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  • July 9, 2009 |

    International law firms: Batten down the hatches

    If ever there was a market to test the commitment of international firms to their London office, this would be it. Plummeting workloads and high operating costs have meant more so than ever the City is proving an expensive toehold.

    1 minute read

  • July 9, 2009 |

    CC slims down as nearly 50 partners leave since March

    Clifford Chance (CC) has seen the departure of nearly 50 partners since the beginning of March, it has emerged. London and New York have been most affected by the exits, which include normal retirements and those choosing to leave as well as those affected by its partner restructuring.

    1 minute read

  • July 2, 2009 |

    Germany and Austria

    Hengeler Mueller and Gibson Dunn look at major developments in Germany

    1 minute read

  • June 30, 2009 |

    Fourth CC litigation partner joins Gibson Dunn in New York

    Gibson Dunn & Crutcher has recruited another Clifford Chance (CC) partner in New York, a move which means the US firm has now taken on 11 litigation lawyers from CC during the past month. CC litigation partner George Schieren, who resigned from the US practice earlier this month, has joined CC's global head of litigation Mark Kirsch, litigation partner Joel Cohen and counsel Christopher Joralemon at Gibson Dunn, with the US firm confirming that it has also recruited seven associates from CC.

    1 minute read

  • June 25, 2009 |

    Germany and Austria: Broad measures

    On April 24, 2009, almost unnoticed by the public, an important amendment to the German Foreign Trade and Payments Act (Aussenwirtschaftsgesetz - AWG) entered into force. The amendment materially impacts a significant number of transactions involving German businesses and allows the German Federal Ministry of Economics and Technology (MET) to prohibit investors outside Europe from buying German enterprises or voting stakes of 25% or more in German companies if such acquisitions constitute a threat to the security or public policy of the Federal Republic of Germany.

    1 minute read

  • June 18, 2009 |

    CC's Kirsch departure heads up month of heavy partner losses in firm's NY arm

    Magic circle firm suffers raft of walkouts as Kirsch heads to Gibson Dunn and doubts linger over litigation future CC's Kirsch departure heads up month of heavy partner losses in firm's NY arm News that Clifford Chance's (CC's) former global litigation chief Mark Kirsch is to join the New York office of Gibson Dunn & Crutcher alongside fellow securities litigation partner Joel Cohen and counsel Christopher Joralemon capped a month of heavy partner losses from the magic circle law firm's New York office.

    1 minute read

  • June 16, 2009 |

    Gibson Dunn set for Sao Paulo office launch

    Gibson Dunn & Crutcher is set to launch an office in Brazil - joining the growing ranks of law firms with bases in Sao Paulo. The firm is set to relocate one of the three New York-based co-chairs of its Latin America practice group, Lisa Alfaro, to head the new office, which will launch as soon as it receives a licence.

    1 minute read

  • June 10, 2009 |

    CC litigation trio join Gibson Dunn in New York

    Gibson Dunn & Crutcher has hired two litigation partners from Clifford Chance's (CC's) New York office, including the magic circle firm's former global litigation head Mark Kirsch. The firm has recruited Kirsch and fellow partner Joel Cohen, with CC counsel Christopher Joralemon also joining as a partner.

    1 minute read

  • May 14, 2009 |

    US trio lead on landmark Intel investigation

    A trio of US firms have taken lead roles for Intel in the investigation which yesterday (13 May) resulted in one of the largest-ever fines handed out by the European Commission. The EC handed Intel a penalty of €1.06bn (£951m) for anti-competitive behaviour and abusing its dominant position as a market leader for producing microprocessors. Intel has said that it will appeal the ruling.Skadden Arps Slate Meagher & Flom, Gibson Dunn & Crutcher and Howrey all advised Intel on the investigation, which has been ongoing since the beginning of the decade.Skadden took the lead role as European adviser, with the firm's team led by Brussels-based antitrust and competition partner Jim Venit. Howrey also advised on EU matters but the team was led by Washington DC-based antitrust partner Darren Bernhard. In addition, the company instructed Brick Court Chambers.

    1 minute read

  • May 13, 2009 |

    The Am Law 100: Lessons of the Am Law 100

    Nothing grows forever. For the first time since 1991, both average profits per partner and revenue per lawyer dipped last year among the Am Law 100 firms, the top-grossing firms in the nation. And, given the weakness in the market thus far in 2009, another decline seems likely this year.Those are the headlines from The American Lawyer's 23rd annual Am Law 100 report. These results are for 2008. They capture the start of the economic distress that set the stage for record law firm layoffs and anxiety but, because of the cutoff date, they mask the distress many firms are now dealing with. Last year, overall gross revenue grew by 4.1%, to $67bn (£44.4bn), a new record. But head count grew faster, increasing by 5.4%, to 81,992 lawyers. As a result of that growth, plus a serious drop in demand during the second half of 2008 for high-end work - especially in the corporate and finance sectors - profits per equity partner (PEP) fell by 4.3%, to an average of $1.26m (£836,000), and revenue per lawyer (RPL) dropped 1.2%, to $818,000 (£542,000).

    1 minute read