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  • January 23, 2009 |

    Bakers lays off 20 legal staff from London office

    Baker & McKenzie has cut 20 legal positions in London with the firm also set to review its support function. The firm confirmed today (23 January) that 20 London-based legal staff have lost their jobs, with the redundancies affecting a number of associates and paralegals. It is understood that the cuts affect a number of practice areas, including corporate.In addition, the firm has launched a separate review of its secretarial and support services which could result in job losses. No formal redundancy consultation has been launched and the review is set to last several months.

    1 minute read

  • January 21, 2009 |

    Nice work... if you can get it

    These are bleak times for corporate lawyers. But there is one ray of light in this storm - sovereign wealth funds. These funds, which are loosely defined as investment vehicles owned by foreign governments, have generated many headlines over the past 18 months. Their high-profile transactions range from the buyout of luxury retailer Barneys New York to multibillion-dollar investments in Wall Street banks. In 2007 alone, sovereign entities spent $92bn (£61.3bn) in publicly recorded equity transactions, according to Monitor Group.But the real moment for sovereign wealth funds is now. These powerhouse investors globally control about $2.3trn (£1.5trn), a pocketbook that exceeds both the private equity and hedge fund industries. And they could quadruple in size by the middle of the next decade, even with the global slowdown and the recent decline in oil prices, according to Morgan Stanley chief currency economist Stephen Jen. Funds in the Gulf region account for more than half of those sums.

    1 minute read

  • January 15, 2009 |

    Field Fisher builds tax with Herbert Smith hire

    Field Fisher Waterhouse has boosted its tax department with the lateral hire of Herbert Smith partner Derek Hill.Hill joins Field Fisher this month after five years in the tax practice at Herbert Smith. His hire takes the number of tax partners at Field Fisher to four. Hill has particular expertise in the media sector and has advised both Time Warner and Sky. He also has experience of renewable energy tax advice. His departure leaves Herbert Smith with five tax partners in London.Commenting on the appointment, Field Fisher tax partner Nick Noble told Legal Week: "We are always looking to expand our tax group. People with good technical skills and good interpersonal skills will always bring great strength to our team. In particular he brings new skills and expertise in media taxation and brings on board some high-profile existing clients."

    1 minute read

  • December 18, 2008 |

    Reed Smith

    Richards Butler's long search for a merger partner ended on 1 January, 2007, when it hooked up with the only US firm ever to have had an office in Coventry.

    1 minute read

  • December 18, 2008 | International Edition

    Reed Smith, Mofo announce partner promotions

    Reed Smith and Morrison & Foerster have become the latest firms to announce their new partner promotions, with Reed Smith making up 22 and MoFo 10.At Reed Smith the majority of the promotions are in the firm's US offices, which gain 15 new partners. London gains four new partners, with Patrick Beale (dispute resolution), Charles Bezzant (real estate finance), Charlotte Moller (restructuring and insolvency) and Gregor Pryor (media) all joining the partnership. Meanwhile, Hong Kong sees two lawyers elected to the partnership, with Paris gaining one.

    1 minute read

  • December 18, 2008 |

    Reed Smith, Mofo announce partner promotions

    Reed Smith and Morrison & Foerster have become the latest firms to announce their new partner promotions, with Reed Smith making up 22 and MoFo 10.At Reed Smith the majority of the promotions are in the firm's US offices, which gain 15 new partners. London gains four new partners, with Patrick Beale (dispute resolution), Charles Bezzant (real estate finance), Charlotte Moller (restructuring and insolvency) and Gregor Pryor (media) all joining the partnership. Meanwhile, Hong Kong sees two lawyers elected to the partnership, with Paris gaining one.

    1 minute read

  • December 11, 2008 |

    M&A team of the year

    The finalists in this category have all - to varying degrees - seen their efforts to focus on key sectors pay off in a major way. The winner, Freshfields Bruckhaus Deringer, has targeted sectors such as financial institutions, energy, healthcare, private equity and technology, media and telecoms. The 55-partner UK team may have received most publicity for its work for Northern Rock, but it also notched up a string of multi-billion pound deals such as EMI's takeover by Terra Firma, the acquisition of rolling stock provider Angel Trains, and Reed Elsevier's offer for CashPoint. The judges admired the depth of specialist support in areas such as tax, employee benefits, intellectual property and antitrust.

    1 minute read

  • December 11, 2008 |

    Young solicitor of the year

    The standard of entries for this award are almost always exceptionally high. The judges were extremely impressed with the calibre of the finalists this year and felt that all demonstrated very high levels of technical ability and leadership potential. Carol Lim Apel from Hammonds is developing a burgeoning reputation in the field of nuclear decommissioning and renewable energies. Qualified in Singapore, the UK and the US, she played a key role in successfully guiding an international consortium through the tender process for the first contract to be awarded by the Nuclear Decommissioning Authority. The ongoing work involved with the project is genuinely deserving of that frequently over-used epithet, groundbreaking.

    1 minute read

  • December 10, 2008 |

    Banking: Stabilising the German market

    In early October, the German Government started work on a stabilisation programme, deciding to guarantee all private customer deposits at banking institutions without limit. The programme came into force on 18 October, under the Financial Market Stabilisation Act.The objective of the Act is to overcome the liquidity squeeze affecting financial institutions and to improve their equity. Under the Act, through a state-owned fund, the Government will:

    1 minute read

  • December 10, 2008 |

    In tune with the times

    In recent months the legal profession has been the subject of a fair bit of criticism (or at least more so than usual) for profiting from others' misery. Multimillion-pound advisory bills when your client is going down don't really go down too well. However, taking the lead from Reed Smith supergroup Class Action and the Chartered Institute of Taxation Band (see above), one partner at a top UK law firm is turning to the power of music to provide some cheer among the gloom of the financial crisis.

    1 minute read