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  • March 3, 2009 |

    US trio take lead on latest AIG bailout

    Davis Polk & Wardwell, Weil Gotshal & Manges and Sullivan & Cromwell have grabbed lead roles on the latest multibillion pound bailout of AIG. The insurer, which yesterday (2 March) reported a record fourth quarter loss of $61.7bn (£43.5bn) and an annual loss of $99.3bn ((£70.1bn), reached an agreement that will see the Treasury give the company up to $30bn (£21.1bn) of additional funds. The agreement also forgives some of AIG's existing debt to the government by turning it into equity; attaches a lower interest rate to AIG's outstanding debts and gives the government control of two AIG subsidiaries.

    1 minute read

  • March 2, 2009 |

    Davis Polk leads a raft of firms on $50bn Citi recap

    Government-backed recapitalization of Citigroup in the latest of a string of deals to refinance struggling banking giants.The complex deal agreed with the Treasury Department will increase the Government's stake in Citi to as much as 36%. The deal sees up to $27.5bn (£19bn) in preference shares converted into common stock, which the Government, which owns $45bn (£31.25bn) in Citi preference shares, will match up to $25bn (£17.3bn) of conversions.Davis Polk is advising Citi and negotiating with the private investors, a group that includes Capital Research Global Investors and Capital World Investors, the Government of Singapore Investment Corp (Singapore's sovereign wealth fund) and the Saudi prince Alwaleed bin Talal. The Kuwait Investment Authority also plans to participate in the exchange, according to several lawyers involved in the talks.The Davis Polk team consists of Randall Guynn, M&A partners Gar Bason, Louis Goldberg and Michael Davis and tax partners Avishai Shachar and Neil Barr.Cleary Gottlieb Steen & Hamilton advised Citi on drafting the various securities agreements, a complicated task considering there are all sorts of contingency agreements should Citi shareholders vote down the exchange plan.Simpson Thacher & Barlett is advising the Treasury.Investor's counsel include Hogan & Hartson for bin Talal, a loyal Hogan client since before the first Persian Gulf War, according to Hogan partner Bruce Gilchrist. The prince's holdings illustrate the complications of the deal. He holds both preferred and common shares, meaning the exchange he agreed to may end up diluting the value of common stock he already owns, lawyers say.Several sources say Gibson Dunn & Crutcher advised the Kuwaiti authority, but Steven Guynn, who advised the authority in its initial $3bn (£2.1bn) investment in Citi preferred stock last year, declined comment.Sidley Austin reprised its role advising Singapore's sovereign wealth fund. Sidley has been representing the fund in various investments for more than 15 years.The Capital Group relied on in-house counsel, says Andrew Felner, the deputy GC for Citi who handled much of the internal work on the exchange plan.Citi's shares dropped about 40% upon the deal's announcement, mostly over fears that the exchange will dilute the value of common shares. Citi, which lost about $28bn (£19.4bn) last year, also agreed to eliminate the dividend on preferred stock and re-jig its board of directors so that a majority of directors are new and independent.Cleary will also be handling Citi's disclosure work and filings with federal regulators. Partners David Lopez, Neil Whoriskey and Jeff Karpf are leading the firm's team.

    1 minute read

  • February 11, 2009 |

    Fewer seats at the table

    This is the year of low expectations, where even some who have been elected to partnership - and who expected to make the cut - sound surprised. "I was not so confident, given the economy," says Rena Chng, a newly-elected partner at Mayer Brown's Palo Alto office. Though Chng says she had successfully handled a big litigation matter this past year and was the only one in her office to be put up for partnership, she says, "If they had said, 'you won't make it this year,' I would have understood."Indeed, the number of newly-minted partners has generally plummeted since last year - along, presumably, with the firms' business. For instance, Milbank Tweed Hadley & McCloy promoted just four this year, compared to 11 last year; O'Melveny & Myers, 15 (23 last year); Mayer Brown, 27 (43 last year); Morrison & Foerster, 10 (24 last year); Simpson Thacher & Bartlett, five (eight for 2007; 13 for 2006); Wilson Sonsini Goodrich & Rosati, eight (13 last year); and Weil Gotshal & Manges, seven (21 last year).

    1 minute read

  • January 14, 2009 |

    Links matches rivals in associate bonuses

    Linklaters has confirmed its 2008 year-end bonuses for US associates - matching magic circle rivals Clifford Chance (CC) and Allen & Overy (A&O) and many Wall Street leaders by halving last year's rates. Linklaters told associates before Christmas that they will be awarded bonuses ranging from $17,500 (£11,900) to $32,500 (£22,200) depending on seniority. Counsel will be awarded bonuses of up to $40,000 (£27,300).

    1 minute read

  • January 7, 2009 |

    Linklaters announces bonus cutbacks for US staff

    Linklaters has confirmed its 2008 year-end bonuses for US associates - matching magic circle rivals Clifford Chance (CC) and Allen & Overy (A&O) and many Wall Street leaders by halving last year's bonus rates. Linklaters told associates before Christmas that they will be awarded bonuses ranging between $17,500 (£11,900) and $32,500 (£22,200) depending on seniority. Counsel will be awarded bonuses of up to $40,000 (£27,300).

    1 minute read

  • January 5, 2009 |

    Barlows set for Brazil with Sao Paulo launch

    Barlow Lyde & Gilbert has initiated plans to launch its first office outside of the UK and Asia, with the firm intending to open in Sao Paulo later this year. The City firm will relocate London-based aviation and insurance litigation partner Jeremy Shebson to Brazil once the office launch is approved by the Brazilian authorities.Aerospace associate director Fernando Albino will join Shebson once the office opens.

    1 minute read

  • December 22, 2008 |

    A&O, Links and Sullivan close £6bn rights issue

    Allen & Overy (A&O), Linklaters and US firm Sullivan & Cromwell have closed a €6.3bn (£6.01bn) rights issue for recently merged brewing giant Anheuser-Busch InBev. A&O advised the underwriters, which included BNP Paribas, Deutsche Bank and JPMorgan as joint global coordinators and joint bookrunners, fielding a team led by London-based corporate partners Christopher Bernard and Richard Browne. The team also included corporate partner Dirk Meeus, who advised from the firm's Brussels office.Linklaters and Sullivan & Cromwell advised Anheuser-Busch InBev, with London capital markets partner Ben Dulieu heading the Linklaters team and general practice partner David Rockwell, who works out of the firm's London and Frankfurt offices, leading the Sullivan.

    1 minute read

  • December 22, 2008 |

    Sullivan & Cromwell

    Sullivan's hire of TIm Emmerson in 2006 secured the New York giant's long-awaited City corporate debut.

    1 minute read

  • December 8, 2008 |

    London misses out in Paul Weiss partnership round

    Paul Weiss Rifkind Wharton & Garrison has announced this year's promotions round, with all of the new partners made up in the US. The firm is set to make up four partners from 1 January, all of which are based in the New York headquarters.This time last year, the US firm made up five partners, four of which were based in the New York office, while one new partner was promoted in Beijing.

    1 minute read

  • December 5, 2008 | International Edition

    Leading UK lawyers added to new Who's Who list

    Weil Gotshal & Manges City managing partner Mike Francies, Freshfields Bruckhaus Deringer financial institutions co-head Will Lawes (pictured) and Slaughter and May corporate heavyweight Charles Randell are among a string of high-profile lawyers to land a mention in the 2009 edition of Who's Who.

    1 minute read