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Horizon

The Lawyer's daily analysis of the legal market, bringing you emerging trends informed by our latest data. Horizon is taking a short summer break from August 10th, but read most recent posts here

london

Don’t think about what’s coming in the autumn

2020 will go down in history as the year that traditional working models were torn apart by a global pandemic, which changed the way we work forever. As Horizon gets ready for a short two-week holiday (don’t worry, we’ll be back on 24 August), let’s take a moment to consider how the legal market has […]

Succession planning in fintechs leaves much to be desired

The digital financial services sector is prospering. TransferWise’s $319m share sale this week, led by D1 Capital Partners and Lone Pine Capital, indicates a 40 per cent increase in the valuation of the company compared to last year. Revolut’s $500m Series D funding in February valued the company at $5.5bn, the highest valued fintech company […]

News

new york

London and the US to play host to the biggest cases of 2021

For the first time, The Lawyer has put together a comprehensive list of global disputes being heard in 2021, with six of the top 20 held in London. The list of cases, which features as part of the Global Litigation 50 report, covers all manner of disputes whether it is a commercial tussle in London’s […]

Stephenson Harwood caught in the middle of $570,000 tussle

Parties from the United States and Switzerland are competing over a six-figure sum sitting in Stephenson Harwood’s bank account, with the firm taking up a bit-part role in an ongoing High Court clash. A total of $570,000 is at the heart of the scrap between the estate of late US lawyer, Irving Kagan, and Swiss […]

Simon Ridpath

New CRS chief: “We need to change our reputation”

Charles Russell Speechlys new managing partner Simon Ridpath has put forward a series of objectives for his tenure, as the firm revealed a dip in profits and rise in revenue for 2019/20. In the financials, net profit and profit per equity partner (PEP) dipped by 3 and 5 per cent respectively, from £29.6m to £28.7m […]

Goodwin to repopulate London outpost with rota system

Goodwin has orchestrated a rota system to slowly bring back lawyers to its London office. The UK arm of the US firm has kept its London outpost open for about two weeks for a limited number of employees and on a voluntary basis. It followed a thorough risk assessment that gave the greenlight for the […]

Charter Chambers becomes latest victim of Covid-19

Charter Chambers is to close its doors from 30 October, due to the coronavirus pandemic combined with the impending sale of its premises. The criminal set, which is home to 47 barristers including six silks, as well as seven clerks, has occupied 33 John Street for 15 years. It is owned by a Pension Trust […]

Taylor Wessing cements Wilson Sonsini ties with Covid-19 tech venture

Taylor Wessing has worked with Wilson Sonsini Goodrich & Rosati on a new technology product to help clients concoct their return to the office strategy, the latest step in a non-exclusive agreement relationship struck by the two firms in 2019. The firms relied on software development work carried out by SixFifty, a technology subsidiary owned […]

Oil rig

A&O and Dentons clash in $80m battle between Puerto Rican bank and oil giant

A High Court scrap between the Bank of San Juan Internacional (BSJ) and Venezuela’s state-owned Petroleos de Venezuela (PDVSA) is ongoing after Mr Justice Foxton adjourned Allen & Overy’s bid for summary judgment. This occurred during a hearing that took place at the end of last month, during which time Dentons came on record for […]

UCL

London Universities Purchasing Consortium launches £30m panel review

The London Universities Purchasing Consortium (LUPC) is seeking firms for its new £30m panel. LUPC has kicked off a multi-provider framework agreement, which will also be available to to its partner members; North Eastern Universities Purchasing Consortium (NEUPC), North Western Universities Purchasing Consortium (NWUPC), Southern Universities Purchasing Consortium (SUPC), Higher Education Purchasing Consortium, Wales (HEPCW). […]

Dollars

Simpson Thacher tops litigation RPL ranking – but no UK firm makes top 25

Simpson Thacher’s litigation lawyers generated more than $3m each last year, placing the New York firm at the top of the revenue per lawyer (RPL) ranking in the new Global Litigation 50 report, The Lawyer can reveal. Indeed, Simpson Thacher ($3.02m) is the only firm with an RPL figure above $3m. Its closest competitors are […]

DLA Piper

DLA launches £150m litigation fund via new investment vehicle

DLA Piper is set to shake up the UK’s litigation funding market by introducing its own client pot worth £150m, financed in part by a new platform. The funding product is the result of a collaboration between DLA, Litigation Capital Management (LCM) and new third-party funder, Aldersgate Funding. Aldersgate Funding will be led by former […]

Libson

Mishcon makes PEP gains after 5 per cent uptick

Mishcon de Reya, which shelved further discussion of a part-IPO in the latter half of 2019/20, has reported a 5 per cent increase in PEP to just over £1m. Average profit per senior equity partner (PEP) rose to £1.05m. This meant it was finally able to improve upon its £1m figure after previously hitting the […]

