FIRST-TIME GC FOR BRITISH LAND
Property developer British Land has hired HSBC deputy company secretary and former Freshfields Bruckhaus Deringer partner Elaine Williams as its first general counsel. Williams, who was a partner at Freshfields between 2000 and 2011 before joining HSBC in 2011, will become British Land’s first ever general counsel when she starts in November.
HERBERT SMITH FREEHILLS AND ALLENS ENLISTED FOR WOODSIDE TAKEOVER BID
Australian oil company Woodside turned to Herbert Smith Freehills as it rejected a takeover offer by rival Oil Search. Australian firm Allens advised the Papua New Guinea firm that made the £5.3bn offer.
Continue reading “Deal watch: Corporate activity in October 2015”
Two pieces this month touch on a common theme: the profession’s failure to influence government. The first touches on the policy issues that have most commonly put the profession into conflict with government: the provision of legal aid, in our coverage of the unprecedented strike by publicly-funded lawyers. In the second, in our Global 100 debate, Slaughter and May’s Nigel Boardman rightly highlights the profession’s glaring lack of influence in shaping business law, while senior figures cite mounting concerns over the future of the judiciary and courts.
The UK profession’s lack of clout has long been bizarre. English law has huge influence globally both in terms of foreign businesses deploying it and choosing English lawyers and courts but also in terms of soft power. The UK is a global leader in legal services, home to the world’s second-largest legal market and a substantial contributor to exports and tax revenues.
Continue reading “Fragmented and naïve: the profession’s failure to penetrate Whitehall”
At the time that SJ Berwin combined with King & Wood Mallesons there were plenty of reasons to be optimistic. The firm had eyed a global merger for years, KWM was a much-fêted Asia-Pacific giant with a commanding position in China’s fast-growing legal market and the deal was in general welcomed by its partnership (in contrast to the smoke and mirrors surrounding the abortive discussions with Proskauer Rose). And yet, as we report this month, the firm has suffered a challenging few years since the deal went live, marked by significant departures.
Part of the problem is the inevitable consequence of the legacy UK firm’s reputation in private equity and funds, areas under siege from US law firms. That is a known quantity and the firm has been proactive in addressing that challenge.
Continue reading “The fundamental things – SJ Berwin and the problem with legal conglomerates”
Amid a changing global legal market, three storied Wall Street firms retain commanding reputations. Legal Business assesses New York law’s enduring inner circle.
‘Almost all absurdity of conduct arises from the imitation of those whom we cannot resemble.’
Samuel Johnson
Continue reading “The conservation game – up close with New York’s original inner circle”
It’s over two years since the government announced its controversial next wave of cuts to legal aid. As resentment this year exploded into an unprecedented strike, Legal Business assesses the anger and professional horse-trading.
‘A revolution requires willing fighters with nothing to lose. There may be plenty of legal aid practitioners who fit this description. Revolution also requires a reasonable level of popular support. It is unclear whether the unity of the profession remains sufficiently robust or whether the movement as a whole has the energy it did two years ago. At this early stage, next steps are uncertain. The profession may choose conciliation, combat or a mixture of both – but, with little leverage left, whichever option it selects it must be totally committed to it.’
Tom Smith, The Justice Gap, 2015
Continue reading “Striking out – a desperate profession and the politics of legal aid”
To mark our Regional Insight report, we teamed up with Weightmans to assemble a group of senior in-house counsel in the north west.
A discussion over added value in legal services typically begins with a discussion of what the term actually means. Right off the bat, Celia Tierney of Stockport Metropolitan Borough Council points out that the phrase ‘best value’ was coined by the public sector, as local government bodies have been required to provide this in their services for a considerable amount of time. On the other hand, Tyco’s regional general counsel (GC) EMEA, David Symonds, sums it up for most when he says: ‘The primary driver that we are judged by is how much we spend externally.’
Continue reading “North west clients – The delivery business”
As part of our Regional Insight series, we met with senior in-house lawyers and partners from Brodies in Edinburgh to discuss the key issues facing GCs working in Scotland.
The most heavily-used phrase among in-house counsel and private practice lawyers alike is ‘trusted adviser’, so it is therefore unsurprising that this became the first major topic of discussion on an agenda looking at the key pressure points facing in-house counsel. Stuart Clarke, head of legal at Scottish Enterprise, says it is fundamental to be seen as being at the heart of your organisation’s thoughts on how it is going to deliver its business plan.
The UK legal market now offers more choice than ever, and this is reflected in the 2015 edition of The Legal 500, which has never seen more movement.
Specialist outfits with non-traditional business models are a credible alternative to classic full-service rivals. In dispute resolution, Quinn Emanuel Urquhart & Sullivan, Stewarts Law and Enyo Law have all moved up the rankings. Employment boutique Brahams Dutt Badrick French moves into tier one for senior executive work; tech and media-focused Cooley enters the rankings after its dramatic launch this year – while arbitration boutique Three Crowns ranks strongly again.
Continue reading “The Legal 500 view: more choice and competition defines market”
Simpson & Marwick merger signed as firm eyes 2016 Miami launch
After months of negotiations, Clyde & Co successfully secured a merger with Scottish firm Simpson & Marwick last month, following other London-based insurance players in establishing a presence in Scotland and adding £30m to the Global 100 firm’s top line.
