7 November 2005
The Lawyer
The bar
Joanne Harris on the month at the bar:All change for managementCircuits return to work amid the legal aid crisisBarristers prove that business is still booming as record earnings are revealedPrashar brought in for diversity push
Asia
The boom in the Chinese market is also leading to a rapid growth in the use of offshore vehicles. Vicki Hazelden reports
Author of Fish Sunday Thinking quits the law
Paul Wragg, the former Hammonds assistant who made waves this summer with his novel depicting sex and scandal in a solicitors' firm, has quit the law to become a full-time author.
Baxter v Knowles
The two most aggressively expansionist firms in the world are going head-to-head in the race to go global - and there's no love lost between them. Steve Hoare reports on the clash between DLA Piper and Orrick
Bermuda
A slew of legislative changes has improved the outlook for Bermuda's investment industry. Vanessa Lovell Schrum reports
Berrymans elects new senior partner
Berrymans Lace Mawer senior partner Paul Taylor is stepping down after 14 years at the helm of the insurance heavyweight, to be replaced by Terry Renouf.
Bird & Bird projects 20 per cent PEP rise at half-year
Bird & Bird’s continued European expansion has helped it to a 22 per cent increase in revenues at the half-year point.
Brick Court QCs in Euro employment face-off
Brick Court Chambers has both won and lost a case that could ban companies from outsourcing work to cheaper jurisdictions in other parts of the EU.
British Virgin Islands
A boom in Russian involvement in the BVI is leading to a flood of work for local litigators. Simon Gray reports
Careers: In brief
The Law Society is developing a product to enable solicitors to prepare home information packs (HIPs) for consumers who are selling their homes. The Government plans to introduce HIPs in 2007. Speaking at the Law Society Property Section Annual Conference in London, Law Society president Kevin Martin said: "The pack will have numerous advantages, including a fast, efficient online service which will require nothing more than a PC and an internet connection. I want to emphasise the point ...
Careers: People
Kirkland & Ellis has hired Natasha Watson, formerly of Baker & McKenzie, and Helena Potts, formerly of Weil Gotshal & Manges, as associates in its London-based European restructuring group.
Carlyle turns to Latham for China LBO
Latham & Watkins is acting for longstanding client Carlyle Group on the largest leveraged buyout in China - the $371m (£210m) takeover of Xugong Group Construction Machinery, China's largest construction equipment producer.
Cayman islands
The role of the Cayman special purpose company is under scrutiny. Owen Jones reports
CCB flotation heralds China and Hong Kong IPO goldrush
China and Hong Kong have become global hot spots for IPOs following the recent closure of the $8bn (£4.52bn) IPO of the China Construction Bank (CCB).
Chadbourne swoops on Coudert Russian team
New York firm Chadbourne & Parke has doubled its Russian presence, securing a three-lawyer team and the St Petersburg offices of Coudert Brothers.
Charles Russell half-year revenues rocket 25 per cent
Charles Russell has reportedly increased gross revenues by 25 per cent during the first half of the fiscal year.
Cleary prepares for Beijing office launch with Cravath partner hire
Cleary Gottlieb Steen & Hamilton has poached Cravath Swaine & Moore senior securities and capital markets partner Clayton Johnson for its new Beijing office.
Crisis meeting saves Nauta's Rotterdam office from the axe
Dutch giant Nauta Dutilh has headed off a call to close its 30-partner Rotterdam office at a crisis meeting called by the management board last Wednesday (2 November).
Darby's does Dallas
This year The Rising 50 - The Lawyer's look at smaller-turnover firms - has thrown up no end of revelations, but none are as miraculous as the identity of Oxford firm Darby's marketing manager. He is none other than Mr Kennedy. Mr John Kennedy. Middle initial 'F'. And yes, he's known as JFK.
Deacons partner joins Kendall Freeman
Kendall Freeman has made a rare lateral hire, taking Deacons partner Martin Lister for its international corporate insurance practice.
Dentons half-year PEP rebounds after partner exodus
Denton Wilde Sapte is predicting its profit per equity partner to move back above the psychogically-important £300,000 milestone by the end of the financial year but revenues are likely to suffer.
Dewey steers Investcom through first-ever DIFX flotation
Dewey Ballantine has landed a role on the largest ever stock market flotation to come out of the Middle East and the first on the Dubai International Financial Exchange (DIFX).
Direct bar access under threat as Law Soc challenges Bar Council
The Bar Council and the Law Society were at loggerheads in the Court of Appeal last week in a case that could determine the future of the bar's direct access scheme.
