Month: December 2017

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Keystone becomes second UK law firm to float in 2017 while Gordon Dadds goes shopping

London Stock Exchange Finance

Recently listed Gordon Dadds acquires tax advisory business CW Energy

November saw New Law player Keystone Law become the third UK law firm to float on the London Stock Exchange (LSE), following the trail blazed by Gateley two years ago and Gordon Dadds earlier this year. The mid-market challenger firm, which was granted an alternative business structure (ABS) licence in 2013, saw shares priced at 160p and raised £15m from its initial public offering (IPO). It will be known as Keystone Law Group plc. Continue reading “Keystone becomes second UK law firm to float in 2017 while Gordon Dadds goes shopping”

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‘It’s no different to being a deal lawyer’ – Jacobs reflects on a year at Linklaters’ helm

Last October, Linklaters’ Charlie Jacobs took over as senior partner amid high hopes that the rainmaker would bring flair and dynamism to leadership at a City giant that looked in danger of losing its way. One year on, Legal Business sat down with Jacobs to discuss progress made.

On taking the senior partner role:

‘When I stood for senior partner, I had a lot of questions: “Why are you doing this? Why don’t you wait a few years?” I wanted to set the tone. There is a lot going on in our industry and we could do with someone dynamic and at a young age. Continue reading “‘It’s no different to being a deal lawyer’ – Jacobs reflects on a year at Linklaters’ helm”

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Bird & Bird eyes outbound China work as it seals co-operation deal with local leader AllBright

After 26 consecutive years of revenue increases Bird & Bird, which has grown its top line by 162% over the last decade – largely through international expansion – has moved its Asia ambitions further forward by teaming up with noted Chinese firm AllBright Law Offices.

Although the deal is no more than a non-exclusive co-operation agreement, it will see AllBright gain a base in London. The firm will open its operation within Bird & Bird’s Fetter Lane headquarters next year, staffed in the medium term by a permanent representative. Continue reading “Bird & Bird eyes outbound China work as it seals co-operation deal with local leader AllBright”

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Rousing the bear – Russian counsel force to hunt in new places

bear on russian flag illustration

Russia’s propensity for volatility is infamous. Since its revolution 100 years ago, it has lived through events that the Soviet Union’s founders would never have imagined. Today, amid heightened geopolitical tensions, it continues to face huge uncertainty. But its law firms are adamant that it will continue to provide solid revenues.

‘Reports of Russia’s decline are much exaggerated and most of the issues with the West are not business-driven,’ argues Dimitry Afanasiev, chair and co-founder of Egorov Puginsky Afanasiev & Partners (EPAP). ‘When oil prices head north of $60 and the cycle in hard assets turns, we will remain strategically-placed to capitalise on the opportunities.’ Continue reading “Rousing the bear – Russian counsel force to hunt in new places”

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Bristows points to Brexit as TMT specialist launches first-ever international office in Brussels

The impact of Britain’s exit from the EU on the international strategy of City firms is still largely obscure – those announcing Dublin launches since the referendum have sought to play down the role of Brexit in their decision.

But Bristowsʼ joint managing partner Marek Petecki is clear: the rationale for launching the firm’s first international office in its 180-year history ‘is about addressing the challenges of Brexit’. Continue reading “Bristows points to Brexit as TMT specialist launches first-ever international office in Brussels”

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Latham, Ropes and Travers get physical as US buyout house takes control of PureGym in the UK

Leonard Green acquires gym chain for £600m

2017 has continued to provide rich pickings for firms with marquee private equity practices on either side of the Atlantic, with Latham & Watkins, Ropes & Gray and Travers Smith leading as US private equity house Leonard Green & Partners announced its £600m acquisition of PureGym from buyout firm CCMP Capital Advisors in November. Continue reading “Latham, Ropes and Travers get physical as US buyout house takes control of PureGym in the UK”

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Dealwatch: 2017 closes out with slew of energy, tech and transport deals

Freshfields Bruckhaus Deringer
    • Freshfields Bruckhaus Deringer and Slaughter and May advised UK’s ‘big six’ energy providers Npower and SSE on the merger between their domestic retail operations. Freshfields corporate partners Simon Marchant, Julian Pritchard and Andrew Craig advised SSE, along with competition partners Deirdre Trapp and James Aitken. Slaughters corporate partners Richard Smith and Tim Boxell led the team advising Npower parent company Innogy, alongside competition partner Lisa Wright, financing partner Ed Fife, IP/IT partner Rob Sumroy, tax partner Gareth Miles, and pensions and employment partners Charles Cameron, Padraig Cronin and Daniel Schaffer. Best-friend firm Hengeler Mueller also advised Innogy, led by corporate partners Andreas Austmann and Thomas Meurer.

