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  • March 4, 2009 |

    Commentary: Ashurst's US launch - the importance of commitment

    Structured finance has entered weird territory. On one level the market is nowhere and yet it is everywhere. Nowhere, in that the primary market that was driving law firms until the summer of 2007 has all but dried up; yet everywhere, in that clearing up the mess caused by the credit crunch means it's hard to find an area of business in which structured finance skills aren't being called upon.Unwind work for structured investment vehicles (SIVs) and bank failures, advising on products that have suffered credit down-grades and dealing with counter-party risk is now what keeps advisers busy - meaning the practice area in Europe hasn't yet suffered the total wipe-out some were expecting. And, as Clifford Chance's Kevin Ingram points out, accessing government-backed liquidity schemes, which typically require structuring and packaging for the assets which can be used as collateral, is "basically structured finance".Adds Ingram "You can't find a good derivatives lawyer in the City for love nor money."

    1 minute read

  • February 25, 2009 |

    Top firms land roles on controversial restructuring

    A raft of UK and US firms have been handed mandates after chemicals giant LyondellBasell launched Chapter 11 proceedings. Cadwalader Wickersham & Taft has secured a leading role for the company in the US, with financial restructuring group heads Deryck Palmer and John Rapisardi at the helm. In the UK, LyondellBasell is being advised by Clifford Chance, with head of restructuring Mark Hyde taking the lead.

    1 minute read

  • February 25, 2009 |

    FSA signals intent with prosecutions budget hike

    The Financial Services Authority (FSA) has boosted funds available for future criminal prosecutions in its budget for 2009-10. The regulatory body has increased its contingency fund - which includes an allowance for external legal costs if it chooses to prosecute major criminal cases - to £13.5m to act as an allowance for future prosecutions. The allocated funds comes out of the FSA's corporate services and board budget, which has seen a 67% increase on last year, from £47.2m to £79m. In 2007, the FSA launched its first criminal prosecution for insider trading against former TTP Communications general counsel Christopher McQuoid.

    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 24, 2009 |

    Ashurst launches US finance team with bold McKee deal

    Ashurst is set to seal its first major move into the US market with the City firm in advanced talks to recruit a US structured finance practice, Legal Week can reveal. The City law firm is in talks to recruit at least 10 finance partners from US practice McKee Nelson which, if finalised, would give Ashurst a practice in both New York and Washington DC

    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

  • February 16, 2009 |

    Is there a home for magic circle partners shown the door?

    After the cut comes the job hunt. There was a time when the partners due to be shown the exit from the likes of Ashurst, Clifford Chance and Linklaters would have gravitated naturally to one of the legions of US firms looking to aggressively grow their business in London. In the current climate, such moves look far less assured. If they're not seeing them already, recruiters soon will notice partner CVs fluttering around the City like confetti. Despite the economic conditions, there are still a number of US firms eager to grow their London outposts, although there are far more caveats now.

    1 minute read

  • February 11, 2009 | International Edition

    Commentary: Commitment and a bit of cash bring Freshfields Olympic glory

    In a year dominated by gloomy news, at least Freshfields Bruckhaus Deringer has something to celebrate, after last week being named the sole official law firm for the 2012 London Olympics. But while Freshfields is justifiably making the most of its sponsorship coup, some firms - perhaps Clifford Chance (CC) more than most - could be forgiven for feeling less upbeat. With around 20 law firms initially invited to tender for the role by the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG), most of the UK's leading firms were given a chance to win the mandate. Though the process is shrouded in secrecy, it is believed that around five firms put in detailed bids.

    1 minute read

  • February 11, 2009 |

    Commentary: Commitment and a bit of cash bring Freshfields Olympic glory

    In a year dominated by gloomy news, at least Freshfields Bruckhaus Deringer has something to celebrate, after last week being named the sole official law firm for the 2012 London Olympics. But while Freshfields is justifiably making the most of its sponsorship coup, some firms - perhaps Clifford Chance (CC) more than most - could be forgiven for feeling less upbeat. With around 20 law firms initially invited to tender for the role by the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG), most of the UK's leading firms were given a chance to win the mandate. Though the process is shrouded in secrecy, it is believed that around five firms put in detailed bids.

    1 minute read

  • February 4, 2009 |

    Public service

    "It has been an extremely hectic past year," reflects the Financial Services Authority's (FSA's) general counsel (GC) Andrew Whittaker as he pours himself a glass of water in the meeting room at the FSA's huge Canary Wharf HQ, home to its 2,000 London-based staff. "During September and October we had an enormous number of issues to deal with."The 52-year-old Oxford graduate cites the ban on 'short-selling', which he was heavily involved in implementing, as a key challenge from that period. "It was very much a rapid response to market conditions - a sign that the regulator was able to take firm and effective action at very short notice, which was undoubtedly a shock to lots of people," he recalls.

    1 minute read