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  • October 10, 2008 |

    Bakers chief urges calm in wake of slowdown

    Baker & McKenzie's London managing partner, Gary Senior, has moved to reassure the office's lawyers in the wake of the prolonged market turbulence and update staff about the firm's performance. In a memo seen by Legal Week, Senior confirmed that work levels had dropped with total recorded hours falling by around 5% since January. He said the office feels quieter because of increases in legal headcount over the last year, resulting in a thinner spread of work.

    1 minute read

  • October 9, 2008 |

    Law firms struggle to resolve status of own foreign workers

    A raft of top law firms have been drafted in to help the Government cope with new immigration standards as solicitors themselves struggle to resolve the status of their own foreign workers.CMS Cameron McKenna, Baker & McKenzie, Bird & Bird, Gherson, Hammonds, PwC Legal, Speechly Bircham and Wragge & Co are among the law firms appointed by the Border Agency in preparation for new immigration rules due to come into effect next month. The law firms will act as third-party auditors and advisers for companies seeking the sponsorship licence now needed to continue employing overseas workers. The unusual appointment of outside counsel comes as the agency struggles to cope with a flood of applications. The law firms will help carry out checks including onsite audits of employers' human resources systems from companies hoping to meet the new requirements. The deadline for applications was 1 October and those failing to obtain a licence by the end of November will find it hard to bring in overseas workers. The changes also affect law firms as while partners would fall into tier one of the five new tiers - meaning they do not need sponsorship - associates would normally fall into tier two and require a work permit sponsored by their employer. Most of the top 15 City law firms have applied for a licence in recent weeks but, so far, only magic circle firms Allen & Overy and Clifford Chance have been awarded licences. Law firms without a licence will be restricted from hiring non-European Union staff below partner level.Camerons is one of the only top City firms that has not yet applied for a sponsorship licence. The firm is intending to comply but said it is putting off the application as it intends to try and bring the bulk of its workers in under tier one. Bakers global migration associate Tony Haque said: "Many law firms have delayed applying until [the Government's] requirements became clearer. Firms could find themselves in a position, where they cannot get their [desired] people until the licence is approved." Speechly Bircham immigration solicitor Nick Hobson said: "Many law firms have questioned, in a downturn like this, why are they having to focus inward and invest valuable resources rather than focusing outward and getting work in?"

    1 minute read

  • October 9, 2008 |

    Siemens reviews external legal advisers

    Electronics and engineering giant Siemens has overhauled its internal legal function and is gearing up to review its external legal advisers.As part of the internal restructuring, the company has moved its commercial lawyers closer to the business, with the team integrated into Siemens' three major business lines: industry, healthcare and energy. The company's M&A, competition, litigation and securities lawyers will remain part of the company's centralised corporate legal division.The overhaul was led by Germany-based general counsel Peter Solmssen, who joined in October 2007 and has since overseen a raft of changes to his 600-strong legal function.Earlier this year he appointed a separate general counsel for each sector group, with Andreas Hoffman placed in charge of the industry sector, Robert Kirschbaum heading the healthcare team and Dr Ulrich Bauer leading the energy group. The corporate division is led by former M&A head Solms Wittig.In addition, each sector has been split into separate divisions with their own legal heads. Commenting on the restructuring, Hoffman told Legal Week: "The main thinking behind [the restructuring] was to get the lawyers closer to the business. We decided the lawyers should be business partners and become part of the management and closer to the chief executives."Siemens is now set to kick off its panel review later this month with the new panel expected to be finalised by the first quarter of 2009. In the past, the company has worked closely with Baker & McKenzie, Freshfields Bruckhaus Deringer and Clifford Chance (CC). Last month, Siemens appointed former CC partner Anke Sessler as its new general counsel of litigation. Sessler took up her position at the beginning of September after spending 10 years as a litigation and dispute resolution partner in CC's Frankfurt office.

