The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy (A&O) could be in line for an additional £6m in fees for its role on the complex restructuring of Marconi, on top of the estimated £25m the firm is expected to gain from the deal. Details from Marconis draft scheme of arrangement, published today (18 March), show that as well as the total £77.8m the company will pay out to advisers for the cost of the restructure, there will be an additional £17.8m up for grabs related to the ongoing implementation of the scheme. According to the document, of this £17.8m, Marconi anticipates that it will spend £11.3m on implementing the scheme related to the plc, which is the listed part of the company. The plc also guaranteed the bonds and bank debt that were issued and borrowed by Marconi Corporate plc, a wholly-owned subsidiary of Marconi plc. For the scheme tied to Marconi Corporate plc, the additional payout on putting the scheme in place is expected to be £6.5m. As Marconis principal law firm, A&O will continue to play a significant role after the reorganisation is completed, which is expected to be by 31 May. It is understood that, of the overall £77.8m, around half will go on legal fees. Clifford Chance, which acted for the syndicate of banks which is owed £2.2bn by Marconi, is expected to bill £10m, while Bingham McCutchen is estimated to be owed around £5m for its role as adviser to the bondholders.