper fall victim to DWF aggression
DLA Piper fall victim to DWF aggression" /DWF has poached a construction duo from DLA Piper just days after it acquired an entire family team from rival Cobbetts.
Correction
•In the 16 April issue of The Lawyer it was reported that Clifford Chance's two year-PQE associate pay lagged significantly behind Allen & Overy's (A&O) because of the latter firm's bonus system. In fact, the reported figures - £102,700 for Clifford Chance and £128,500 for A&O - were incorrect. ...
Cuatrecasas wins BBVA star in regional push
Cuatrecasas has boosted its Bilbao office with the big-name hire of BBVA's head of legal services for Spain and Europe Juan Manuel Ruiz Aizpuru.
Dewey's hiring spree continues in US and Germany
US firm Dewey Ballantine has announced its fifth lateral partner this week and its second today (Thursday 3 May).
DLA Piper and RPC scoop Grant Thornton merger
Reynolds Porter Chamberlain (RPC) and DLA Piper have scooped lead roles on a merger that aims to shake up the Big Four accountants’ stranglehold on the market.
DLA Piper brings vulture fund down to earth with Zambian debt reduction
DLA Piper has scored a substantial reduction in the damages a so-called vulture fund was seeking to retrieve from the Zambian government.
DLA Piper wins Zambia corruption case
DLA Piper has landed a major victory for the Zambian Government today (4 May) as the high court held that the country’s former president Frederick Chiluba and four of his senior aides conspired to rob their government and people of $46m (£23m).
Dutch court scuppers ABN Amro sale
A Dutch commercial court has ruled that ABN Amro cannot proceed with the $21bn (£10.5bn) sale of its US operations to Bank of America (BoA).
DWS partner appointments halved from last year's round
Denton Wilde Sapte (DWS) has promoted only 12 associates to its partnership, which is less than half the number of promotions of last year.
Extra effort
Blackstone Chambers' joint head of chambers Ian Mill QC is something of a frustrated actor, Tulkinghorn has learnt.
Freeth announces 13 per cent revenue rise
Midlands-based Freeth Cartwright has been quick out of the blocks announcing its year-end results with turnover up 13 per cent.
Freshfields closes Singapore with HK transfers
Freshfields Bruckhaus Deringer has finally closed its Singapore office, relocating the last two partners to its Hong Kong operation.
Freshfields creates EPB development post
•Freshfields Bruckhaus Deringer has created a new job description for a senior lateral hire focused on developing the firm's employment practice. The magic circle firm's employment, pensions and benefits (EPB) group has hired the founder and managing director of Ius Laboris, the international network of firms that specialise in employment law. Jean-François Gerard joins ...
Freshfields follows CC into debate on liability caps
Following The Lawyer’s revelations last week (23 April), Freshfields Bruckhaus Deringer will reassess its approach to managing risk by looking at introducing liability caps in the UK beyond sell-side due diligence to the buy-side.
Freshfields restructure sparks new legal threat
Former litigation head Rickard poised to sue as seven more partners leave
Freshfields ups associate salaries 19 per cent
Freshfields Bruckhaus Deringer is the latest magic circle firm to announce a pay rise for its associates, rushing to the head of the pack of City firms who have already announced salary hikes.
Freshfields wins back Astrazeneca's UK work
Freshfields Bruckhaus Deringer has reinstated itself as AstraZeneca's main UK firm for big M&A deals, scooping a key role on the company's $15.6bn (£7.78bn) purchase of MedImmune. Freshfields held off a chasing pack of City heavyweights, including Herbert Smith and Linklaters, which all have ...
Global legal community joins forces in fight to defend Pakistan judge
The International Commission of Jurists (ICJ) has launched a mission to investigate the arrest of Pakistan's top judge.
Going going… where?
After Citigroup announced its plans to restructure and relocate teams of staff across the globe, the first whisperings are that 30 in-house lawyers will be made redundant.
Govt appoints Norton Rose as sole adviser to Islamic finance forum
The Government has appointed Norton Rose as the only law firm on its new Islamic finance forum.
