9 February 2009
The Lawyer
39 Essex Street joins CEDR mediation drive
Chambers 39 Essex Street is to join with the Centre for Effective Dispute Resolution (CEDR) to help it promote mediation as opposed to litigation.
A&O puts DC launch on back-burner
Allen & Overy’s long-held ambition to launch in Washington DC was thwarted at the final hurdle last November, The Lawyer can reveal.
Ashurst brings in £700m offshore sukuk for Kuwaiti-backed bankers
Ashurst has won a major Islamic finance instruction, advising on the creation of a $1bn (£700m) offshore sukuk programme.
Baker Botts breaks $600m with year-end results
Baker Botts has reported a 6.16 per cent increase in global revenue for the past financial year.
Baltic States Special Report: Energy craving
Law firms are waiting on tenterhooks for the Baltic States’ politicians to sort out their differences and give the go-ahead for a host of energy projects.
Barclay bros return to Weil for Woolies purchase
Weil Gotshal & Manges corporate partner Marco Compagnoni has reprised his role for Daily Telegraph owners Sir David and Sir Frederick Barclay, advising the brothers on their acquisition of the Woolworths brand.
Barclays drops case that broke Links' JPMorgan relationship
Barclays has dropped the New York dispute against Bear Stearns that cost Linklaters its client relationship with JPMorgan.
Both sides claim victory in Hammonds ruling
Both Hammonds and a group of former partners locked in a profits dispute are hailing a High Court judgment handed down today
Bryan Cave adds to US woes with 134 layoffs
Bryan Cave has announced a round of lawyer and support staff layoffs, the latest in a string of US firms to reveal job cuts today.
Cadwalader UK to cut jobs after walkout
US firm Cadwalader has launched a redundancy consultation in its London office, less than a month after losing 19 lawyers to Paul Hastings.
CC rejigs partnership in drive to lead ‘elite group’
Clifford Chance global managing partner David Childs underlined his plan to make the firm the world’s best ;when ;announcing ;a wholesale restructuring of the firm’s partnership.
CC, Links redundancy payouts: which is the biggest spender?
Time is money. Or at least, it is for the staff at Linklaters.
City elite refuse to rule out pay band freeze
City firms have not ruled out a pay freeze come May, following decisions at Freshfields Bruckhaus Deringer and White & Case to lock down their associate pay bands.
Clarke Willmott makes social housing hire
Clarke Willmott has boosted its social housing group by recruiting Ann Hayward, an Eversheds partner of 16 years. She joins the firm as a specialist consultant on social housing finance.
Clifford Chance moves layoffs forward
Clifford Chance moves layoffs forward" /Clifford Chance has accelerated its redundancy consultation by two weeks, with the results due to be announced on Wednesday.
Clifford Chance, Linklaters lead on Rio Tinto deal
Clifford Chance, Linklaters lead on Rio Tinto deal" /Clifford Chance and Linklaters have taken lead roles in the Chinese government's $19.5bn (£13.5bn) cash injection into mining group Rio Tinto.
Dechert cuts 19 lawyers in the US
Dechert has announced that it is laying off 19 lawyers across its US network of offices.
Dewey posts flat PEP, slight revenue rise for 2008
Dewey & LeBoeuf has announced a marginal revenue hike for the 2008 financial year.
Diamond in the rough
11.18amHarassment in the workplace generally brings up images of executives patting secretaries on the bottom while walking into a meeting room. And if any legal dispute comes of it, then the employment litigation lawyers get to work.
Dickinson Dees launches third redundancy round
Dickinson Dees launches third redundancy round" class="inline_image inline_image_left" src="/pictures/web/images/16172_newcastle90.gif" /Newcastle firm Dickinson Dees has begun redundancy talks with a view to laying off up to 90 of its workforce.
Dissing Links
Linklaters is getting a pasting over its associate and support staff redundancy programme as well as its ‘New World’ partnership restructure.