Continue reading “Dealwatch: 2017 closes out with slew of energy, tech and transport deals”

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Travers’ grip on Bridgepoint challenged as it wins Burger King franchise buyout

Travers Smith, one of Bridgepoint’s go-to firms, has sealed another mandate in the form of the private equity (PE) house’s acquisition of a raft of UK Burger King franchises.

The mid-market deal saw Travers advise its longstanding client, while Macfarlanes – itself no stranger to Bridgepoint – advised the management buy-in team. The acquisition from Burger King Europe (BKE) means Bridgepoint will now own Caspian UK Group, the franchisee of some 74 fast food outlets. Continue reading “Travers’ grip on Bridgepoint challenged as it wins Burger King franchise buyout”

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Reversal of fortunes – how three mid-tiers outgunned the City elite for a decade

Michael Chissick

It is dominated by mid-sized firms while global players and City leaders lag far behind. Watson Farley & Williams (WFW) sits in the third spot. You must scroll down nearly 40 positions before finding the likes of Linklaters and Clifford Chance.

It is not the chart for revenue, profits or partner earnings. It is a table of major British law firms’ organic growth over the last ten years, marking the period since the financial crisis. Continue reading “Reversal of fortunes – how three mid-tiers outgunned the City elite for a decade”

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Disputes Eye: Disclosure reform – time to err off the side of caution

It takes a brave soul to tackle the issue of extortionate disclosure in the UK, and finding the happy medium required to satisfy both fretting clients and sceptical lawyers is difficult.

But that is exactly what the Disclosure Working Group is attempting to do, introducing a wave of reforms in November that will run as a mandatory two-year pilot across the business and property courts in the Rolls Building, starting in 2018 subject to approval from the Civil Procedure Rules Committee. Continue reading “Disputes Eye: Disclosure reform – time to err off the side of caution”

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Letter from Paris: After the malaise, local counsel rediscover la joie de vivre

Paris

It was one of the defining moments of the year: on 7 May president-elect Emmanuel Macron strode towards the stage outside the Louvre to give his victory speech to Ode to Joy. Much has been written on what that moment meant for France as a more confident, globally-minded country. The triumph of a 39-year-old ex-banker who marked his success with the EU’s German-born anthem rather than La Marseillaise has done much to raise hopes in the French business community.

Rising confidence is obviously welcome for the profession with the French legal market remaining one of Europe’s key hunting grounds and – unlike Germany’s increasingly-price-sensitive sector – one that comfortably sustains Global 100-level profitability. Continue reading “Letter from Paris: After the malaise, local counsel rediscover la joie de vivre”

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Deal view: A&O does private equity – faint praise confounded but a plateau lurks

Allen & Overy

‘Since Stephen Lloyd joined Allen & Overy (A&O) its star has definitely risen in the world of private equity,’ says one rival partner. As wringing any non-contemptuous words from rivals in the thrusting world of leveraged finance is hard, this view counts as high praise.

The team had a bumper couple of years after Lloyd defected from Ashurst in 2013, shortly joined by ex-colleague Karan Dinamani. Their arrival augmented a practice that previously relied on Gordon Milne as its sole dedicated UK partner. The recruitment of Lloyd, which former senior partner David Morley took a personal hand in, was symbolic for a shop that until then seemed to view private equity (PE) as a conflict-strewn liability for its debt finance team rather than an opportunity for the M&A department. Continue reading “Deal view: A&O does private equity – faint praise confounded but a plateau lurks”

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A life in politics – the tricky art for law firm leaders of governing the ungovernable

Laura Empson

Laura Empson reflects on the confidence trick required of successful law firm leaders

Leaders, by definition, must have followers. This statement is axiomatic. But among lawyers it is not nearly as simple as that. In firms filled with highly-educated, independent thinkers, who do not like being told what to do, finding people who think of themselves as followers is not easy. And finding people who are happy to put themselves forward as leaders can be even harder. Continue reading “A life in politics – the tricky art for law firm leaders of governing the ungovernable”

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Any conversation is potentially significant – the emerging skills that will equip the best lawyers of the future