Deals

cafe rouge

Deals round-up: the Travelex pre-pack and the saving of Café Rouge

Hammerson, which has struggled to recoup rent owed by tenants, called upon Herbert Smith Freehills, CMS and Davis Polk & Wardwell as it pins its hopes upon a £800m raise to survive the crisis.  Herbies took the lead for the shopping centre landlord, which has looked to restore its finances via an emergency rights issue […]

Gold

The deals that closed last week: Italian private equity and Russian gold

This week saw private equity house BC Partners make a nearly €3bn investment in Italian machinery business IMA, with firms including Kirkland & Ellis, NCTM and White & Case all bagging roles. IMA’s largest shareholder is Società Finanziaria Macchine Automatiche, which will be selling a 20 per cent shareholding to BC Partners. At a later […]

london

Mayer Brown and BCLP lead on sale of Morgan Stanley’s City HQ

Bryan Cave Leighton Paisner (BCLP) and Mayer Brown acted on Link REIT’s £383.6m acquisition of 25 Cabot Square in Canary Wharf. The acquisition of the 17-floor office complex, which houses Morgan Stanley’s HQ, marks the Hong Kong-based investment trust’s entry into Europe. Mayer Brown acted for Link, Asia’s largest real estate investment trust, led by […]

drugs

The deals that closed last week: Covid-19 vaccines and restaurant sales

Following the UK Government’s investment in the front-runner coronavirus vaccine from AstraZeneca and the University of Oxford, it has announced a new £100m cash boost to develop the infrastructure for a Covid-19 vaccine. Clifford Chance, Eversheds Sutherland and Travers Smith banded together on the Government’s investment in the Cell and Gene Therapy Catapult, to accelerate […]

Bingo

The deals that closed last week: Bingo, Simon Cowell and law firm office moves

Last week saw a restructuring in the leisure industry, as opposed to retail, with Macfarlanes on call for Buzz Bingo. The UK’s biggest omni-channel bingo business, Buzz agreed a company voluntary arrangement (CVA), with Eversheds Sutherland advising on the real estate side. Buzz is owned by FTSE 250 investment company Caledonia Investments, which instructed Taylor […]

st thomas hospital

Addleshaws leads on £250m hospital development for NHS

Addleshaw Goddard and Winckworth Sherwood are acting on the development of the £250m “Triangle” site on St Thomas’ hospital campus in London. Addleshaws team, helmed by construction and engineering partner Andrew McVeigh and  co-head of the housing sector Peter Hardy, are leading for Guy’s and St Thomas’ NHS Foundation. The rest of the Addleshaws team […]

Debevoise partner decamps to the Bar after three years

A partner at Debevoise & Plimpton has left the firm to join Twenty Essex, three years after joining the US firm. Wendy Miles QC will join the set after 24 years in private practice. She initially spent two years at Russell McVeagh before joining WilmerHale in 1999. She became a partner in 2005 and left […]

royal courts of justice

Covid-19 triggers rise in commercial court settlements

The commercial court is experiencing a significant hike in settlements, with the rate of parties reaching out-of-court agreements up by 15 per cent. The court’s analysis revealed that this year’s settlement rate is close to 75 per cent, as opposed to a normal percentage that sits between 60 and 65 per cent. The figures, as […]

Global News

Malaysia

Clydes embroiled in 1MDB scandal

Clyde & Co has been embroiled in the 1Malaysia Development Berhad (1MDB) scandal after anti-corruption officials claimed that money held in the firm’s accounts were related to an ongoing fraud investigation. The 1MDB saga is one of the world’s largest financial fraud scandals which, among other things, has seen former Malaysian Prime Minister Najib Razak […]

Utah Salt Lake City

Dentons ramps up “Project Golden Spike” with Utah combination

As it seeks to assert itself deeper in the US market, Dentons has announced a tie-up with Utah-based Durham Jones & Pinegar. Dentons becomes the first global firm to lay down roots in Utah through the proposed combination with Salt Lake City headquartered Durham Jones & Pinegar. The moves comes as the latest step in its “Project […]

stacking money

DLA Piper turnover soars above £2.1bn in 2019/20 financials

DLA Piper’s revenue for offices outside the Americas surpassed £1bn over 2019/20, while global turnover crept above £2.1bn. The firm’s latest accounts show that revenue for its international LLP, which covers all offices outside of the Americas, grew from £974m to nearly £1.1bn. DLA does not specify overall UK revenue, but its London office revenue […]

Greenberg’s Rosenbaum mulls office downsizing

Greenberg Traurig is planning its working future post-Covid-19, with ambitions to downsize some of the firm’s city offices potentially on the horizon. Speaking to The Lawyer for the Global Litigation 50 report, Greenberg’s executive chairman Richard Rosenbaum revealed that he would consider downsizing over the coming years, although this would not be in the’s firm’s […]