DLA Piper layoffs compound US legal market turmoil
DLA Piper has made its second round of layoffs this week, shedding 180 US employees.
DLA Piper: undercut?
At the world’s largest firm by headcount, it only takes a couple of loose tongues for news to leak out.
DLA: 140 more jobs to go, trainees asked to defer
DLA Piper has launched a fresh redundancy consultation which will see the loss of 30 lawyers and 110 support staff in the UK.
Eisenberg tipped to sail through BLP election
Berwin Leighton Paisner (BLP) managing partner Neville Eisenberg looks a shoo-in to win a fourth term in the role, with no other names being put forward as the election process gets underway.
Financial crisis forces upturn in merger deals between isolationist Italian firms
Merger fever has gripped the Italian legal market as domestic firms join forces to weather the economic storm.
Freshfields cuts associate pay bands
Magic circle firm Freshfields Bruckhaus Deringer is reversing its associate salary bands with ...
Freshfields leads on British Land rights issue
Freshfields Bruckhaus Deringer has cemented its relationship with British Land by acting on the group's £740m rights issue.
Freshfields named as Olympic adviser
Freshfields Bruckhaus Deringer has been appointed the official legal services provider to the London Organising Committee of the Olympic and Paralympic Games.
Freshfields, DLA scoop £7.5bn train deal
Freshfields and DLA Piper have advised on a £7.5bn deal to build a new fleet of high speed trains, one of the largest public transport contracts awarded in the UK.
Freshfields, Links meet on Xstrata issue
Mining group Xstrata is set to launch a £4.1bn rights issue, leading to mandates for magic circle rivals Freshfields Bruckhaus Deringer and Linklaters.
Friday the 13th
Today is Friday the 13th. But yesterday was the date that was truly unlucky for some.
Goodwin Procter announces 38 lawyer layoffs
US firm Goodwin Procter has announced it is laying off 38 associates, primarily from its Boston and New York offices.
Harbottle brings employment ace on board
Harbottle & Lewis has hired rated employment expert Howard Hymanson from Blake Lapthorn.
In this week’s issue…
Last year’s heated dispute between the Ukraine and Russia over gas supplies was the latest in an series of arguments that has affected the energy supply to dozens of EU countries.
Indesit makes top counsel appointment
Household appliances manufacturer Indesit Company has taken on Alessia Oddone as its UK legal counsel and company secretary.
India's Trilegal makes key projects hire
Allen & Overy’s Indian best friend Trilegal has poached a leading projects partner and team of four associates from Indian firm Hemant Sahai Associates.
Ken Baird: Freshfields Bruckhaus Deringer
What’s on your iPod at the moment? Nothing – it got wet.
Kid gloves: Samina Afzal, NSPCC
As the NSPCC’s head of legal, Samina Afzal says it’s vital that the charity be equipped to fight its corner where necessary.
Latham & Watkins: confession
Latham & Watkins: confession" /The Lawyer is always happy to admit when it’s wrong. Last Friday we said Latham & Watkins’ revenues had fallen 20 per cent. Today the US firm revealed that, in fact, 2008 revenues fell just 4 per cent.
Latham PEP falls more than a fifth
Latham & Watkins has posted a 21 per cent drop in average profit per equity partner (PEP) for the 2008 financial year.
Life after the LSA: barrister and ex-P&O counsel launch high street legal brand
The Legal Services Act (LSA) has always been associated with personal injury (PI) powerhouses Irwin Mitchell and Russell Jones & Walker, both of which have big post-LSA ambitions.
Lovells to slash 94 jobs
Lovells has begun a redundancy programme that will see up to 94 members of London staff lose their jobs.
Lovells’ new Dubai head heralds rejig
Lovells’ decision to parachute London-based corporate partner Nick Parden into Dubai as joint office head is part of a strategic refocus of the firm’s Middle East presence.
McDermott launches redundancy talks
McDermott Will & Emery has launched a redundancy consultation with nine members of staff in its London office.
