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  • October 15, 2008 |

    Global 100: The English advantage

    In a downturn, business people like to point out, some truths are laid bare. "You only find out who is swimming naked when the tide goes out," Warren Buffett famously told investors in a 2002 letter. Which is why, after the 2000 dotcom crash, it was the City's elite that were found to be revealing a little too much skin.This time, it is different. After madly shedding partners, doubling-down their bets on foreign offices and tightening their management controls, the big four magic circle firms - Allen & Overy (A&O), Clifford Chance (CC), Freshfields Bruckhaus Deringer and Linklaters - look a little better-dressed than many of their rivals in the US. The irony is that the English law firms have succeeded by following the lesson of their American peers: they have hedged their bets. For US law firms, in the past that has meant a healthy dose of litigation and bankruptcy work to balance a corporate shortfall. For UK law firms, the strategy has been geographic: spreading their risk across several continents.

    1 minute read

  • October 14, 2008 |

    US duo join magic circle on UK bank bailouts

    Two New York firms have scored roles advising the UK Government on its £37bn plan to recapitalise three major banks, reports the Am Law Daily. Cravath Swaine & Moore and Davis Polk & Wardwell are advising HM Treasury on US securities laws and regulatory issues associated with the British Government's direct investments in The Royal Bank of Scotland, HBOS, and Lloyds TSB.Robbins Kiessling, the New York-based head of Cravath's banking practice, and London-based corporate and capital markets partner Philip Boeckman are advising the British Treasury with respect to US matters related to its preferred and common equity investments in the three banks.

    1 minute read

  • October 14, 2008 | International Edition

    Northern Rock calls off negligence action

    Northern Rock is not intending to bring legal action against its former directors after taking advice from Freshfields Bruckhaus Deringer and KPMG Forensic. The nationalised lender announced today that it has concluded that there are insufficient grounds to proceed with negligence action against the ex-directors with the bank's auditors also off the hook. The decision follows a review of the previous board's conduct carried out with the assistance of Freshfields and KPMG as external advisers. The former board was led by then chief executive Adam Applegarth, who stood down last year.

    1 minute read

  • October 14, 2008 |

    Northern Rock calls off negligence action

    Northern Rock is not intending to bring legal action against its former directors after taking advice from Freshfields Bruckhaus Deringer and KPMG Forensic. The nationalised lender announced today that it has concluded that there are insufficient grounds to proceed with negligence action against the ex-directors with the bank's auditors also off the hook. The decision follows a review of the previous board's conduct carried out with the assistance of Freshfields and KPMG as external advisers. The former board was led by then chief executive Adam Applegarth, who stood down last year.

    1 minute read

  • October 13, 2008 | International Edition

    Magic circle firms head up £37bn bank bailout

    Allen & Overy, Slaughter and May and Freshfields Bruckhaus Deringer are among the top City firms winning roles on the UK Government's £37bn bailout of three of the country's biggest banks. Freshfields has reprised its role for longstanding client the Bank of England on the rescue plan, fielding a team under corporate partner Michael Raffan. Slaughters is acting for the Treasury on the agreement, which will lead to the Government owning around a 60% stake in Royal Bank of Scotland (RBS) and a stake of around 40% in the merged HBOS and Lloyds TSB.

    1 minute read

  • October 13, 2008 |

    Magic circle firms head up £37bn bank bailout

    Allen & Overy, Slaughter and May and Freshfields Bruckhaus Deringer are among the top City firms winning roles on the UK Government's £37bn bailout of three of the country's biggest banks. Freshfields has reprised its role for longstanding client the Bank of England on the rescue plan, fielding a team under corporate partner Michael Raffan. Slaughters is acting for the Treasury on the agreement, which will lead to the Government owning around a 60% stake in Royal Bank of Scotland (RBS) and a stake of around 40% in the merged HBOS and Lloyds TSB.

    1 minute read

  • October 9, 2008 | International Edition

    Orrick completes 27-partner Heller haul

    Orrick Herrington & Sutcliffe has become the latest firm to gain from the collapse of Heller Ehrman - picking up a haul of 27 partners and one senior counsel, including one partner in London. The group includes three former chairmen of the defunct firm and eight practice group leaders. All of the partners are expected to join either this week or next, with Orrick's San Francisco office gaining 14 new partners, Washington DC gaining five, and Seattle, New York and London gaining four, three and one partners apiece. In London, competition partner Douglas Lahnborg has become the first partner from Heller's City base to join another firm, despite firms including Arnold & Porter and Cooley Godward Kronish picking up teams of lawyers in the US.

    1 minute read

  • October 9, 2008 |

    Orrick completes 27-partner Heller haul

    Orrick Herrington & Sutcliffe has become the latest firm to gain from the collapse of Heller Ehrman - picking up a haul of 27 partners and one senior counsel, including one partner in London. The group includes three former chairmen of the defunct firm and eight practice group leaders. All of the partners are expected to join either this week or next, with Orrick's San Francisco office gaining 14 new partners, Washington DC gaining five, and Seattle, New York and London gaining four, three and one partners apiece. In London, competition partner Douglas Lahnborg has become the first partner from Heller's City base to join another firm, despite firms including Arnold & Porter and Cooley Godward Kronish picking up teams of lawyers in the US.

    1 minute read

  • October 9, 2008 | International Edition

    UK trio lead on Icelandic bank administrations

    Denton Wilde Sapte, Freshfields Bruckhaus Deringer and Slaughter and May are among the advisers lining up to act on the administration of the UK arms of Icelandic banks Kaupthing and Landsbanki. Freshfields is thought to have taken the lead role for the administrators Ernst & Young on the collapse of Heritable Bank - the Scottish subsidiary of Iceland's Landsbanki - under a team led by head of restructuring and insolvency Ken Baird, restructuring and insolvency partner Nick Segal, dispute resolution partner Neil Golding and restructuring and insolvency counsel Anne Sharp.

    1 minute read

  • October 9, 2008 |

    UK trio lead on Icelandic bank administrations

    Denton Wilde Sapte, Freshfields Bruckhaus Deringer and Slaughter and May are among the advisers lining up to act on the administration of the UK arms of Icelandic banks Kaupthing and Landsbanki. Freshfields is thought to have taken the lead role for the administrators Ernst & Young on the collapse of Heritable Bank - the Scottish subsidiary of Iceland's Landsbanki - under a team led by head of restructuring and insolvency Ken Baird, restructuring and insolvency partner Nick Segal, dispute resolution partner Neil Golding and restructuring and insolvency counsel Anne Sharp.

    1 minute read