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  • October 1, 2008 |

    BLP, CC cash in on record E1.9bn lease of Santander's Madrid base

    Berwin Leighton Paisner (BLP), Clifford Chance (CC) and Allen & Overy (A&O) have won roles on Europe's biggest-ever single property sale - the E1.9bn (£1.5bn) acquisition of Banco Santander's headquarters in Madrid.The deal, which completed last month, saw the building, in Boadilla del Monte in Madrid, sold to Propinvest under a sale and leaseback agreement. The UK property company turned to Spanish leader Garrigues for local and property law advice, with real estate partner Felipe Yannone taking the lead role.

    1 minute read

  • October 1, 2008 |

    Commentary: Geffen takes over as the house that Green built faces stress-test

    The election of Charlie Geffen as Ashurst's new senior partner comes at a key moment for the firm. As one of the poster boys for the firm's recent success, he now is now charged with steering the firm through its most difficult period since the aftermath of its unhappy merger talks with Fried Frank Harris Shriver & Jacobson which ended in 2003. The headline figures are undeniably impressive - for a firm renowned for conservative expansion, revenues have grown by 50% in two years and in 2008 the firm (just about) passed the magic £1m figure for profits per equity partner.This is in part seen to be due to the pairing of a frontline management team made up of senior partner Geoffrey Green and managing partner Simon Bromwich. This partnership was viewed as providing the balance between vision and detail that was so elusive under the Green/Spendlove team. The last four years have also seen the firm revive Ashurst's once-struggling international network.

    1 minute read

  • October 1, 2008 |

    SJ Berwin takes lead on MFI management rescue

    SJ Berwin has taken the lead role in the management rescue of furniture retailer MFI.The struggling retailer's management team, led by chief executive Gary Favell, has agreed to a buyout, however only 92 of MFI's 194 stores are thought likely to be saved.SJ Berwin is advising MFI retail and MFI properties on the transaction, with restructuring and insolvency partner Mike Woolard and corporate finance partner Nicholas Plant leading the team.

    1 minute read

  • September 30, 2008 |

    Ashurst helps Virgin to BSkyB court case victory

    Ashurst has advised Virgin on its successful claim that BSkyB flouted competition laws by claiming a 17.9% stake in ITV in 2006. The Competition Appeal Tribunal (CAT) ruled in Virgin's favour, agreeing with the decision made by the Competition Commission and business secretary John Hutton that it must reduce its holding in the UK broadcaster to less than 7.5%.The team from Ashurst was led by London's head of EU and competition, Nigel Parr, partner Duncan Liddell and associate Ross McKenzie.Freshfields Bruckhaus Deringer advised ITV with competition partner Simon Priddis at the helm.

    1 minute read

  • September 29, 2008 |

    Top UK quartet line up on £40bn B&B nationalisation

    Herbert Smith, Freshfields Bruckhaus Deringer, Slaughter and May and Ashurst have all landed top roles on the £40bn nationalisation of Bradford & Bingley (B&B). Herbert Smith advised longstanding client B&B, fielding a team under London corporate chief Michael Walter, with corporate partners Will Pearce and Adam Lovitz assisting. Restructuring advice was provided by London restructuring partners Kevin Pullen and Laurence Elliott.

    1 minute read

  • September 25, 2008 | International Edition

    Freshfields gets in on Nomura's Lehman buy-out

    Freshfields Bruckhaus Deringer has emerged as the latest firm to score a role on Japanese investment bank Nomura's acquisition of Lehman Brothers' Asian operations and its European and Middle East investment banking and equities divisions. The firm is acting for Nomura on the implementation of the acquisitions and on the legal aspects of the integration of the two businesses. London corporate partners Stephen Revell, Mark Kalderon and Stephen Hewes are all advising on the deals alongside Hong Kong corporate partner Rob Ashworth and London IP/IT partner Richard Lister.