    1 minute read

  • October 9, 2008 |

    Linklaters edges aside Freehills to top Asia-Pacific M&A rankings table

    Linklaters has topped Mergermarket's Asia-Pacific (excluding Japan) M&A rankings by value for the first three quarters of this year. The firm is closely followed by Wall Street leaders Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom in second and third place respectively, while Australian firm Freehills - which topped the ranking at year-end 2007 - has been knocked into eighth place. The rankings show Slaughter and May and Lovells making significant improvements to their positions over the first three quarters of 2008, with Slaughters jumping from number 53 at year-end 2007 to sixth place and Lovells leaping from 38th to 10th position. Australian leader Mallesons Stephen Jaques tops the Asia-Pacific M&A deal rankings by volume so far this year, followed by Freehills and Baker & McKenzie.Linklaters and Shearman & Sterling have advised on the region's largest deal over the period - the $30bn (£17bn) takeover of China Netcom Group Corporation by China Unicom which closed on 2 June. The deal saw Linklaters advise the target while Shearman advised the seller.Mergermarket's rankings also show Linklaters making a significant improvement in the US M&A tables by value. The firm ranked at number 50 at the end of 2007 but jumped to number 10 over Q1-Q3 2008. Only three UK law firms feature in the US M&A rankings, with Allen & Overy climbing from number 21 to 17 and Clifford Chance (CC) from 27 to 18. Skadden is in first place for 2008 swapping places with Sullivan & Cromwell. CC was the only UK firm to feature in the US M&A table by volume, with the firm coming in at number 16 - down from 12th place at the end of 2007.

    1 minute read

  • October 8, 2008 |

    DLA recruits banking partner to Madrid office

    DLA Piper has added to its presence in Spain, hiring Baker & McKenzie's Spanish banking and finance head, Louis de Valle, in Madrid. His practice includes bankruptcy and general banking law, buyout transactions, securities issues and foreign trade. De Valle will work closely with DLA Piper's Spanish head of finance and projects, Javier Santos.

    1 minute read

  • October 8, 2008 |

    Commentary: Tough M&A markets provide flight to Square Mile's finest

    If the M&A world is proving unsurprisingly turbulent right now, a very select band of law firms have become highly adept at riding the hurricanes of international deal markets. Bids may be collapsing on funding problems, and the UK's deal market plainly slumped over the summer, but banking turmoil and the global run of consolidation in energy and commodities have proved a boon to a small group of leading firms.And none more so than Linklaters, which was already riding high in the rankings on the back of its lead role on the E144bn BHP Billiton/Rio Tinto bid and Q2's largest deal: InBev's takeover of rival drinks firm Anheuser-Busch.

    1 minute read

  • October 6, 2008 |

    Cooley hires 35-strong tech team from Heller

    Cooley Godward Kronish has secured a deal to take on a 35-lawyer team from the Venture Law Group of dissolving West Coast giant Heller Ehrman, writes The Recorder. It is the first major group of Heller lawyers to depart since the 118-year old Heller voted to dissolve a week ago becoming one of the largest US legal collapses.

    1 minute read

  • October 2, 2008 |

    Heller Ehrman announces dissolution as rivals move to pick up star teams

    San Francisco law firm Heller Ehrman is to dissolve after months of speculation about its future. The firm's chairman, Matthew Larrabee, told the partnership late last week (25 September) that dissolution was unavoidable. The collapse followed a series of failed merger talks between the 118-year-old law firm and rival US players including Mayer Brown and Baker & McKenzie. Law firms are now scrabbling over Heller's practice both in the US and internationally. Morriston & Foerster, Bakers, Proskauer Rose and Vinson & Elkins are among the law firms currently being linked with Heller teams in the US, along with Cooley Godward Kronish. West Coast-based Cooley is also thought to be considering a London launch, with Heller's London venture law team seen by rivals as a good fit. The team, which includes corporate partners Richard Eaton, Christopher Grew and Struan Penwarden, joined in early 2007 from WilmerHale. Wilson Sonsini Goodrich & Rosati is also understood to be interested in a number of Heller's partners in the US. The US technology leader is additionally being touted by some as a possible contender for some of Heller's London office, even though it currently has only one international office - in Shanghai. One City recruiter said: "It is never nice to see a decent firm go under but the opportunities this represents to firms looking to break into the London market don't come around often."Heller's employees will be paid for the next 60 days but partners will not receive their September draw. See Editor's Blog, page 23.

