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  • March 11, 2009 |

    Trust & Estates Litigation Forum: Trust in business

    It is not often that a room full of litigators are likened to meek lambs. But Shan Warnock-Smith QC's description of how senior private client and family lawyers last year underestimated the impact of the financial turmoil was met with nods of agreement at this year's Trust and Estates Litigation Forum.As chair of the conference, Warnock-Smith described how the turn in the economy had had an unprecedented impact on trust and estates law, with negligence claims against advisers, trust disputes and insolvency all set to increase over the coming months.One of the key areas of discussion - both formally and informally - at the conference was the expected upturn in trust collapse and insolvency.Speaking at the conference, this year held at the Four Seasons resort at Terre Blanche, Provence, Carey Olsen pensions and trust partner Paul Buckle said: "It was not until comparatively recently that the idea of an insolvent trust was comparatively rare - with the possible exception of things such as certain types of pensions schemes and other trusts which may have been established to meet certain fixed liabilities."

    1 minute read

  • March 11, 2009 |

    Trust & Estates Litigation Forum: Cases in point

    Nick Pearson, former head of global dispute resolution at Baker & McKenzie, discussed with Michael Birt QC, the deputy bailiff from Jersey, Francis Barlow QC from 10 Old Square in London and Simon Davies, head of litigation at Ogier, the main cases that were heard in Jersey, England and Guernsey over the past year

    1 minute read

  • March 10, 2009 |

    GM turns to CC on Europe restructuring

    Clifford Chance (CC) has taken a large role advising on the restructuring and potential insolvency of auto giant General Motors' (GM) European arm. The news comes as GM struggles to secure funding from European governments after asking for a $6bn (£4.3bn) loan to save its business.CC is advising GM Europe - which manufactures and sells Saab, Vauxhall and Opel - on the restructuring.

    1 minute read

  • March 6, 2009 |

    A&O set to hold on to 70% of trainees

    Allen & Overy (A&O) has confirmed that it is only likely to retain 70% of its trainees qualifying in September 2009 and March 2010. The firm said it has not made a final decision about the retention rate but said the figure was a "working assumption in light of the current financial climate".If the firm does go ahead and drop almost one third of the qualifying intakes, it will mark a significant drop on the firm's previously high retention rates which saw A&O keeping on 86% of its newly-qualifieds in 2008 and 90% the previous year.

    1 minute read

  • March 5, 2009 |

    Lovells latest to offer trainees cash to defer TC

    Lovells is offering future trainees a cash incentive of up to £5,000 for those volunteering to defer by 12 months. The firm had previously contacted all trainees due to join the firm in autumn 2009 and spring/autumn 2010 asking for volunteers to delay their start date by six or 12 months but had not offered a cash lump sum. It has now sent new letters to trainees offering £2,500 for those willing to defer by six months and £5,000 for those willing to defer by 12 months.

    1 minute read

  • February 27, 2009 |

    Bakers and Herbert Smith offer trainees cash incentive to defer

    Baker & McKenzie has become the latest law firm to ask its incoming trainees to postpone their start date by up to 12 months. The firm's London arm has asked for volunteers from its September 2009 and March and September 2010 intakes to defer starting their training contracts by either six or 12 months.Those who want to defer for 12 months have been offered a financial incentive of £5,000. There is no incentive offered to trainees electing to postpone for six months.

    1 minute read

  • February 25, 2009 |

    Bakers cuts staff in Kiev and Moscow as firms retrench in CEE and CIS

    Baker & McKenzie is cutting jobs in the CIS in what is expected to reflect a wider trend in the Central and Eastern European (CEE) region and former Soviet states as law firms retrench.Around eight staff members have been laid off in Bakers' Kiev office, including three associates. Three associates were also made redundant in Moscow.Bakers has a longstanding presence in the region, with around 125 lawyers in Moscow and around 75 in Kiev.

    1 minute read

  • February 25, 2009 |

    Media darling

    With his thick-rimmed designer glasses and close-cropped hair, AOL international general counsel Tony Wales does not look like a lawyer. And, as he talks animatedly with a slight Brummie accent about 'brand value' and 'social networking verticals', neither does he sound like one.

    1 minute read

  • February 19, 2009 |

    CC scoops top spot in 2008 global project finance league

    Clifford Chance (CC) has topped the global project finance league tables for 2008 by value, according to new research. Infrastructure Journal's (IJ's) 2008 global rankings of legal advisers on project finance deals show the magic circle firm advised on 47 deals last year, worth $64.5bn (£44.4bn). CC's deal tally included the two largest transactions of 2008 - the $11bn (£7.7bn) Asia Trans Gas pipeline and the $10bn (£7bn) Saudi Kayan Petrochemical Complex, as well as deals such as the Future Strategic Tanker Aircraft (FSTA) project early last year.

    1 minute read

  • February 17, 2009 |

    Eversheds Swiss ally gains new office in Geneva

    Eversheds' Swiss ally has opened an office in Geneva, with the top 10 UK firm's international network now covering three sites in Switzerland. Schmid Eversheds merged with Geneva-based firm MCP Avocats earlier this month (1 February) and has rebranded as Eversheds Schmid Mangeat, adding to its existing bases in Zurich and Berne.The Geneva office consists of ten lawyers and houses two of the firm's eight partners. The remaining lawyers are spread equally between Zurich and Berne.

    1 minute read