Halliwells smashes PEP and revenue targets
North West firm Halliwells has smashed last years profit per equity partner (PEP) figure with a 20 per cent increase taking it over £600,000.
Harper Macleod announces bumper year
•Scottish firm Harper Macleod has posted a turnover increase of more than 17 per cent, taking total revenue from £10.5m in 2005-06 to £12.2m last year. The average profit at the 39-partner firm has yet to be finalised, but is projected to be in the region of £250,000 off a net profit margin of around 38 per cent. The stronger than expected figures seal a year of change for Harper Macleod, ...
Herbies breaks with the past to launch global push
Herbert Smith senior partner David Gold unveiled the results of his overarching strategy review at the firm’s partnership conference in Cannes last weekend (28-29 April), with international expansion the main focus.
Herbies raises associate salaries 15 per cent
Herbert Smith is the latest firm to announce salary increases with one and two year PQE associates faring best under the revisions, which add an average of 15 per cent to associate salaries.
Holman acts on coal company divestment
Holman Fenwick & Willan has advised on the sale of 30 per cent of Indonesian business PT Bumi Resources' coal companies to Indian utility giant Tata Power.
Howrey raids boutique for arbitration push
Howrey has bolstered its Paris office with the hire of arbitration star Jean de Hauteclocque, one of the founders of dispute resolution boutique Hauteclocque-Larroumet-Tessler.
In-housers get guidance on whistleblowing
The Commerce and Industry Group (C&I Group) has released new guidelines for lawyers how to implement a whistleblowing policy and avoid being caught in career dilemmas.
Irwin Mitchell promotes seven
Personal injury (PI) powerhouse Irwin Mitchell has matched last year's partner promotions, with seven made up in this round.
Keeping finders
In what can only be described as a Victor Kiam moment, former Linklaters partner Lee Parker liked what he saw at Dewey Ballantine so much that he joined the firm.
Latham bags Germany's biggest IPO
Latham & Watkins has scooped a lead role on Germany's largest IPO so far this year, with its first piece of major corporate work for telecoms company Versatel.
Lawyer 2B launches trainee website
The Lawyer has launched a brand-new student and trainee website: www.lawyer2b.com.
Linklaters confirms salary rises
Linklaters has today (30 April) confirmed that it will increase associate salaries in London by up to 16 per cent from tomorrow.
Links bucks PR trend on early disclosure
Linklaters is refusing to release any preliminary year-end financial results this year until its LLP accounts have been signed off in attempt to buck the trend of firms’ issuing preliminary figures for PR purposes.
Londoners get voted off by Scots
Election fever is the topic of the day.
Lords join A-listers' catty, snappy wars
After a seven-year fight, OK! magazine has beaten rival Hello! in the legal equivalent of a sudden-death penalty shootout. See story.
Lords' OK! ruling creates image rights monopoly
The House of Lords has ruled in favour of OK! magazine in its battle against Hello!, transforming the law on image rights in the process.
Lovells boosts restructuring team in New York
Lovells has boosted its New York office with the addition of Christopher Donoho to its international business restructuring and insolvency practice.
Lovells soups up training with College of Law hire
Lovells has recruited the College of Law's Christopher Stoakes as head of legal training with the position due to be filled on 4 June.
Maclays eyes London push with City-based chairman
Scotland's largest firm Maclay Murray & Spens has made a bold statement of intent with the appointment of London-based partner Philip Skerrett as its new chairman.
Mark Warham: Takeover Panel
Speed is of the essence in M&A, says Takeover Panel director-general Mark Warham. And given the panel's recent rulings, he is not averse to using a firm hand
Master of the rolls
While solicitors are trying to get one up on each other over which firm can be the most carbon-neutral, Tulkinghorn wondered what the bar was doing to go green.
Merger creates Lancs powerhouse
Lancashire law firms Marsdens and Rawsthorns have merged to form one of the largest commercial teams in the North West region.
