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  • March 2, 2009 |

    Slaughters appointed in Goodwin payout saga

    Slaughter and May has been appointed to advise the Government in its ongoing attempts to reduce former Royal Bank of Scotland (RBS) chief executive Fred Goodwin's controversial pension payout. The magic circle firm is advising UK Financial Investments (UKFI)- the Government-owned company set up last year to manage its shareholdings in banks - as it bids to reduce the £650,000 a year payout agreed before Goodwin's early retirement in October last year.

    1 minute read

  • February 26, 2009 |

    Editor's Comment: A kind of magic

    With Allen & Overy (A&O) becoming the latest of the big four to announce a restructuring, it is becoming increasingly clear that the magic circle is again evolving. Essentially, the group is moving further away from the 2000-era scale that was the result of a series of international mergers towards a leaner, though no less international incarnation. This process was already in train long before the words 'credit' and 'crunch' became depressingly common. Linklaters took its first steps down this path way back in the post-dotcom gloom. Clifford Chance (CC) began moving in earnest in this direction, with the dismantling of the firm's ill-fated Californian venture. And Freshfields Bruckhaus Deringer went through a comprehensive partnership restructuring in 2006, wisely while the market was still booming.Consider how far we have come already since 2003 when CC's partnership appeared to be heading inexorably towards the 700 mark. Even by the most conservative estimates, the magic circle as a whole will exit at least 100 partners from its equity ranks by the start of the new financial year. But that will not end the process. The recession has strengthened a view already gaining currency that these firms were too big and needed to focus on quality over quantity and core clients - a trend a colleague of mine recently dubbed the Skaddenisation of the magic circle.

    1 minute read

  • February 25, 2009 |

    Links named top law brand for second year in a row

    Linklaters has been named as the top legal brand, according to an annual ranking of the 500 strongest brands in business. The magic circle firm was the highest-ranked law firm - placed 227 - according to the Business Superbrands survey compiled by the Centre for Brand Analysis.The ranking - now in its seventh year - is compiled by a panel of senior marketing and advertising professionals combined with a vote of 1,500 business professionals with purchasing or managerial responsibility. Search engine Google secured the top spot for the second year running.

    1 minute read

  • February 25, 2009 | International Edition

    Commentary: Corporate advisers show that property is client theft

    For real estate lawyers, history seems to be repeating. Looking back two or three years, the much-hyped real estate investment trusts (REITs) turned out to be more of a boon for corporate practices than for real estate teams. And now the ever-increasing tally of property company rights issues is following a similar path. After months of inactivity and reduced deal flow across the property sector, some of the biggest names in the UK market have announced capital raisings worth hundreds of millions of pounds in the last few weeks. British Land, Land Securities and Hammerson have all proposed rights issues in excess of £580m, and speculation is mounting that, given the plummeting value of property portfolios, others will be forced to do the same to avoid breaching covenants. Brixton and Segro are among the names being touted as potential candidates for capital raisings at a time when alternative options, such as raising money through disposals, are few and far between.

    1 minute read

  • February 25, 2009 |

    Commentary: Corporate advisers show that property is client theft

    For real estate lawyers, history seems to be repeating. Looking back two or three years, the much-hyped real estate investment trusts (REITs) turned out to be more of a boon for corporate practices than for real estate teams. And now the ever-increasing tally of property company rights issues is following a similar path. After months of inactivity and reduced deal flow across the property sector, some of the biggest names in the UK market have announced capital raisings worth hundreds of millions of pounds in the last few weeks. British Land, Land Securities and Hammerson have all proposed rights issues in excess of £580m, and speculation is mounting that, given the plummeting value of property portfolios, others will be forced to do the same to avoid breaching covenants. Brixton and Segro are among the names being touted as potential candidates for capital raisings at a time when alternative options, such as raising money through disposals, are few and far between.

    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 25, 2009 |

    UK quartet lead on US investment in Countrywide

    A raft of top firms have landed roles as private equity group Oaktree Capital Management makes its first major investment in the UK with a proposal to buy a stake in the country's largest estate agency, Countrywide. Slaughter and May, Freshfields Bruckhaus Deringer, Linklaters, Ashurst and US leader Wachtell Lipton Rosen & Katz have all scored roles on the deal, which could see Oaktree purchase a 35% stake in the company for around £75m.The proposed transaction comes only two years after firms including Slaughters and Ashurst advised on Apollo Management's £1bn acquisition of Countrywide during the height of the property boom.

    1 minute read

  • February 22, 2009 |

    A career as a lawyer: hype vs reality

    On one hand, you’ve got glitzy law firm promotional brochures, complimentary booze-fuelled recruitment events and vac schemes featuring day-trips…

    1 minute read

  • February 20, 2009 |

    Slaughters, Freshfields lead on £756m rights issue

    Slaughter and May and Freshfields Bruckhaus Deringer have taken the lead roles on the latest rights issue to emerge from the real estate sector. Land Securities - the UK's largest property company - has taken a proposal to its shareholders to raise almost £756m to strengthen the company's balance sheet and protect it against the economic downturn.The Slaughter and May team advising longstanding client Land Securities was led by corporate partner Gavin Brown.

    1 minute read

  • February 19, 2009 |

    City leaders avoiding moves to cut trainee intake

    Future trainees at leading firms look set to escape the worst of the recession, with the bulk of the top 10 City firms stating they have no plans to defer training contract start dates, despite the downturn. Clifford Chance, Allen & Overy, Linklaters, Ashurst and Slaughter and May have all confirmed that they are not intending to ask prospective trainees to push back their start dates with the firms, despite moves by rivals including Lovells and Simmons & Simmons to do just that. Herbert Smith and Norton Rose have emerged as the only top 10 City firms to admit they are looking at the situation. Freshfields Bruckhaus Deringer confirmed it had no plans to delay any trainees in its next intake in August but could not comment beyond this.

    1 minute read