Month: November 2013

Posted on

Corporate caution as private equity acquisitions and IPOs trickle in

A wary optimism was the prevailing mood of private equity partners in October, as deals such as the $2.2bn acquisition of Vion Food Group’s gelatine-making subsidiary, Vion Ingredients by private equity house Darling International demonstrated that there is appetite, and funds, for the right kind of asset.

Texas-based Darling used K&L Gates and Clifford Chance (CC), while the Netherlands’ Vion was advised by leading Benelux independent De Brauw Blackstone Westbroek.

K&L Gates fielded an international team, led by Dallas corporate partner Mary Korby and including Frankfurt-based corporate partner Mathias Schulze Steinen and London competition partner Scott Megregian. Continue reading “Corporate caution as private equity acquisitions and IPOs trickle in”

Posted on

Burns to maintain Clydes’ expansive form as he takes charge of insurance giant

Jaishree Kalia talks to Clyde & Co’s new senior partner as veteran head Payton hands over the baton after 29 years

There are succession issues and succession issues. James Burns, the incoming senior partner at Clyde & Co, is facing the latter category as he takes the helm of the world’s largest legal insurance specialist, which has been one of the most successful UK practices of the last decade and run by a respected figure for nearly three decades.

Two years on from the top-15 firm’s merger with Barlow Lyde & Gilbert (BLG), its strategy is to grow its disputes practice, expand internationally (on the back of significant expansion this year) and gear up for its next global management board election.

Continue reading “Burns to maintain Clydes’ expansive form as he takes charge of insurance giant”

Posted on

Deal watch: Corporate activity in October

Arrow Global IPO

Debevoise & Plimpton and Slaughter and May landed roles on Arrow Global’s initial public offering (IPO). Slaughters was the primary adviser to Arrow Global and its primary shareholder RBS Special Opportunities Fund (RBS), led by corporate partners David Johnson and Richard Smith. The London office of Debevoise, led by David Innes, advised members of the executive committee and other shareholders on its successful IPO last month, which valued the company at £357m. The successful IPO marks a partial exit for RBS, which acquired the company in 2009.

Cleary advises Inter Milan on equity sale

Inter Milan has turned to Cleary Gottlieb Steen & Hamilton on the sale of equity to International Sports Capital (ISC), which will give ISC a controlling 70% stake in the club. Cleary’s team was led by  Continue reading “Deal watch: Corporate activity in October”

Posted on

Life During Law: Maurice Allen

In 1980 I went from doing conveyancing in Manchester to international finance at Coward Chance (CC). The banking practice at that time had around five partners and we were left to our own devices. I got to spend a lot of time with clients, one of which was Citibank, where I went on secondment in 1984 – there were no in-house teams at that time so I was the only lawyer there. At that time, Chase Manhattan Bank was one of Allen & Overy (A&O)’s key clients. I remember going back to my senior partner at CC and saying I thought we could get a lot of work from Chase, and I was told not to bother. But I gave it a go and, eventually, they became one of CC’s biggest clients.

Continue reading “Life During Law: Maurice Allen”

Posted on

High yield, high stakes – DLA Piper makes key investment in deal finance with hire of ex-CC partner

It’s historically proved one of the hardest practice areas for City firms to break, proving often impenetrable for even elite London players, but DLA Piper is hoping its Anglo/American reach can help it make a mark in one of the most lucrative areas of deal finance.

In a major investment in its City finance team, DLA Piper has recruited former Clifford Chance (CC) high yield and leveraged finance specialist Tony Lopez, who joins the firm’s eight-partner London structured finance team today (4 November).

Continue reading “High yield, high stakes – DLA Piper makes key investment in deal finance with hire of ex-CC partner”

Posted on

SJ Berwin star David Ryland moves to Paul Hastings as US firms reap benefit of UK vets

Only four days after its merger went live with King & Wood Mallesons and SJ Berwin has lost leading real estate partner David Ryland to Paul Hastings in London, as US firms also continue to reap the benefit of offering better later life partner opportunities than their UK counterparts.

