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  • October 30, 2008 |

    UK firms eye Singapore entry via newly-liberalised licences

    At least six City firms have applied for new liberalised licences to practise local law in Singapore, including Ashurst, DLA Piper, Herbert Smith and Norton Rose.Around five licences are expected be awarded under the system, which goes beyond the current local joint venture (JV) model which allows foreign firms to practise local law in restrictive alliances with local firms. Around 20 firms are thought to have applied for the licences.Clifford Chance (CC) and Allen & Overy (A&O) - both of which have local joint ventures - are also believed to have applied for a licence, although both firms declined to comment. A number of US law firms are also known to have applied.The Singapore Ministry of Law has said it will take around two months to process the applications under the so-called qualifying foreign law practice (QFLP) scheme following the deadline for submissions earlier this month (9 October).Linklaters and Lovells both stated that they were happy with their JVs and have, therefore, not applied. JVs already in place are also set to be transformed to 'enhanced joint ventures' as a part of the scheme, enabling further access to the local legal market.Freshfields Bruckhaus Deringer, which ended its Singapore JV with Drew & Napier last year, has previously stated it will not attempt to re-enter the market. Top 15 UK law firms Eversheds, CMS Cameron McKenna and Simmons & Simmons, none of which have a Singapore presence, said they have not applied for a licence.In contrast to the generally unpopular JV regime, the new licences will allow foreign firms wider freedom to employ locally-qualified lawyers. Applying firms will be expected to demonstrate their commitment to the local market. However, the liberalised model has been criticised in some quarters for only offering around five licences."The true benefits are that you will be able to offer a full service to international clients. Being able to get a licence will fill a gap which is there - so that we could advise all international clients also on regional transactions," commented Herbert Smith Singapore head Austin Sweeney.Norton Rose Singapore-based dispute resolution partner Guy Spooner said: "It is a development and a chance to do work that we cannot do now. We feel it is a step in the right direction, especially since it is regarded as a first, rather than last, step."

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  • October 29, 2008 |

    Scandinavia: A piece of the action

    Change is in the air in Scandinavia. The region's legal centre, Stockholm, has long been dominated by a combination of the major Swedish players and a number of international outfits. However, ambitious Finnish firms are increasingly looking to muscle in on the action. At the same time, there are signs that the Norwegian and Danish legal markets - long considered rather local-minded - may be beginning to open up.

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  • October 23, 2008 |

    Bank heads stand firm after Lehman rocks market

    Finance heads at City law firms are aiming to avoid heavy restructuring of their practices despite the credit squeeze promising to put several key product lines under sustained pressure. Speaking in the wake of a series of state interventions and bank rescues that could usher in radical change to the banking industry, most City finance partners told Legal Week they could manage their teams by moving lawyers within the groups.Finance heads are aiming to transfer lawyers from hard-hit practices in leveraged finance and securitisation to handle predicted rises in bankruptcy work as the economy slows.

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  • October 23, 2008 |

    High-flying insurer and fund manager kick off reviews of UK legal advisers

    Insurance and investment group Liverpool Victoria (LV) and fund manager Aviva Investors Global Services have kicked off reviews of their UK legal advisers.Both panel reviews started earlier this month, with LV's being led by the company's head of legal, Alison Vickers, and Aviva Investors' by head of legal Michelle Sorrell.

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  • October 23, 2008 |

    Analysis: Banking on change

    "The leveraged finance market reality is that there is no new business. The banks will not lend."So says Clifford Chance's (CC's) James Johnson, a man who has built a good chunk of his career in leveraged finance, a market that, more than a year after the credit crunch first struck, is still in a state of dysfunction.Such comments also reflect the attempts by finance advisers to come to terms with a sector that, in the month since the collapse of Lehman Brothers, is facing its biggest shake-up for a generation.Lehman's collapse on 15 September triggered a global run on bank assets as investors feared for banks' solvency. In the weeks since, finance partners have witnessed escalating turmoil and repeated government attempts to head off the crisis. This process culminated last Monday (13 October) with the injection of £37bn of taxpayers' money into Royal Bank of Scotland (RBS), Lloyds TSB and HBOS.

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  • October 22, 2008 |

    Ashurst scoops major role on €1.9bn French energy buyout

    Ashurst has sealed a major role in one of the largest leveraged buy-outs (LBOs) in France this year, acting for the banks on a €1.9bn (£1.4bn) deal to buy a stake in power conversion company Converteam Group. The City law firm has advised HSBC, Natixis, the Royal Bank of Scotland and Societe Generale on their roles providing finance to private equity group LBO France to fund its acquisition of a one-third stake in Converteam. The Ashurst team was led by Paris-based finance partner Laurent Mabilat, assisted by corporate partner Bertrand Delaunay and tax partner Nadine Gelli. Frankfurt-based finance partner Stephan Kock and senior associate Miriam Petri also advised on the deal.

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  • October 22, 2008 | International Edition

    Macfarlanes advises PE bidder circling beleagured Baugur as asset sale looms

    Macfarlanes is among a group of firms in line to benefit as potential bidders emerge for the assets of troubled Icelandic investor Baugur. The firm is advising regular private equity client Alchemy Partners, which is understood to have held talks with Mosaic Fashions, one of Baugur's major British investments. Corporate partners Ian Martin and Simon Perry are leading the Macfarlanes' team advising Alchemy. Mosaic - the company behind High Street names including Oasis, Coast and Karen Millen - has turned to Manchester-based Heatons for advice on any potential bid.

    1 minute read

  • October 22, 2008 |

    Macfarlanes advises PE bidder circling beleagured Baugur as asset sale looms

    Macfarlanes is among a group of firms in line to benefit as potential bidders emerge for the assets of troubled Icelandic investor Baugur. The firm is advising regular private equity client Alchemy Partners, which is understood to have held talks with Mosaic Fashions, one of Baugur's major British investments. Corporate partners Ian Martin and Simon Perry are leading the Macfarlanes' team advising Alchemy. Mosaic - the company behind High Street names including Oasis, Coast and Karen Millen - has turned to Manchester-based Heatons for advice on any potential bid.

    1 minute read

  • October 16, 2008 |

    Global 100 league shows City closing gap on US

    UK law firms have moved sharply up the league of the world's 100 largest law firms as evidence mounts that the City's top firms are poised to outperform key US rivals in a prolonged slowdown.The Global 100, a joint project by Legal Week and The American Lawyer, this year ranks 17 UK-based law firms in the league of the world's largest law firms, including 10 in the top 50.The combination of robust growth at UK practices and the relative strength of sterling against the dollar during the last financial year saw many London-based firms rise up the revenue rankings.

    1 minute read

  • October 16, 2008 |

    Shearman's Munich arm hit by further departure

    Shearman & Sterling has lost another partner from its Munich office, with Thomas Fox set to join US rival Latham & Watkins. Fox's departure comes one month after the firm lost four partners to A&O, which effectively halved the size of the office. Office head Gottfried Breuninger - German tax head and global co-head of the tax practice group - then left to launch A&O's Munich base along with M&A partner Astrid Krueger. Duesseldorf M&A partners Birgit Reese and Hans Rolf Koerfer also quit Shearman for A&O in March and January respectively.

    1 minute read