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  • March 2, 2011 |

    Simpson Thacher coup as US bidder pulls off 11th-hour £4bn E.ON deal

    Simpson Thacher & Bartlett has taken a lead corporate role for Pennsylvania Power and Light (PPL) on its £4bn acquisition of E.ON's UK power networks following a competitive auction. The US law firm was instructed less than six weeks ago, and fielded a team led by London corporate partner Adam Signy. Other partners to act on the deal included New York capital markets head Vince Pagano and fellow corporate partner James Cross.

    1 minute read

  • March 1, 2011 |

    Norton Rose signs up to initiative to identify minority candidates for vac schemes

    Norton Rose has partnered with a not-for-profit organisation to help the firm sign up more black and ethnic minority (BME) candidates for its summer vacation scheme. The UK top 10 firm has signed an agreement to work with Sponsors for Educational Opportunity (SEO), an organisation which arranges placements with London professional services firms, including law firms and banks. The move is part of a diversity push at Norton Rose, with the firm hoping that the cooperation will help it identify BME interns for its two summer vacation schemes, which between them offer a total of 30 places.

    1 minute read

  • March 1, 2011 |

    US invaders back on the offensive

    The number of partner promotions in the City offices of US law firms is on track to exceed last year's tally, with 33 new partners made up in London in 2011 so far out of a global promotions total of 382. Legal Week's annual survey of US firms' lateral partner hiring and internal appointments found there have been only five fewer partner promotions in London so far this year than in the whole of 2010.

    1 minute read

  • February 16, 2011 |

    Deutsche and JP Morgan push firms on costs and outsourcing

    Deutsche Bank is putting pressure on its legal advisers to increase their use of legal process outsourcing (LPO) as the bank nears the final stages of the first formal review of its external law firm relationships. Deutsche has told law firms that above all else they must be "innovative" about how they provide a cost-efficient service to the bank - in particular, the bank wants to see firms using LPOs wherever possible.

    1 minute read

  • February 15, 2011 |

    Ashurst and Latham take lead on Sweden's $2.9bn bank stake sale

    Ashurst and Latham & Watkins have taken lead roles on the Kingdom of Sweden's sale of $2.9bn (£1.8bn) of its stake in Swedish bank Nordea. Ashurst advised the underwriters on the deal, which included Nomura, Morgan Stanley and Swedish bank SEB Enskilda. The City firm fielded a London and Stockholm team led by City-based head of capital markets Nicholas Holmes.

    1 minute read

  • February 15, 2011 |

    Ashurst makes regulatory push with new spin-off practice group

    Ashurst has spun off its London regulatory practice from its financial institutions group (FIG) as the firm bids to increase the profile and remit of the team. The regulatory team will now operate as one of eight sub-groups within the London corporate practice, instead of as a smaller team within the FIG sub-group.

    1 minute read

  • February 9, 2011 |

    Norton Rose seals hire of Nabarro City real estate finance partner

    Norton Rose is set to make a lateral hire in London with the addition of a real estate finance partner from Nabarro. Duncan Hubbard will join Norton Rose's banking practice later this month (21 February). Formerly a lawyer at Ashurst, Hubbard has been a partner in the banking, finance and restructuring team at Nabarro since 2005.

    1 minute read

  • February 8, 2011 |

    BoA Merrill and Credit Agricole unveil coveted legal panels

    A raft of City law firms have won places as Bank of America Merrill Lynch (BoA Merrill) and Credit Agricole finalise their legal panels. BoA Merrill has appointed UK firms including Allen & Overy, Linklaters and Clifford Chance (CC) to its first new legal panel since the two banks merged in January 2009.

    1 minute read

  • February 4, 2011 |

    Weil Gotshal posts falling revenue and partner profits for 2010

    Weil Gotshal & Manges saw a decrease in revenue in 2010, according to financial data reported by the firm, writes The Am Law Daily. Gross revenue in 2010 dipped 4% to $1.19bn (£750m) for the US law firm. While revenue fell, a series of cost-cutting measures - total lawyer headcount shrank by more than 90 - pushed net income up by 3% to a record high of $438.5m (£277m). Consequently, Weil's profit margin rose to 37%, its highest level since 1997.

    1 minute read

  • February 3, 2011 |

    Ashurst accounts: 2009-10 top earner made £1.1m as staff costs edge up

    Ashurst's top-earning partner made just under £1.1m last year, according to accounts filed this week with Companies House. The £1.07m figure is 12% higher than the top of Ashurst's standard lockstep for 2009-10, which ranged from £362,000 to £940,000. The reason for the £130,000 discrepancy with the top of the lockstep was increased compensation for departing partners.

    1 minute read