8 July 2002
The Lawyer
40 King Street aims for Leeds expansion
Manchester set continues to hire for regional growth; other chambers to follow
A&O and Tugenhat lose out after CFAs are ruled invalid
Allen & Overy and Michael Tugenhat QC denied £200,000 after costs judge finds inaccuracies in CFAs
A&O staff receive 11 per cent performance bonus
For the second year running, Allen & Overy (A&O) is to pay all of its staff a performance-related bonus
Akin Gump beats Milbank and Kirkland to scoop WorldCom bondholders role
Akin Gump Strauss Hauer & Feld has won work from a committee of WorldCom's largest institutional bondholders, seeing off competition from Enron creditors' committee advisers Milbank Tweed Hadley & McCloy and Chicago-based Kirkland & Ellis.Daniel Golden, head of Akin Gump's financial re-structuring practice, will advise the bondholders on matters related to WorldCom's restructuring and ...
Al Fayed to appeal 'cash for questions' ruling
Mohamed Al Fayed will appeal a decision of the Court of Appeal, which found that the financial backers of former Tory MP Neil Hamilton were not liable to pay Al Fayed's costs, despite his victory in the 'cash for questions' libel action
Anus crime
Lawyers are well known for getting down and dirty when it comes to their precious work. But a certain partner at a particular magic circle firm recently took this idea a bit too far.After a long-running argument with his neighbour and his dog over the "little messages" that the furry fiend was leaving in the partner's garden, our lovely lawyer decided to take matters into his own hands - quite literally. Tulkinghorn isn't sure how the neighbour reacted when he discovered ...
Arbuthnot leaves Govt for a return to the Bar
James Arbuthnot, once tipped as potential Prime Minister by John Major, has returned to practise at 10 Old Square
Asb Law restructures and wins new banking roles
South East firm Asb Law has streamlined its management and has restructured its practice areas into five key groups to align it with its principal business sectors
Ashursts moves in on Railtrack Group after Simmons conflicted
A host of law firms, including Herbert Smith, Ashurst Morris Crisp and Linklaters, are advising on a series of complex transactions with a combined value of more than £1bn to sort out the Railtrack affair.
Baker & McKenzie hikes public law in Madrid
Baker & McKenzie's Spanish practice is merging with a two-partner public law boutique in Madrid
Bar talk
In the world of the conditional fee agreement (CFA), and in the words of Oliver Hardy (as in Laurel), "another fine mess" has occurred
Beachcroft Wansbroughs takes Bradford Lift work
Beachcroft Wansbroughs' Leeds office is to provide legal advice to the Bradford City NHS Local Improvement Finance Trust (Lift) scheme, expected to be the first of several such initiatives in the Leeds region in the coming months
Bird & Bird blames global expansion for profit drop
Technology, media and telecoms (TMT) firm Bird & Bird has seen a 9 per cent dip in profits in the last financial year
BIRKETT LONG
After conquering Essex, Birkett Long is now attacking London
CC hires Bredin Prat star litigator for Paris office
Clifford Chance has continued to boost its French office with the hire of heavyweight litigator Jean-Pierre Grandjean from Slaughter and May best friend Bredin Prat.
Chinese walls under fire in Richards Butler case
Chambers' confidentiality system is central argument in anti-conflicts appeal
Clarification
Burton Copeland has asked us to clarify that Nigel Copeland, who was struck off last week (The Lawyer, 1 July), had left the firm in 1993. Copeland became a named partner in Burton Copeland in 1986, but was asked to resign from the partnership in November 1993 and has had no association with the firm since then. The Lawyer revealed last week that Copeland was struck off after misleading a client.
Clausen raids UK ally Hextalls to launch own London office
Chicago firm takes three partners from associated firm; relationship will continue
Deacons sues White & Case over HK raid
White & Case's swoop on Hong Kong insolvency team scuppered by court action
DEAL OF THE WEEK - H3G
CC, A&O, Freshfields win massive H3G financing
Deals summary
Debevoise & Plimpton (James Kiernan) advised Clayton Dubilier & Rice on its £434m recommended cash offer for UK food services distributor Brake Bros. Macfarlanes gave Clayton Dubilier additional advice on UK aspects of the transaction. Brake Bros was represented by Simmons & Simmons. Lenders advised by Clifford ...
Deals summary
Herbert Smith (Jane Borrows) advised Portuguese rail operator Caminhos de Ferro Portugueses on the issue of €375m (£241m) secured floating rate bonds. The issue was guaranteed by MBIA Assurance, advised by Clifford Chance. Arrangers UBS Warburg advised by Allen & Overy.Slaughter and ...
