Accounting for change

Breach of fiduciary duties under an agency agreement: Appropriate remedy

By Pauline Cowie The High Court has confirmed that an account of profits cannot be relied upon by principals as a mechanism to recover remuneration from a commercial agent which has breached its fiduciary duties under an agency agreement in circumstances where it did not receive unauthorised benefits e.g. through bribery. Rather, the appropriate remedy is […]

Solar EPC guarantor liable for delay damages

By Marianne Anton The High Court enforced payment of liquidated damages for delay in the construction of five solar plants, deciding that they were not a penalty. It also permitted the recovery of general damages (in addition to delay damages) in respect of two of the five solar plants arising from the lower level of government […]

Contract interpretation: What does the futility principle involve?

By Stuart Campbell Does the ‘principle of futility’ exist? The Court of Appeal recently considered the expression to be misleading: the question for the court is not whether the principle exists, but what it involves. It reflects an approach to construction which recognises that in certain circumstances, a condition precedent may (in the light of subsequent […]

Litigation privilege: Particularly nuanced protection

By Gwendoline Davies Two recent cases which demonstrate that whether or not a party can withhold documents on the basis of litigation privilege remains a very nuanced question. The ability to withhold documents from disclosure to the court and/or other parties, without adverse inferences being drawn, is a fundamental and vital protection within the law of […]

When is a contractor a commercial agent? Businesses should look closer to home

By Nick Lees Businesses need to look closer to home than ever before to establish whether any of its contractors will be afforded the enhanced protection of the Commercial Agents Regulations. What do businesses need to know? It is important for businesses to understand whether or not independent contractors working for them fall within the definition […]

Linklaters takes top spot in Asia M&A tables

Linklaters has muscled its way into pole position in the Asian M&A league tables, scoring the top spot in terms of number of deals announced and their value

Masons secures Spainish alliance

Masons has moved into its second European jurisdiction by forming an alliance with Madrid firm Buxeda Menchen The tied firm, which will be known as Masons Buxeda Menchen, will progress to full merger over the next three years, providing a set of financial and convergence criteria laid down by the UK firm are met. Buxeda […]

Jones Day reinforces with Rajah, Orrick captures

While other US firms are pulling out of Singapore, Jones Day Reavis & Pogue is bucking the trend by poaching a team of lawyers from local firm Rajah & Tann and a project finance partner from Orrick Herrington & Sutcliffe The Rajah team is being led by highly acclaimed arbitrator Sundaresh Menon, who is one […]

Debevoise lures Baker & McKenzie partner for European private equity drive

Baker & McKenzie splits practice group after financial services and investment funds head quits for Debevoise The London office of Debevoise & Plimpton has poached Baker & McKenzie’s London head of financial services and investment funds, Marwan Al-Turki.Al-Turki, who joined the firm in 1997 to set up the practice area, will head Debevoise’s European private […]

De Brauw taskforce seeks US friendships

Dutch firm targets top US practices for referral links after Linklaters tie collapses

Ashfords and Boyes Turner walk away from £60m merger

South-West pair Ashfords and Boyes Turner have backed away from a merger that would have created a firm with around £60m in turnover. The firms revealed last December that their tie-up would go live on May 1, trading under the name Ashfords. That firm was by far the bigger party, generating £42.2m in 2017/18. Yesterday […]

DWF borrowings skyrocket to nearly £60m ahead of IPO

With the firm just weeks away from listing on the London Stock Exchange, DWF has revealed its borrowings increased by 43 per cent over 2017/18 to nearly £60m. According to its LLP accounts, DWF’s borrowings rose from £41.5m to £59.2m between April 2017 and April 2018. The figure is understood to be one of the largest […]

Lateral hires News

Charles Russell Speechlys snares partner duo for arts law foray

Charles Russell Speechlys is launching a new practice aimed at capturing the legal issues surrounding the art market on an international level. The practice, which will advise market players including dealers, collectors, gallery owners and artists themselves, will be spearheaded by partners Tim Maxwell and Rudy Capildeo, who will join the firm in April from London-based […]

Reed Smith’s recovery continues as turnover rises 5 per cent

Reed Smith’s global revenue has risen for the second consecutive year, exceeding levels recorded in 2015 for the very first time. Despite the 5 per cent uptick, the firm’s revenue continues to be around the $1.1bn mark. Over 2018, Reed Smith’s turnover increased from $1.119bn to $1.175bn. This compares to Reed Smith’s financials four years ago […]

Cadwalader’s London results suffer after restructuring exits to Milbank

Cadwalader Wickersham & Taft’s London office recorded a double-digit decrease in its revenues, after a series of big-billing partners left the firm for Milbank Tweed Hadley & McCloy at the start of last year. City turnover fell from $50m to $43m, although the firm added that revenues increased overall when discounting the partners who exited. […]