7 July 2008
The Lawyer
A Fairer Future – Can Equality Be Achieved?
On 26 June, Harriet Harman, Minister for Women, announced the Government’s proposals in a White Paper entitled “Framework for a Fairer Future – the Equality Bill”. While acknowledging that discrimination laws have aided progress on equality over the last 40 years, she recognises that they have become extremely complex. She has rightly declared that ...
A&O, CC, Norton Rose land Barclays roles
Allen & Overy (A&O), Clifford Chance and Norton Rose have scooped lead roles on Barclays’ £4.5bn share issue.
ASB family partner joins Blake Lapthorn
Blake Lapthorn" /Blake Lapthorn Tarlo Lyons has hired an ASB Law family partner and an assistant to launch a family practice in London.
Ashurst's profit breaks the £1m per partner barrier
Ashurst is the latest firm to see average profit per equity partner (PEP) crash through the £1m barrier after rising 9 per cent to £1.04m.
Bakers swoops on PwC for 22-strong team
Baker & Mckenzie Moscow has raided the legal arm of accountancy giant PricewaterhouseCoopers (PwC) for a team of 22 including three partners. Bakers’ Russian practice now has 26 partners in Moscow and St Petersburg . The three partners are real estate lawyers Konstantine Kouzine and Maxim Kuznechenkov and corporate partner Igor Makarov. They bring with them 19 fee-earners from PwC’s Moscow office.
Banking and Finance
Restructuring is certainly the flavour of the month. This Banking and Finance Special Report looks at how ailing structured investment vehicles are being restructured, leading a number of UK and US firms to win mandates on these lucrative deals.
Bash of the titans
Two events in the summer calendar that the bigwigs of the legal profession often want to attend – The Lawyer Awards aside, of course – are the parties of the Bar Council and the Law Society.
BPP Law School adds Jones Day
BPP Law School has scooped a mandate to teach the LPC to all of Jones Days’ future trainees.
Breaking the Cheyne
A novel proposal for the restructuring of Cheyne Finance could signal a change in fortunes for other crunch-hit structured investment vehicles.
Bredin Prat taps Freshfields for employment hire
French firm Bredin Prat has made a rare lateral hire, luring the head of the employment department at the Paris office of Freshfields Bruckhaus Deringer.
Chris Morris: Freshfields Bruckhaus Deringer
Who’s your hero and why?Homer Simpson because he does all the things I hope I don’t do – but probably sometimes do.
Clifford Chance acts in Nokia bid for Symbian
Clifford Chance has won its first major UK mandate from Nokia, as the mobile phone giant moves to take over mobile software company Symbian.
Clydes’ new international board to set global vision
Clyde & Co partners have okayed plans to set up an international board aimed at driving the firm’s global strategy.
CMS supports access to justice research
The CMS network is sponsoring an Oxford University study into access to civil justice in Europe. The programme is being led by former CMS Cameron McKenna partner Dr Chris Hodges, an expert on class actions and litigation funding systems in Europe and the US. CMS executive partner Robert Derry-Evans said: “Civil litigation is changing across Europe. Many of our clients and businesses generally could suffer if ...
Crown Office brings in Lovells
Crown Office Chambers has become the latest set to recruit from a law firm after taking on Lovells partner Dr Volker Triebel for its arbitration practice.
Current economic conditions in the shipping finance market
The shipping and ship finance markets have always seen strong cyclicality - but for once the current driver for change is not from the shipping market itself, but in the financial market with the banking liquidity crisis which originated in the US sub-prime housing market. So, what can an owner expect if it approaches its banks for finance for a ship right now? The most obvious message is that it is going to cost the owner more and it is unlikely to be able to borrow so much.
Dechert Paris duo launches Bryan Cave
Bryan Cave has raided Dechert’s Paris office, snaring two partners to form the basis of its first office in France.
Dentons leads on Cadogan Petroleum’s London IPO
Denton Wilde Sapte has advised Cadogan Petroleum on a London Stock Exchange (LSE) IPO to raise finance for its Ukrainian drilling programme.
Dickson seals US tie with French kiss
The alliance between US firm Willkie Farr & Gallagher and the UK’s Dickson Minto was sealed over the strength of the former’s Paris office.
DLA Düsseldorf takes White & Case team
DLA Piper’s Cologne office has poached a corporate team of two partners and three associates from White & Case in Düsseldorf.
DLA sends in lawyer to save Saudi practice
DLA Piper has sent one of its legal directors to Riyadh to become its local sponsor after its alliance with Saudi firm Abdulaziz Al-Fahad came to an end last week (The Lawyer, 30 June).
Flying the nest: Lincolnshire Shared Legal Services
A groundbreaking scheme to set their legal teams free looks set to save six Lincolnshire local authorities more than £1m this year alone. Jon Parker meets interim project director Sarah McCombie
Former Muckle chief joins Eversheds partnership
Muckle chief joins Eversheds partnership" /Muckle's former chief Ian Gilthorpe has resurfaced at Eversheds after retiring from the Newcastle firm in April.