Deals summary
Ashurst Morris Crisp (David Evans, Ian Nisse) advised Lazard & Co as tenant on the letting of part of 50 Berkeley Street, London W1, and the entirety of 50 Stratton Street, London W1, from Burford, with a total annual rent in excess of £10m. Clifford Chance advised Burford.Howard Kennedy (Estelle ...
DJ Freeman nabs Maxwell Batley's Cassidy
DJ Freeman has scooped Maxwell Batley's senior partner of 10 years, Michael Cassidy
Don't mess with the kid
At thirty, Simon Priddis is the OFT's youngest ever mergers director. But if competition lawyers are expecting the Milky Bar Kid, Helen Power says that they're in for a shock
Edinburgh Declaration vows support for practitioners threatened by government
The Inaugural World Conference of Barristers and Advocates has concluded with a pledge of support for lawyers and judges who face intimidation from their own governments
Enron in-house lawyer on theft charges
A former Enron in-house lawyer appeared in court last week charged with stealing more than £400,000 from the US energy group
Family business
Tulkinghorn is convinced that the law is an affliction affecting the mind, body and soul, and has uncovered evidence of this in the private client department at Charles Russell where, spookily enough, two first cousins sit just two desks apart and have chosen to specialise in the same area.David Long, head of Charles Russell's private capital department, and Paul Harriman, head of the ...
Gardere to pay SEC $1.2m
US firm Gardere Wynne Sewell has agreed to pay the Securities and Exchange Commission (SEC) $1.2m (£786,000) for violating a court order in a pending law suit against former clients Sharp Capital Advisors
Green Property uses hybrid structure
Allen & Overy (A&O) and Clifford Chance advised opposite each other on the E1bn (£642m) take private of Green Property.
Grobbelaar v The Sun: round three
North West firm Cuff Roberts and Andrew Hartley QC last week led former Liverpool FC goalkeeper Bruce Grobbelaar into his latest round of litigation against The Sun newspaper
Hammonds gets strappy
Tulkinghorn is wondering whether it is just pure coincidence or if Hammonds has taken a new strategic direction. A few weeks ago Tulkinghorn sought free marketing advice on behalf of Hammonds, looking for ways to promote its latest client win of a leading condom manufacturer. Well, it seems the firm is at it again - this time it's picked up work on the acquisition of some lingerie (okay, it was actually advising a client on the acquisition of the lingerie division of Charnos).
Holdens fills up with Hammonds partners
Leading Hammonds partner Duncan Haymes is joining some of his former colleagues at Holden + Co
Howard Kennedy to fight negligence suit
Howard Kennedy and Kenwright and Cox, which ceased trading in 1999, are being sued for negligence by a client who alleges that they failed to get British Gas to compensate him when he was injured in a gas pipe explosion
Judge stays Baxendale-Walker fraud case
Paul Baxendale-Walker, the solicitor charged with a £2m pension fraud by the Serious Fraud Office (SFO), has had his fraud case stayed as an abuse of process
Judges accused of running 'flawed' wasted costs system
Judges have come under fire for making the wasted costs system an expensive and often time wasting operation
Lawrence Graham shows increased turnover
Lawrence Graham's turnover rose £1.2m (2.4 per cent) in 2001/02 to £50.5m, while profits have remained relatively steady at £363,000 per partner
Legal Widow
It's been the week of school sports days, which generally means cheering on puffing children, a consolation visit to McDonald's and that unconvincing speech on how it's taking part that matters. Deminimus, however, has been studying Montaigne and Carlyle in history (my goodness, whatever happened to Motte and Bailey Castles and the spinning jenny?) and has announced that all competitive sport is divisive and evil."What if," he said, "the Big Brother housemates refused to have ...
Licensed to bill
Richards Butler's Michael Skrein is used to hobnobbing with celebrities. Kathryn Hobbs meets the man who really knows how to treat a girl
Linklaters mergers hike turnover by 25 per cent
Linklaters has posted a strong increase in revenues for the last financial year, with turnover up 25 per cent to some £631m
Linklaters tops M&A league
The second quarter European M&A results show Linklaters retaining its premier position after the firm notched up an additional 68 deals at a value of $42bn (£27.5bn)
Luxembourg, France and Belgium face EU fines
France, Belgium and Luxembourg face huge fines for breaking a deadline to implement the EU free establishment directive
Neither here nor there
Gerald Bland, the man behind Wragge & Co's attack on the London property market, has become the latest subject of a conspiracy theory. Last Friday Bland was attempting to complete his last big deal at Herbert Smith before moving to his new firm, 'Birmingham-based' Wragges. The parties were due to exchange late Friday afternoon and all was going well until Bland nipped back to his office ...