Continue reading “Vaulting ambition: Clydes expands with Scottish tie-up”
Victoria Young assesses legal education sector in wake of Kaplan exit and ULaw sale
With news breaking recently that Kaplan Law School is to close its doors in 2016, a contest between BPP University and The University of Law (ULaw) broke out in September as both institutions grappled for increased market share.
Global 100 firms continue to pile into South Korea, with Allen & Overy (A&O) and White & Case launching in Seoul in recent weeks, while disputes boutique Kobre & Kim has also opened a base in the Korean capital.
White & Case launched an office in Seoul in the summer with plans to relocate three partners and build on relationships with project finance clients. The venture is led by James Lee, who heads the Korea practice group and relocated to Seoul from Los Angeles. He will be joined initially by Mark Goodrich, a construction partner in London who will also transfer to Seoul, and Hong Kong partner Kyungseok Kim, who recently joined the firm’s M&A practice from Linklaters where he was an associate.
Continue reading “Korea still a boon for global firms as A&O, White & Case set up shop”
Asia move continues following India play
Osborne Clarke (OC) said Hong Kong was its ‘key gateway’ as it heads deeper into Asia by formalising its relationship with local firm Koh Vass & Co.
Continue reading “‘A key gateway’: Osborne Clarke formalises Hong Kong JV”
Freshfields and Hogan Lovells win roles on deal
Brewing giant SABMiller turned to Linklaters, alongside its regular adviser Hogan Lovells, as it became the focus of a takeover approach in September from Anheuser-Busch InBev (InBev), which has instructed Freshfields Bruckhaus Deringer on a deal that would create a $275bn company.
Continue reading “Linklaters takes lead role for SAB on proposed mega-merger”
Michael West reports on the introduction of bank resolution protocols
Financial regulatory lawyers returned from their holidays this year to a lot of calls on one topic – bank resolution. The implementation this year of the EU’s Bank Recovery and Resolution Directive (BRRD) combined with the Greek crisis has pushed an issue that’s been simmering for years back up the list of priorities for bank and investment firms’ legal teams.
There’s an old Russian joke about a foreigner who visits the Soviet Union. Knowing his letters will be read by the state censor, he devises a system to communicate with friends back home. If his letter is written in black ink, the message is true. If it is written in red ink, the message is false. Eventually his friends receive a letter from Russia written in black ink: ‘Dear friends, I hope this letter reaches you. Contrary to the lies in our press, life in the Soviet Union is wonderful. Food is plentiful, apartments are spacious and well heated, and there are no shortages. In fact, the only thing I can’t find here is red ink.’
Asking international lawyers about the year they have just had in the Russian market is a similar exercise in reading between the lines. While many firms report that they are still making money, fuelled largely by a boom in restructuring work, this picture is undoubtedly airbrushed by lawyers’ unwillingness to discuss the negatives. No-one, however, is in any doubt that the precipitous decline of the Russian market is hitting revenues. Continue reading “Aboard the propaganda train – sweat and spin amid a turbulent Russian market”
K&L’s Tony Griffiths says the father of business theory has lessons Big Law would do well to learn
Many centuries ago while studying law as an undergraduate, a particularly inspiring corporate law lecturer suggested that I might want to read a book on management theory, as well as immersing myself in case law and precedent. I still have no idea why he suggested it and I believe I was the only one in the company law class who took him up on it.
Continue reading “Profit, delusion and how Big Law became obsessed with the wrong things”
CMS’s Duncan Weston argues that a new attitude to technology will be essential for the best law firms
Against a backdrop of a fast-changing technology environment; value-conscious clients, rising rents, and the need to provide meaningful alternative fee arrangements, law firms are being challenged to deliver innovative services and efficiencies like never before. Embracing new technologies, LPOs and alternative business structures just goes with the territory.
Continue reading “Bespoke, mobile and plugged in – the tech tools clients and staff will demand”
In July, global offshore firm Appleby announced the management buyout (MBO) of its fiduciary business for an undisclosed sum, backed by private equity house Bridgepoint. Completion is subject to regulatory and legal approvals, but is expected to wrap up by the end of 2015.
According to group chair Frances Woo, the sale had been considered for some time, so that the fiduciary arm could continue to develop new products while the legal side could invest in new technology and knowledge management going forward.
Continue reading “Making gains – to be or not to be in the fiduciary business”
Mythical triangles notwithstanding, the island state of Bermuda plays host to the prestigious America’s Cup in June 2017. But while it may be two years before the world’s sailing elite descends on the island state, competition for the local offshore firms has already arrived. In May, Cayman-based Walkers announced it would open in Bermuda later this year. This came just one month after Bennett Jones’ (Bermuda) law practice was launched through an association with Canada-based law firm, Bennett Jones.
These are significant changes for the islands, which have little experience of overseas firms on their territory, save for Sedgwick Chudleigh, which opened in Bermuda in 2006 in conjunction with international firm Sedgwick. Subject to regulatory approval, Walkers’ opening will be the first major offshore firm headquartered outside the islands to open in Bermuda. It wasn’t the only major player to show a keen interest this year either: British Virgin Islands (BVI)-based Harneys at press time announced a combination with Bermudian firm Hurrion & Associates to form a full-service practice, Harneys Bermuda. Continue reading “Changing Tack – Bermuda triangulation”
