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  • February 28, 2013 |

    Retention rates at top 20 decline as economic climate pushes firms to cut back

    Trainee retention rates across the bulk of the UK's largest law firms have fallen this year, with research by Legal Week finding the average rate has dropped by almost 10% on last spring's qualifying intake. At the top 20 UK firms with a spring intake, an average of 76.5% of newly qualified (NQ) lawyers have been kept on this year, 9% down on the equivalent intake last year and 3% lower than last autumn's qualifying round. Of 441 trainees at the firms to have released details to date, 343 have been kept on – down on the total of 358 of 422 NQs kept on across the same group in spring 2012.

    1 minute read

  • February 28, 2013 |

    Slaughters brought in by SFO for multimillion-pound Tchenguiz claim

    Slaughter and May has been instructed by the Serious Fraud Office (SFO) to defend it against claims totalling as much as £300m resulting from its failed investigation into businessmen and brothers Robert and Vincent Tchenguiz. The SFO today (28 February) confirmed the appointment of the magic circle firm, which comes after the collapse of the long-running investigation into the brothers for suspected impropriety in relation to the 2008 failure of Icelandic bank Kaupthing.

    1 minute read

  • February 28, 2013 |

    Hogan Lovells, SJB and Herbert Smith see retention rates fall from last year

    Hogan Lovells, SJ Berwin and Herbert Smith Freehills (HSF) have become the latest UK top 20 firms to confirm their trainee retention figures for spring 2013, with all three posting lower rates than the equivalent intake last year. Hogan Lovells has posted a 76% retention rate after 26 newly qualified (NQ) lawyers accepted a role at the firm, from an intake of 34 trainees.

    1 minute read

  • February 25, 2013 |

    Links leads on largest Japanese outbound deal of the year to date

    Linklaters and Dutch firm De Brauw Blackstone Westbroek have taken roles on Japanese financial services group Orix's €1.935bn (£1.69bn) acquisition of asset manager Robeco Group from Rabobank, the largest Japanese outbound deal of the year so far. Under the terms of the deal, Orix is acquiring 90.01% of the shares of Robeco, with the Dutch bank retaining a 9.99% equity stake as part of a strategic alliance between the two groups. Rabobank will continue to work with Orix in expanding Robeco's business platform.

    1 minute read

  • February 21, 2013 |

    Hong Kong – three-year overview

    A comprehensive look at the top M&A deals in Hong Kong from the past three years, featuring mandates for Freshfields Bruckhaus Deringer, Allen & Overy and Slaughter and May

    1 minute read

  • February 21, 2013 |

    Throwing down the gauntlet – GCs are piling pressure on law firms to adapt their fee arrangements

    General counsel have always battled with their external lawyers over costs. But as the post-Legal Services Act market opens up to new players, these power struggles are taking on an entirely new dimension. GCs, under more pressure than ever to cut spending, are sensing serious opportunities to look for new solutions to address the old problems of – what many perceive as – over-lawyered, over-priced legal services. Thomas Crane, GC of the Home & Savings Bank, says: "There are new entrants to the market and companies really do have new opportunities to speak to other firms. Legal work is of a high quality from a large number of firms."

    1 minute read

  • February 20, 2013 |

    Slaughters, Paul Weiss and Sullivan advise on Countrywide IPO

    Slaughter and May, Sullivan & Cromwell and Paul Weiss Rifkind Wharton & Garrison have landed the lead roles on UK estate agency Countrywide Group's initial public offering (IPO). Countrywide, the UK's largest estate agency by revenue and deal volumes, has been listed on the London Stock Exchange by US private equity house Oaktree Capital, its majority owner.

    1 minute read

  • February 20, 2013 |

    Land Securities overhauls panel amid magic circle 'retreat' from property

    Hogan Lovells and Herbert Smith Freehills (HSF) have both won new spots on Land Securities' legal panel, following a review of the property company's external advisers. Hogan Lovells joins a number of Land Securities' existing advisers on the newly created 'A' panel, which comprises Berwin Leighton Paisner, Eversheds, Freshfields Bruckhaus Deringer and Nabarro.

    1 minute read

  • February 14, 2013 | International Edition

    Crunch time – the real work is just beginning for Norton Rose

    Five quick-fire international mergers and three-and-a-half years are all it will have taken Norton Rose to transform its business from struggling UK mid-tier practice to global giant by the time its merger with Fulbright & Jaworski goes live this summer. Any way you look at it, the scale of what the firm has achieved is impressive, as our analysis this week illustrates. Even rivals – usually quick to criticise – readily concede that the mergers Norton Rose has pushed through are hard to knock.

    1 minute read

  • February 14, 2013 |

    Crunch time – the real work is just beginning for Norton Rose

    Five quick-fire international mergers and three-and-a-half years are all it will have taken Norton Rose to transform its business from struggling UK mid-tier practice to global giant by the time its merger with Fulbright & Jaworski goes live this summer. Any way you look at it, the scale of what the firm has achieved is impressive, as our analysis this week illustrates. Even rivals – usually quick to criticise – readily concede that the mergers Norton Rose has pushed through are hard to knock.

    1 minute read