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  • February 5, 2009 |

    SocGen shakes up adviser roster in global review

    A raft of City firms have won places on Societe Generale's (SocGen's) global legal panel, in a review that has seen Freshfields Bruckhaus Deringer, White & Case and Orrick Herrington & Sutcliffe lose out. The bank has cut the number of global panel firms from nine to eight with Paul Hastings Janofsky & Walker and Salans winning places on the roster. The process has also seen Allen & Overy, Clifford Chance, Gide Loyrette Nouel, Shearman & Sterling, Linklaters and Norton Rose re-appointed.

    1 minute read

  • February 5, 2009 |

    Weil's City office boosts PEP by 22%

    The London office of Weil Gotshal & Manges has recorded a significant rise in profits per equity partner (PEP) for 2008, posting a 22% hike to a new figure of £1.65m. The office's revenues increased by 2.3% to £58.3m, up from £57m in 2007.The New York firm's City arm has been involved in a number of high-profile deals over the year, including the £1.1bn buyout of FoodVest by Lion Capital and the sale of AIG Private Bank to Abu Dhabi investment group Aabar Investments PSJC.

    1 minute read

  • January 28, 2009 |

    Switzerland: An island of calm

    In a country renowned for its banking prowess, the financial turmoil of the last months has been keenly felt in Switzerland. While the financial haven is proving less than rosy for many bankers with two of its major institutions, UBS and Credit Suisse, both caught up in the financial storm, Switzerland's legal elite has a more positive story to tell.For many of the country's main firms, the crisis has meant an inflow of lucrative instructions, landing roles in the wake of the collapse of Lehman Brothers - with its plentiful Swiss creditors - for example, or on one of the many reorganisations within Swiss banks.Several of Switzerland's largest firms, including Lenz & Staehelin, Baer & Karrer, Homburger and Schellenberg Wittmer, credit the banking crisis with a major upturn in work in the region."It is clear that last year was dominated by the financial crisis. It has taken a lot of our time and made us quite busy," says Homburger managing partner and co-head of M&A Heinz Schaerer.

    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

  • December 15, 2008 |

    Shearman promotions see two made up in the City

    Shearman & Sterling has announced its annual promotions round, with 11 lawyers made up to partner, including two in the City. Real estate associate Clare Breeze and finance counsel Mei Lian join the partnership in London, bringing the total number of partners in the US firm's City office to 26.The promotions highlight Shearman's increasing emphasis on international growth, with the majority coming outside of the US.

    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 11, 2008 |

    Bank duo call for staff to re-apply for jobs after merger go-ahead

    Legal staff at Bank of America and Merrill Lynch have been asked to re-apply for their jobs, as the duo prepare to complete their tie-up in the new year. The two banks have a combined legal team estimated at around 700 lawyers - including those embedded in front office positions - and it is understood that every member is having to re-apply for their post. The move follows Bank of America's $50bn (£38bn) acquisition of investment bank Merrill in September.

    1 minute read

  • December 10, 2008 |

    Life is sweet

    If longevity is anything to go by, working as the top lawyer at confectionery giant Cadbury seems to be one of the, ahem, sweeter in-house roles going.After all, the company - one of the world's largest confectionery businesses - has a knack of being able to retain its staff. Chief legal officer and group secretary Hank Udow has been at the company for more than 20 years and is still fascinated by his work.He says: "It still amazes me how many interesting and complex transactions I have had the opportunity to do at Cadbury. It is never dull. The scope of activities from a legal perspective is enormous."

    1 minute read

  • December 10, 2008 |

    Germany: The credit what?

    Lawyers from a number of independent firms in Germany say the credit crunch has yet to have a major impact on their overall workload. And while they are clearly keeping a close eye on the evolving economic situation, many firms are maintaining plans to take on new lawyers - evidence of the seemingly resilient state of many of the country's independent players. "It is too early to tell what the impact of the credit crunch will be," explains Rainer Loges, managing partner of Gleiss Lutz. "We have seen less new large M&A deals and fewer leveraged deals in general - and some M&A deals have collapsed altogether - but besides that there have not been big changes so far. The profession is expecting a slower year for 2009, but my impression is that most people don't think it will be that bad. I would not expect many German firms to lay off people. In any event, we are planning to hire further."

    1 minute read

  • December 7, 2008 |

    The Middle East, post-Lehman: A tale of two Emirates

    For the aspiring global firm, a shingle in Dubai has been one of the must-haves of the last five years. Last week Weil Gotshal & Manges joined the…

    1 minute read