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  • November 20, 2008 |

    New accounting rules put M&A fees under spotlight

    City law firms look set to face greater scrutiny on bills thanks to new accounting rules that mean M&A fees will directly hit clients' bottom line. The new regulations, to be rolled out from next July, will see all deal costs - including legal fees - detailed as separate expenses directly impacting the profit and loss accounts. Currently, these fees sit on the balance sheet.The changes, drawn up by the International Accounting Standards Board and the US Financial Accounting Standards Board, mean that the costs of legal and financial advisory fees racked up on major M&A deals - often amounting to millions of pounds - will be subject to greater scrutiny with shareholders able to see the direct impact of deal costs on profits.

    1 minute read

  • November 19, 2008 |

    Ashurst and Eversheds make Mid East postings as flight to region continues

    The flight of lawyers to the Middle East shows no sign of abating even as the region starts to feel the impact of the global economic crisis and the falling price of oil. Top 10 UK law firms Eversheds and Ashurst are the latest to post additional lawyers to the region, with Ashurst installing a local head of real estate in Abu Dhabi and Eversheds set to relocate a partner to Doha next year.

    1 minute read

  • November 18, 2008 |

    ...Legal Week Lunchbox: 18/11/08...

    The five most popular articles on legalweek.com today; the pick of the day's posts; and more

    1 minute read

  • November 17, 2008 |

    CC calls time on Singapore joint venture

    Clifford Chance (CC) is set to end its Singapore joint venture (JV) in anticipation of the impending liberalisation of the country's legal market. The magic circle firm will terminate its alliance with Wong Partnership next spring (30 April). The upcoming liberalisation of the Singapore market will allow JVs to be transformed to 'enhanced JVs', a structure which enables further economic integration.

    1 minute read

  • November 17, 2008 |

    Ashurst secures Hong Kong JV ahead of local launch

    Ashurst has secured a local law association to bolster its upcoming Hong Kong launch. The firm has entered the agreement with Jackson Woo & Associates, led by corporate partner Jackson Woo - a former senior in-house banking lawyer. Along with Woo, the firm's other partner, Sabrina Fung, will also join the City firm as a partner. The pair will bring on three or four associates.

    1 minute read

  • November 13, 2008 |

    City elite line up projects to mark annual Pro Bono Week

    Leading law firms across the City have boosted their not-for-profit activities this week to mark the seventh annual National Pro Bono Week.This year's event, which started on Monday (10 November), aims to highlight the pro bono contributions made through public legal education and partnerships which support the work of those agencies, such as Citizens Advice Bureaux and Law Centres.Simmons & Simmons is one of the most active firms during the week, holding a number of events including a talk from the chief executive of Kids Company - the firm's charity of the year - as well as reading sessions at a local primary school. The firm is using the week as an opportunity for lawyers to experience the type of work on offer and allow them to get involved for a few hours without any long-term commitment.

    1 minute read

  • November 12, 2008 |

    Eversheds and Ashurst land roles on Crossrail's first formal legal panel

    Cross London Rail Links (CLRL) has completed its first formal legal panel, with Eversheds and Ashurst winning places on the roster. The pair, alongside Wragge & Co and Cripps Harries Hall, will advise CLRL - the delivery vehicle for the Crossrail project - on the land acquisitions needed to complete the new London rail route. The appointments are expected to generate a significant flow of work for the four firms as CLRL is expected to acquire more than 13,000 land interests over the next few years under powers granted by the Crossrail Act.

    1 minute read

  • November 12, 2008 |

    Addleshaws and A&O land Sky merger roles

    Addleshaw Goddard has secured a role alongside Allen & Overy (A&O) as media companies British Sky Broadcasting (BSkyB) and Tiscali move towards a tie-up. Addleshaws has been brought in to advise regular client Tiscali, which confirmed last week it is in exclusive talks with BSkyB to offload its UK assets in a deal that could be worth £450m. The national law firm is fielding a team under London-based relationship partner James Dawson to advise the struggling Italian group.

    1 minute read

  • November 12, 2008 |

    Book of contacts

    The Diary wouldn't dream of saying that life at City firm Ashurst is anything other than thrill-a-minute, but the extra-curricular activities of one of its young associates are rather more fantastical. London-based Inabali Iserles, who works three days a week with the firm and spends the rest of the time writing children's books, published her second novel last month.Her first effort, The Tygrine Cat, was lucky enough to be awarded the Calderdale Children's Book Award.

    1 minute read

  • November 6, 2008 |

    City firms post solid H1 financials as nationals start to feel the pinch

    A band of City law firms look set to tough out the gloomy market with Lovells, Norton Rose, Trowers & Hamlins and CMS Cameron McKenna all expecting double-digit revenue growth for the first six months of the year.Norton Rose has said that it expects to see 11% growth over the first half of 2008-09 increasing revenue from £127.5m to £141.5m. Camerons has also had a solid first-half with a 10% increase in revenue from £103m to around £113m.Lovells is predicting to see 10%-plus revenue growth with the firm highlighting insolvency and restructuring, capital markets, intellectual property and corporate as strong performers.Trowers, which has a well-established practice in the much-courted Middle East market, has emerged as a leading performer, posting a 16% increase in income moving from £36.1m to £42m.Ashurst and Simmons & Simmons have both also managed to grow their first-half revenues by more than 5% against the same period in 2007, in what will be seen as credible performances.Norton Rose chief executive Peter Martyr told Legal Week: "We are looking good at the moment - our main practice areas are robust and we are well placed. But it is extremely hard to judge the future. There has never been such a degree of uncertainty as to what the immediate future will bring."Despite indications that many law firms have managed to maintain growth in the face of the slump, the 2008-09 year promises to display widely-diverging results, with a substantial proportion of firms seeing falls in revenue.Addleshaw Goddard, Eversheds, Halliwells and Wragge & Co have all this week confirmed dips in H1 revenue. Eversheds is down 4% to £188m from £196 while Halliwells sees its income drop by 3.1% to £44m from £45.4m.Eversheds chief executive David Gray said: "Given the economic turmoil of the last six months, it is not surprising that law firms are facing reduced revenues. "Eversheds has posted a small decline in revenues of just 4%, which is further evidence that the business is holding up well, with some areas seeing over 30% growth, such as competition and international."Addleshaws' income between April and October dropped to £94.7m from £97.5m on the same period last year. It is thought that Cobbetts' first half will be down around 5%-10%A spokesperson from Halliwells added: "There is no disputing that the market is extremely difficult at present and the remainder of the financial year is sure to prove just as challenging, but our core business remains strong and a number of our practice areas continue to perform very well."In addition, magic circle firms have this year been intensely secretive about their H1 results, despite expectations that the group has benefited from relatively busy foreign offices and a flight to quality with transactional mandates.

    1 minute read