Minority legal bodies take Govt to court
•The Society of Asian Lawyers and the Black Solicitors Network have commenced judicial review proceedings to challenge the Government's proposed changes to the funding of legal services for crime. They claim that the Carter reforms will adversely affect ethnic minority lawyers, as the smaller law firms they tend to work for will be less likely to secure contracts. This in turn will restrict access to justice for many minority communities. The representative bodies said they have asked ...
Mistaircon identity
Tulkinghorn's heart is gladdened at the sight of keen partners-in-waiting. And nowhere are they keener than at Ashurst.
Nestlé panel faces rejig after four-year reprieve
Nestlé has launched a massive review of its European legal panel with a repeat of its ‘Running Shoes’ strategy, which cut 25 per cent of its legal spend last time round.
New bar association launched to raise direct access awareness
A new barristers' association is to be launched to promote direct access to the bar.
New Linklaters hire named joint boss in Italy
Linklaters has named a new hire as its co-managing partner for Italy, with former Pedersoli partner Andrea Arosio assuming the role.
No limit to LLP wannabes
Yesterday it was the year-end, but today it's a new beginning.
Orrick benefits from latest Freshfields exit
The departures at Freshfields Bruckhaus Deringer mounted as an Italian project finance partner headed for the door.
Party snooper
If you have to make a phone call to Linklaters in Portugal next week, don't bother. There'll be no one there.
Policing internet harassment is easier said than done
Should bloggers be civil in cyberspace? That is the debate raging after American internet and blog pioneer Tim O’Reilly proposed codes of conduct for bloggers and blogsites. He was prompted to do so by the experience of a journalist and friend, Kathy Sierra, who became the focus of vitriolic and even threatening comments on various ...
Private equity
Private equity has been one of the hottest areas of corporate law for some time, but at the moment the market is positively sizzling.
Private equity: Loss of interest
The Government wants to stop private equity funds claiming tax breaks on the interest of shareholder debt, but kid gloves are required. By Rupert Shires and David White
Private equity: The American influence
European private equity funds have always had their own way of doing things. But now the US model is gaining popularity over here. By Marwan Al-Turki
Private equity: Union hijack
With trade unions trying to sully the image of private equity, the global industry needs to pull together. By Kathryn Brown
Proskauer swoops for Spitzer's deputy
Proskauer Rose has strengthened its fraud practice with the high-profile hire of former New York attorney general Eliot Spitzer's deputy.
Schillings fails to save BP's Browne
Schillings has been unable to save the career of Lord Browne, the chief executive of BP, who resigned yesterday after court documents revealed he had lied to a High Court judge.
Scotland: Turning the stables
The Scottish bar is set to embrace the most controversial change in its 500-year history. The revolution starts here
Scottish Executive dumps Camerons, McGrigors and S&W
CMS Cameron McKenna, McGrigors and Shepherd & Wedderburn have all lost their places on the Scottish Executive's slimmed-down legal panel after the executive arm of Scotland's parliament concluded its review last week.
SDRP gets new chair as 2012 draws near
The Sports Dispute Resolution Panel (SDRP) is gearing up for the pivotal role it will play in the 2012 London Olympic Games, with the appointment of Gerard Elias QC of Farrar's Building as the new chairman.
Shaky strategies
We lead with two big-firm strategy stories this week. First there's Freshfields, which is still suffering from a touch of whiplash after its shake-up. Its bid to refocus on its core area of corporate has effectively sidelined finance.
Simmons' promotions reveal international ambitions
Simmons & Simmons has chosen the first day of the new financial year to promote 13 to its partnership, slightly down on last year’s figure.
Simmons' Spanish tie-up seals deal with Acciona
Simmons & Simmons has scored a deal with blue-chip Spanish client Acciona Energia one month into the firm enlarging its Spanish operation.
Singapore tie-up boosts AAR Asia nexus
Slaughter and May's Australian best friend Allens Arthur Robinson (AAR) is to expand into the Singapore market after brokering a joint venture deal with local firm TSMP Law Corporation.
Sitting targets
This week's award for the most out-there photos on a law firm website goes to DWF. Dear reader, you simply have to check it out.
