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  • February 27, 2008 |

    Iberia: Home advantage

    In contrast to their Italian neighbours across the Mediterranean sea, Spanish lawyers and law firms have been a model of stability over the years - particularly at the top end of legal practice. Despite the incursion of international firms, the entrance of the major accounting firms into the legal market and the breakneck growth of the Spanish economy, the legal sector has been characterised by the apparently serene progression of its leading law firms from small local players into some of continental Europe's largest and most successful independent law firms. In 2007, according to Mergermarket, the three leading firms - Uria Menendez (advising on deals worth E99.8bn (£71.8bn)), Cuatrecasas, (E34.7bn (£24.9bn)) and Garrigues (E49.6bn (£35.6bn)) occupied the first three positions, with other local leaders Gomez-Acebo and Perez-Llorca not far behind.

    1 minute read

  • February 21, 2008 |

    Pro bono competition venture wins more firms and attracts EC interest

    A pro bono scheme set up to provide free competition law advice to individuals and small businesses has caught the attention of the European Commission (EC).More than 35 City and national firms, including CMS Cameron McKenna, Pinsent Masons, Ashurst, Baker & McKenzie, Taylor Wessing, Simmons & Simmons, Reed Smith Richards Butler and Macfarlanes, as well as two sets of chambers, now participate in the project, which originally saw 21 firms club together to form the group in October 2006.

    1 minute read

  • February 20, 2008 |

    Expansive Mayer Brown posts solid results on back of challenging 2007

    Mayer Brown has joined Winston & Strawn and Baker Botts to post strong financial results for 2007 - despite a challenging year for the transatlantic firm.Mayer Brown managed to boost revenues and partner profits by 9%, despite legal claims against the firm and an internal restructuring. Turnover at the top 10 firm rose from $1.084bn (£550m) in 2006 to $1.183bn (£601m). Meanwhile, profits per equity partner (PEP) moved up by 9% to $1.24m (£629,000) in 2007, up from $1.14m (£577,000) the previous year.

    1 minute read

  • February 20, 2008 |

    O'Melveny, Ashurst and DLA take lead roles on £300m management buy-out

    O'Melveny & Myers, Ashurst and DLA Piper have bagged roles on the management buy-out (MBO) of Palmer & Harvey McLane for just less than £300m.The deal sees O'Melveny London co-managing partner Chris Ashworth advising the independent directors of wholesale distributor Palmer on the recommended MBO.It is the third MBO Ashworth has advised Palmer on but his first at O'Melveny. He advised the company when he was at Ashurst and, in 2002, advised management on Palmer's second MBO worth £160m.Ashurst is advising long-term client Palmer on the latest buy-out, which will give management and many employees the opportunity to buy 50% of the shares in the new holding company.

    1 minute read

  • February 14, 2008 |

    Latham and Freshfields set for Middle East push as firms target new markets

    Latham & Watkins and Freshfields Bruckhaus Deringer are set for key strategic initiatives in the Middle East as top law firms move to ramp up their practices in the world's main emerging markets. US-based Latham looks set to become the latest adviser to launch in the competitive Middle East market after hiring a partner from Vinson & Elkins, while Freshfields is transferring more lawyers from London to the region.

    1 minute read

  • February 13, 2008 |

    Commentary: Sovereign wealth funds set to reign on international stage

    Ask top buy-out advisers if they have considered tapping into sovereign wealth funds and many will explain that they have been 'monitoring' these bodies for years. But the current indications are that 'monitoring' is swiftly about to become code for 'aggressively targeting' as M&A advisers scramble to get in on the ground floor with clients who look unaffected by the credit squeeze. As such, it is little surprise that private equity leader Clifford Chance (CC) has set up an informal cross-practice covering the area while sector rival Ashurst is considering setting up a similar team.

    1 minute read

  • February 6, 2008 | International Edition

    Hiring trends at US firms in London fail to match 2005 five-year high

    US firms hired 67 partners across the City in 2007 - a slight dip on the recruitment peak of 2005, despite last year's booming markets. Legal Week research into hiring trends at 24 of the US' biggest players in the UK found that while recruitment activity was up on 2006 - when 60 partners joined US practices - it failed to match 2005's five-year high of 72.Much of the activity came in the mid-market. Mayer Brown was the biggest lateral recruiter of 2007, with the firm bringing in nine partners, including two high-profile names - McDermott Will & Emery corporate partner William Charnley and Ashurst real estate partner Gary Watson.

    1 minute read

  • February 6, 2008 |

    Hiring trends at US firms in London fail to match 2005 five-year high

    US firms hired 67 partners across the City in 2007 - a slight dip on the recruitment peak of 2005, despite last year's booming markets. Legal Week research into hiring trends at 24 of the US' biggest players in the UK found that while recruitment activity was up on 2006 - when 60 partners joined US practices - it failed to match 2005's five-year high of 72.Much of the activity came in the mid-market. Mayer Brown was the biggest lateral recruiter of 2007, with the firm bringing in nine partners, including two high-profile names - McDermott Will & Emery corporate partner William Charnley and Ashurst real estate partner Gary Watson.

    1 minute read

  • February 6, 2008 |

    Commentary: Russian IPOs - hoping East keeps on meeting West

    As a cautious breed, lawyers are often the last to get excited about what they read in the press. So when claims emerged last week that Russian aluminium giant RUSAL was planning to turn its back on London in favour of a float in Hong Kong, many senior capital markets lawyers were yet to press the panic button. But whether or not there are any legs to the story, one firm that should view such talk as a warning shot is Ashurst. The City firm is advising on the listing alongside Cleary Gottlieb Steen & Hamilton, but would risk losing its role if the offer moves away from London, as it has no office in Hong Kong.The stakes are considerable - Ashurst has advised RUSAL, the world's largest aluminium producer, on most of its biggest corporate deals to date, a track record that has made the company one of its most lucrative clients. The firm is currently advising on its acquisition of a stake in Norilsk Nickel and took a lead role on its $30bn (£15.2bn) merger with Sual in 2006.

    1 minute read

  • February 6, 2008 | International Edition

    Norton Rose and DLA Piper outstrip competition in AIM client rankings

    Norton Rose and DLA Piper continue to boast the broadest base of clients listed on London's Alternative Investment Market (AIM), with the duo topping new quarterly client rankings released this week.Norton Rose maintained its position of advising more AIM-listed clients than its UK rivals, with the top 10 City firm holding a client base of 65 businesses, according to Hemscott statistics.The figures - which are taken from deals during the period from the beginning of October to the beginning of January - rank DLA Piper in second place, closing the gap on Norton Rose by gaining four clients over the quarter to bring the firm to 59 in total.

    1 minute read