DLA boosts Brussels further with Gide hire
DLA Piper Rudnick Gray Cary has bolstered its Brussels regulatory team with a new hire from Gide Loyrette Nouel.
DMH Stallard wins location battle for football club
The combined forces of South East firm DMH Stallard and 2-3 Gray's Inn Square have won the campaign to get planning permission for Brighton & Hove Albion FC's new stadium.
Dutch spilts caused by Continental Shift
Crisis meetings, office closures, partner walkouts: it doesn't sound much like the Netherlands. But UK legal culture is infectious. De Brauw and Nauta Dutilh are finally starting to grapple with the strange concept of profitability.
Euronext, Deutsche Börse ponder tough LSE bid conditions
The Competition Commission has given the green light for Euronext and Deutsche Börse to bid for the London Stock Exchange (LSE), but imposed some tough conditions that many believe are potential deal-breakers. Following a seven-month inquiry, the commission found that both bids would "substantially lessen competition" and ruled that the deals would only get the go-ahead if the buyers agreed to reduce their control over the LSE's clearing house after a merger. The commission believes ...
Eversheds partner departure compounds Birmingham woes
Large cracks are forming in Eversheds' Birmingham office after the departure of yet another partner.
Eversheds ramps up fraud team with SFO hire
Eversheds has scored a major coup for its fraud team with the hire of Serious Fraud Office (SFO) deputy director Peter Kiernan as a partner.
Eversheds secures role on Rosemary Nelson Inquiry
Eversheds' inquiries and investigations team has won the coveted role of adviser to the inquiry into the death of Northern Irish solicitor Rosemary Nelson.
Firm profile: Withy King
Withy King" /Managing partner: Martin Powell Turnover: £10.5m Total number of partners: 29 Total number of fee-earners: 110 Main practice areas: Commercial; personal injury and clinical negligence; probate, wills, trusts and conveyancing ...
Fried Frank set for merger with Paris boutique
Fried Frank Harris Shriver & Jacobson is going head-to-head with the Paris elite as it launches an association with bankruptcy litigation boutique Lantourne.
Gibraltar
A ruling in favour of the Transport and General Workers' Union has opened up UK government departments to legal action within Gibraltar. Conn MacEvilly reports
Goodbodys, Dillons top Ireland's funds league table
A&L Goodbody and Dillon Eustace have scooped the bulk of Ireland's funds work as the value of funds services there approached the $1tr (£566bn) mark.
Grapevine
Stadlen slams Pollock and LovellsThe speech of Fountain Court's Nicholas Stadlen QC at the close of the epic BCCI trial on Wednesday 2 November was so good we decided to print it in its entirety. Well, nearly in its entirety. Here are the edited highlights of his masterful 6,901-word blast:"Today the claimants have, by their discontinuance, publicly conceded that the claim against the Bank [of England] is hopeless and that it cannot succeed. After ...
Guernsey
Interest in Guernsey-based investment funds is rocketing following a relaxation of regulation. Ben Morgan reports
Halliwells and Addleshaws cash in on Allsports sale
Halliwells and Addleshaw Goddard won roles on last week's sale of sports retailer Allsports to the John David Group. Addleshaws Manchester partner John Joyce acted for new client John David, owner of JD Sports, on the £18m acquisition. Halliwells corporate recovery partners Gavin Jones and Richard Wolff advised BDO Stoy Hayward, Allsports' adminstrators. Allsports went into administration on ...
Hammonds' Aston Villa relationship strengthened by takeover mandate
Hammonds has confirmed its longstanding relationship with Premiership football club Aston Villa by advising it on a takeover approach from a consortium led by Birmingham businessman Michael Neville.
Hammonds on course for turnaround at half-year stage
Hammonds has reported strong growth in turnover and profitability for the first six months of the current financial year, with half-year revenues estimated at £65m.
Hearsay
Which in-house PR gatecrashed a party, attended by the Norwegian Royal family, at the Guildhall?
Imperfect timing
Lordy! It would appear the curse of the press party has struck again. Remember Herbies' ill-timed bash hosted by its once-feared litigation team last month, just days after its embarrassing defeat in Equitable? Now it's the turn of Deloitte.
International eye: Italy
Husnara Begum on the month in Italy: McDermott and Carnelutti go their separate ways Taylor Wessing takes its first steps into the region Tonucci's giant merger is stalled CC wins back former chief for Italian renaissance Parmalat rages on
International report: Sheppard Mullin Richter & Hampton, Los Angeles
Los Angeles-based Sheppard Mullin Richter & Hampton has seen a tenfold growth in its eastern presence in the past year, but that is only stage one of the firm's expansion strategy.