SJ Berwin hire seals EDS relationship
•SJ Berwin has strengthened its relationship with Electronic Data Systems (EDS) Legal Affairs, bringing on board an outsourcing specialist from the key client. Andrew Sutherland will join the firm as a commercial associate on 14 May. His appointment follows that of head of outsourcing David Meredith, who joined from Kemp ...
SJ Berwin makes up a record 16 partners
SJ Berwin has followed its City rivals by announcing the promotion of 16 associates to its partnership - its largest number to date.
Slaughters plays catch-up with new associate salaries
Slaughter and May has finally announced a pay hike for its associates, coming in just behind the majority of the magic circle.
Slaughters' Tim Clark speaks out
Slaughter and May senior partner Tim Clark has gone on the record about the firm's plans to compete in the international market by extending its group of best friend law firms into Asia.
Small mercies
Clifford Chance's move to raise associate salaries by a bit, but not too much (to allow top partners to earn more than £1.1m) has let its rivals off the hook, Tulkinghorn hears."We were delighted," confides a mole at Herbert Smith. "The pressure's off. There was a bit of gloom from the associates, but some of my partners were grinning from ear to ear."
Speechly IP/IT dept buoyed by Hammonds, Manches raids
Speechly Bircham has relaunched its IP practice with the double hire of Manches’ and Hammonds’ IP chiefs, Alex Carter-Silk and Paul Harris.
Sports boutique scraps hourly rates
West End sports boutique Spring Law has struck a first blow in the war on hourly rates by abolishing them in favour of fixed fees. The move follows growing dissatisfaction with hourly billing among in-house lawyers.
The panic is almost over
For the majority of firms today is the final day of the 2006-07 financial year. Which means it is the last chance to get those bills out and make the year-end figures look as good as possible.
The work-life quiz with Jonathan Stephens
What was your first-ever job?Haymaking in the summer of 1976. Fortunately it was the year of the severe drought and the bales were really light.
Tony Wales: AOL Europe
The multiplicity of issues arising out of the sell-off of part of AOL Europe's business last year ensured general counsel Tony Wales and his team were kept on their toes. By Matt Byrne
Too little too late? Slaughters plays catch-up in the private equity race
True to form, Slaughter and May is king of the boardroom this quarter. The firm is advising Alliance Boots on the £11.1bn management buyout backed by Kohlberg Kravis Roberts (KKR); MyTravel on its merger with Thomas Cook; ...
Training reform will be a backward step
It took Nasa eight years to put a man on the moon. Reforming the training of solicitors is taking longer, but the result could be a giant leap backwards.
Travers takes MBO role for promethean
Travers Smith has closed its third deal for private equity firm Promethean Investments, which was set up by Lovells just over a year ago.
Tucker beats Eastwell to Links finance job
Linklaters banking head John Tucker is to replace Giles White as the firm’s head of finance and projects two months after bothe he and capital markets chief Nick Eastwell lost out on the managing partner role.
TwoBirds wins ECJ approval for Celltech over EU's trademark office
Bird & Bird has won a crucial trademark battle in the European Court of Justice (ECJ) for biotech client Celltech, ending a seven-year battle for the company.
W&C raids McDermott for London cap markets team
White & Case has raided McDermott Will & Emery for two capital markets partners to join its equity capital markets (ECM) team.
Walkers raids Mourant for Jersey expansion
Walkers has poached two lawyers from offshore rival Mourant du Feu & Jeune and flown in a partner from its Cayman Islands presence to launch a Jersey-based structured finance offering.
Watson Burton makes up six associates
Newcastle-based Watson Burton has promoted six associates to the partnership, the firm's largest promotional round ever.
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.
Wedlake Bell High Court action derails Cobbetts’ City launch
The launch of Cobbetts’ new London office is in jeopardy following a High Court showdown with Wedlake Bell, which has threatened an injunction to stop two partners from joining the firm.
Where Halliwells leads, Slaughters will follow
Halliwells is first off the mark this year with the revelation that its turnover is up by 37.5 per cent and profit up 20 per cent. Not bad for a pushy North West firm that only really got its act together three years ago.
