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  • September 18, 2008 |

    Eight law firms sign up for pilot as SRA pushes on with trainee reforms

    The Solicitors Regulation Authority (SRA) has launched the long-awaited pilot of controversial changes to the training contract. The work-based learning pilot has two strands - one for those trainees with a formal training contract and one - more controversially - for paralegals hoping to qualify without a contract. Eight law firms including Linklaters, Beachcroft and Jones Day have signed up to test the system for those already with training contracts. They will pilot the scheme - which means trainees will have to meet certain criteria to qualify rather than the automatic progression under the current system - with the September 2008 intake. Meanwhile, Nottingham Law School has agreed to act as an external assessor for paralegals hoping to qualify without a contract. They will be assessed over two years across 37 pre-defined learning criteria with either their employer or Nottingham deciding if they make the grade. Those hoping to qualify with either scheme will still have to gain experience in at least three areas of law, but the pilot will include formal recording of learning and objectives in eight areas.However, the SRA has backed down, for the pilot, on its most unpopular proposal that could have seen the training contract reduced from two years to 16 months. Jonathan Spencer, chair of the SRA's education and training committee, said: "We are enthusiastic about the launch of the work-based learning pilot. We will be monitoring its progress very carefully to assess how it is working in practice for all parties concerned and to carry out any modifications that may become necessary."The SRA announced last May that it had delayed piloting the changes, with the body at the time citing the challenge of creating a model "which is robust enough not to be seen as a 'second-class' route to qualification". At the time, the proposals drew sustained criticism from a number of City law firms, who argued that the reforms risked lowering the educational standards of newly-qualified solicitors. However, Nigel Savage, chief executive of the College of Law, argued the current pilot does not go far enough. He said: "I believe that the training contract should be abolished - it is the biggest impediment to widening participation in law."

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  • September 15, 2008 |

    Orrick completes tie-up with German indie

    Orrick Herrington & Sutcliffe has sealed its German merger, with partners of the US top 50 firm and German corporate independent Hoelters & Elsing voting in favour of a union earlier this month (6 September). The tie-up, which follows months of discussions between the two firms, means that Orrick will operate in Germany as Orrick Hoelters & Elsing.Hoelters managing partner Arno Frings will now take on a position as partner-in-charge of Germany and has also landed a seat on Orrick's European supervisory committee, which will enable him to participate in Orrick's firmwide executive committee meetings.

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  • September 12, 2008 |

    Freshfields wins XL Leisure administration role

    Freshfields Bruckhaus Deringer and Jones Day have taken the lead roles on the administration of the UK's third largest tour operator - XL Leisure Group. The company applied to go into administration late last night (11 September) after a hearing at the Jones Day offices, overseen by High Court judge Mr Justice Henderson. Freshfields is acting for the administrator Kroll, with restructuring partner Richard Tett acting alongside partners Neil Golding and of counsel Anne Sharp.The magic circle law firm is also acting for Iceland's Straumur - XL's main lender which has acquired XL's German and French subsidiaries as a result of the administration.

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  • 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."

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  • September 9, 2008 |

    NY and DC elite line up for US mortgage bail-out

    Wachtell Lipton Rosen & Katz and Cleary Gottlieb Steen & Hamilton are among a long list of leading US law firms to have advised on the US Government's dramatic rescue of failing mortgage giants Freddie Mac and Fannie Mae.Wachtell advised the US Treasury on the rescue deal, which at the weekend saw the US Government take effective ownership of the ailing mortgage giants, which guarantee huge amounts of US mortgage-based securities.Wachtell's 17-lawyer team worked "flat-out" for more than two weeks ahead of the rescue deal, which was concluded at the weekend. The firm's team was led by partners Harold Novikoff and Edward Herlihy. The Treasury Department's team was led by general counsel Robert Hoyt.

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  • 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.

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  • September 3, 2008 |

    ...Legal Week Lunchbox: 04/09/08...

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

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  • August 7, 2008 |

    Fladgate faces £10m claim over fraud case

    Jones Day and Reynolds Porter Chamberlain have won lead roles advising on a claim worth around £10m brought against Fladgate in the High Court last week (1 August).Former dotcom company Izodia alleges that Fladgate's advice allowed fraud to be committed against the company's shareholders

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  • August 4, 2008 | International Edition

    Pinsents pips Norton Rose to top spot in AIM client rankings

    Pinsent Masons has knocked Norton Rose off the top spot as adviser to the largest number of clients on London's Alternative Investment Market (AIM) after a strong Q2 performance. Pinsents leads the rankings, advising 59 AIM-listed clients during the last quarter, according to data complied by Hemscott. The national firm has gained three new AIM client this quarter, climbing two places from third spot in Q1.

    1 minute read

  • August 4, 2008 |

    Pinsents pips Norton Rose to top spot in AIM client rankings

    Pinsent Masons has knocked Norton Rose off the top spot as adviser to the largest number of clients on London's Alternative Investment Market (AIM) after a strong Q2 performance. Pinsents leads the rankings, advising 59 AIM-listed clients during the last quarter, according to data complied by Hemscott. The national firm has gained three new AIM client this quarter, climbing two places from third spot in Q1.

    1 minute read