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.
New Jersey-based Sills Cummis Radin Tischman Epstein & Gross has won out against a plethora of firms to advise Fiat on US law as the troubled Italian industrial group finalises the closure of its US operation
The firm, which also has offices in New York and San Francisco, saw off competition from Chadbourne & Parke, Morgan Lewis & Bockius and Reed Smith to advise Fiat on day-to-day legal issues.
The move coincides with Fiat's decision to shut down its New York office. The company is in the throes of a restructuring, the details of which were announced in December 2001, when Fiat set out plans to close 18 plants and make E3bn (£2.04bn) worth of disposals.
Much of the company's problems involve its Fiat Auto division, which last year announced a E1.3bn (£882.4m) loss.
The company is now in talks with General Motors, which owns a 20 per cent stake in Fiat Auto, about widening its joint co-operation agreements in sharing inventories and other areas.
As a result of the New York closure, which is due for completion at the end of March, local general counsel Jim Kennedy will retire after three years with the company.
Scott Smith, a lawyer based in Fiat's central legal headquarters in Turin, said that the company undertook a review of its US advisers last year. The review concluded in retaining Sills Cummins because the firm offered lower rates than its competitors.
So far, Sills Cummins has been involved in acting for Caffaro, an affiliate of Fiat, on a mediation case involving a fertiliser plant in Colombia.
Smith said that the company would consider using alternative firms for future US projects. Fiat's head office is currently using US giant Cleary Gottlieb Steen & Hamilton for advice on its refinancing.