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  • March 28, 2008 |

    Sovereign funds to drive '08 M&A - report

    Sovereign wealth funds and a rise in corporate defaults are likely to drive M&A activity over the next 12 months, according to new research published by Mergermarket. The latest Global M&A and Debt Market Outlook survey of US and European executives and advisers found 64% of respondents predicting an increase in corporate defaults. Seventy percent expected such a rise in the US, with 50% anticipating an increase in Europe over the same period.

    1 minute read

  • March 28, 2008 |

    Beachcroft partner hire builds property litigation

    National firm Beachcroft and West End outfit Howard Kennedy have both bulked up their property litigation practices with partner hires. Lesley Hughes joined Beachcroft as a partner in its real estate litigation group earlier this month (3 March) from Walker Morris, where she was an associate.

    1 minute read

  • March 26, 2008 |

    Reed Smith in Dubai shipping launch

    Reed Smith Richards Butler is launching a shipping team in Dubai with the relocation of City partner Adam Morgan, as the US firm gears up to develop its international shipping practice. Shipping and aviation finance partner Morgan moves to Dubai on 1 April. His experience includes leading the shipping practice at legacy City firm Richards Butler between 2000 until 2004 and previously spent a decade in Hong Kong.

    1 minute read

  • March 20, 2008 |

    Norton Rose a winner as Standard Chartered names new UK panel

    Standard Chartered Bank has unveiled its new panel of UK advisers, with Norton Rose making its debut on the roster and City rivals SJ Berwin and Bird & Bird among those to miss out. The new line-up, which follows the first review of the bank's domestic panel in four years, sees City firms Denton Wilde Sapte and Herbert Smith retained alongside southwest outfit Burges Salmon and national giants Addleshaw Goddard and DLA Piper.

    1 minute read

  • March 20, 2008 |

    Reed Smith lands Unicredit as client on Turkish auto acquisition

    Reed Smith Richards Butler has won a new European finance client, with the firm taking on its first transaction for UniCredit Group. The transatlantic firm's London arm has recently signed its first deal for the bank - advising on its acquisition of a 20% share in the Turkish automotive parts supplier Martur for an undisclosed amount.

    1 minute read

  • March 19, 2008 |

    Edwards Angell lands first London lateral

    Edwards Angell Palmer & Dodge has announced its first London-based lateral hire since its merger with Kendall Freeman came into effect on 1 January. Rajita Sharma has joined the office as a partner in order to boost Edwards Angell's intellectual property practice. She was previously at Reed Smith Richards Butler.

    1 minute read

  • March 19, 2008 |

    Professional Negligence: Same horse, different rider?

    The fallout from the subprime crisis which began in the US is rarely out of the news. As lenders keep an anxious eye on their loan books, there are dire warnings of a property crash. Minds are inevitably cast back to the early 1990s, when the last crash resulted in a flood of claims against solicitors, valuers and brokers arising out of mortgage fraud and professional negligence. Many professionals and their insurers will be monitoring the current situation, since experience shows claims against professionals are likely to follow if the anticipated crash occurs, as lenders look to recover their losses. A rising property market, such as has prevailed in the UK for a considerable period, can mask a number of ills. In particular, mortgage fraud is less likely to cause problems (if it comes to light at all) in a rising market, where a lender can recoup the value of the secured property. Once the value of properties starts to fall, however, it is more likely there will be insufficient equity in the property to recover the sum advanced and related charges. This is when short-changed lenders begin to scrutinise the work undertaken by professional intermediaries.

    1 minute read

  • March 14, 2008 |

    Reed Smith, Herbies in as AOL buys $850m Bebo

    The City arm of Reed Smith Richards Butler has picked up a profile-raising mandate on the $850m (£420.6m) acquisition of social networking website Bebo by AOL. The firm's London arm advised longstanding client Bebo on UK aspects of the deal, with senior associate Gregor Pryor leading a team that also included associates Krista James and Daniel Barnett.

    1 minute read

  • March 6, 2008 |

    Abu Dhabi Commercial Bank makes first general counsel hire

    Abu Dhabi Commercial Bank (ADCB) has appointed Simon Copleston as its first-ever general counsel. Copleston joined the bank from the Abu Dhabi Investment Authority (ADIA) on 8 January to become the first lawyer to hold the post. The appointment is Copleston's latest in-house position in the Middle East after leaving Olswang in January 2006 to join investment house Dubai International Capital. It is understood he will be responsible for building up the bank's legal function to around five lawyers by the end of the year.

    1 minute read

  • March 5, 2008 |

    Commercial and Chancery Bar: Centre point

    In an article entitled 'Starting from Scratch' on 29 March, 2007, Legal Week reported on the ambitious plans for the Dubai International Financial Centre (DIFC) and its Court. In the subsequent year the world's leading financial institutions have continued to pour into the centre and the list of law firms with a presence in the DIFC now include Akin Gump, Allen & Overy, Al Tamimi & Co, Ashurst, Clifford Chance, Conyers Dill & Pearman, Denton Wilde Sapte, Freshfields Bruckhaus Deringer, Linklaters, Lovells, Maples and Calder, Norton Rose, Reed Smith Richards Butler, Simmons & Simmons and Walkers. In addition, the UK law firms Kennedys and Clyde & Co, which are based in greater Dubai, have also been active in the DIFC Court. It is notable that in January the International Bar Association (IBA) established its Middle East office in the DIFC. The opening of the office was timed to correspond with the IBA's Arab regional forum's conference on Islamic finance in the Middle East. The DIFC has set its sights on becoming the world centre for Islamic finance and is itself an active investor. In June 2007, DIFC Investments listed a $1.25bn (£630m) sukuk on the Dubai International Financial Exchange, taking the total value of sukuk listed on the exchange to $10.43bn (£5.26bn) - the highest of any exchange worldwide. The DIFC has also been an active investor in international markets and acquired a 2.2% stake in Deutsche Bank, which, according to publicly-available market data, makes it the largest external strategic shareholder in the international investment bank.

    1 minute read