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  • December 19, 2012 |

    Gibson Dunn advises as UBS reaches £945m Libor settlement

    Gibson Dunn & Crutcher has advised UBS on its (£945m) settlement with US and UK authorities over allegations that the Swiss bank tried to manipulate Libor interest rates. UBS announced today (19 December) that it was settling with the US Department of Justice (DoJ) and the Commodity Futures Trading Commission (CFTC), the Financial Services Authority (FSA) in the UK, and the Swiss Financial Market Supervisory Authority (FINMA), over the regulators' investigations into manipulation of the Libor interbank lending rates.

    1 minute read

  • December 13, 2012 |

    New Hong Kong laws push firms to review paternity pay policies

    Law firms in Hong Kong are facing an overhaul of their paternity leave policies following a move to force all private companies in the region to provide employees with at least three days' paid leave. The government proposals, endorsed by the Hong Kong Labour Advisory Board last month, will see men paid at least 80% of their salaries for the paternity leave period.

    1 minute read

  • December 13, 2012 |

    Davis Polk secures CC partner duo for Hong Kong litigation launch

    Davis Polk & Wardwell has made a major double partner hire from Clifford Chance (CC) to launch a litigation practice in Hong Kong. CC's top-ranked Asia-Pacific litigation and dispute resolution head Martin Rogers and partner James Wadham are set to join Davis Polk's eight partner Hong Kong office, currently focused on capital markets and corporate matters.

    1 minute read

  • December 11, 2012 |

    US legal elite announce associate bonus payouts of up to $60,000

    A host of top-tier US firms have announced their end-of-year associate bonuses, with the majority following the lead of Cravath Swaine & Moore and hiking payments significantly across the board. Cravath has traditionally been the first Wall Street firm to announce its year-end bonuses, with the firm handing out a payout of between $10,000 (£6,200) and $60,000 (£37,000) to its junior lawyers this year.

    1 minute read

  • December 7, 2012 |

    Freshfields high-yield partner quits for Weil in latest exit to US rival

    Freshfields Bruckhaus Deringer high-yield partner Gil Strauss has resigned to join Weil Gotshal & Manges, marking the latest departure from the magic circle firm for a US rival. Strauss, whose practice focuses on US corporate finance and securities, will join Weil in London in the New Year to help build out the firm's European high-yield practice.

    1 minute read

  • December 6, 2012 |

    Herbert Smith Freehills shakes up post-merger partner notice terms

    Herbert Smith Freehills is overhauling its notice period in the wake of the merger between the two firms which went live in October, with the new six-month term halving the notice period previously in place at legacy Herbert Smith. Partners at both firms approved the change, which is in the process of being implemented, as part of the merger terms. The six-month term, which will be imposed at the discretion of the firm, effectively doubles the notice for legacy Freehills partners exiting, as they were previously subject to just three months.

    1 minute read

  • December 5, 2012 |

    Top Herbert Smith litigation partner Lloyd quits to join Debevoise

    Herbert Smith Freehills London litigation partner Kevin Lloyd has resigned from the firm to join Debevoise & Plimpton, marking the second high-profile departure for a US firm since the merger between legacy Herbert Smith and Freehills went live in October. Lloyd, who is understood to have handed in his notice in recent weeks, is expected to join Debevoise as a partner next year, when he will work alongside Debevoise's Europe and Asia litigation chair Lord Goldsmith QC. His start date has yet to be confirmed.

    1 minute read

  • November 29, 2012 |

    The view from 9th Avenue – the emerging challenges facing New York's elite

    "Who we are hasn't changed at all in some ways over the years. At a partners' meeting recently someone showed me a letter written by Paul Cravath in 1920 and it was almost the same format that we use today," reflects Cravath Swaine & Moore incoming presiding partner Allen Parker. "Really, it was almost identical." Welcome to Manhattan, the most singular, individualistic, contradictory and competitive legal market in the world. As the rest of the global legal profession changes to reflect the impact of the post-Lehman Brothers world and the rise of finance hubs and economies in the east, it seems that many lawyers in Manhattan's hermetically sealed environment carry on as if little has changed.

    1 minute read

  • November 29, 2012 |

    Asia lawyers forecast market upturn after landmark leadership changeover in China

    International law firms in Asia are eyeing an increase in market activity following the change in China's leadership, citing a possible return to investment by the country's largest companies. This month saw the confirmation of Xi Jinping as China's new president, succeeding Hu Jintao after almost 10 years at the top of the Communist Party. Jintao's presidency will formally come to an end in March next year, with many lawyers in the region believing the succession will lead to a revival in work levels.

    1 minute read

  • November 12, 2012 |

    Davis Polk to strengthen UK practice with Herbert Smith corporate hire

    Davis Polk & Wardwell is set to boost its City corporate practice with the hire of Herbert Smith Freehills partner Will Pearce. Pearce, who focuses on M&A and capital markets work, is one of Herbert Smith's best known junior corporate partners.

    1 minute read