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  • May 28, 2009 |

    UK elite bow to clients with plans for rate freeze

    At least half of the UK's top 10 law firms have this year put in place blanket freezes in charge-out rates according to Legal Week research, which shows advisers finally responding to clients' cost concerns.A Legal Week review of billing policies at the UK's largest firms found DLA Piper, Eversheds, Herbert Smith and Ashurst have effectively frozen headline billing rates in response to the recession.

    1 minute read

  • May 28, 2009 |

    Ashurst announces 7% drop in turnover for 2008-09

    Ashurst has posted a 7% drop in turnover for the 2008-09 financial year, with revenue falling to £301m - a £22m drop on last year's value of £323m. The City firm is declining to release a figure for profits per equity partner (PEP) until the figures have been audited; however, sources internally suggest the figure is likely to be substantially down on last year's £1.04m mark. This is in part due to the firm opening up in Hong Kong and its high-profile launch into the US market.

    1 minute read

  • May 27, 2009 |

    Dealmaker: Nick Angel

    With a name like Nick Angel, he should have been a PI - instead, he heads Ashurst's restructuring team

    1 minute read

  • May 27, 2009 |

    Thomson vocal

    A year on from the merger between the Thomson Corporation and Reuters - which created the world's largest information multimedia news agency - and there has still been no review of the new company's fused panel of UK legal advisers. And according to Daragh Fagan, Europe, Middle East and Africa (EMEA) general counsel (GC) for Thomson Reuters Markets division, there are no plans for one.

    1 minute read

  • May 21, 2009 |

    Top 50 set for fee falls but City firms hold steady

    A substantial number of top 50 law firms will this year unveil falls in revenue despite many City practices maintaining fee income at 2008 levels.Initial indications for the 2008-09 financial year are that a slight majority of firms will see falls in revenue - comprising the first fall in legal service demand in recent memory - while profits will fall by more than 10% in many cases.However, a number of major City firms are on course to post broadly static revenues or modest increases, including Herbert Smith, Lovells, Simmons & Simmons and CMS Cameron McKenna. This group is, however, generally expecting falls in profitability.

    1 minute read

  • May 20, 2009 |

    Milan banking team leaves Ashurst to help Pedersoli finance push

    Ashurst has lost a four-lawyer banking team in Milan to Pedersoli, with Ashurst partner Maura Magioncalda set to head the banking practice at the independent firm. Magioncalda, who has left Ashurst after four years as a partner at the UK law firm, joins Pedersoli as an equity partner along with three associates.

    1 minute read

  • May 20, 2009 |

    CC, Slaughters and Davis Polk take on top roles on £510m Taylor Wimpey fundraising

    Clifford Chance (CC), Slaughter and May and Davis Polk & Wardwell have all won roles advising on troubled house builder Taylor Wimpey's £510m fundraising. The fully underwritten placing, which is subject to shareholder approval this month, will cut the company's debt by around one-third. Slaughters reprised its role for regular client Taylor Wimpey, with corporate partner Jeff Twentyman leading the firm's team. Davis Polk advised the house-builder on US aspects, with London-based corporate partner Nigel Wilson advising.

    1 minute read

  • May 14, 2009 |

    Ashurst picks up Links star in construction boost

    Ashurst has secured its first lateral partner hire in the City so far this year, with the firm bringing in highly-rated construction partner Ann Minogue from Linklaters. Minogue, who specialises in transactional construction work, is set to join Ashurst in the autumn, when she will become the top 10 City firm's third dedicated construction partner in the UK and the 15th real estate partner in London.

    1 minute read

  • May 14, 2009 |

    Slaughters partner joins Competition Commission

    Slaughter and May's head of competition, Malcolm Nicholson, has retired from the magic circle firm to join the Competition Commission. After 25 years at Slaughters - including 15 of as head of the firm's competition practice - Nicholson will now begin an eight-year, part-time post at the Commission. Nicholson had been re-elected as head of competition in March 2008, but has now been succeeded by Phillippe Chapatte, who will serve the remaining two years of the three-year term.

    1 minute read

  • May 13, 2009 |

    Camerons advises Informa on tax shake-up and rights issue

    CMS Cameron McKenna has won a major instruction for Informa as the publishing group announces a corporate restructuring that will see it form a Swiss-taxed parent company.Camerons' City-based corporate partner Gary Green led on the tax restructuring and a related £255m rights issue, which was announced earlier this month (1 May). He was assisted by a team which also included London-based partner Nicholas Stretch advising on share schemes.

    1 minute read