    1 minute read

  • October 2, 2008 | International Edition

    Withers invests in corporate after hiring department head from Bevan

    Withers has hired a new European head of corporate after targeting national outfit Bevan Brittan for the law firm's practice head Adam Duthie.Duthie joined Withers this week (1 October) as a partner after two years at Bevan Brittan, where he was national head of corporate. He replaces Tim Taylor, who is stepping down to return to full-time fee earning after 10 years as head of the European corporate group.Duthie's practice covers general corporate, including mergers and acquisitions, public and private equity, debt finance and Alternative Investment Market transactions. He has particular in emerging markets as well as in the UK leisure and retail sectors.Prior to joining Bevan Brittan in 2006, Duthie also held roles with law firms including Baker & McKenzie and Ashurst, as well as serving as a senior counsel at Guinness/Diageo. Anthony Indaimo, Withers' chairman and international corporate head, said: "Adam is a first-rate corporate practitioner and we look forward to him joining the London team. We act for ambitious entrepreneurs who value commercial acumen and understanding as highly as technical ability."Duthie's departure from Bevan Brittan follows a difficult period at the southwest law firm. Last year profits per equity partner fell to £184,000 from the previous year's figure of £234,000. Meanwhile in May, the firm announced a redundancy consultation which affected six fee earners and 24 support staff. The number was less than the original 40 that were expected to be hit. Commenting on his departure the firm's chief executive, Andrew Manning, said: "Adam is keen to focus on international corporate work, particularly in emerging markets and acting for highly entrepreneurial clients, while we are concentrating on further growing our blue-chip corporate client base. "With this in mind, we have now agreed with Adam that his ambitions will be better met at another firm."Bevan Brittan has yet to decide on a replacement for Duthie as corporate head.

    1 minute read

  • October 2, 2008 |

    Withers invests in corporate after hiring department head from Bevan

    Withers has hired a new European head of corporate after targeting national outfit Bevan Brittan for the law firm's practice head Adam Duthie.Duthie joined Withers this week (1 October) as a partner after two years at Bevan Brittan, where he was national head of corporate. He replaces Tim Taylor, who is stepping down to return to full-time fee earning after 10 years as head of the European corporate group.Duthie's practice covers general corporate, including mergers and acquisitions, public and private equity, debt finance and Alternative Investment Market transactions. He has particular in emerging markets as well as in the UK leisure and retail sectors.Prior to joining Bevan Brittan in 2006, Duthie also held roles with law firms including Baker & McKenzie and Ashurst, as well as serving as a senior counsel at Guinness/Diageo. Anthony Indaimo, Withers' chairman and international corporate head, said: "Adam is a first-rate corporate practitioner and we look forward to him joining the London team. We act for ambitious entrepreneurs who value commercial acumen and understanding as highly as technical ability."Duthie's departure from Bevan Brittan follows a difficult period at the southwest law firm. Last year profits per equity partner fell to £184,000 from the previous year's figure of £234,000. Meanwhile in May, the firm announced a redundancy consultation which affected six fee earners and 24 support staff. The number was less than the original 40 that were expected to be hit. Commenting on his departure the firm's chief executive, Andrew Manning, said: "Adam is keen to focus on international corporate work, particularly in emerging markets and acting for highly entrepreneurial clients, while we are concentrating on further growing our blue-chip corporate client base. "With this in mind, we have now agreed with Adam that his ambitions will be better met at another firm."Bevan Brittan has yet to decide on a replacement for Duthie as corporate head.

    1 minute read