Frankly, you look a M&S…
Tulkinghorn is rarely out of his dinner jacket, and so doesn’t understand the last-minute panic buying that lawyers go through the day before a big black-tie event.
French court fines eBay €40m over counterfeits
As dedicated followers of fashion know, a decent handbag is worth its weight in gold. But eBay has discovered that a counterfeit one could cost it almost e40m (£31.81m).
Hammonds’ lock-in blamed for poor year
Former Hammonds partners have pointed to the firm’s stringent lock-in policy as a reason for the firm’s plummeting average profit per equity partner (PEP) figure.
Hina Jilani wins ABA human rights prize
The International law section of the American Bar Association (ABA) has awarded Pakistani activist Hina ;Jilani ;the ;2008 International ;Human Rights Lawyer Award.
Hina Jilani: Leading rights
Hina Jilani has spent decades fighting for human rights on an international scale, her acumen making her a leading figure in this field for the UN. But events in Pakistan have seen her return to the fray on home soil
Hogan takes first steps in Middle East
Hogan & Hartson is launching its first office in the Middle East when it opens in Abu Dhabi next month.
Interview techniques for lawyers
For many, becoming a partner is one of the most important milestones a lawyer can reach. Yet no matter how technically brilliant lawyers may be at their job, all too often they fail to present themselves in the right way when it comes to the partnership selection panel.
Jobs: moves roundup
• Former Irwin Mitchell partner Lesley Graves has joined Sheffield firm Ashton Morton Slack as a consultant in the personal injury division.
L&G rejigs property list after BLP scandal
Insurance giant Legal & General (L&G) has kicked off a full-scale review of its external adviser list, with the first stage focusing on its property panel.
Labruna Mazziotti poaches Pedersoli litigation boss
Leading Italian transactional boutique Labruna Mazziotti Segni has lured litigation and arbitration partner Enrico Zattoni from Pedersoli & Associati.
Latham & Watkins in mass transfer to Middle East
Latham & Watkins in mass transfer to Middle East" /Latham & Watkins is dramatically scaling up its Middle East presence, transferring five partners to the region just months after the firm opened three offices there simultaneously.
Law firms beat banks on graduate pay
Trainee solicitors are the highest paid graduates in the UK, according to a new survey published today (8 July).
Law Soc: new money laundering protections in force
Most law firms in England and Wales have now implemented anti-money laundering procedures, according to a Law Society survey.
Lawyers warn kids off career in law
Nearly one in three lawyers would discourage their children from becoming lawyers when they grow up, a survey has revealed.
Links revamps Middle East management
Linklaters has overhauled its Middle East leadership team bringing in Milan co-managing partner Sarosh Mewawalla as Dubai managing partner and finance practice head.
LLP move prompts Travers partnership rejig
Travers Smith has rewritten its partnership agreement as it becomes the latest City firm to convert to an LLP.
Lord Chief Justice named in judiciary rejig
The president of the Queen's Bench Division, Sir Igor Judge, is to take over from Lord Phillips as Lord Chief Justice from October.
Lord Falconer joins Gibson Dunn
Former Lord Chancellor Lord Falconer is set to join Gibson Dunn & Crutcher, following in Lord Goldsmith's footsteps by joining a US law firm.
LSC funding changes are merely window dressing
More than 3,000 lawyers raised more than £300,000 for the London Legal Support Trust on 19 May to support legal advice charities in London and the South East.
Magic circle keeps US rivals at bay with record year
Bumper times for the UK’s top firms as they beat US giants with £1bn-plus revenues
Magic circle takes hit as big-ticket M&A falls away
Corporate practices at magic circle firms have been rocked by dramatic falls in big-ticket M&A during the first half of 2008.
Manches on board as pal sues 2 Iraqi ambassadors
Manches is leading the claim against two senior Iraqi ambassadors who have been accused by a former business partner of breaching their fiduciary duty.The Iraqi ambassador to the United Nations, Talib Hadi Hamid Al-Bayati, and the Iraqi ambassador to Iran, Mohammed Majeed Abbas Al-Shaik, have been accused by childhood friend Ali Abd ...
Maples hires A&L duo for Ireland push
Cayman Islands-based Maples and Calder has continued its Ireland expansion by hiring Irish firm A&L Goodbody financial services partners Barry McGrath and Nollaig Murphy.
Mayer, rosenblatt act on indian float
Mayer Brown and Rosenblatt Solicitors have won roles advising on the London Stock Exchange flotation of an Indian infrastructure fund.
McGrigors’ City team head quits; partner count dwindles
McGrigors’ London office has suffered a further partner departure, with capital markets head Martin Finnegan quitting to join Nabarro.
Monckton turnover jumps by 26 per cent
Monckton Chambers has posted a turnover growth of 26 per cent over the past year, ;with ;commercial chancery set XXIV Old Buildings seeing earnings drop during the same period.
No Longer Lost At Sea
Graham Kershaw looks at the implications for traders and carriers of the UN Convention on Contracts for the International Carriage of Goods wholly and partly by Sea.
Nokia hands GC role to acting legal chief
Nokia has found a new global general counsel after a 10-month search, deciding to promote internally for the role.
