Trowers & Hamlins has become the first law firm to secure a Qualified Foreign Law Firm (QFLF) licence in Malaysia as it seeks to capitalise on its Islamic finance offering and target European bound investment.
Simpson Thacher’s Glover: Tied up and tied down – a peculiar way to police the private funds market
The financial crisis ushered a wave of new regulations aimed at mitigating systemic risk to the financial system. While no-one has been able to rationally point a finger at private funds as a cause of the crisis, the industry has nonetheless seen a dramatic rise in the level of regulation and scrutiny. As legal and compliance costs soar, one is hard-pressed to find a private fund manager or – perhaps more importantly – an investor welcoming these changes.
International moves: Dentons takes on White & Case Budapest office with over 30-strong team
Dentons has enhanced its CEE presence in Budapest with the hire of White & Case partners István Réczicza, Rob Irving and Edward Keller who join alongside 30 local partners, associates and other legal professionals.
‘Seizing new market opportunities’: Bakers gets first joint operation licence to practise Chinese law
Long held at arm’s length by protectionist regulators, Baker & McKenzie has become the first international law firm to get permission to practise local law in China in a joint operation with Chinese firm FenXun Partners.
Dealwatch: Skadden, Sullivan & Cromwell and Latham act on Nokia’s €15.6bn Alcatel-Lucent takeover
US firms Skadden, Arps, Slate, Meagher & Flom and Sullivan & Cromwell have advised on Nokia’s plans to take over Alcatel-Lucent in a transaction that values the French rival at €15.6bn.
Leadership: David Ryan set as Pinsents London head after leaving managing partner role
David Ryan (pictured) is set to take up the role as head of Pinsent Masons‘ London office following the end of his 16-year tenure as the firm’s managing partner.
Guest post: A very brief glance at the Labour Party Manifesto
Here are some of the ‘justice highlights’ in the Labour Party Manifesto for the 2015 General Election. The full manifesto is here and is summarised at Election 2015: Labour Manifesto at-a-glance.
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Targeting London: Grimaldi hires former Clifford Chance chief executive Michael Bray for City ambitions
Italian independent firm Grimaldi has hired the former chief executive of Clifford Chance (CC) and prominent finance lawyer Michael Bray alongside Bonelli Erede Pappalardo’s Riccardo Sallustio in a bid to enhance its City presence.
Global London: Latham & Watkins sees London revenues jump 20%
Latham & Watkins has joined a pool of strong US firm performances in the City in 2014 and recorded a 20% jump in London office revenues to £163m ($267m) from £135m ($211m) in 2013.
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The future is not where it used to be: Ashurst’s Vickers and Burton on a seismic shift in Europe’s leveraged debt markets
For many participants in Europe’s leveraged market, 2014 on first impressions heralded something approaching a new normal.
Placed in the ‘bad bank’: Quinn Emanuel, Akin Gump and Bird & Bird lead on $835m Espirito loan dispute
Quinn Emanuel Urquhart & Sullivan, Akin Gump Strauss Hauer & Feld and Bird & Bird have been gifted lead instructions in two separate suits by Goldman Sachs and a group of investors on an $835m loan repayment dispute taken against Pinsent Masons’ client Portuguese bank Novo Banco at London’s High Court.
Leadership: Freshfields veterans Braham and Pugh set to go head-to-head in senior partner elections
A contest between the firm’s disputes and corporate partners is set as Freshfields Bruckhaus Deringer’s former disputes and corporate heads are expected to be the frontrunners among those campaigning for the senior partner role as the firm kicks off its election process.
Building the team: Paul Hastings hires Ashurst banking partner
Paul Hastings, which is intent on bulking up its English and US law finance practice in the City, has boosted its leveraged finance practice with the hire of Ashurst‘s banking partner Luke McDougall.
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International ambitions: Kennedys enters formal association with Chilean boutique
Insurance specialist Kennedys, which has been boosting its international ties in recent months, has entered into another formal association – this time with Chilean insurance boutique Sateler Depolo Diemoz (SDD).
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Comment: A new model, a new game as US firms secure a decisive victory
‘We’re not a corporate firm, we’re an investors’ firm.’ That simple statement by one partner stood out more than any other during a recent meeting with Ropes & Gray. The point being made was that the firm – and its rapid progress in the City – had not been built on the back of large corporate or investment banking clients – it was focused on a range of sponsors and funds, in particular in private equity and leveraged finance.
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Revolving doors: Specialists and US firms build up in the City
Last week saw specialist and US firms strengthen their presence in the City and Europe as Kingsley Napley strengthened its disputes offering, Lee & Thompson hired a head of sports, Greenberg Traurig Maher brought in a corporate partner to its London office and McDermott Will & Emery hired a team of private equity lawyers in Paris.
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Significant mandates: Hogan Lovells among raft of firms on GE’s financial restructuring
Hogan Lovells plus a host of US firms have won roles on GE’s major financial restructuring, including the $26.5bn sale of its real estate assets, as it tries to create a ‘simpler and more valuable company’ by selling most of GE Capital’s assets.
News in brief – April 2015
SLATER & GORDON SPENDS £637M ON QUINDELL’S PROFESSIONAL SERVICES DIVISION
Australian law firm Slater & Gordon signed a £637m deal, plus a sum contingent on client settlements, for Quindell’s professional services division. The firm expects the purchase to boost its share of the £2.5bn UK personal injury market from 5% to 12%.
Game Over – Global London firms make winning moves as US players secure their breakthrough
2014 found US firms in London gaining even more ground. Legal Business’ 13th annual Global London survey charts the key players and winning moves as leading firms make their breakthrough.
A line of taxis wait patiently along Old Broad Street as White & Case’s partners exit the office one after the other apologising for the delay. In January 2015, the firm ran up a £12,000 waiting charge from Addison Lee because partners failed to come out on time as they were overrun with work, mainly M&A deals. There’s no doubt it has been a dynamic start to the year for many global firms in London. And following a strong 2014, many firms expect this level of activity to continue.
Guest post: Letter from Sao Paulo – How the Brazilian legal market is shaping up
Just back from a week of meetings with law firms in Sao Paulo, and a few impressions are worth reporting. First of all, everyone – no surprise – has the political situation in Brazil on their minds front and centre.
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