Filter This View

  • 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."

    1 minute read

  • 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.

    1 minute read

  • 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."

    1 minute read

  • September 17, 2008 |

    Mayer Brown names London finance chief

    Mayer Brown has appointed securitisation partner Bruce Bloomingdale as head of finance in the firm's London office. Bloomingdale, who joined the firm in the US after a career as a chartered accountant, will take up the post from current head Ian Coles. He has been based in the firm's London office for eight years and advises financial institutions on securitisation and real estate finance. His plans include developing the firm's securitisation, asset-backed lending and capital markets practices.

    1 minute read

  • September 17, 2008 |

    ...Legal Week Lunchbox: 17/09/08...

    The five most popular articles on legalweek.com today; the pick of the day's posts; and more

    1 minute read

  • September 16, 2008 |

    15 partners quit Heller as Mayer Brown talks end

    At least 15 intellectual property (IP) partners are leaving Heller Ehrman to join US rival Covington & Burlington, as merger talks between Heller and Mayer Brown reach a conclusion, reports The Recorder. The end of the talks was announced in an email to the partnership from Mayer Brown chairman James Holzhauer on Monday morning, in which he praised Heller as a firm.News of the 15 partners leaving Heller had come in over the weekend and into Monday, according to one source who would not elaborate on whether the announcements precipitated the end of the merger talks or vice versa.

    1 minute read

  • September 16, 2008 |

    ...Legal Week Lunchbox: 16/09/08...

    The five most popular articles on legalweek.com today; the pick of the day's posts; and more

    1 minute read

  • September 10, 2008 |

    Enron firms land record $688m class action payout

    A US district court judge has approved an award of $688m (£391m) in legal fees - the largest award in class action history - to plaintiffs lawyers that obtained $7.2bn (£4.1bn) for former Enron shareholders, reports The Am Law Daily. Judge Melinda Harmon ruled on Monday (8 September) that class counsel should receive 9.52% of the total recovery, including interest. As counsel to the suit's lead plaintiff, the Regents of the University of California, San Diego firm Coughlin Stoia Geller Rudman & Robbins is poised to pocket a substantial amount of the record legal fees.Judge Harmon called the $688m award no 'windfall,' but a "reasonable fee earned by an extraordinary group of lawyers who achieved the largest settlement fund ever despite the great odds against them."

    1 minute read

  • September 9, 2008 |

    Proskauer secures Asia launch with Heller China team

    Proskauer Rose has secured its long-awaited Asia launch after hiring a two-partner team in Beijing from Heller Ehrman, including chief representative partner Joseph Cha, Legal Week can reveal. The departing office head is joined by partner Ying Li and one associate from the top 50 US law firm's new office. The New York-based Proskauer Rose has previously expressed interest in launching in Asia but does not yet have offices in the region.Following the loss, Heller's Beijing office has only one partner - dispute resolution specialist Ing Loong Yang, who shares his time between Beijing, Hong Kong and Singapore - plus two associates and three legal consultants.

    1 minute read

  • September 4, 2008 |

    Jones Day boosts City litigation with Mayer Brown double hire

    Jones Day is set to significantly bolster its London litigation offering with a double partner hire from Anglo American rival Mayer Brown. Stephen Brown and Michael Brown are set to join the firm later this month, with associate Sarah Cawthra also joining from Mayer Brown. Both Stephen and Michael were partners at Mayer Brown, with Stephen focusing on corporate litigation in the energy, chemicals and pharmaceuticals sector and Michael specialising in banking and finance litigation.

    1 minute read