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October 13, 2008 |
Freshfields Bruckhaus Deringer has appointed Sean Pierce as its new financial institutions group (FIG) co-head, following the departure of partner Perry Noble last month. City-based banking partner Pierce will co-lead the group alongside partners Will Lawes and Frankfurt-based Gunnar Schuster, after taking up the role around a month ago. Pierce's banking practice focuses on acquisition and leveraged finance, advising clients including Gas Natural and private equity group Cinven. He is qualified in England and Hong Kong.
By Charlotte Edmond
1 minute read
October 9, 2008 |
Denton Wilde Sapte, Freshfields Bruckhaus Deringer and Slaughter and May are among the advisers lining up to act on the administration of the UK arms of Icelandic banks Kaupthing and Landsbanki. Freshfields is thought to have taken the lead role for the administrators Ernst & Young on the collapse of Heritable Bank - the Scottish subsidiary of Iceland's Landsbanki - under a team led by head of restructuring and insolvency Ken Baird, restructuring and insolvency partner Nick Segal, dispute resolution partner Neil Golding and restructuring and insolvency counsel Anne Sharp.
By Charlotte Edmond
1 minute read
October 9, 2008 |
The ongoing chaos in the banking sector is continuing to generate roles for firms on both sides of the Atlantic as Benelux financial services group Fortis, Italian bank UniCredit and US bank Wachovia join the ranks of financial institutions striking deals.Linklaters and Cleary Gottlieb Steen & Hamilton have taken the lead roles as France's BNP Paribas takes control of Fortis in a E14.5bn (£11.2bn) deal. A Linklaters team lead by Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is advising Fortis on the deal, which will see BNP Paribas take over the main banking and insurance operations. Cleary Gottlieb has taken the main role for BNP Paribas, fielding a team under Paris corporate partner Pierre-Yves Chabert.Allen & Overy (A&O) also scored a role on the transaction, advising the Dutch authorities. The takeover follows an attempt to bail out Fortis through a E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands. Herbert Smith ally Stibbe won the lead role advising the Belgian Government as it took a minority stake in Fortis, as well as fellow bank Dexia, and advised on the sale of its stake in Fortis to BNP Paribas. Clifford Chance advised the Dutch central bank, De Nederlandsche Bank, on the purchase by the Dutch Government of Fortis's Dutch banking and insurance subsidiaries.Linklaters also advised Fortis on the unsuccessful cash injection, while Cleary Gottlieb advised Dexia, which is to receive a E6.4bn (£5.1bn) injection from the Benelux governments and shareholders. Cleary Gottlieb has also taken the lead for Italian bank UniCredit in its deal to secure up to E6.6 billion (£5.12bn) of funding. The firm's team is being led by Milan partners Roberto Casati, Michael Volkovitsch and Pietro Fioruzzi.Meanwhile, ongoing rescue negotiations for Germany's Hypo Real Estate have generated roles for Shearman & Sterling, advising the bank itself, as well as German independent Hengeler Mueller, which advised a consortium of financial institutions. Linklaters is also understood to have a role for the lender.In the US, Sullivan & Cromwell has taken the lead on negotiations for the rescue of Wachovia, which has seen both Citi and Wells Fargo bidding. Davis Polk & Wardwell is advising Citi on its bid for Wachovia's banking operations for $2.16bn (£1.16bn), while Wachtell Lipton Rosen & Katz is advising Wells Fargo on its bid to acquire all of Wachovia for $15.1bn (£8.7bn).
By Charlotte Edmond
1 minute read
October 9, 2008 |
Attempts to measure the brand value of the world's leading law firms have been pushed back to draw on client opinions.The plans by professional services association the Managing Partners' Forum (MPF) and specialist consultant Brand Finance have been delayed after firms argued that, as client opinions count for a large part of their status in the market, they should also be included in the valuation. The two organisations are now working with companies specialising in client feedback surveys, such as Acritas, to canvas in-house opinion and will take this into account when devising the new ranking.MPF and Brand Finance were initially expected to publish the ranking of professional service firms brand value this year after announcing details of the project 12 months ago. The plans would have seen around 250 professional services groups - including a large number of law firms - ranked according to the intangible value associated with their name and client links. However, firms were concerned that the initial methodology did not take into account their standing with general counsel - relying instead on estimated future sales to calculate the value of the brand that would be payable for its use if it were owned by a third party.The revised methodology will now include client opinion on the relevance and quality of advice given by the firm, how consistent its lawyers and practice areas are and how the firm compares with other similar partnerships.MPF executive director Richard Chaplin told Legal Week: "We wanted to look at what all clients were saying about all firms, not just the good and the great, and whether there were any firms putting clear water between them and their competitors."The rankings are likely to be of growing interest to law firms as increasing numbers of investment houses assess the profession ahead of the Legal Services Act, which will allow external investment in law firms for the first time.