Mills & Reeve staff band together to save jobs
A group of lawyers and support staff at Mills & Reeve has volunteered to work a four-day week to avoid seeing any colleagues lose their jobs.
Mishcon offers Smarta online advice
Mishcon de Reya has signed up to a legal advice helpline, with two of its lawyers giving advice via online business support site Smarta.
More layoffs as Holland & Knight, Faegre cut jobs
Holland & Knight today confirmed it has cut its associate ranks by 70 and laid off a total of 173 support staff.
Morgan Lewis grows revenue by 8.5 per cent
Morgan Lewis & Bockius has posted an 8.5 per cent rise in gross revenue, taking the Philadelphia-headquartered firm’s turnover to $1.12bn for 2008.
Moves roundup: 9 February 2008
Davies Arnold Cooper has boosted its international litigation practice by hiring British Virgin Islands-qualified partner James Hilsdon (above).
Nabarro man to lead Rosenblatts real estate
Rosenblatt Solicitors has hired Nabarro partner Andrew Kinsey to head up its real estate division.
Nixon Peabody cuts 56 jobs
Nixon Peabody has announced staff cuts totally 56 across the firm’s US network.
Northern Rock shareholders to appeal court decision
Former Northern Rock shareholders are to appeal today’s High Court decision that the Government does not have to compensate them.
Offshore firms turn to restructuring to weather downturn
Offshore firms are confident they will continue to grow despite a downturn in referral work from onshore firms during the economic crisis.
Opinion: Social mobility is a glass ceiling that’s yet to be smashed
The term ‘glass ceiling’ was coined to refer to situations where qualified and capable individuals are blocked from advancing through the hierarchy of an organisation.
Partnerships Special Report: Cutting pledge
In these tough economic times, law firm partnerships must be prepared to make decisive cuts to their cost bases. They just need to be careful where and how they wield the knife, say David Hawley and James Anderson
PEP down 4 per cent at SullCrom, revenue flat
Average profit per equity partner (PEP) fell 4 per cent at Sullivan & Cromwell last year as the Wall St titan battled the impact of the economic downturn.
Piling in on offshore
The economic climate is piling pressure on offshore lawyers in more ways than one.
Pinsents stays top of Aim chart
Pinsent Masons remains the top adviser for Aim-listed companies, but DLA Piper has become the firm of choice for the 100 largest Aim clients, according to the latest rankings by Hemscott.
Pinsents, Mills & Reeve knock rivals off Trafficmaster panel
Pinsent Masons and Mills & Reeve have landed spots on Trafficmaster’s legal panel, knocking previous advisers ;Addleshaw Goddard and Lewis Silkin off the list.
Postcard from... Sofia
Until adverts for cheap real estate flooded the British press, I suspect that I was not alone in associating Bulgaria with umbrellas. I’m told that Waterloo Bridge remains on the itinerary of many Bulgarians visiting London.
Profits fall at Davis Polk and Skadden
Average profit per equity partner fell 15 per cent to $2.05m last year at Davis Polk & Wardwell, it has emerged.
Promoting your profile: show and tell
Self-promotion at conferences is the best way to remain relevant in a recession, says Ari Kaplan.
Rays of sunshine?
Lovells’ announcement today that it is to chop up to 94 jobs in London is particularly bad news for non-fee-earning staff. Only 18 lawyers out of the 94 are at risk, and they are likely to come from the corporate and real estate departments (see story).
Redundancies: Mid-life crisis
Layoffs are ubiquitous, but mid-market firms are bearing the strain better than their more illustrious counterparts in the magic circle.
Revealed: Linklaters redundancy package
Linklaters redundancy package" /The full details of the proposed Linklaters redundancy package have emerged, with staff effectively offered five months pay as well as a lump sum based on time served at the firm.
Revealed: the truth about legal speed dating
According to one magic circle trainee there is an unwritten ‘legal dating code of conduct’:1) never date someone from your own firm, and2) always date below your firm’s ranking to increase your chances of getting lucky.