Introduction
The Lawyer's latest global offshore report reveals the most important developments taking place in the offshore world. This report also includes the widest geographical spread of jurisdictions so far in one issue - a reflection of the growth in offshore work.
Isle of man
A bilateral agreement between the Netherlands and the Isle of Man could benefit the wider offshore market. Daniel Mackelden reports
Jenner & Block opens for business in New York
US litigation powerhouse Jenner & Block opens in New York today (7 November) as the firm moves to broaden its national base.
Jersey: mediation
Jersey is catching up fast on the UK's appetite for ADR. Gillian Robinson reports
Jersey: trustees
Trustees are no longer unpaid amateurs, but effective remedies against those that overcharge are as vital as ever. Paul Tracey reports
Kilpatrick Stockton braces for more layoffs in London
Kilpatrick Stockton is set to conduct a swathe of compulsory redundancies as part of its ongoing bid to slash its London office.
Lawyers query Company Law Reform Bill proposals
Lawyers have welcomed the publication of the new Company Law Reform Bill, but doubts remain over some of its proposals.
Legal Widow
With a hard winter predicted, the Lawyer has sent a pre-emptive letter to the council despairing of the potholes in the road. Of course, the last thing a hardworking lawyer wants to feel beneath the wheels of his new executive saloon is the bump and grind of a hardworking road, and the Lawyer believes that his taxes entitle him to a better ride.
Lovells ramps up in Moscow with White & Case hire
Lovells has hired former White & Case senior associate Suren Gortsunyan as a partner in the firm’s Moscow office.
Lowenstein beats US elite to Chapter 11 litigation
New Jersey firm Lowenstein Sandler has beaten US heavyweights Reed Smith, Sonnenschein Nath & Rosenthal and Winston & Strawn to advise the unsecured creditors committee in a Chapter 11 bankruptcy matter.
Man v Freightliner ruling eases auditors' duty of care responsibilities
The settlement of Equitable Life's negligence claim against Ernst & Young (E&Y) meant that the legal world was denied a judgment on the thorny issue of auditors' liability. But the massive MAN v Freightliner case has turned up to fill that gap. MAN Group, represented by
Meic Sullivan-Gould: London Borough of Hackney
After years of neglect, the London Borough of Hackney is finally getting the TLC it needs. And the passion of its deputy director of legal is helping the reform. Lorraine Cushnie reports
Mishcons India leads Godrej on its first UK acquisition
Mishcon de Reya's India team, led by corporate partner Nick Davis, has advised Godrej Consumer Products on its first UK acquisition. Godrej, one of India's fastest-growing fast-moving consumer goods companies has bought Keyline Brands. Keyline, which boasts revenues of £16.7m, manufactures, sells and distributes cosmetics and toiletries to the likes of Boots, J Sainsbury and Tesco.
Monckton head appointed Public Law Commissioner
The Department for Constitutional Affairs (DCA) has appointed Monckton Chambers’ joint head Kenneth Parker QC as the new Public Law Commissioner.
Mother's ruin is lawyer's shoo-in
The concept of work-life balance is really being embraced these days among lawyers. Few, though, have done as well at marrying business and pleasure than former Addleshaws partner Susannah Sheppard.
Nice guys are the right guys
The image of top lawyers as legal automatons is being eroded by a better working culture. By Neil Paterson
Norton Rose releases four-partner Bakers team six months early
The four-partner securities team leaving Norton Rose for Baker & McKenzie will now quit the firm at the end of November, The Lawyer can reveal.
Onshore tax
EU countries are moving towards lower corporate tax, while the introduction of holding company legislation has increased their attractiveness. Wynne Thomas reports
Opinion
Barristers in the North are anticipating much-improved chancery and mercantile capabilities
Paul Hastings boosts private equity with Milbank hire
Paul Hastings Janofsky & Walker has appointed former Milbank Tweed Hadley & McCloy of counsel Kathryn Brown as a partner in its London office.Brown is a private equity specialist who regularly advises investment banks and private equity houses on leveraged buyouts and cross-border transactions throughout Europe.Paul Hastings corporate department chair Robert Miller said Brown’s hire would enhance the firm’s private equity practice capabilities in London.
Peacock buyout sees Sullivan, Freshfields land advisory roles
Freshfields Bruckhaus Deringer and Sullivan & Cromwell have scooped advisory roles on the take-private of discount clothing retailer ...
Pension rules augur hike in bankruptcies
Lawyers have warned of a rise in bankruptcies due to the pressure on companies to plug pension deficits within only a few years.