Hong Kong

Orrick Hong Kong chief joins K&L Gates as office closes

Five funds and corporate lawyers have joined K&L Gates’ Hong Kong office as Orrick’s Hong Kong base shuts its doors. The team moving to K&L Gates is led by Orrick Hong Kong funds partners Sook Young Yeu and Scott Peterman. Of counsel William Ho has also joined K&L Gates as a partner, along with two […]

Wirecard

Quinn drafts in litigation funder for Wirecard clash against EY

Litigation funder Omni Bridgeway has teamed up with Quinn Emanuel Urquhart & Sullivan to fund proposed litigation brought on behalf of shareholders of Wirecard. The litigation, which is being considered against EY, follows the insolvency of Wirecard in June after allegations of balance sheet manipulation. Senior executives and leadership at Wirecard were also arrested on […]

Global Features

DLA Piper

Gibson Dunn partner resurfaces at DLA Piper

DLA Piper has hired former Gibson Dunn & Crutcher partner Jonathan Earle, the firm’s second corporate hire in a matter of weeks. Earle left Gibson Dunn in January after more than five years at the US firm. He starts in September, with a focus on M&A across public takeovers and capital markets developed during his […]

EY

EY hires third DLA lawyer and names partner to lead managed services team

EY is pushing the expansion strategy of its legal arm with a third lateral from DLA Piper and the creation of a partner role to lead its growing managed services offering. This time, EY has picked up one more member of DLA’s projects practice, in the form of partner Dimitri Papaefstratiou. The energy expert has […]

liverpool street london

Kirkland sees second London partner loss in two weeks

Kirkland & Ellis has lost its second partner in a matter of weeks, this time to US rival Gibson Dunn & Crutcher. The US firm has hired finance partner Ben Myers from the London outpost of the rival. He spent a number of years at Kirkland, where he had moved from the magic circle. As […]

Lloyd's of London

DLA Piper recruits Mayer Brown insurance veteran

DLA Piper has recruited long-standing Mayer Brown partner Jane Childs to its insurance and reinsurance disputes team. Childs, who was at Mayer Brown for 17 years and has been a partner since 2006, will head up DLA’s international team focused on financial lines insurance disputes. It sits within the firm’s wider insurance and reinsurance disputes […]

Kirkland corporate partner exits for HSF

Herbert Smith Freehills has restated its ambitions to grow its private equity team in the City, by hiring a partner from Kirkland & Ellis’ City team. David D’Souza joins Herbert Smith as its second corporate hire in just over a month. He has been a partner at Kirkland & Ellis since July 2018, having spent […]

Orrick’s former London head takes up new role

Orrick’s former London managing partner Kolvin Stone has moved back to Fox Williams, a firm that he left nearly a decade ago. Stone, who also led the European branch of Orrick’s cybersecurity and data privacy group, worked at Fox Williams between 1999 and 2010, at which point he left for the US firm. As well […]

Latest Briefings

Brexit 1.0 done. Brexit 2.0 looms: what’s next?

The UK formally left the EU six months ago. This article sets out some of the key points about the next stage of the Brexit process at the end of the transition period – Brexit 2.0 – and a link to a guide on what businesses need to do now.

EECC Transposition – Portuguese Regulator ANACOM Publishes Draft

In this context, the Portuguese communications regulator (ANACOM) published on 4 August 2020 a draft document aimed at transposing the EECC (the Draft Transposition of the EECC), following a public consultation launched by the Government/ANACOM on 26 November 2019, in which various stakeholders provided their inputs on the matter. As a general rule, the draft transposition […]

Wrongful trading in Northern Ireland what is it and what has changed

Wrongful trading is a term that has received quite a bit of press over the last few months, mainly through the headlines generated by the UK Government’s unprecedented amendment to the wrongful trading provisions contained within our insolvency legislation. But what exactly is wrongful trading and what has changed?

Where feeding feels like abuse – a harrowing case

Avon and Wiltshire Mental Health Partnership & North Bristol NHS Trust v WA & Ors [2020] EWCOP 37 Introduction This application concerned WA, a Palestinian refugee, who believes he was born on 29 December 1994, and who was therefore 25 years old. WA is a patient at Southmead Hospital, Bristol, having been admitted due to malnourishment. […]

Jersey foundations – new reporting requirements

A significant change to the Foundations (Jersey) Law 2009 is expected to take effect on 1 December, requiring qualified members to file an abridged version of the foundation’s regulations with the JFSC.

Altruistic stem cell donation by a person lacking capacity

Many may be surprised to discover that the question of whether an incapacitous person should undergo an invasive medical procedure that is of no therapeutic benefit to herself, but which is likely to be of benefit to a third party, has never previously been determined by the Court of Protection.

Swiss IP News – July 2020

An update on new decisions, the relevant legislative process and other trends in the fields of intellectual property and unfair competition law from a Swiss perspective.