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  • October 28, 2009 |

    Slaughters and A&O lead on €1.75bn Abbey bond issuance

    Slaughter and May and Allen & Overy (A&O) are advising on the issuance of ‚Ǩ1.75bn (£1.58bn) worth of covered bonds for Abbey National. The deal is part of a €25bn (£22.6bn) covered bond programme for Abbey National Treasury Services. Slaughters is advising longstanding client Abbey on the deal, with a team led by London banking partner Guy O'Keefe.

    1 minute read

  • October 28, 2009 |

    Bourgeois revolution

    Earlier this year, Forbes magazine named General Electric (GE) as the largest company in the world in its annual Global 2000 list. GE employs 323,000 people globally (among them over 1,000 lawyers) across a range of businesses including electronics, healthcare and financial services. So when it comes to reviews of external legal advisers at the company, the processes involved are complex and lengthy: 18 months, in this case.

    1 minute read

  • October 21, 2009 |

    JPMorgan finalises panel review with rates frozen at 2008 levels

    JPMorgan has completed a review of its preferred legal advisers as Royal Bank of Scotland (RBS) nears the end of its review process. The US investment bank, which launched a review of its preferred law firms earlier this summer, contacted its closest advisers over the last few weeks to confirm that they will secure work for the next year, as long as they agree to various conditions. The conditions are believed to include a freeze on rates at 2008 levels - already reduced by 5% on the previous year.

    1 minute read

  • October 21, 2009 |

    ECM lawyers gear up for IPO market revival

    Equity capital markets (ECM) partners are preparing for a wave of main market initial public offerings (IPOs) after seeing listings all but dry up in 2009. So far this calendar year there have been just three IPOs on the main market of the London Stock Exchange raising £416m, compared with 32 IPOs raising £6bn in 2008. London's Alternative Investment Market has also seen a dearth of activity, with just five IPOs in 2009 compared with 38 during 2008.

    1 minute read

  • October 21, 2009 |

    Major UK firms cut back profit payouts amid tough markets

    Major UK firms including Pinsent Masons and CMS Cameron McKenna are among the growing rank of firms either holding back or reducing partner profit distributions as a result of the recession. Top 15 firms Pinsents and DLA Piper have both withheld profit distributions in recent months. Pinsents has withheld its last two quarterly profit distributions, with the firm attributing the "profits distribution holiday" to a series of management responses to the recession. It is due to make its next quarterly payment as planned in December.

    1 minute read

  • October 20, 2009 |

    Ashurst and Macfarlanes called in on LXB's £100m AIM float

    Ashurst and Macfarlanes have taken headline roles on a rare initial public offering (IPO) on London's Alternative Investment Market (AIM) worth £100m. The deal saw LXB Retail Properties float on the exchange, which has seen activity levels plummet during the downturn.

    1 minute read

  • October 20, 2009 |

    Law firm management: Learning to lead

    Harvard started a revolution in leadership training for law firms in the 1990s. Alex Aldridge and Alex Novarese tell the story and assess what management training can offer

    1 minute read

  • October 14, 2009 |

    Departures and cutbacks take Ashurst partner exits to 22

    Ashurst has seen 22 partners leave its limited liability partnership (LLP) since January - equating to around 10% of its partnership as it stood at the beginning of the current financial year. The top 10 City law firm, which had 235 partners at the beginning of May, has seen 22 partners leave the LLP since the start of the year, either voluntarily or at the request of management, with one further partner stepping down to become a counsel. In comparison, only four partners left the Ashurst LLP over the whole of 2008.

    1 minute read

  • October 14, 2009 |

    A&O takes top role on €1bn leveraged finance deal

    Allen & Overy (A&O) has advised on the €1.025bn (£955m) financing of the acquisition of a majority stake in Italian natural gas distributor Enel Rete Gas (ERG). The magic circle firm drafted in a team from its City headquarters to advise a consortium of 11 banks financing the deal, led by longstanding clients JP Morgan and Banca IMI. London projects partner Conrad Andersen took the lead for A&O, with leveraged finance chief Tim Polglase assisting.

    1 minute read

  • October 12, 2009 |

    Barlows boosts City insurance practice with Ashurst partner hire

    Barlow Lyde & Gilbert has hired its second partner in as many months, with the firm recruiting insurance specialist Ian Mason from Ashurst. Mason joined Barlows today (12 October) after nine years as a partner with Ashurst, becoming the firm's sixth corporate insurance partner in the City.

    1 minute read