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  • October 6, 2008 |

    Ex-Dechert lawyer sues firm for discrimination

    Can a company be held liable for failing to deliver on promises made during a job interview?One former Dechert associate thinks so and has filed suit against the firm claiming it exaggerated the extent of its corporate work in order to woo him, did not provide the touted opportunities, and then fired him in part because he is an Orthodox Jew.In his complaint - filed in New York trial court by attorney Neil Brickman - the ex-Dechert associate, Marc Lubin, says he has worked at four top 100 US law firms since graduating from Columbia Law School in 1994. Dechert was the last of those firms; Lubin jumped there from Skadden Arps Slate Meagher & Flom in October 2002 because, according to the complaint, he felt "he should be gaining greater experience in a wider variety of structured finance deals".

    1 minute read

  • October 2, 2008 |

    Linklaters beats rivals to top of global M&A rankings for Q3 2008

    Linklaters has stormed to the top of the latest M&A rankings as clients continue their flight to quality for big-ticket mandates.Mergermarket tables for the first three-quarters of 2008, which are provided exclusively to Legal Week, put the magic circle law firm far ahead of its rivals by value for global, European and UK M&A, with Linklaters advising on 184 deals to date worth $602.3bn (£335bn). Over Q3 the firm has seen a stream of mandates coming from the credit crunch - winning roles on deals including the proposed takeover of HBOS by Lloyds TSB and Bank of America's takeover of Merrill Lynch. It is also advising on the largest deal of the quarter - InBev's unsolicited bid for rival drinks company Anheuser-Busch.The mandates mean Linklaters' quarterly tally has a higher value at $238.3bn (£134bn) than in both Q2 2008 and Q3 2007.Linklaters corporate partner Matthew Middleditch told Legal Week: "We have been lucky that our broad base of clients has been active this year. Given the uncertain climate, quite how much longer activity will continue is uncertain for everyone."The rankings demonstrate clients turning to top-tier law firms during the economic crisis. By value the rankings are dominated by leading international players such as the magic circle, Sullivan & Cromwell, Skadden Arps Slate Meagher & Flom and Cleary Gottlieb Steen & Hamilton. All have significantly outperformed the wider M&A market. Q2 saw 3,407 deals announced globally worth $686.6bn (£380bn) while Q3 fell to 2,352 worth $735.3bn (£408bn).With the credit crunch already claiming global banking institutions such as Lehman Brothers, Merrill Lynch and Washington Mutual as well as HBOS and Bradford & Bingley in the UK, firms are preparing for a further flurry of bank-related M&A activity. Freshfields head of corporate Barry O'Brien said: "There is no question we will see more work arising from financial institutions. The regulated balance sheets have not been as robust as people assumed and I would expect to see further financial services consolidation in the future."

    1 minute read

  • October 2, 2008 |

    Nomura finalises closely-watched Euro line-up as Lehman deal goes through

    Japanese investment bank Nomura has finalised its new European legal panel.Allen & Overy, Linklaters, Freshfields Bruckhaus Deringer, SJ Berwin, Ashurst and Osborne Clarke are all understood to have been re-appointed to the panel following a review led by European general counsel Mark Chapman. Norton Rose has been cited as a new addition to the roster, with the panel appointment coming within weeks of the London law firm also securing a new appointment to the panel of insurer Ace European Group. Nomura last reviewed its preferred adviser list three years ago when former Linklaters managing partner Terence Kyle, then the bank's European general counsel, led the process. Kyle retired from the bank last year to join mentoring consulting group IDDAS with Chapman appointed as his replacement late in 2007. Chapman, previously a lawyer with Freshfields Bruckhaus Deringer, joined Nomura's legal department in 2000.News of the panel review comes after Nomura sealed a deal to take on fallen investment bank Lehman Brothers' Asia-Pacific operations as well its European and Middle Eastern equities and investment banking businesses.The deal, which generated roles for law firms including Skadden Arps Slate Meagher & Flom and Freshfields for Nomura, is expected to save thousands of jobs at the defunct bank. It had initially been feared that the entire Lehman legal team in the UK could lose their jobs but last month's rescue deal by Nomura is expected to save many of the 2,500 jobs across those divisions. Details are still to be finalised but a number of London legal staff are already understood to have been granted a temporary reprieve - including as many as 14 members of staff from the bank's Canary Wharf-based documentation team, who had initially been thought likely to leave the bank last week. In addition, the future of the bank's equity derivatives and structured products legal team, headed up by Bhavesh Dattani, also looks more certain, with both legal teams likely to remain in place at least until the end of October. Nomura declined to comment on either the panel or the number of legal staff likely to join from Lehman.