Sacked A&O associate threatens legal action
An Allen & Overy (A&O) senior associate who was sacked for gross misconduct after publishing an erotic novel online has vowed to take legal action against the firm.
SEC enforcment director Thomsen quits
Linda Thomsen, the Securities and Exchange Commission’s director of enforcement since May 2005, quit today following severe criticism in the wake of the Bernie Madoff scandal.
Sheppard Mullin promotes 11 in latest round
Sheppard Mullin Richter & Hampton has added 11 to its partnership in the firm’s latest round of promotions.
Shoosmiths to split volume, commercial
Shoosmiths is looking at separating its volume business from the commercial part of the firm, with the aim of having two standalone brands.
Shoring up
The independent review of the crown dependencies due in spring this year could have advantages for offshore financial centres, but what of the UK itself? Asks Clayton Bonnette.
Simmons waves goodbye to Portuguese offices
Simmons & Simmons is further reducing its global network by splitting with its two Portuguese offices.
Simpson Thacher gets its home in Sao Paulo
Simpson Thacher & Bartlett has secured permanent office space for its launch in Brazil.
Skadden in shake-up of London groups
US firm Skadden Arps Slate Meagher & Flom has launched a number of practice groups in London in a bid to insulate its business against changing market conditions.
Skadden in shake-up of London groups
US firm Skadden Arps Slate Meagher & Flom has launched a number of practice groups in London in a bid to insulate its business against changing market conditions.
Skadden plugs Sao Paulo gap with Shearman hire
Skadden Arps Slate Meagher & Flom has snared a Shearman & Sterling finance partner to lead its Brazilian office.
Slaughters bites the bullet with new fee structures
Hourly rates a thing of the past as elite firm joins the rank and file and offers clients ‘value billing’
Slaughters ready to help BA realise its global dream
Like chief executive Willie Walsh last week, BA’s attempts to merge its way to becoming the first global airline haven’t quite taken off yet. But when they do you can bet Slaughter and May will be waiting in the wings.
Slaughters scores last-minute Arshavin transfer for Arsenal
Slaughter and May has completed the biggest deal of the football transfer window, securing Russian star Andrei Arshavin for Arsenal.
Sumption's gumption
11.28amThe House of Lords will see more silks than a Milanese fashion boutique this week, and professional negligence lawyers and third party funders will be watching the contest closely.
The Lawyer’s HR stars
Tomorrow night (Tuesday 10 February) The Lawyer is hosting its third HR Awards, designed to recognise best practice in people management and workplace initiatives.
Tulkinghorn: Getting on famously
Now that the identity of The Stig has been revealed on Top Gear, the world needs a new motoring hero – and Tulkinghorn has found him.
Unified Durham County Council drops Kent model
Durham County Council has rejected mimicking Kent County Council’s ‘private practice’ model for its in-house legal team after putting its search for a new general counsel on hold.
Unified Durham County Council drops Kent model
Durham County Council puts its search for a new general counsel on hold.
Walkers hires new finance head
Offshore firm Walkers has hired Linda Martin to head its finance and corporate practice for London and the Middle East.
Web week
Continuing with extracts from TheLawyer.com’s new ‘Postcard from...’ series, this week’s blogger is Michael Lacey, managing partner of Denton Wilde Sapte’s Cairo office.
White & Case: PEP drops, London freezes salaries
White & Case has imposed a salary freeze in London after global PEP fell by 4.8 per cent in 2008.
Wolferstans
For many athletes, 2012 will be the culmination of years of hard work. But for Paul Woods, Senior partner of Wolferstans, the years of dedicated preparation will be more about competing in the race to harness the Legal Services Act 2007.
Wragges sets its sights on Dollond-Boots Opticians tie
Wragge & Co has advised the Italian parent company of UK optician chain Dollond & Aitchison on the brand’s merger with Boots Opticians.