Ryland, who was the relationship partner for clients including Hilton and private equity fund Evans Randell, specialises in commercial real estate with a focus on UK and European property funds. Continue reading “SJ Berwin star David Ryland moves to Paul Hastings as US firms reap benefit of UK vets”

Posted on

Slaughters teams up with Carillion law venture to cut costs for bluechip clients

As general counsel (GCs) push their advisers to think more innovatively about costs savings, Slaughter and May has begun offering the services of Carillion’s new low-cost legal arm to its own clients, including a recent transaction for key client Vodafone.

The Magic Circle firm, which is one of Carillion’s lead corporate panel advisers, offered Vodafone the option to use Newcastle-based Carillion Advice Services (CAS) on an undisclosed deal, which included a customer contract exercise.

Continue reading “Slaughters teams up with Carillion law venture to cut costs for bluechip clients”

Posted on

Slaughters teams up with Carillion law venture to cut costs for bluechip clients

As general counsel (GCs) push their advisers to think more innovatively about costs savings, Slaughter and May has begun offering the services of Carillion’s new low-cost legal arm to its own clients, including a recent transaction for key client Vodafone.

The Magic Circle firm, which is one of Carillion’s lead corporate panel advisers, offered Vodafone the option to use Newcastle-based Carillion Advice Services (CAS) on an undisclosed deal, which included a customer contract exercise.

Continue reading “Slaughters teams up with Carillion law venture to cut costs for bluechip clients”

Posted on

Bristol tussle over Simmons’ hire of Mahrie Webb from Burges Salmon

Negotiations are still underway between Burges Salmon and Simmons & Simmons over the start date of funds partners Mahrie Webb, who in May became the City practice’s fourth hire to its low-cost Bristol office.

Simmons launched the South West base in September last year with the hire of financial services litigation partners Tim Boyce and Ed Crosse from Osborne Clarke.

However, Webb has yet to join and it is understood that Burges Salmon initially tried to hold the highly regarded funds lawyer to two years gardening leave but that figure may be reduced to a year.

Continue reading “Bristol tussle over Simmons’ hire of Mahrie Webb from Burges Salmon”

Posted on

Administrators give behind-the-scenes insight into Manches takeover by Penningtons

Penningtons’ takeover of troubled Manches last month says almost as much about the state of the legal market as it does of the firms involved, although, Manches’ administrators say, there are clear lessons to be learned.

On 15 October, 265 Manches employees, including 46 partners officially moved to Penningtons in a pre-pack deal brokered by PwC.

Manches had been earmarked for a merger by the LB100 this summer, after its revenues dropped by 13% to £26.3m – a drop of 11 places to 93 – and its profits per equity partner slid by 43% to £134,000.

Continue reading “Administrators give behind-the-scenes insight into Manches takeover by Penningtons”

Posted on

The ideal law firm for 2013? Eversheds hunts for its breakthrough

With an enviable brand reach, warm feedback from clients and a focus on innovation and value, Eversheds should be sweeping all before it. Legal Business explores why it hasn’t been quite that simple

Next year marks the 100th anniversary of Evershed & Tomkinson, the Birmingham firm that lent its name to the high-profile institution of which it would become part in 1995. Backed by a large regional network and a sizeable London arm Eversheds – as it became known – has grown to be one of the most recognisable names in the UK market.

Continue reading “The ideal law firm for 2013? Eversheds hunts for its breakthrough”

Posted on

Systems addicts – The CIO Power List

 

systems addicts2

With the use of data and technology increasingly central to a law firm’s success, the contribution of the individuals leading multi-million pound tech teams has never been greater. Meet the IT heads and chief information officers that stand out from the crowd.

From law firm partners to former data analysts at banks, the individuals who control the deployment of IT and knowledge management (KM) resources at some of the UK’s top-performing law firms are a diverse breed. Some, such as Sheila Doyle at Norton Rose Fulbright, entered the legal industry relatively recently after distinguished careers at some of the world’s largest companies. Others, like Julie Berry at RPC, became one of the earliest adopters of the systems manager role at a law firm, building up the knowledge and experience to become one of the most effective operators in legal tech.

