White & Case has continued its rapid recruitment drive, hiring Freshfields Bruckhaus Deringer real estate finance partner Jeffrey Rubinoff.
In-house: Transport for London extends current panel by two years
Transport for London (TfL) has extended its current panel by two years with a plan to re-tender in 2018, Legal Business understands.
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Updated: Keeping up with the US – Freshfields and Clifford Chance match Cravath associate pay rates
In a bid to compete with its US rivals, Freshfields Bruckhaus Deringer and Clifford Chance have followed in the footsteps of Cravath, Swaine & Moore, matching the salaries of its US-based associates, bringing pay to $180,000.
‘A fundamental change’: Bar Council sets out legal impact of Brexit in neutral report
The Bar Council has published an analysis of the impacts of Brexit in an attempt to provide a neutral analysis of the debate. Leaving the European Union would be ‘extremely complex’ with the need to introduce new rules if Britain is to remain in the European Single Market, according to the report.
Barclays panel latest: More firms to pay up as bank extends value account scheme
Barclays is planning to extend the value account system it introduced in 2014, where law firms are required to pay a rebate if they fail to hit their value targets, to all external advisers as part of its current panel review.
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‘A transformed business’: Mishcon de Reya unveils ten-year strategy
Following a year-long consultation with the partnership and external advisers, high-flying City firm Mishcon de Reya has revealed a refreshed business strategy for the next decade, with a target to lift UK revenue by 40% to £175m within the next three years. Unaudited figures for 2015/16 project revenue to be in excess of £125m.
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Following suit: Four firms match Cravath associate pay boost
Predictions of a pay war have proved correct after four US firms followed Cravath, Swaine & Moore into bumping up their associate pay.
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Financials 2015/16: Disputes drive Fieldfisher’s 7% revenue growth
Fieldfisher, which recently released new a strategy homing on in three sectors, has posted a 7% increase in firmwide revenues for 2015/16, up to £121.5m from £113.3m. The result comes after the firm posted an 8% rise in revenue at the half-year point in November.
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Olswang silent as inquiry reveals Linklaters billed £1.2m to Arcadia in BHS sale
After MPs in the BHS inquiry called on the law firms involved to disclose further details of their dealings, Olswang has failed to provide details of its fees, while Linklaters and Nabarro have released what they billed.
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Revealed: SFO records £2.1m spend on Forex investigation
Having closed its investigation earlier this year due to ‘lack of evidence’, it has emerged that the Serious Fraud Office (SFO) spent £2.1m investigating alleged rigging of the foreign exchange (forex) market in less than two years.
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Euro elite: focus Russia and CIS – Cold fronts
While international firms have enjoyed tussling with leading independents in Moscow for years, a hardening market has seen the local players show their resilience.
Russia’s legal market continues to struggle after international sanctions were imposed in 2014 during the Ukraine crisis, affecting corporate, commercial and capital markets. These penalties added to the problems the region was already grappling with following the global financial crisis and low oil prices that were hitting the nation’s industry.
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‘Inappropriate and untrue’: Linklaters defends itself in letter to MPs over BHS inquiry
Linklaters has complained to MPs over questioning during the BHS inquiry hearings and comments made by Labour’s Frank Field over the law firm’s role in the sale of BHS by Arcadia Group.
Starting a war: Cravath lifts associate pay for the first time in almost ten years
In a move likely to trigger similar increases amongst its rivals, Cravath, Swaine & Moore has lifted associate pay for the first time in almost ten years, bumping up base pay to $180,000.
Spain: A changing legal landscape
Garrigues’ Fernando Vives on the after-effects of the crisis.
Let’s take, as a starting premise, that the Spanish economy’s situation remains challenging: despite the European Commission forecasts, a shining 2.6% and 2.7% GDP growth in 2016 and 2017, Spain has yet to deal with an unemployment rate of around 20%. Clearly, we still have room to improve.
Banking on change: bonuses still centre stage
Tapestry’s Janet Cooper on regulatory developments affecting pay in financial services.
Since 2009, regulators around the world have been issuing regulations and guidance on how and what employees in financial services firms should be paid. For lawyers working in the area, staying on top of the changes is challenging; making sense of them and applying them in a global context is complex.
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The importance of getting early advice
Kate McMahon of Edmonds, Marshall, McMahon on EMM’s unique offering to victims.
Edmonds, Marshall, McMahon (EMM) was set up in 2012 as a boutique firm specialising solely in private prosecutions, the first and only specialist private prosecution firm in the country. The three founding partners are all experienced prosecutors, with Tamlyn Edmonds previously heading up the prosecution team for the Department of Health, Kate McMahon prosecuting for the bribery and corruption team at the Serious Fraud Office (SFO), and Andrew Marshall being a Grade 4 Advocate for the Crown Prosecution Service (CPS) and Standing Counsel for the Attorney General’s list of prosecuting counsel.
Energy boost: Norton Rose and A&O power £10bn Welsh nuclear joint venture
Norton Rose Fulbright and Allen & Overy (A&O) have advised as Horizon Nuclear Power has announced its joint venture for a £10bn nuclear power plant in Wales.
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News in brief – June 2016
ADDLESHAWS IN MERGER TALKS WITH US FIRM
Addleshaw Goddard has turned to the US for a potential merger, having entered into talks with Virginia-based Hunton & Williams. The US firm had revenues of $528m in 2015, while Addleshaws made £193m in 2014/15.
Deal watch: Corporate activity in May 2016
SULLIVANS AND WACHTELL ADVISE ON $62m BAYER DEAL
Sullivan & Cromwell, Allen & Overy (A&O), and Wachtell, Lipton, Rosen & Katz all won roles as healthcare and agriculture company Bayer placed a bid to acquire agricultural company Monsanto for $62bn in May. Sullivans and A&O are acting for Bayer on M&A and financing matters respectively, while Wachtell has taken the lead for US firm Monsanto.
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Eversheds, Hogan Lovells and Bakers secure spots on defence multinational’s first panel
Eversheds, Hogan Lovells and Baker & McKenzie are among nine firms to have won places on French multinational aerospace, defence and security firm Safran’s inaugural global legal panel.