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  • February 18, 2009 | International Edition

    That's entertainment

    The halcyon days of unlimited cash to splash on boozy client lunches and blagging the day off to cut up turf at the golf course may have passed for the immediate future, but that doesn't mean clients don't still expect a little love now and again. But in leaner times, how should lawyers strike the balance between rewarding good business and cutting into profits?With every firm out to maximise the work available from existing clients, as well securing work from other people's clients, any cutbacks to marketing and entertainment budgets at this point have to be measured. And while showing clients you appreciate their business is one thing, decorum is required if you don't want them to start questioning whose bill their ostentatious gift was funded by.

    1 minute read

  • February 18, 2009 |

    That's entertainment

    The halcyon days of unlimited cash to splash on boozy client lunches and blagging the day off to cut up turf at the golf course may have passed for the immediate future, but that doesn't mean clients don't still expect a little love now and again. But in leaner times, how should lawyers strike the balance between rewarding good business and cutting into profits?With every firm out to maximise the work available from existing clients, as well securing work from other people's clients, any cutbacks to marketing and entertainment budgets at this point have to be measured. And while showing clients you appreciate their business is one thing, decorum is required if you don't want them to start questioning whose bill their ostentatious gift was funded by.

    1 minute read

  • February 11, 2009 |

    US firms see record year for laterals as 2,500 partners swap firms in 2008

    Leading US law firms saw a record year for lateral moves in 2008 despite the financial downturn, with a 4% increase in partner moves during the year. Research from Legal Week sister title The American Lawyer found that 2,509 partners in Am Law 100 and 200 firms transferred to rivals over the course of 2008. K&L Gates took on the most lateral partners, bringing in 185 over the period, followed by Reed Smith with 74, DLA Piper with 58 and Jones Day with 57.

    1 minute read

  • February 11, 2009 |

    EU/Competition: Seeking guidance

    The European Commission is currently reviewing the procedures for the assessment of horizontal cooperation agreements (that is, cooperation agreements between actual or potential competitors) under the EC competition rules. The review presents an important opportunity for the Commission to adapt its guidance to the changed circumstances since the current regime was adopted.The Commission's current approach is set out primarily in its guidelines on the application of Article 81 of the EC Treaty (which, broadly speaking, prohibits anti-competitive collusion in the EU) to horizontal cooperation agreements (known as the Horizontal Guidelines) and in separate block exemption regulations relating to cooperation under specialisation and research and development agreements. Those provisions were adopted by the Commission in late 2000 and early 2001. The Horizontal Guidelines in particular were widely welcomed when they were introduced, not least because they sought to place a greater emphasis on economic criteria and made the Commission's approach to enforcement more transparent.

    1 minute read

  • February 11, 2009 |

    Clydes and Pinsents win Dubai Holding panel roles

    A raft of City firms have scored seats on Dubai Holding's new panel of preferred firms. Clyde & Co, Pinsent Masons, Eversheds and DLA Piper have all won spots on the panel. Clydes won its role on the back of its relationship with the investor and will advise on real estate, intellectual property, construction and corporate matters.All firms have a strong presence in the Middle East, with Clydes having opened in the region twenty years ago and Pinsents holding offices in Dubai. DLA Piper recently launched an office in Oman and Eversheds has offices in Abu Dhabi and Doha.

    1 minute read

  • February 4, 2009 | International Edition

    Commentary: FFW bucks trend as lure of silver screen fades for City

    Given the furore surrounding redundancies and partner culls in recent weeks, SJ Berwin's announcement that it is closing its media team was easy to miss. Lawyers in the media, though, are shocked by the news of the departure of the highly-rated team, led by partner Tim Johnson. It is a move that many see as sad both for the individuals concerned but, more crucially, because of what it says about the state of the media market. In reality perhaps the most surprising aspect was that SJ Berwin was still offering film and television finance advice at all. Alongside Olswang, and to a lesser extent Reed Smith and DLA Piper, the firm has been one of an ever-shrinking handful of City players to offer such advice.

    1 minute read

  • February 4, 2009 |

    Commentary: FFW bucks trend as lure of silver screen fades for City

    Given the furore surrounding redundancies and partner culls in recent weeks, SJ Berwin's announcement that it is closing its media team was easy to miss. Lawyers in the media, though, are shocked by the news of the departure of the highly-rated team, led by partner Tim Johnson. It is a move that many see as sad both for the individuals concerned but, more crucially, because of what it says about the state of the media market. In reality perhaps the most surprising aspect was that SJ Berwin was still offering film and television finance advice at all. Alongside Olswang, and to a lesser extent Reed Smith and DLA Piper, the firm has been one of an ever-shrinking handful of City players to offer such advice.

    1 minute read

  • February 4, 2009 |

    India - still an outsourcing haven?

    India's outsourcing sector comprises both business process and IT outsourcing, and it has been growing at an annual rate of about 37% over the last few years. Growth has jumped from approximately $3.1bn (£2.17bn) in 2004 to nearly $11bn (£7.7bn) in 2008. Yet, despite such a strong market to protect, a senior Indian special forces source described the response to the Mumbai terrorist attack as having "far too many command centres, with each one trying to best guess the other, [leading] to confusion and delayed operations", adding: "there appears to have been a lack of detailed, precise planning".

    1 minute read

  • 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