David Morley reflects on the impact of communication in professional services and opportunities for lawyers to improve

My guess is that a law firm partner or general counsel might have the opportunity for around 100 high-value conversations every year in their professional life. That is 100 out of the roughly 10,000 conversations the average adult will have each year. What do I mean by high value? A career-enhancing conversation that transforms a situation or a relationship for the better. It might be with a client, a fellow partner, an associate or someone else. Continue reading “Any conversation is potentially significant – the emerging skills that will equip the best lawyers of the future”

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Goodbye lockstep – HSF latest City leader to give richer rewards for rainmakers

Herbert Smith Freehills

Herbert Smith Freehills (HSF) has backed a shake-up of its partnership that will boost top performers’ earnings by a third, hiking plateau equity shares from 100 to 130 points.

The move substantially lengthens its core pay ‘ladder’ and paves the way for top City earners to take home well over £1.5m with bonuses. The overhaul comes just weeks after Freshfields Bruckhaus Deringer voted through similar reforms. Continue reading “Goodbye lockstep – HSF latest City leader to give richer rewards for rainmakers”

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Clyde & Co, CMS and DAC Beachcroft pick up partners from an ailing Sedgwick

As US firm Sedgwick heads towards closure in the New Year, UK-based outfits Clyde & Co,  CMS Cameron McKenna Nabarro Olswang and DAC Beachcroft have profited by picking up a number of partners.

DAC has hired a team comprising two partners and four associates from Sedgwick that will join its London office in January. This includes Mark Kendall, who led Sedgwick’s London international property and casualty team since 2010 and has also headed the firm’s Latin American group since 2014. Kendall’s practice has a strong focus on product recall and liability in sectors including food and pharmaceuticals. DAC confirmed that Kendall ‘shares a number of key clients’ with the firm. Continue reading “Clyde & Co, CMS and DAC Beachcroft pick up partners from an ailing Sedgwick”

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Addleshaws and Ashurst picked as favourites as GVC pitches in for Ladbrokes takeover

Addleshaw Goddard and Ashurst are acting as gaming and betting company GVC Holdings launches a proposed £3.9bn takeover of rival Ladbrokes Coral.

The proposed deal, announced today (7 December), would create a global online gambling group that the boards of the two companies claim would have strong growth prospects and an enhanced position in some of the world’s largest regulated online gaming markets, including the UK, Italy and Australia. Continue reading “Addleshaws and Ashurst picked as favourites as GVC pitches in for Ladbrokes takeover”

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Focus: A confident handover for its veteran MP but Taylor Wessing still faces some big decisions post-Eyles

With an three terms under his belt it was not a shock that Taylor Wessing’s UK managing partner Tim Eyles has ruled himself out of another run but the impending handover will still be a significant changing of the guard.

‘This is a firm where nine years is a very long time,’ says one partner. ‘Tim thought it was time for a new pair of hands on the job.’ Another adds: ‘Tim broke the mould in doing a third term. He has done a transformational job on the firm.’ Continue reading “Focus: A confident handover for its veteran MP but Taylor Wessing still faces some big decisions post-Eyles”

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In-house: TSB brings in GE legal head to replace retiring Crichton

TSB Bank has hired a new general counsel (GC) from GE Renewable Energy to replace retiring GC Susan Crichton, who guided it through both an initial public offer (IPO) and subsequent takeover.

The Edinburgh-based bank has appointed Lorna Curry, GC at the Hydro arm of multinational conglomerate GE, to replace Crichton (pictured), who is set to retire early next year. Continue reading “In-house: TSB brings in GE legal head to replace retiring Crichton”

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Deal watch: HSF, Travers and Linklaters front of the queue on Intu acquisition as WFW picks up $2.3bn Asia energy project

Herbert Smith Freehills (HSF), Travers Smith and Linklaters are all acting as retail property powerhouse Hammerson acquired its rival Intu for £3.4bn, meanwhile Watson Farley & Williams (WFW) and Orrick, Herrington & Sutcliffe have advised on a $2.3bn coal-fired power project in Vietnam.

Hammerson’s £3.4bn buyout of Intu will create a £21bn pan-European shopping mall giant and bring London’s Brent Cross, the Birmingham Bullring and Manchester’s Trafford Centre under single ownership. Continue reading “Deal watch: HSF, Travers and Linklaters front of the queue on Intu acquisition as WFW picks up $2.3bn Asia energy project”