By Charlotte Edmond
1 minute read
October 9, 2008 |
Beachcroft has launched a mentoring scheme intended to help newly-promoted lawyers adapt to changes in their roles.More than 60 of the national law firm's partners and staff have signed up to mentor lawyers at the firm, as part of a scheme that was officially rolled out at the beginning of the month. The programme, which is primarily aimed at helping salaried partners make the steps to the equity ranks, will also see trainees within the firm assigned a mentor throughout their two-year training contract.Around 25 individuals, including partners, senior associates and human resources officers, have so far been trained as mentors, with a similar number expected to be trained by the end of the month.Lawyers will be able to turn to their mentors for advice on issues concerning their clients, their roles within the firm and their career path. Beachcroft's human resources director, Phil Cousins, said: "In the broadest sense it is to help a gradual cultural shift to a coaching style as opposed to the conventional directive style typical to lawyers. As a result, one of the tactics of the scheme is, in a sense, as much about coaching as it is about mentoring. "Rather than open up the floodgates we are taking a gradual approach so the scheme is welcomed, beneficial and wanted. We need to take it steadily to show that effective mentoring can be achieved."Many of London's law firms, including Berwin Leighton Paisner, Allen & Overy and Addleshaw Goddard, already operate some form of mentoring system for lawyers.Separately, SJ Berwin has become the latest firm to explore the option of alternative career paths. The firm is consulting with its associate solicitors forum about the option of bringing in an alternative to partner, potentially bringing in an 'of counsel' role. Legal Week's assistant report, published late last month, found that 67% of law firms now operate some form of partnership alternative, with firms including Olswang and Nabarro among more recent converts.
By Charlotte Edmond
1 minute read
October 9, 2008 |
Freshfields Bruckhaus Deringer real estate partner Annette Byron, Ashurst private equity partner David Carter and Allen & Overy banking and finance litigation partner Arnondo Chakrabarti are among the black and minority ethnic (BME) lawyers named as role models in this year's edition of Black Letter Law. The annual publication, put together by the Black Lawyers Directory (BLD), lists more than 100 black and ethnic minority partners as role models across the UK's top 100 law firms. The latest issue - launched today (9 October), also cites silks including attorney general Baroness Scotland and 23 Essex Street Chambers' Anesta Weekes, best known for her role as counsel to the Stephen Lawrence enquiry, named.BLD founder Debo Nwauzu, said: "The guide is considerably longer this year as we have identified so many more BMEs for inclusion, particularly partners in the leading commercial law firms, heads and directors of law, professors of law and general counsel."The launch comes as the association calls for applications for the 2009 intake of its Legal Launch Pad scheme, which targets minority ethnic law students and non-law students at university. The programme, primarily sponsored by DLA Piper and Barclays Legal, aims to teach students about the legal profession and provide them with work experience.
By Charlotte Edmond
1 minute read
October 8, 2008 |
Freshfields Bruckhaus Deringer and Slaughter and May are among a raft of top City firms to win roles on the Government's £50bn bailout of the UK banking system.Freshfields is understood to have reprised its role for longstanding client the Bank of England on the rescue plan, with corporate partner Michael Raffan leading.
By Charlotte Edmond
1 minute read
October 7, 2008 |
Linklaters and Cleary Gottlieb Steen & Hamilton are continuing to cash in on the turmoil in the global banking markets, with the pair taking leading roles as BNP Paribas' takes control of Fortis.Linklaters is advising stricken Benelux financial services group Fortis on the €14.5bn (£11.2bn) deal, announced today (6 October), which will see BNP Paribas take over the main banking and insurance operations of Fortis. Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is leading the team for the magic circle firm.