Number of US legal jobs rises in June
The latest figures from the US Department of Labour showed a slight rise in the overall level of legal market employment.
Owe – no you don’t
The controversial practice of borrowers buying back their own debt looks set to bring about a clarification of the Loan Market Association’s rules on syndicated lending.
Paying the price
Employers seeking to place their pension debt under government control in a bid to avoid insolvency are finding the Pension Protection Fund and the Pensions Regulator anything but a soft touch.
Pinsents property man off to BLP
Berwin Leighton Paisner (BLP) has hired Pinsent Masons property partner Andrew Yates as joint head of regeneration and public sector. He will co-head the practice alongside Lesley-Anne Avis.
Planning Bill in Lords: a moment of truth for Labour
Labour’s controversial Planning Bill, aimed at speeding up the planning process for projects such as airports and nuclear power stations, is likely to transform the role of lawyers in the planning process.
Riding out the storm
Following the bursting of Spain’s real estate bubble, borrowers and banks alike have been trying to stave off insolvencies. But some provisions are unlikely to work, warn Ángel Alonso Hernández and Ángel Pérez López
Royds
Royds is one of the few firms left in the City with a private client practice.
S F Oh
S F Oh 11-July-2008The Serious Fraud Office might have considered forgetting the phrase "conspiracy to defraud the NHS" on the indictment against pharmaceutical giant Goldshield only a slight hiccup, but it could cost the taxpayer an estimated £40m.
Salans’ HR goes global with Hesketh hire
Salans’ chief operating officer, Neil Woodcock, appreciates that traditional career paths are a thing of the past – that is why he has signed up a global HR head.
Scots firms enjoy boom year – except Tods Murray
Tods Murray" /Scottish firms enjoyed a strong performance in the last financial year, with the bulk of those that have posted results showing marked growth in revenue and profitability.
Sea change
New rules governing the transportation of goods by sea have been drawn up by the UN. Graham Kershaw looks at what the new convention could mean for goods traders, carriers and shippers
Separated at birth
Many lawyers of a certain vintage will be asking themselves whatever became of studio tea boy turned 1980s pop sensation Rick Astley. Well, we can exclusively reveal that he has spent the past 20 or so years setting the strategic vision for Newcastle firm Muckle in the guise of senior partner Stephen McNicol. Although Astley enjoyed singing, his new love of law firm management means that he’s never going ...
SFO lambasted over collapse of Goldshield case
The taxpayer could foot a bill of around £40m after the Serious Fraud Office (SFO) was forced to drop a high-profile case against Goldshield Group.
Shearman corporate head quits for Weil
Shearman & Sterling’s London office has been hit with a further loss, with corporate star Peter King set to join Weil Gotshal & Manges.
Shipping
Over 90 per cent of world trade is carried by the international shipping industry.
shuteye-Pod
Tulkinghorn must admit the reception in Eversheds new Wood Street office in London looks cool, but it’s missing one vital amenity – beds for clients.
Sidley promotes 34, one in London
Sidley Austin has promoted 34 lawyers to its partnership, including four in the firm’s Asia Pacific offices and one in London.
SIV restructurings alone do not a structured finance industry make
Despite a stay of execution, structured finance lawyers are still at risk, says Julia Berris in New York
Sonnenschein on comeback trail
The chairman of credit crunch-hit US firm Sonnenschein Nath & Rosenthal has vowed to put the misery of May behind him and target significant growth in the latter half of 2008.
Spain’s ship finance market: special rules on finance leases
Despite the international market’s uncertainty and volatility, the ship finance market in Spain is still experiencing rapid and steady growth. This is largely due to growing interest in the field from banks that have been traditionally wary of the sector. These banks, which often restricted their participation in ship ...
Stone King hooks up with Sewells
South West firm Stone King has merged with Cirencester’s Sewell Mullings & Logie to form private client-focused outfit Stone King Sewell.
Supreme Court building costs rise by £2m
The new Supreme Court building will cost £2m more than originally estimated, Justice Secretary Jack Straw has revealed. Straw said his predecessor Lord Falconer announced an estimated set-up cost of £56.9m, but the building had suffered from water penetration, so the estimated cost for building work was now £38.7m, with other costs of £20.2m.
Teen plunders thousands from Freshfields
A teenager on work experience at Freshfields Bruckhaus Deringer has been jailed for five months after stealing thousands of pounds from the magic circle law firm.
The big four’s magic realism
Five years ago the magic circle was having a terrible time. All the running was being made by highly profitable, London-focused silver circle firms. Clifford Chance and Linklaters were indulging in internal culling; Freshfields was dithering and All
Top of the Peps
As well as breaking news stories on TheLawyer.com, our Top of the PEPs blog will provide you with The Lawyer’s unique brand of incisive commentary on the state of each firm.
Web week: 7 July 2008
Strange and unusual court cases can often slip under the radar, but if you’re a fan of the weird and wonderful world of crime, then the Smoking Gun (www.thesmoking gun.com) should be on your favourites bar.
White & Case rebuilds with Wall appointment
White & Case rebuilds with Wall appointment" /White & Case has appointed former chairman Duane Wall as head of the firm’s global bank advisory practice.
