22 January 2007

EC slams Siemens cartel with biggest fine ever

The European Commission has meted out its biggest-ever fine against a single company for cartel involvement by landing German conglomerate and Gleiss Lutz client Siemens with a €396m (£261m) penalty. Siemens was fined for its lead role in a cartel in the heavy electrical equipment market. In total, the cartel was fined €750m (£494m), the […]

Ereira quits Freshfields for arch-rival Linklaters

Freshfields Bruckhaus Deringer’s finance team has been rocked by the departure of three partners. Banking star David Ereira is set to move to arch-rivals Linklaters, where he will enter the firm’s equity as a plateau partner. Linklaters’ top of equity last year was £1.32m compared to Freshfields’ £980,000. In a separate move, partners Peter Green […]

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Blackstone wins landmark sex case for Nomura

Blackstone Chambers scored a landmark victory today for Nomura as the Court of Appeal rejected all grounds of appeal in a long-running six-figure sex discrimination case against the bank. The judgment in the case of Andrea Madarassy v Nomura International was handed down by Lord Justices Mummery, Laws and Maurice Kay and upheld the two-stage […]

German CC partner faces shredding charge

Clifford Chance is embroiled in controversy as one of its Frankfurt-basedpartners faces the prospect of criminal charges. Corporate partner Kersten von Schenck is to face the German publicprosecuter later this year. In 2003, Schenck who acted as notary to Deutsche Bank, shredded the firstdraft of the meeting notes, which related to the bank’s Annual GeneralMeeting. […]

Sonnenschein launches in Silicon Valley

Chicago-headquartered firm Sonnenschein Nath & Rosenthal has made the first step of an ambitious growth strategy exclusively revealed in The Lawyer by opening an office in Silicon Valley in March. To kickstart the office, the firm’s third in California, Sonnenschein has lured IP partner Yar Chaikovsky from Weil Gotshal & Manges’ Silicon Valley office. Sonnenschein’s […]

CC’s US associates get pay rise; Brits will have to wait

Clifford Chance is the first UK-headquartered firm to raise its associate base salaries in America. A spokeswoman for the magic circle firm said there were no plans to match the salary raises for its associates in the UK. An internal memo to US-based associates from US managing partner Craid Medwick and New York-based litigation partner […]

White & Case loses extradition battle

White & Case lost its legal challenge to avoid extradition to the United States for retired businessman Ian Norris on charges of price-fixing and obstructing justice. The former chief executive of UK manufacturing company Morgan Crucible is the latest business figure to lose an appeal against extradition to the US over alleged “white collar” crimes. […]

Camerons gets twitchy as profit stagnates

When CMS Cameron McKenna last made a lateral hire, managing partner Dick Tyler told The Lawyer that the firm’s all-equity partnership was “a big carrot” in attracting laterals. That carrot has gone. See story Camerons has endured a sluggish six months in the best market for years (its half-year revenue rose by just 6 per […]

BAE leak intensifies govt court battle

Confidential and legally privileged material belonging to the Campaign Against the Arms Trade (CAAT) has been leaked to BAE Systems, ahead of CAAT’s court battle with the government. On the advice of its legal team, CAAT yesterday made an application to the High Court to reveal the source of the leak. The Court has directed […]

AOL overhauls legal team following Carphone deal

AOL is set to complete the restructuring of its 22-lawyer in-house legal team by the end of February, coinciding with the financial close of the final leg of its three-part, $1.96bn (£1bn) European disposal. AOL European general counsel Tony Wales told The Lawyer that the company had been through “monumental change” over the past six […]

Camerons ditches all-equity partnership

CMS Cameron McKenna has overhauled its equity partnership, introducing a new level of salaried partner. All new partners promoted in 2007 will be subject to the salaried tier. A spokesperson for the firm said that lateral hires may be able to leapfrog the salaried partner rank, depending on their seniority. Non-equity partners will only have […]

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