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  • October 1, 2008 |

    US duo launch financial crisis advice services

    K&L Gates and Mayer Brown have launched financial crisis services aimed at advising clients on the impact of the turbulent global markets. K&L Gates has built a global financial services group drawing on lawyers within the firm's banking, securities, regulatory and litigation practices. Mayer Brown has launched a financial institutions response unit in London to assist clients with concerns and has set up a telephone hotline to prioritise response

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  • October 1, 2008 |

    Mayer Brown, O'Melveny land airport privatisation

    Mayer Brown and O'Melveny & Myers have won roles on a groundbreaking US airport privatisation, writes The American Lawyer.The deal, which was announced on Tuesday (30 September), sees the City of Chicago lease Midway International Airport to a private investor group for $2.5bn (£1.38bn) - the first privatisation of a major airport in US history.The City of Chicago instructed longtime counsel Mayer Brown. The firm also advised the city on its $1.83bn (£1bn) privatisation of the Chicago Skyway Toll Bridge in 2005 - itself one of the US's most high-profile infrastructure sales.

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  • September 25, 2008 |

    Eversheds set for Hong Kong office launch

    Eversheds is launching an office in Hong Kong after hiring Heller Ehrman head of Asia Nick Seddon. Seddon, who previously headed DLA Piper's Asian practice until the end of 2007, will join Eversheds next week (1 October) and will start building the office immediately.It will be Eversheds' second base in the region as the law firm already has an 18-lawyer practice in Shanghai. Seddon's move comes only seven months after he joined Heller in March this year and as California-based Heller seemingly heads closer to dissolution following the collapse of a series of US merger talks. The law firm has held failed talks with both Baker & McKenzie and Mayer Brown in recent months and has lost rafts of partners in the US and Asia. Seddon told Legal Week that his decision to leave Heller stems from a difficulty to do his job during the current circumstances.He commented: "In reality the problem has been that with the merger discussions it did not make sense for me to do what I do, which is to grow the practice."He added: "My ambition would be to have a practice of around 50 lawyers in about three years time. If we got up to 50 we would have the critical mass to support Eversheds' client base."Eversheds has no other imminent hires in Hong Kong and does not yet have any office space but intends to build a full service office. Seddon cannot talk to other potential recruits from Heller until he formally leaves the partnership.Eversheds incoming UK managing partner Bryan Hughes said: "Hong Kong is a key jurisdiction. It will integrate effectively with the Shanghai office and be another piece of the jigsaw for Eversheds."

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  • September 25, 2008 |

    Heller partnership briefed on closure

    Heller Ehrman inched closer to its likely dissolution this Wednesday (24 September), writes The Recorder.Management held a firm-wide videoconference at 4:30pm to update the partnership on the status of the firm's line of credit, opportunities for groups and offices, and "plans for an orderly transition (or wind-down)," according to an email announcing the meeting.Also on Wednesday, firm chairman Matthew Larrabee sent out an email, apparently to all lawyers and staff, apologising for keeping discussions of the firm's fate under wraps, and promising clearer communication later in the week.

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  • September 24, 2008 |

    Brothers in arms

    Since Legal Week newshounds revealed a few weeks back the earth-shattering news that Jones Day had bagged itself two new shiny new litigation partners from Mayer Brown, some extra news has come to the attention of The Diary. Hold onto your hats - Stephen and Michael Brown (the partners in question) have much more than a firm in common - they are, in fact, brothers.With other famous brothers such as the Kennedys, the Millibands and the Chuckles demonstrating that talent and ability often runs in the family, The Diary is left wondering how many other over-achieving family teams are taking on the legal word. Answers to the usual address please.

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  • September 24, 2008 |

    Heller's familiar fate

    They may not be quite as flaky as their banking counterparts, but news this week of Heller Ehrman's dissolution is a reminder that US law firms…

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  • September 22, 2008 |

    Former merger candidates eye up Heller teams

    Failed merger partners of Heller Ehrman could be set to pick up large parts of the firm, as the troubled West Coast giant moves closer to dissolution, writes The Recorder. In a partner conference call on Thursday (18 September), firm management said they expected to hear whether former merger candidates Winston & Strawn, Baker & McKenzie and Mayer Brown would be interested in picking up large chunks of Heller's offices, practice groups or both. Management told the partners that they expected to hear back from the firms over "the next few days."

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  • September 19, 2008 |

    A&O bolsters regulatory team with CC hire

    Allen & Overy (A&O) has bolstered its regulatory practice with the hire of Damian Carolan from magic circle rival Clifford Chance (CC). Carolan joins A&O's London office as a partner from CC, where he was a senior associate. He specialises in regulatory matters, specifically focusing on the regulation of wholesale market participants. London regulatory partner Paul Phillips said: "This appointment underlines the firm's commitment to this area at a time when financial regulation is taking on greater strategic importance for our clients."

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  • September 18, 2008 |

    West Coast giant Heller ponders dissolution

    Heller Ehrman appeared on the brink of dissolution this week, with some partners already looking to move with what amounted to tacit approval from firm management, writes The Recorder.In office meetings on Wednesday (17 September), partners were told that dissolution is one of several options facing the 119-year-old law firm, a Heller partner said. As a result, management said it was understood that partners would begin talking to other firms, and several individuals and groups have already begun talks, sources said.

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  • September 18, 2008 |

    Claims rush forecast after US bank demise

    The City's top litigators are predicting a surge of litigation in the aftermath of Lehman Brothers' collapse.Law firms are already receiving calls from clients asking about their positions in the wake of Lehman's bankruptcy filing earlier this week. The impact is already going beyond potential claims against Lehman, its management and advisers and by the bank as it pursues third party advisers for the benefit of its creditors. Lehman's demise is also expected to kick off claims by unrelated parties such as investment banks and hedge funds considering their positions on funding obligations given the broader credit market turmoil. CMS Cameron McKenna litigation partner Guy Pendell told Legal Week: "Where parties stand to lose significantly there is the potential for litigation but Lehman will not necessarily be the target of claims. Parties may look elsewhere to recover losses and professional advisers can be a target in these circumstances."Mayer Brown litigation partner Clare Canning added: "Litigation kicks off when people run out of cash. You could not have a more dramatic example of that here." The Financial Services Authority has already asked British banks to report their exposure to Lehman and banks including Lloyds and Standard Chartered are among those thought to be owed money by the bank. There could also be claims from ex-employees seeking compensation for not being paid their wages.David Greene, head of litigation at UK group action specialist Edwin Coe, said: "There is bound to be litigation. No doubt about it. It is a very complex insolvency in a number of jurisdictions. There may be arguments between creditors over assets and also competition between jurisdictions wanting to ring-fence assets."He added: "If ex-employees do not get paid there is a large body of them who could collect together to bring action. Creditors of BCCI included ex-employees."

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