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) has billed in excess of £10m for last year’s rescue of Drax Holdings, reaping nearly 80 per cent of the total over a six-month period.
The magic circle firm had around 150 lawyers acting for the senior lenders on the reorganisation of the owner of Western Europe’s largest coal-fired power station, which began in October 2002.
But following the withdrawal of US parent company AES from the process of reorganising the company’s £1.3bn debt mountain in mid-2003, Drax entered a six-month restructuring period, from June to December, during which A&O earned £7m.
The bumper job is reminiscent of the fee levels the firm earned on the mammoth Marconi turnaround, when A&O again employed over 100 lawyers for the debtor, earning an astounding £31m.
On this deal, Drax, as the debtor, also paid an estimated £6m for its law firm Norton Rose and around £2m for bondholders’ counsel Milbank Tweed Hadley & McCloy. International Power, once a potential buyer of Drax, paid Clifford Chance around £1m.
Finance and legal fees totalled £45m and included Slaughter and May, which first acted for AES and then Drax’s Jersey-based entity, and Cayman Islands firm Walkers.