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  • April 1, 2009 |

    Ashurst and Hogan instructed on steel giant's $2.8bn restructuring

    Ashurst and Hogan & Hartson have secured major roles on a $2.8bn (£1.9bn) Russian debt restructuring for embattled steel giant Rusal.The high-stakes deal saw Rusal offer an enlarged stake in its business to Onexim Group in exchange for $2bn (£1.37bn) of debt owed to the latter company. The restructuring, which raises Onexim's stake in Rusal by 4.5% to 18.5%, leaves a remaining $800m (£549m) in debt to be restructured later on.

    1 minute read

  • April 1, 2009 |

    Ashurst, Links duo join Competition Commission

    Ashurst's former corporate managing partner Roger Finbow and Linklaters competition partner Tony Morris have been appointed to the Competition Commission. The pair are among 11 new appointments to the Commission made by the Department for Business Enterprise and Regulatory Reform, with the appointments due to last for eight years.

    1 minute read

  • March 31, 2009 |

    Fried Frank lays off 41 associates and 58 staff

    Fried Frank Harris Shriver & Jacobson has become the latest major US firm to announce heavy cuts to its associate ranks. Firm chair Valerie Ford Jacob and managing partner Justin Spendlove sent out a firmwide memo on Monday (30 March) announcing that the New York law firm was laying off off 41 associates and 58 staff members.A firm spokeswoman did not immediately return a message from the Am Law Daily, but sources at Fried Frank confirmed the authenticity of the memo.

    1 minute read

  • March 26, 2009 |

    Smedley: City watchdog would cost £3m a year

    Proposals to create a specialist division to police City law firms would cost the profession an estimated £3m in additional expenses to run. Commenting on the publication of his report on the regulation of corporate law firms, Nicholas Smedley put the £3m estimate on his key proposal - the creation of a new City division of the Solicitors Regulation Authority (SRA).Smedley, a former senior civil servant who was commissioned by the Law Society to review legal regulation, has called for the creation of a new Corporate Regulation Group at the SRA, which would be staffed by experienced City professionals.

    1 minute read

  • March 26, 2009 |

    Ashurst takes lead role as Candover gets set for shake-up

    Ashurst has landed a key mandate advising on a potential sale or delisting of embattled buyout house Candover. The firm has been drafted in to advise Candover Investments - the UK-listed parent company of private equity company Candover Partners - in relation to the proposed restructuring. It is understood that private equity partner Bruce Hanton is leading Ashurst's team for Candover Investments. The top 10 City firm counts Candover as a longstanding client, with Hanton previously acting on transactions for the investment trust.

    1 minute read

  • March 23, 2009 |

    - 2009 Partnership Round: a Legal Week Wiki special -

    Welcome to Legal Week's 2009 partner promotions round-up. Here you'll find all the latest news stories about partner promotions gathered in one place, as well as links to relevant blog entries and any other bits and pieces we think might be of interest.

    1 minute read

  • March 20, 2009 |

    Herbert Smith seals Buncefield win for Chevron

    Herbert Smith has scored a victory advising Chevron in one of the largest pieces of commercial litigation ever seen in the UK, as its joint venture partner Total is found liable for the 2005 Buncefield disaster. In a judgment handed down in the High Court this morning (20 March), Mr Justice David Steel ruled that Total - which has a 60% stake in Hertfordshire Oil Storage Ltd (HOSL), the joint venture that runs the Buncefield depot - was responsible for the explosion and liable for the financial consequences.The aftermath of the explosion - which has been described as the largest incident of its kind in peacetime Europe - has seen approximately £750m of claims from around 4,000 local businesses, residents and other oil companies with facilities at Buncefield, such as Shell.

    1 minute read

  • March 18, 2009 | International Edition

    Commentary: The leveraged finance team with a shortage of leverage

    When Legal Week revealed in February that Allen & Overy (A&O) had asked five partners in its London leveraged finance team to depart as part of its sweeping restructuring, it is fair to say the move generated some surprise.Yes, the sector has been devastated by the financial turmoil over the last year, leaving A&O and its 69-partner City banking practice heavily exposed. But even so, the level of departures from the firm's 12-partner leveraged finance team - historically one of A&O's most influential and highly-rated practices - was still unexpected.

    1 minute read

  • March 18, 2009 |

    Commentary: The leveraged finance team with a shortage of leverage

    When Legal Week revealed in February that Allen & Overy (A&O) had asked five partners in its London leveraged finance team to depart as part of its sweeping restructuring, it is fair to say the move generated some surprise.Yes, the sector has been devastated by the financial turmoil over the last year, leaving A&O and its 69-partner City banking practice heavily exposed. But even so, the level of departures from the firm's 12-partner leveraged finance team - historically one of A&O's most influential and highly-rated practices - was still unexpected.

    1 minute read

  • March 12, 2009 |

    Ashurst, Simmons follow firms freezing pay

    Ashurst and Simmons & Simmons have joined Allen & Overy (A&O) and Freshfields Bruckhaus Deringer in freezing pay in a bid to stave off further job cuts. Ashurst told staff earlier this week (9 March) that all non-partner lawyers and support staff will see pay held at 2008 levels. The firm abandoned associate lockstep about two years ago to focus on rewarding individual merit, but there will also be no increases this year. Ashurst is also dropping its newly-qualified (NQ) rate from March onwards by just over 8% to £60,000 from £65,000.

    1 minute read