The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. 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.
Paul Weiss Rifkind Wharton & Garrison partner Ted Wells has sealed victory for Citigroup in a court action brought by the founder of private equity group Terra Firma.
Guy Hands had accused Citi banker David Wormsley of misleading him into paying over the odds for EMI Group by pretending that rival private equity house Cerberus was also planning to make a bid, despite knowing that it was not.
In Manhattan Federal Court Hands claimed that in the run up to the auction for the record company Wormsley had lied to him in a number of telephone calls about Cerberus’s involvement.
Hands’ lawyer David Boies, managing partner of Boies Schiller & Flexner, argued that it “did not make common sense” that Wormsley, an adviser to EMI, would not have known that Cerberus had actually pulled out of the bidding race.
However, Wells argued that in corporate America any conversations between Hands and Wormsley would have been written down, stating that the absence of records proves the conversations did not take place.
The eight-person jury before District Judge Jed Rakoff agreed, finding unanimously in favour of Citi.
In addition to Wells, the Paul Weiss team included partners Jay Cohen and Jack Baughman and relationship partner Brad Karp.
When Terra Firma bought EMI for £3.2bn in 2007 the private equity house turned to Weil Gotshal & Manges for advice, with corporate partners Marco Compagnoni and Ian Hamilton leading (22 May 2007). EMI was advised by Freshfields Bruckhaus Deringer partner Mark Rawlinson.