(more…)

Posted on

Getting proprietorial – the client view as the battle to secure IP rages on

From smartphone patent wars to online piracy, companies have never been more focused on protecting their intellectual property. In this special report, Legal Business teamed up with Bristows to gauge client attitudes to IP

It’s been a truism of the business world that protecting your intellectual property (IP) is an important part of success since the first laws on copyright were inked in the early 18th century. IP has not suddenly emerged as a key to a company’s long-term prospects. But, undoubtedly, numerous forces have emerged in recent years that have driven companies to more carefully consider how they protect, enforce and monetise their IP. Whether talking about the world of ‘hard’ IP, ie patents, or the ‘soft’ areas – trade marks, copyright and designs – the IP landscape has never been so dynamic or high impact.

(more…)

Posted on

Knowledge is power – the future of legal tech

Effective use of technology and knowledge management tools are higher on a law firm manager’s agenda than ever before. Here we track the key developments that will shape the future of legal tech

For insight into how important the role of the IT specialist is to the modern law firm, just ask Balfour Beatty’s head of group legal Keely Hibbitt. The infrastructure giant made a significant splash in April, when it announced a radical overhaul of its panel arrangements, selecting Pinsent Masons as its sole adviser for all its ‘business as usual’ legal work.

The three-year contract, which will cover all repetitive and predictable legal work that the client faces on a daily basis, is a major coup for the law firm. But while the mandate reflects Pinsents’ ability to offer a single-supplier model effectively, it would have floundered were it not for the work of IT director Colin Smith and his team.

(more…)

Posted on

Comment: 2006 and all that – an oh-so-familiar mess at Linklaters

The most hackneyed cliché of the pundit is history repeating itself, a claim that rarely holds up upon closer examination. But with the recent departure of Linklaters’ private equity co-heads Ian Bagshaw and Richard Youle for White & Case, well, sometimes you just can’t escape the past.

Personality clashes, a mid-market practice not gelling with Linklaters’ M&A business, finance supposedly not supporting sponsor clients, prolonged rumours over exit talks, and, finally, a dramatic exit to a big spending US rival; yes, it’s 2006 all over again when Graham White and Raymond McKeeve quit for Kirkland & Ellis.

Continue reading “Comment: 2006 and all that – an oh-so-familiar mess at Linklaters”

Posted on

A&O brings salaries into line with big four rivals as starting lawyer pay hits £64k

Allen & Overy (A&O) has announced a salary increase for its associates, bringing the firm in line with its key City peers.

For a newly-qualified (NQ) lawyer, pay will rise to £64,000 from £61,500, for one year post-qualified experience (PQE), salary rises to £69,500, two year PQEs goes from £74,500 to £78,500 and three year PQEs will earn £89,000, against £86,000 currently. The news was first reported on the legal site RollOnFriday.

Continue reading “A&O brings salaries into line with big four rivals as starting lawyer pay hits £64k”

Posted on

It’s big, it’s here – King & Wood Mallesons SJ Berwin launches and unveils global management team

It’s big, spanning continents, oceans, hugely disparate cultures and a complex governance and profit-sharing model and it’s going live today (1 November) – welcome to King & Wood Mallesons SJ Berwin.

The firm has now confirmed who will be taking on the task of managing the newly-merged giant after announcing the line-up of global practice heads and its new management committee. (For lawyers who spent their summer in a cave, the firm is the combination of top 25 UK practice SJ Berwin and Asia-Pacific giant King & Wood Mallesons).

Continue reading “It’s big, it’s here – King & Wood Mallesons SJ Berwin launches and unveils global management team”

Posted on

More news from Asia – Clydes first to enter South West China under JV deal

Long a trailblazer in the insurance sector, Clyde & Co has now become the first international law firm to launch in southwest China after setting up a joint law venture (JLV) in China with local practice West Link Partnership in Chongqing.

Clydes this week became the first among its peers to launch an office in South West China after local regulators permitted the London-headquartered practice to form an association with West Link.

Continue reading “More news from Asia – Clydes first to enter South West China under JV deal”