By Charlotte Edmond
1 minute read
October 2, 2008 |
Recruiting a diverse workforce is easy but top City law firms are falling down when it comes to creating an inclusive atmosphere where lawyers from all backgrounds want to stay and build their careers.Leading diversity consultant Linbert Spencer told delegates at a Shilton Sharpe Quarry (SSQ) forum last week, that inclusion is one of the hardest issues facing law firms today - rather than the initial recruitment of minority workers.Spencer applauded the efforts already being made to encourage diversity in the legal sector, but said that firms need to be clearer about what they are trying to achieve. Firms need to concentrate on how many people from diverse backgrounds they can retain rather than the number they can recruit. In particular, Spencer argued that distinct firm cultures - something many City leaders pride themselves on - can cause problems if they mean people from all backgrounds are forced to try and fit into the same mould. "Diversity is a given - everyone is different. The task is managing inclusion. If you start by looking to change your diversity you are conceptually starting in the wrong place," Spencer said.Delegates, including diversity officers and human resources managers from many of the City's largest firms, were also told to view Government diversity legislation as the base level below which no-one should sink. Current legislation deals with discrimination on the grounds of race, religion, age and sex, but there are other areas that can make people feel uncomfortable or isolated. To this end, Spencer argued firms need to be aware of the message they are sending to the market if they want to attract and retain the best talent. Spencer said: "The recruitment process starts before you actually decide to go out and look for people. It is all to do with your image and the market perception of you as an office, as a firm and as an industry." He also cautioned that recruiting from 'non-traditional backgrounds' should not mean lowering standards. He argued maintaining a 2:1 degree barrier was fine as long as, within that bracket, law firms ensure they are attracting the most diverse group of recruits. His words come against a backdrop of law firms looking at broadening recruitment criteria to include aptitude and psychometric testing rather than just academic qualifications. Norton Rose is considering axing the minimum requirement of a 2:1 degree from training contract applicants, while Herbert Smith is also in the process of reviewing its application process.Despite the additional costs involved in increasing diversity, firms were warned not to reduce efforts to recruit a mixed workforce as a result of the global economic crisis and cost-cutting.SSQ director Gavin Sharpe likewise told delegates at the event, which was supported by Legal Week, that law firms tackling diversity should avoid knee-jerk reactions. He said: "Diversity panics partners. They say 'let's have someone with a 2:2 from an ethnic minority. That is not what I think diversity is about."
By Charlotte Edmond
1 minute read
October 2, 2008 |
Withers has hired a new European head of corporate after targeting national outfit Bevan Brittan for the law firm's practice head Adam Duthie.Duthie joined Withers this week (1 October) as a partner after two years at Bevan Brittan, where he was national head of corporate. He replaces Tim Taylor, who is stepping down to return to full-time fee earning after 10 years as head of the European corporate group.Duthie's practice covers general corporate, including mergers and acquisitions, public and private equity, debt finance and Alternative Investment Market transactions. He has particular in emerging markets as well as in the UK leisure and retail sectors.Prior to joining Bevan Brittan in 2006, Duthie also held roles with law firms including Baker & McKenzie and Ashurst, as well as serving as a senior counsel at Guinness/Diageo. Anthony Indaimo, Withers' chairman and international corporate head, said: "Adam is a first-rate corporate practitioner and we look forward to him joining the London team. We act for ambitious entrepreneurs who value commercial acumen and understanding as highly as technical ability."Duthie's departure from Bevan Brittan follows a difficult period at the southwest law firm. Last year profits per equity partner fell to £184,000 from the previous year's figure of £234,000. Meanwhile in May, the firm announced a redundancy consultation which affected six fee earners and 24 support staff. The number was less than the original 40 that were expected to be hit. Commenting on his departure the firm's chief executive, Andrew Manning, said: "Adam is keen to focus on international corporate work, particularly in emerging markets and acting for highly entrepreneurial clients, while we are concentrating on further growing our blue-chip corporate client base. "With this in mind, we have now agreed with Adam that his ambitions will be better met at another firm."Bevan Brittan has yet to decide on a replacement for Duthie as corporate head.
By Charlotte Edmond
1 minute read
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