O'Melveny and O'Sullivan set to merge
O'Melveny & Myers is set to boost its New York capability by merging with private equity specialist O'Sullivan
Opinion
The depolarisation debate is vital to retail financial services. It looks set to alter radically how financial services are offered and consumed. It is a revolution of regulation, unsurpassed in recent history.Solicitors are aware that such a sea change may have a big impact on their own businesses, but will also create significant opportunities, which begs the questions: what is polarisation and what are the consequences of its abolition?It is simply the segregation of ...
Orrick appoints new Tokyo chief
Orrick Herrington & Sutcliffe has appointed real estate partner Dennis Martin as head of its Tokyo office
Penningtons' turnover up £1m
Penningtons' turnover has increased by £1m (5.7 per cent) to £18.5m
Petronas zooms to head of Field Fisher client list
Malaysian Fortune 500 company Petronas is set to become Field Fisher Waterhouse's largest client
Priddis creates OFT policy adviser role
Simon Priddis, the first lawyer to become Director of Mergers at the Office of Fair Trading (OFT), has created a new post of policy adviser for the whole of the mergers branch
Real estate
Gerald Bland's decision to leave Herbert Smith came as no great shock to his peers. He began chewing over a number of options after returning from his second sabbatical late last year with a nagging feeling that he needed a change.
Reversal of fortune
Private client work is sexy again. But which firms are acting for the rich, the super rich and the disgustingly wealthy? Jennifer Currie reports
Richards Butler clarifies law of slander
Richards Butler's appeal victory last week against Victoria Beckham (left, with husband David) has clarified an issue in negligence and tort law that has troubled courts for centuries
Shearmans and Stamford joint venture under review
Shearman & Sterling and Singapore firm Stamford are reviewing their joint venture after discontent on both sides has led to mounting tension in the office
Shoosmiths' profits up by ten per cent
Shoosmiths' financial results have gone against the national grain, with a 10 per cent hike in profitability in the last financial year
Spearman establishes himself as 'Mr Privacy 2002'
Heavyweight media silk Richard Spearman QC is to join Desmond Browne QC in The Mirror's legal line-up for the Naomi Campbell appeal
Star property duo quit Dentons for Sidley
Denton Wilde Sapte's property practice is suffering a massive blow as two senior partners leave for Sidley Austin Brown & Wood
Storming the Pennines
Leeds firms have revolutionised the legal market in the North of England, both at home and more recently in extending their influence across the Pennines into Manchester
The IT guys
With its DIY ethos, the compact SchlumbergerSema in-house legal team has been pivotal in the success of the international IT services company. Caroline Davies investigates
The Leader Column
The signs were always there. When Hammonds senior partner Chris Jones was being interviewed about his firm's year-end figures, he suddenly came out with something rather pointed about the firm's corporate recovery and insolvency group, which he admitted had not performed as strongly as had been expected. "The market for insolvency was interesting," he told The Lawyer last month. "At difficult times, you'd expect a higher level of instructions than have materialised."
Travers assistants lose up to £3K in wage rejig
Travers Smith Braithwaite has changed its assistant salary bands, reducing them by up to £3,000 in some instances
US firms outperform downturn
Shearman and Brobeck performances lose them millionaires' club status, while Latham and Gibson Dunn join the ranks
Walker Morris wins role on 'groundbreaking' PFI
Leeds firm Walker Morris recently advised the consortium selected as the preferred bidder in a multimillion-pound municipal leisure PFI
Watson Farley turnover passes £50m mark
Asset finance specialist Watson Farley & Williams managed a 6 per cent increase in turnover for 2001/02
Wessing gives up Brussels links for TJG merger
Taylor Joynson Garrett's (TJG) merger agreement with Wessing has signalled the final end of the Brussels joint venture between Wessing, Liedekerke and Houthoff Buruma
What next, Legwarmers?
Yet more news of problems with this trendy thing they call 'casual dress'. Tulkinghorn cannot abide such a thing and has been presented with yet more evidence of its failure in the workplace. It appears that DJ Freeman Laurence Harris has been letting the side down by wearing inappropriate attire to work. Tulkinghorn (himself a rather snappy dresser, under the careful guidance of Mrs Tulkinghorn) was surprised to learn that the aforementioned chief exec had to be reprimanded ...
