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  • November 11, 2009 |

    US Briefing: Mayer without Maher

    In the seven years after Paul Maher helped wed his firm, London's Rowe & Maw, to Chicago-based Mayer Brown & Platt, he established a reputation as the firm's best strategist. He pushed his partners to open a Hong Kong office, which was later used to open the door to a merger with Johnson Stokes & Master, a Hong Kong firm with 300 lawyers in Asia. As vice-chairman, he argued for strengthening Mayer Brown's wilting New York office - a perpetual work-in-progress - and for boosting profitability, which has sagged in recent years.

    1 minute read

  • November 3, 2009 |

    Cravath kicks off US bonus season with reduced awards

    Cravath Swaine & Moore has drastically cut back associate bonuses for its most junior lawyers as the firm this week became the first major US practice to reveal its hand, writes the New York Law Journal. Second-year associates will receive a $7,500 (£4,600) bonus, down from $17,500 (£10,700) last year, according to a memorandum obtained by the New York Law Journal. Senior associates at the leading Wall Street law firm will earn $30,000 (£18,400), the same as in 2008, but first-year associates, who earn $160,000 (£98,000) a year, will not receive a bonus.

    1 minute read

  • October 21, 2009 |

    JPMorgan finalises panel review with rates frozen at 2008 levels

    JPMorgan has completed a review of its preferred legal advisers as Royal Bank of Scotland (RBS) nears the end of its review process. The US investment bank, which launched a review of its preferred law firms earlier this summer, contacted its closest advisers over the last few weeks to confirm that they will secure work for the next year, as long as they agree to various conditions. The conditions are believed to include a freeze on rates at 2008 levels - already reduced by 5% on the previous year.

    1 minute read

  • October 14, 2009 |

    Debevoise and Simpson Thacher lead on $2.15bn AIG sell-off

    Debevoise & Plimpton and Simpson Thacher & Bartlett have picked up lead roles on AIG's sale of its life insurance business in Taiwan to a Hong Kong-based investment company. Primus Financial will pay $2.15bn (£1.35bn) to acquire AIG's Nan Shan unit, Taiwan's third-largest life insurance company by total premiums.

    1 minute read

  • October 14, 2009 |

    US trio win lead roles on £678m Eastern European telecoms deals

    A trio of US firms have taken lead roles on a series of deals in Central and Eastern Europe which will give buyout house Mid Europa Partners a controlling stake in Hungarian telecoms company Invitel. Shearman & Sterling, White & Case and Simpson Thacher & Bartlett were instructed on the deals, which involved both debt and equity acquisitions and have been valued by Mergermarket at a total of £678m.

    1 minute read

  • September 30, 2009 | International Edition

    Commentary: Trophy deals help real estate lawyers dream of better days

    If there's one practice in desperate need of a boost, it's real estate. With the sector the first to feel the pain of the credit crunch, deals have been painfully thin on the ground for two years now. And news last month that Eversheds was to make more property job cuts was a reminder that many are not expecting a rapid rebound. But those real estate advisers lucky enough to still have a job may be able to start breathing a little more easily as the signs are finally pointing towards some form of recovery in the commercial property sector. In particular, Blackstone Group's joint venture with British Land in the £2.13bn Broadgate Circle estate in London was probably the most visible indication of the kind of trophy deal that has been missing but there have been some other signs.

    1 minute read

  • September 30, 2009 |

    Commentary: Trophy deals help real estate lawyers dream of better days

    If there's one practice in desperate need of a boost, it's real estate. With the sector the first to feel the pain of the credit crunch, deals have been painfully thin on the ground for two years now. And news last month that Eversheds was to make more property job cuts was a reminder that many are not expecting a rapid rebound. But those real estate advisers lucky enough to still have a job may be able to start breathing a little more easily as the signs are finally pointing towards some form of recovery in the commercial property sector. In particular, Blackstone Group's joint venture with British Land in the £2.13bn Broadgate Circle estate in London was probably the most visible indication of the kind of trophy deal that has been missing but there have been some other signs.

    1 minute read

  • September 28, 2009 |

    Simpson Thacher and Cravath head up $6.4bn Xerox acquisition

    A trio of US law firms have won roles on Xerox's $6.4bn (£4bn) purchase of business process outsourcing company Affiliated Computer Services (ACS). The deal, announced today (28 September), will see the US photocopier giant purchase ACS, handing roles to Cravath Swaine & Moore, Simpson Thacher & Bartlett and Ropes & Gray.

    1 minute read

  • September 23, 2009 |

    CC and Weil Gotshal land roles on $2.6bn Orangina Schweppes bid

    Clifford Chance (CC) and Weil Gotshal & Manges have taken lead roles on Japanese drinks company Suntory's offer to buy Orangina Schweppes Group from two high-profile private equity funds, Lion Capital Holdings and the Blackstone Group. Weil Gotshal is advising Blackstone and Lion Capital, which purchased Orangina from Cadbury in 2006 for $2.1bn (£1.3bn). London office managing partner Mike Francies is leading the firm's team on the deal.

    1 minute read

  • September 18, 2009 |

    SJ Berwin and Simpson Thacher lead on British Land's Broadgate sell-off

    SJ Berwin and Simpson Thacher & Bartlett have picked up lead roles as British Land prepares to sell half of London's Broadgate Circle to US private equity house Blackstone Group. City firm SJ Berwin is representing longstanding client British Land on the deal, which will see the two companies form a 50:50 joint venture, through which two Blackstone real estate funds will buy the stake in Broadgate, which is valued at £2.13bn.

    1 minute read