Pigment of one's imagination
The busy Tuesday evening continued for several of Tulkinghorn's hacks as they gamely trooped over to Holborn for Lawrence Graham's annual Halloween party.Sadly, they arrived too late for a 'colour reading', a type of fortune telling that reveals inner personality. Legal Network TV presenter Caroline Davies made it, though - to be told she was a witch.
Pinsents lands £100m Kent schools initiative
Pinsent Masons' PFI lawyers have secured the firm's first major deal for Kent County Council.
Pollock, Lovells come under fire after dropping £850m BCCI claim
After 256 days in court, the £850m misfeasance claim, brought by the liquidators of the Bank of Credit & Commerce International (BCCI) against the Bank of England, sensationally collapsed last Wednesday (2 November).
Quotes of the week
'We were looking for a cost-effective solution. We didn't feel we needed a solicitor.'
Salans set for firmwide management elections
Salans is gearing up for management elections that could result in wholesale management change at the firm's 14 worldwide offices, including the UK.
Senior judges threaten legal action against Government
Relations between bench and DCA at all-time low as both sides instruct Wilberforce silks over Judicial Pensions Bill
Separated at birth
Last week was a tough one for Ross Kemp. The actor, who plays EastEnders hardman Grant Mitchell, saw his missus banged up after she allegedly walloped him in the chops after a night on the tiles - well, dinner with David Blunkett. So Kemp, who also goes by the name of Peter Lawson when moonlighting as Motorola's general counsel, was relieved to try and repair the damage ...
Shearman opts for yearly pay reviews
Shearman & Sterling's associates will no longer enjoy six-monthly pay reviews following an overhaul of the London office's salary system.
Sidley KPMG tax shelter fine settles at $45m
A US federal judge has granted preliminary approval to a multimillion-dollar class action settlement against Sidley Austin Brown & Wood and KPMG over abusive tax shelters that KPMG sold to wealthy individuals.
Six-month PEP up 30 per cent at Taylor Wessing
Taylor Wessing is anticipating at least a 30 per cent rise in profits at its half-year stage. The firm’s UK managing partner Michael Frawley said figures were yet to be finalised but average profit per equity partner (PEP) could rise as much as 35 per...
SJ Berwin wins Oakmayne and Londonewcastle property deal
SJ Berwin has strengthened its fledgling relationship with residential property developer Londonewcastle and picked up new client Oakmayne Properties on the joint purchase of Embassy Court, a seven-storey 1960s residential block in St John's Wood. Embassy Court was bought by the developers for £23.7m. A landmark £70m residential scheme is planned for the site. Plans for the development in London's prestigious ...
Southern Africa benefits from DLA Piper's human rights plan
DLA Piper's human rights plan" /DLA Piper Rudnick Gray Cary lawyers have helped to set the standards of human rights advocacy in southern Africa with the publication of a new litigation manual.
Stephensons bags sixth finance partner in a year with Lovells raid
Stephenson Harwood has hiked its banking and asset finance capabilities with the hire of Lovells partner David Lacey as head of non-contentious trade finance.
Super six months as SJ Berwin revenues rise 19 per cent
SJ Berwin is on track to bolster its turnover for the third year running, after reporting a 19 per cent increase in gross revenue at the half-year mark.
Switzerland
Switzerland may still have the reputation for discreet banking, but dubious funds can no longer take advantage of Swiss banking secrecy laws. Michael Fisher reports
The Lawyer global offshore report
The UK Government's more rigorous approach to tackling fraud has created unexpected challenges for offshore advisers. Helen Ratcliffe reports
The real spiel
Tulkinghorn happened to find himself on Denton Wilde Sapte's (DWS) website the other day and spotted a list of what were clearly the firm's core values: services, practice areas, intelligence, expertise, legal advice. All good, commendable stuff. But whoever decided it was a good idea to arrange them as an acrostic to spell out 'Spiel' was either having a Radox or hadn't watched enough Only Fools and Horses.
The work-life quiz
Matthew Williams, partner, Hunton & Williams
Top of the crass
The new chair of the Judicial Appointments Commission appears to be very proud of her titled status. Apparently, her email address begins 'baroness.prashar'.
Track and yield
It was over to Ken's house on Tuesday 1 November for Tulkinghorn as Clintons' sports team threw a bash to celebrate London's victory in its Olympics bid.
Two Field Court head defects to Landmark Chambers
Civil set Two Field Court has been plunged into confusion by the imminent departure of its head of chambers Ashley Underwood QC to Landmark Chambers.
Wragges' new leadership will have to boost corporate
As Wragges loses rainmaker Metcalfe to management, what next for corporate? By Donna Sawyer