    1 minute read

  • October 2, 2008 |

    A&O opens Sao Paulo arm led by NY partner

    Allen & Overy (A&O) has formally launched in Sao Paulo, opening an office led by New York-based project finance partner Bob Kartheiser, who also co-heads the law firm's Latin America practice groupKartheiser will split his time between New York and Brazil while senior counsel Bruno Soares has relocated to Brazil full time. The office will start out with three full-time lawyers on the ground in Sao Paulo. Around 30 of the magic circle firm's lawyers have a Latin America focus.Kartheiser said: "There was a clear client-driven need to open in Sao Paulo. Brazil is a very large, very dynamic market. Servicing our clients there requires a day-in, day-out presence and specialised dedication of resources. We are excited to provide that."A&O senior partner David Morley added: "This is a natural extension of the work we have been doing throughout the region for years."A&O's launch follows several openings in the Brazilian city over the last year, however most have been US firms. These include Skadden Arps Slate Meagher & Flom, which opened in Brazil earlier this year, and Proskauer Rose. New York's Simpson Thacher & Bartlett is also planning to launch in the city.

    1 minute read

  • September 30, 2008 |

    A&O makes Brazil entrance with Sao Paulo launch

    Allen & Overy has opened its first office in Brazil with the formal launch of its Sao Paulo base today (30 September). As previously reported by Legal Week (4 September), the office, which will focus on corporate finance work, will be led by New York-based project finance partner Bob Kartheiser, who also co-heads the firm's Latin-America practice group.Kartheiser will split his time between New York and Brazil while senior counsel Bruno Soares has relocated to Brazil full-time. The office will start out with three full-time lawyers on the ground in Sao Paulo. Around 30 of the firm's lawyers have a Latin-America focus.

    1 minute read

  • September 29, 2008 |

    US legal elite lead on Citi's Wachovia buy-out

    Four leading Wall Street firms have advised on the latest grand-scale banking rescue as Wachovia joins the ranks of banking giants to fall victim to the credit crunch. Davis Polk & Wardwell and Sullivan & Cromwell took the lead roles on Citi's acquisition of Wachovia's banking operations for $2.16bn (£1.16bn). Citi will take on around $53bn (£29bn) worth of Wachovia debt in the rescue deal, backed by the US Government.Sullivan advised Wachovia on the deal, while Davis Polk advised Citi, led by M&A partners John Ettinger and Phillip Mills and financial institutions partner Randall Guynn.

    1 minute read

  • September 26, 2008 |

    Sullivan acts on JPMorgan's $1.9bn WaMu buy-out

    Sullivan & Cromwell has taken the lead role on JPMorgan's $1.9bn (£1bn) purchase of Washington Mutual (WaMu) assets, following the US Government seizing the savings and loan association last night (25 September). Sullivan advised JPMorgan, led by chairman Rodgin Cohen and flanked by finance and M&A partner Mitch Eitel. Simpson Thacher & Bartlett is understood to have taken the lead mandate advising Washington Mutual.Cravath Swaine & Moore also took a role as JPMorgan simultaneously launched a $10bn (£5.4bn) fundraising, selling common stock to the public to add capital to its balance sheet. New York-based corporate partner William Fogg led the Cravath team.

    1 minute read

  • September 25, 2008 | International Edition

    Freshfields gets in on Nomura's Lehman buy-out

    Freshfields Bruckhaus Deringer has emerged as the latest firm to score a role on Japanese investment bank Nomura's acquisition of Lehman Brothers' Asian operations and its European and Middle East investment banking and equities divisions. The firm is acting for Nomura on the implementation of the acquisitions and on the legal aspects of the integration of the two businesses. London corporate partners Stephen Revell, Mark Kalderon and Stephen Hewes are all advising on the deals alongside Hong Kong corporate partner Rob Ashworth and London IP/IT partner Richard Lister.

    1 minute read

  • September 25, 2008 |

    Freshfields gets in on Nomura's Lehman buy-out

    Freshfields Bruckhaus Deringer has emerged as the latest firm to score a role on Japanese investment bank Nomura's acquisition of Lehman Brothers' Asian operations and its European and Middle East investment banking and equities divisions. The firm is acting for Nomura on the implementation of the acquisitions and on the legal aspects of the integration of the two businesses. London corporate partners Stephen Revell, Mark Kalderon and Stephen Hewes are all advising on the deals alongside Hong Kong corporate partner Rob Ashworth and London IP/IT partner Richard Lister.

    1 minute read

  • September 25, 2008 |

    Skadden and Linklaters cash in on Nomura's Lehman rescue

    Skadden Arps Slate Meagher & Flom and Linklaters this week landed lead roles on Japanese investment bank Nomura's $230m (£124m) acquisition of Lehman Brothers' Asian operations and the fallen bank's European and Middle Eastern equities and investment banking businesses. Skadden is fielding a team from its London and Hong Kong offices for the Japanese bank, with partners including Hong Kong corporate co-head Nick Norris, London restructuring partner Lynn Hiestand and London corporate partner John Adebiyi all playing central roles in the rescue.Linklaters, meanwhile, has been instructed to act for liquidators KPMG in Hong Kong, with Asia corporate chief Keith Johnson and litigation partner Melvin Sng advising. The magic circle firm was already acting for Lehman's European administrators, PricewaterhouseCoopers, under a heavyweight team including restructuring head Tony Bugg. Nomura, which beat bidders including Barclays to the European assets, has also turned to panel firm Osborne Clarke to advise on the employment aspects of the European deal, with the firm fielding a team under employment partner Victoria Parry. Nomura relationship partner and employment chief David Cubitt and employment partner Richard Brown are assisting.

    1 minute read