    1 minute read

  • September 25, 2008 |

    Freshfields gets in on Nomura's Lehman buy-out

    Freshfields Bruckhaus Deringer has emerged as the latest firm to score a role on Japanese investment bank Nomura's acquisition of Lehman Brothers' Asian operations and its European and Middle East investment banking and equities divisions. The firm is acting for Nomura on the implementation of the acquisitions and on the legal aspects of the integration of the two businesses. London corporate partners Stephen Revell, Mark Kalderon and Stephen Hewes are all advising on the deals alongside Hong Kong corporate partner Rob Ashworth and London IP/IT partner Richard Lister.

    1 minute read

  • September 25, 2008 |

    A&O and Addleshaws review retirement rules

    Allen & Overy (A&O) and Addleshaw Goddard are reviewing provisions for older partners, as it emerges that many of the UK's top law firms are still struggling to comply with age discrimination laws brought in two years ago. A&O, which has a UK retirement age of 60, is consulting with the partnership about what it needs to do to bring its policies in line with the law, which came into effect on 1 October, 2006. The consultation is understood to be looking at how to help partners once they have retired as well as how to keep those wishing to stay on. Addleshaws, meanwhile, has launched a new initiative giving older partners the option of choosing a flexible working arrangement, with those nearing the law firm's mandatory retirement age of 62 also being offered career counselling. Linklaters is also thought to be intending to look at the issue next year. Legal Week reported earlier this summer that both Freshfields Bruckhaus Deringer and Clifford Chance were looking at options for their partners as they head towards retirement. The impact of age discrimination rules on law firms has come to the fore recently as Field Fisher Waterhouse prepares to face an employment tribunal. The firm's head of trademark and brand protection, John Olsen, has issued a claim of age discrimination and harassment against the law firm. Many firms have already brought in some changes, such as increasing the mandatory retirement age or axing it all together like Ashurst and Berwin Leighton Paisner. However, firms also need to be able to justify the position they have adopted.

    1 minute read

  • September 25, 2008 |

    Skadden and Linklaters cash in on Nomura's Lehman rescue

    Skadden Arps Slate Meagher & Flom and Linklaters this week landed lead roles on Japanese investment bank Nomura's $230m (£124m) acquisition of Lehman Brothers' Asian operations and the fallen bank's European and Middle Eastern equities and investment banking businesses. Skadden is fielding a team from its London and Hong Kong offices for the Japanese bank, with partners including Hong Kong corporate co-head Nick Norris, London restructuring partner Lynn Hiestand and London corporate partner John Adebiyi all playing central roles in the rescue.Linklaters, meanwhile, has been instructed to act for liquidators KPMG in Hong Kong, with Asia corporate chief Keith Johnson and litigation partner Melvin Sng advising. The magic circle firm was already acting for Lehman's European administrators, PricewaterhouseCoopers, under a heavyweight team including restructuring head Tony Bugg. Nomura, which beat bidders including Barclays to the European assets, has also turned to panel firm Osborne Clarke to advise on the employment aspects of the European deal, with the firm fielding a team under employment partner Victoria Parry. Nomura relationship partner and employment chief David Cubitt and employment partner Richard Brown are assisting.

    1 minute read

  • September 25, 2008 |

    UK real estate M&A feels the sting with just eight transactions in 2008

    Figures produced by Mergermarket for Legal Week reveal the extent of the downturn in real estate M&A over the last year, with the UK seeing just eight such transactions announced during the first half of this year. The figures are little better across Europe, with only 42 deals annouanced throughout the first six months of the year. In comparison, there were 89 real estate M&A deals in Europe during the same period last year. Deal values have been significantly hit, with the first six months of 2008 seeing a combined deal value in Europe of e10.9bn (£8.65bn), while the same period last year saw e53.7bn (£42.6bn).The downturn has inevitably impacted on law firms' individual deal flows. For example, Linklaters acted on 11 European M&A real estate deals during the first half of last year compared with two during the first six months of 2008. Adam Cleal, head of real estate at Allen & Overy, said: "The truth is that it is a tough market and that there is a long way to go, but certain entities will be making lots of money from it."Adrian Dear, Ashurst's real estate head, said: "A number of advisers are looking hard at targeted opportunities and property companies are certainly looking cheap over the medium to long term. They just have to decide if the bottom of the market has been reached and if it has, whether the upturn is about to begin."

    1 minute read