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  • September 10, 2008 |

    Midlands and the North: Down but not out

    Nationally-focused firms have delivered the poorest collective performance in the UK over the past 12 months, leading to speculation over what the next year will hold for them.The 2005-06 financial year was outstanding for regional and national players, with leading outfits in Birmingham and Manchester outperforming City rivals. However, as the economy took a dive, the weakest performances in Legal Week's most recent top 50 league table were notably those with a presence in the Midlands and the north. Mills & Reeve, Hill Dickinson, Cobbetts and Beachcroft all appeared at the bottom of the profits per equity partner ranking, with the latter suffering a 3.1% drop. Meanwhile, Halliwells, Hammonds, Dickinson Dees and Shoosmiths all scored poorly on profit growth, with Shoosmiths actually experiencing a 19.7% drop in profits.

    1 minute read

  • September 10, 2008 |

    Midlands and the North: The dispute resolution revolution

    The construction industry nationwide faces a downturn and Yorkshire and the rest of the north have not escaped. In Leeds the Lumiere mixed-use project has been mothballed; the 'Kissing Towers' building at Criterion Place next to the railway station has also been shelved. What does this mean for the city and the surrounding region? And how will the construction industry in the north respond to the downturn?The last major slump in the early 1990s saw the construction industry go through one of its more combative patches. Allegations of mistreatment of sub-contractors were rife and some bitter disputes were fought.

    1 minute read

  • September 8, 2008 |

    A&O, Addleshaws lead on Nationwide takeovers

    Allen & Overy and Addleshaw Goddard have taken the lead roles on Nationwide's takeovers of Derbyshire and Cheshire building societies. The two smaller rivals of Nationwide have been forced into loss by credit defaults in the near-prime and sub-prime mortgage and loan portfolios.Derbyshire Building Society, which has assets of £7.1bn, 50 branches and 485,000 members, is expected to report a pre-tax loss of £17m for the half-year to the end of June. Cheshire Building Society has around £4.9bn worth of assets, 45 branches and over 440,000 members and will record a loss of £10.5m for the half year.

    1 minute read

  • September 4, 2008 |

    Brown Rudnick seals Bear Stearns City hire

    Brown Rudnick has become the latest in a string of firms to profit from the collapse of Bear Stearns with the hire of the former managing director principal and solicitor from the stricken bank. Sonya Van de Graff will join the US firm's City arm as a partner in the bankruptcy and corporate restructuring group.She represents hedge funds, corporations, investment banks and other financial institutions involved in the distressed and restructuring markets.

    1 minute read

  • September 3, 2008 |

    Addleshaws acts for banks on £450m deal

    Addleshaw Goddard's Manchester banking team has advised opposite Travers Smith on the £450m refinancing of Peel Holdings' land and property investment divisions. The national law firm advised the banks on the two related refinancing deals, with Travers acting for Peel. The first deal saw Addleshaws act for lead arranger Lloyds TSB and a syndicate of five banks - Lloyds, HSBC, HBOS, Barclays and Royal Bank of Scotland N on a £250m refinancing package for Peel Land Holdings.The second transaction saw the firm advise Bank of Scotland as sole lender in connection with facilities of £202m for Peel Land and Property.

    1 minute read

  • August 27, 2008 | International Edition

    Commentary: Big names fear losing out in BAA airports sale

    Whichever way you look at it, airport operator BAA has had a spectacularly turbulent summer. If dealing with the opening of Heathrow Terminal Five was not trouble enough, the company last week learned that the Competition Commission intends to force a sale of three of its seven UK airports. It is enough to get BAA management heading straight for the duty free. But while the UK regulator's decision to take such an unexpectedly aggressive stance spells bad news for BAA, it's likely to have the opposite impact on City law firms.In fact, regular advisers Freshfields Bruckhaus Deringer and Herbert Smith must feel like they have been upgraded to first class, given the publicity their mandates for BAA have received over the last week alone. Granted Freshfields' role advising on BAA's epic £13bn refinancing has been somewhat overshadowed by events at the Competition Commission but, after fielding a large team on the deal virtually since its client Ferrovial bought BAA for some £10.3bn in 2006, the firm is unlikely to care.

    1 minute read

  • August 27, 2008 |

    Commentary: Big names fear losing out in BAA airports sale

    Whichever way you look at it, airport operator BAA has had a spectacularly turbulent summer. If dealing with the opening of Heathrow Terminal Five was not trouble enough, the company last week learned that the Competition Commission intends to force a sale of three of its seven UK airports. It is enough to get BAA management heading straight for the duty free. But while the UK regulator's decision to take such an unexpectedly aggressive stance spells bad news for BAA, it's likely to have the opposite impact on City law firms.In fact, regular advisers Freshfields Bruckhaus Deringer and Herbert Smith must feel like they have been upgraded to first class, given the publicity their mandates for BAA have received over the last week alone. Granted Freshfields' role advising on BAA's epic £13bn refinancing has been somewhat overshadowed by events at the Competition Commission but, after fielding a large team on the deal virtually since its client Ferrovial bought BAA for some £10.3bn in 2006, the firm is unlikely to care.

    1 minute read

  • August 14, 2008 |

    Bakers breaks £1bn mark with 20% revenue boost

    Baker & McKenzie has broken the £1bn revenue mark for the first time, reporting a 20% increase in global fee income. The firm has posted revenues of $2.19bn (£1.17bn), up from last year's total of $1.82bn (£918m). Firmwide profits per partner have also seen double-digit growth from last year, with a 20% increase up to $1.206m (£644,000) from last year's total of $1.063m (£567,000).

    1 minute read

  • August 7, 2008 |

    Mishcons beefs up insolvency with Beachcroft partner hire

    Mishcon de Reya has expanded its insolvency capability with the hire of Beachcroft partner Mike Stubbs.Stubbs, who has joined the firm as a partner, specialises in all areas of insolvency, reconstruction and business recovery work. He spent around five years as a partner at Beachcroft, where he advised clients including Vantis, Ernst & Young and Royal Bank of Scotland

    1 minute read

  • July 31, 2008 |

    Addleshaws hires Goldthorp to expand restructuring practice

    Addleshaw Goddard is expanding its restructuring capability after hiring Alison Goldthorp from Taylor Wessing. Goldthorp is set to join the national firm's City arm in September as a partner after 20 years at Taylor Wessing. She has held various roles at Taylor Wessing and was head of the firm's reconstruction and corporate recovery group between 2004 and 2007. During her time at the firm she has acted on a number of significant restructurings and insolvencies for clients including Deloitte, BDO Stoy Hayward, Grant Thornton and Begbies Traynor.

    1 minute read