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  • February 28, 2013 |

    Beijing-bound firms face culture challenge as global elite flock to Chinese capital

    Home to cash-rich state-owned enterprises (SOEs) and a huge urban population, Beijing – like Singapore, Hong Kong and, more latterly, Korea – has long been a focus for international law firms. This year in particular looks set to see a raft of firms open up in the Chinese capital, with Berwin Leighton Paisner last month announcing plans to launch there in May, while a string of other firms – including Ashurst, Kirkland & Ellis, Eversheds, Gibson Dunn & Crutcher and Clyde & Co – also expect to receive their licences to practise in the coming months. Those that already have offices on the ground have also been busy ramping up their offerings. DLA Piper announced in January that it had hired a five-strong King & Wood Mallesons (KWM) team for Beijing, including projects partner Carolyn Dong. Norton Rose has brought in three new Beijing partners since March 2012: banking partner Li Jinnan from KWM, corporate partner Jing Wang from Allen & Overy and corporate partner Barbara Li from Baker & McKenzie.

    1 minute read

  • February 28, 2013 |

    SJB postpones partners' quarterly profit payments to boost cash flow

    SJ Berwin has held back quarterly profit distributions due to be paid to partners in February to improve cash flow at the firm. The City firm, which made the previous payment in November in full, confirmed that it had opted to postpone paying partners their most recent profit distribution on the back of a large January tax bill and increased investment internationally. Monthly drawings have been paid as normal.

    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 lawyers in demand as global firms fight for Chinese speakers

    International law firms in Hong Kong are ramping up their recruitment of Mandarin speakers in a bid to boost relationships with mainland China clients, creating fierce job competition for foreign lawyers in the region. A Legal Week survey of international firms operating in Hong Kong found every firm responding to the survey bar one had increased the number of Mandarin-speaking lawyers in their Hong Kong offices since 2011. The increase took the average percentage of Mandarin speakers employed by the 16 responding law firms to 60% of their total Hong Kong lawyer count.

    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 19, 2013 |

    Links among just four firms to win Singapore licences after 23 apply

    Linklaters, Gibson Dunn & Crutcher, Jones Day and Sidley Austin have been awarded Qualifying Foreign Law Practice (QFLP) licences in Singapore as the Asian city state takes further steps to liberalise its legal market. The four international firms were among a list of 23 which applied for QFLPs in the period between 1 July to 31 August last year, with other hopefuls including UK outfits Berwin Leighton Paisner, DLA Piper, Ashurst, Olswang, Watson Farley & Williams and Stephenson Harwood, alongside American counterparts K&L Gates and Shearman & Sterling.

    1 minute read

  • February 14, 2013 |

    And now for the hard part – after five mergers, can Norton Rose's CEO tackle his biggest challenge yet?

    When Norton Rose's merger with US firm Fulbright & Jaworski goes live on 1 June, it will have completed its fifth tie-up in just three-and-a-half years. Given that even one merger is beyond the ability of many of the UK's leading players, the achievement cannot be underestimated. The unions mean that in just 42 months, Norton Rose will have transformed itself from an also-ran UK law firm with a smattering of international offices and turnover of £314m into a global giant operating in 55 locations around the world with revenues approaching £1.3bn.

    1 minute read

  • February 14, 2013 |

    Norton Rose, CC and Ashurst among firms on £550m Crest Nicholson IPO

    Norton Rose, Clifford Chance (CC) and Ashurst have landed key roles on the first major domestic initial public offering (IPO) of 2013, as UK housebuilder Crest Nicholson returns to the stock market. The IPO values Crest at around £553m, with the offer comprising a primary tranche raising £59m for the company and a secondary offering raising £169m through the sale by shareholders including Deutsche Bank and investment manager Varde.

    1 minute read

  • February 8, 2013 |

    Rules of the game - the lawyers making their mark in the sports sector

    For decades, sport has continued to confound the laws of economic gravity that seem to so often drag other industries back down to earth. Year after year, broadcasting rights escalate – as do sponsorship deals – and ticket prices jauntily rise upwards while the financial fortunes of the millions of fans and spectators that turn out in sunshine and rain have generally stagnated or slumped during the recession. In short, sport is big business, and lawyers agree that it is a profitable segment of the legal services market to be involved in.

    1 minute read

  • February 8, 2013 |

    Fifteen Hong Kong lawyers win higher rights to appear in court

    Fifteen lawyers have been granted approval to appear in Hong Kong courts with exemption from litigation training, as the region moves to broaden the scope of work law firms are permitted to handle. Some of Hong Kong's top dispute resolution partners - including top-ranked Skadden disputes partner Paul Mitchard QC and Ashurst senior associate and former barrister Sanjay Sakhrani - are among the line-up receiving Higher Rights of Audience (HRA).

    1 minute read