Insolvency and restructuring

Ropes’ growing pains continue as firm downsizes in the City

Ropes & Gray is to significantly cut back its real estate and restructuring-related offering in London, with four partners told to leave the office in the coming months. The partners in those teams were told “they were no longer required at the firm” following a visit from the US heads of the firm last week. […]

Gherkin

From PSL to partner: Kirkland breaks new ground with Weil hire

In a rare move for a US firm in London, Kirkland & Ellis has hired a professional support lawyer as a partner to drive growth in its increasingly busy restructuring practice. Kate Stephenson joins Kirkland as a partner, having worked at Weil Gotshal & Manges for four years as a PSL in the restructuring team. […]

Slaughter and May

Slaughters called in to act on Wonga collapse

Slaughter and May has advised Wonga as it collapses into administration under a mass of compensation claims. The British payday loan company went into administration yesterday (30 August), having stopped accepting new loan applications as it fought to stave off collapse. The Slaughters team has been led by corporate partner Andy Ryde, restructuring and insolvency partners […]

Homebase hands first-time mandate to Kirkland on restructuring bid

Kirkland & Ellis has won a first-time mandate from struggling DIY chain Homebase, which earlier today confirmed it was planning a company voluntary arrangement (CVA). Homebase is the latest retailer to announce such a move and follows in the wake of similar CVAs entered into by New Look, Prezzo and Mothercare. A CVA can be used by […]

House of Fraser

City firms on call in last-ditch attempt to save House of Fraser

A host of firms, including Freshfields Bruckhaus Deringer and RPC, have been on call this morning following the news that Sports Direct’s Mike Ashley is to buy House of Fraser through a pre-pack administration. The collapse marks the end of 169 years of solvent trading and puts 17,500 jobs at risk. A team from Freshfields […]

Exit sign

Latham snares restructuring duo from Sidley Austin

Restructuring duo Yen Sum and Jennifer Brennan are leaving Sidley Austin after less than two years, swapping the US firm for Latham & Watkins‘ London office. Sum decamped from Linklaters to Sidley at the end of 2016 and was quickly followed by Brennan, then a managing associate at the magic circle firm. The pair join […]

Freshfields partner swaps private practice for the Bar

Freshfields Bruckhaus Deringer restructuring partner Nick Segal is switching private practice for the Bar, taking on a new role at Erskine Chambers. Segal is set to join the chambers as a barrister in September, after he has been successfully admitted to the Bar. Segal joined Freshfields in 2006 on his return to the UK from […]

House of Fraser

BCLP enters fray as House of Fraser deal faces opposition

Bryan Cave Leighton Paisner (BCLP) has joined the suite of firms advising on House of Fraser’s rescue bid, as the retailer closes in on launching a company voluntary agreement (CVA). BCLP is understood to be advising a group of landlords who are gearing up to oppose the proposed CVA. House of Fraser last week confirmed it […]

money finance

Final bill shows lawyers will take £20m in fees from Carillion collapse

Law firms advising on the breakdown of Carillion are in line to pick up £20m in fees, new findings by the National Audit Office reveal. The same report shows that accountants are set to receive £50m in fees, and the total cost to the Cabinet Office of £148m. The costs of the Government’s contingency plans in […]

money finance

Slaughters’ legal bill for Carillion, revealed

Carillion racked up millions in legal fees from Slaughter and May over an eighteen month period, official letters have shown. The firm was asked last February to provide information to the Work and Pensions Committee, which opened an inquiry into the company’s liquidation at the start of the year. Slaughters billed Carillion nearly £8.4m between […]

Government

Law firms “squeezed” Carillion for fees in run-up to collapse, MPs reveal

Slaughter and May, Freshfields Bruckhaus Deringer and Clifford Chance are among the advisory firms accused by MPs of “squeezing fee income” out of Carillion as it neared liquidation. In a report published this morning by two committees examining the company’s collapse, all of the firms above are named as picking up fees from Carillion three […]

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