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.
Clifford Chance and Linklaters are set to divvy up £800,000 between them for the first stage in a £300m negligence claim brought against embattled accountant Ernst &Young (E&Y) by a DaimlerChrysler subsidiary.
The claim, E&Y's second since being hit with a £2.6bn lawsuit by the directors of troubled insurer Equitable Life, revolves around the sale of ERF, a UK truck-building group once owned by DaimlerChrysler's truck-making unit Freightliner.
Linklaters' client E&Y, which is also using Brick Court's Jonathan Sumption QC and Stephen Salzado, saw its attempt to throw out the case dismissed by Mr Justice Cooke. It is now expected to go to trial in 2005.
So far it is understood that total legal fees have reached around £800,000. Following the decision to quash E&Y's strike-out attempt - it tried a similar tactic without success on the Equitable claim - Clifford Chance, as Freightliner's adviser, has already been paid £250,000 by the accountant.
Clifford Chance's London managing partner for litigation and dispute resolution Jeremy Sandelson and litigation partner Roger Leese are leading the action.
The payment followed an interim order from the judge, although it is understood that Clifford Chance's costs for this stage of the action could reach £400,000, a percentage of which will go to Freightliner's lead counsel 3 Stone Building's Geoffrey Vos QC and his junior on the case, Guy Morpuss of 20 Essex Street.
Sources estimate that Linklaters, led by litigation partner Greg Reid, and its counsel can also expect to see similar legal fees.
The trial itself is expected to be long and complex - like the history of the deal that started the claim. In January 2000, Canada's Western Star sold ERF to Germany's truck and engineering group MAN.
However, last year MAN filed a lawsuit against Freightliner after discovering that ERF was insolvent. Freightliner then launched its own action against E&Y for negligence, after it audited EDF and indeed Western Star, which is now owned by Freightliner, in 1998 and 1999.