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  • March 4, 2014 |

    Slaughters, HSF advise on £1.1bn Premier Foods refinancing plan

    Slaughter and May, Herbert Smith Freehills (HSF) and Allen & Overy (A&O) are among a raft of firms landing roles on UK food manufacturer Premier Foods' £1.1bn refinancing package. The UK food manufacturer, which produces Mr Kipling cakes and Bisto gravy, is carrying out a capital refinancing plan that intends to raise a total of £353m through a placing of new shares and a rights issue

    1 minute read

  • February 27, 2014 |

    Links, CC and Norton Rose named on nine-strong Green Investment Bank panel

    Clifford Chance (CC), Linklaters and Norton Rose Fulbright are among nine firms to have won spots on the UK Government-backed Green Investment Bank's (GIB) first formal panel. Legal Week understands that Slaughter and May, Allen & Overy (A&O), Pinsent Masons, Burges Salmon and KWM SJ Berwin were all also successful in their pitches for the roster.

    1 minute read

  • February 27, 2014 |

    In with the old – the importance of keeping grey hairs in the partnership

    If law firms' current focus seems to be on reshaping the junior end of their fee earner base to include a more socially and ethnically diverse group of lawyers, let's not forget that the senior end of the profession also has problems. For some time law firms have been slammed for being ill-prepared to meet demand from older partners keen to continue working but perhaps with fewer hours and less responsibility than their younger, progression-hungry colleagues. But with a couple of new initiatives announced in recent months, is the tide gradually turning in favour of older lawyers keen to remain at their firms in some capacity? All of the UK top 10 firms offer the role of consultant as an alternative to partnership for lawyers beyond retirement age in certain circumstances. Take up at firms to date has been limited, however, with only small numbers at each. And, on the whole, the top 10 do not offer formalised mechanisms as partners wind down from the partnership. Part of the problem for firms is that lawyers have typically been very bad about planning roles beyond partnership. Of those who are interested in remaining in private practice, some might mull over the prospect of helping out with discreet projects, or get involved with education and training. Others may turn to thought leadership, or might want to retain a degree of chargeable client work. But it is not obvious whether this lack of planning reflects a lack of fore-thought on the part of the individual or whether it is because firms themselves are unclear on what roles are available beyond the lockstep.

    1 minute read

  • February 27, 2014 |

    Two sides of the coin – can Travers and Macfarlanes still be classed as City bellwethers?

    With their UK-centric business models and focus on private equity, if anyone was going to be hit hard by Lehman Brothers' 2008 collapse and the subsequent implosion of the global financial markets, it was top 50 UK law firms Macfarlanes and Travers Smith. Traditionally paired together as tight and conservative partnerships with a heavy transactional bent and a distinct absence of international networks, some rivals predicted the two would struggle to quickly regain the form that – pre-crisis – had set them apart from many of their mid-market peers. As Macfarlanes senior partner Charles Martin puts it: "Before the downturn the firm was more heavily transactional: private equity, corporate and real estate. All of this stopped in its tracks in 2008 – it was as though we were hit by a freight train in the night." In fact, while profits per equity partner (PEP) fell by more than 30% at both firms in the first chaotic financial year post-Lehman between 2007-08 and 2008-09, the pair's fortunes subsequently recovered well. Travers saw revenues soar by 11.6% in 2009-10 against a 53.5% rise in PEP, with that year's bumper growth helping to ensure that profits in 2012-13 were 5% higher than five years earlier. And while Macfarlanes has yet to regain its boom-time PEP high of £1.1m, at just shy of £990,000 for the last financial year it has come pretty close in far less buoyant market conditions.

    1 minute read

  • February 27, 2014 |

    King of the market: advisers prepare for listing frenzy as confidence returns

    If further proof were needed of the resurgence of global initial public offering (IPO) activity, the last few weeks have delivered it. In London, plans to list announced by Pets at Home and Poundland come as other retailers such as House of Fraser and Fat Face are expected to float later in the year. The last nine months have seen a major upsurge in IPO activity across the world. In London, there were 30 main market IPOs in 2013 with a total value of £7.7bn, compared with 18 in 2012 valued at £1.9bn.

    1 minute read

  • February 20, 2014 |

    Davis Polk and Slaughters land roles as ISS sizes up major Nordic IPO

    Davis Polk and local firm Gorrissen Federspiel have landed the mandates advising Danish facilities giant ISS on its planned DKK8bn (£883m) flotation. Slaughter and May has also secured a key role, acting on a refinancing facility being arranged ahead of the proposed listing.

    1 minute read

  • February 20, 2014 |

    Clydes and 2Birds bolster links between pay and performance

    Clyde & Co and Bird & Bird have become the latest firms in the UK top 20 to rejig their associate career paths in a bid to tighten links between pay and individual performance. The moves come as research by Legal Week shows that Clifford Chance (CC) is the only firm in the group that does not base lawyers' salaries on merit. The changes see Clydes move further away from post-qualification experience (PQE) as a measure for pay, with the firm putting in place a clear career development framework for associates. It focuses on performance and clarifying targets for progression.

    1 minute read

  • February 6, 2014 |

    Taking stock – Tony Angel's departure is not just any management shuffle

    Given the frequency with which law firms make both management changes and partner hires, there's a tendency for many to get lost in the crowd. But every so often something a little bit different happens. So it was when Slaughter and May last month made its first-ever lateral partner hire in its 125-year history and when DLA Piper pulled off the rare feat of hiring into a management position with the recruitment of former Linklaters managing partner Tony Angel in 2011. Perhaps it was a desire to recreate the excitement around this hire that prompted DLA to invite editors to London's Landmark hotel to unveil details of Angel's successor – and indeed the rest of its global management team.

    1 minute read

  • February 6, 2014 | International Edition

    Taking stock – Tony Angel's departure is not just any management shuffle

    Given the frequency with which law firms make both management changes and partner hires, there's a tendency for many to get lost in the crowd. But every so often something a little bit different happens. So it was when Slaughter and May last month made its first-ever lateral partner hire in its 125-year history and when DLA Piper pulled off the rare feat of hiring into a management position with the recruitment of former Linklaters managing partner Tony Angel in 2011. Perhaps it was a desire to recreate the excitement around this hire that prompted DLA to invite editors to London's Landmark hotel to unveil details of Angel's successor – and indeed the rest of its global management team.

    1 minute read

  • February 6, 2014 |

    Slaughter and May M&A overview

    A comprehensive look at Slaughter and May's M&A transactions from 1 January 2011 to 31 December 2013.

    1 minute read