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  • August 4, 2009 |

    Herbert Smith and Lovells win roles on RenCap panel

    Russian investment bank Renaissance Capital (RenCap) has finished its first formal legal panel review, with Herbert Smith and Lovells the only UK-based firms to win roles. The bank has appointed six law firms to its global roster with US-based Cleary Gottlieb Steen & Hamilton, White & Case, Skadden Arps Slate Meagher & Flom and Latham & Watkins also selected.

    1 minute read

  • July 23, 2009 |

    Ashurst takes Europe role for Intel on €1bn EC fine appeal

    Ashurst has won the lead European adviser role for Intel on its appeal against one of the largest fines ever dished out by the European Commission (EC). Last May Intel was handed a penalty of €1.06bn (£914m) by the EC for anticompetitive behaviour and abusing its leading position in the market for the production of microchips, in a case which dates back to the beginning of the decade.

    1 minute read

  • July 21, 2009 |

    Skadden and Paul Weiss head up $3bn CIT rescue deal

    Skadden Arps Slate Meagher & Flom and Paul Weiss Rifkind Wharton & Garrison have taken lead roles in ailing financial services firm CIT Group's negotiations to stave off bankruptcy, reports The Am Law Daily. Under the terms of the proposal, approved late Sunday (19 July), CIT will receive $3bn (£1.8bn) from some of its largest bondholders. The loan, which has a two-and-a-half year maturity and a relatively high interest rate, is expected to give CIT some breathing room as it embarks on a global restructuring.

    1 minute read

  • July 9, 2009 | International Edition

    Foreign firms put merger hopes on hold to hunker down for recession

    The number of international law firms in London looking for a tie-up has fallen to its lowest level in five years, as firms batten down the hatches in their City outposts during the downturn. Only 21% of non-UK headquartered firms in London said they would consider a merger with a UK firm according to Legal Week's annual survey of international law firms in London. The result marks a sharp decline from last year when 45% of firms said they would consider a UK deal.

    1 minute read

  • July 9, 2009 |

    Foreign firms put merger hopes on hold to hunker down for recession

    The number of international law firms in London looking for a tie-up has fallen to its lowest level in five years, as firms batten down the hatches in their City outposts during the downturn. Only 21% of non-UK headquartered firms in London said they would consider a merger with a UK firm according to Legal Week's annual survey of international law firms in London. The result marks a sharp decline from last year when 45% of firms said they would consider a UK deal.

    1 minute read

  • July 2, 2009 |

    Skadden's London outpost picks up call from Nokia on Nortel acquisition

    Skadden Arps Slate Meagher & Flom's London arm has advised as Nokia Siemens Networks picked up part of Nortel Network's business for $650m (£397m). London-based restructuring co-head Lynn Hiestand took the lead on the deal, which saw Nokia Siemens purchase Nortel's advanced wireless technology business, working alongside UK corporate partners Scott Simpson and Michal Berkner along with Simpson.

    1 minute read

  • June 25, 2009 |

    White & Case set to hold on to 13 qualifying trainees

    White & Case is to keep on 13 of the 15 trainees due to qualify in London in September, representing a retention rate of 87%. The figure is marginally up on the equivalent intake last year when White & Case kept on 86% of its trainees. The firm kept on 12 of its 13 March qualifiers earlier this year.

    1 minute read

  • June 25, 2009 |

    Global disputes: Still waiting for the train to leave

    Over the last few months, international law firms have been gearing up for the long-awaited upturn in litigation, with a string of office openings and major hires. With the London Court of International Arbitration (LCIA) gaining in popularity in recent years, it is no surprise that the UK capital has been at the forefront of the action, alongside other major arbitration centres like New York and Paris. There have also been moves to bulk up on dispute resolution expertise in Asia and the Middle East.

    1 minute read

  • June 25, 2009 |

    Partners predict market consolidation as downturn drives merger interest

    Two out of three partners believe the recession will present attractive opportunities to secure opportunistic mergers, suggesting that the UK market could be set for a run of consolidation. The latest Big Question survey found that 68% of partners believe the downturn will present attractive opportunities to secure domestic mergers. A further 28% thought there may be such deals, leaving only 4% claiming such unions were unlikely.

    1 minute read

  • June 18, 2009 |

    Herbert Smith set to retain 74% of September trainee intake

    Herbert Smith has retained 48 of its 65 trainees set to qualify this September, equating to 74% of its intake. The retention rate represents a significant drop on last year's figure, when the firm kept on 45 out of 49 (92%) trainees. The firm's March intake earlier this year saw 26 out of 31 (84%) taken on.

    1 minute read