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  • May 12, 2009 |

    Law couture

    Going for a job interview is scary enough at the best of times. But when interviewing at a law firm or barristers' chambers, making a good first impression is crucial. Fantastic academic credentials aside, careful choice in your attire can help give you an edge over the other candidates. Looking professional has become more important than ever in today's difficult economic climate. Cliff Burgess, business development manager at gentleman's clothing retailer TM Lewin, comments: "It has been said that people in the City regard wearing a smart suit, tie and cufflinks as donning a suit of armour. That applies more than ever right now."

    1 minute read

  • May 7, 2009 |

    Do bankruptcy lawyers bill illegally?

    In the past few weeks, we've all marvelled at the huge amounts Jones Day, Schulte Roth & Zabel, and Weil Gotshal & Manges have billed in the country's two most-watched Chapter 11 cases (Chrysler for Jones Day and Schulte Roth, Lehman Brothers for Weil Gotshal). But we have to admit we haven't stopped to ponder - are those fees illegal? According to a new study co-authored by UCLA bankruptcy law professor Lynn LoPucki, the answer might be yes. LoPucki and his co-author, fellow UCLA prof Joseph Doherty, essentially argue that bankruptcy judges allow lawyers to bill their debtor clients for months at a time before submitting those billing statements to the judge for approval. That goes against the federal bankruptcy code, the study argues, and it has allowed legal fees to increase faster than inflation rates. Judges in theory have the option of objecting to those bills and demanding law firms pay back some of the money, but "payments are harder to reverse than to prevent," the study says.

    1 minute read

  • May 5, 2009 |

    Jones Day bills $18.5m on Chrysler bankruptcy

    Jones Day has billed Chrysler more than $18.5m (£12.3m) during the past five months, reports The Am Law Daily. In late November the embattled car manufacturer paid Jones Day $1m (£660,000) to establish a retainer, and according to the US firm's application to be Chrysler's lead counsel, around $5.8m (£3.8m) remains in the retainer, meaning the firm has drawn down more than $13m (£8.6m) so far.

    1 minute read

  • May 1, 2009 | International Edition

    Jones Day bags $500m energy deal

    Jones Day's London arm has landed a role opposite Clifford Chance (CC) to advise on the $493m (£333m) acquisition of power plant operator Globeleq. The US firm advised special purpose vehicle Pendekar Energy, owned by Malaysian power supplier Tanjong and Saudi Arabia's Alijomaih Automotive Company.

    1 minute read

  • May 1, 2009 |

    Jones Day bags $500m energy deal

    Jones Day's London arm has landed a role opposite Clifford Chance (CC) to advise on the $493m (£333m) acquisition of power plant operator Globeleq. The US firm advised special purpose vehicle Pendekar Energy, owned by Malaysian power supplier Tanjong and Saudi Arabia's Alijomaih Automotive Company.

    1 minute read

  • April 29, 2009 |

    GE European adviser review nears conclusion

    General Electric's (GE) protracted European panel review has reached its final stages. The review is aiming to cut the number of firms on the panel from 270 down to just 80. Both the successful and unsuccessful tendering firms have been notified of GE's decision, although the company is still in talks with 20 out of the 80 successful outfits over differences in expectations of costs.All firms on the outgoing panel were invited to tender, with no invitations extended to any non-panel firms. The review will be completed in the next two to three weeks.

    1 minute read

  • April 27, 2009 |

    GE appoints new general counsel for Europe

    General Electric (GE) has appointed a new general counsel, with Hendrik Bourgeois replacing Mark Elborne in the role. Bourgeois, who was formerly European senior counsel for competition, regulation and government relations at GE, took up his new post earlier this month. The internal restructuring sees Elborne take on a new non-legal role as national executive for Northern Europe, dealing with strategic issues for the company. Elborne has served as GC for just less than three years, having joined the European arm of GE in May 2006 from GE Insurance in Kansas.

    1 minute read

  • April 20, 2009 |

    Reed Smith boosts corporate with Gibson Dunn hire

    Reed Smith has bolstered its European and Middle East corporate practice with the hire of a new partner in London. Oliver s'Jacob joins the firm as a partner from US rival Gibson Dunn & Crutcher, where he was a senior associate for four years. Prior to that he worked with Jones Day.S'Jacob has experience advising on private equity and corporate finance matters, cross-border M&A transactions, initial public offerings, joint ventures and public and private acquisitions.

    1 minute read

  • April 17, 2009 |

    Top firms line up on Glaxo/Pfizer AIDS treatment JV

    A raft of City firms have landed roles advising pharmaceutical giants Pfizer and GlaxoSmithKline (GSK) on a joint venture that will see the creation of a new HIV and AIDS treatment company. Allen & Overy (A&O), Slaughter and May, Clifford Chance (CC), Jones Day and Morgan Lewis & Bockius have all won instructions on the deal, which will see the drug companies merge their treatment companies into one entity.Slaughters was instructed by GSK as lead counsel, fielding a team led by M&A partners David Johnson and Simon Nicholls. Johnson and Nicholls provided corporate advice, alongside intellectual property (IP) partner Susie Middlemiss, tax partner Steve Edge, competition partner Bertrand Louveaux, and employment partner Sandeep Maudgil.

    1 minute read

  • April 15, 2009 |

    Weil bills $55m on Lehman as US earnings top $84m

    US legal fees and expenses for work on the Lehman Brothers collapse have already topped $84m (£56.5m), writes The Am Law Daily. Figures released in the US show that between 15 September 2008 and 31 January 2009, legal fees relating to the largest and most complicated Chapter 11 in US history totalled more than $84m.Weil Gotshal & Manges, Lehman's lead counsel, has taken the lion's share, so far billing the bank $55m (£36.9m) for 100,296.40 hours of work. Lead restructuring partner Harvey Miller has billed the most hours - 794.80, at a rate of $950 (£638) an hour. However, he is not the firm's highest biller, as exchange rates pushed the fees of Weil's London lawyers to more than $1,000 (£672) per hour. City head Mike Francies is the highest biller involved, spending nearly 78 hours on Lehman at a rate of $1,170 (£786) an hour. All told, 128 Weil partners and of counsel have spent 29,398 hours on the case.

    1 minute read