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  • October 2, 2008 |

    Fried Frank loses capital markets team to Willkie Farr in Germany

    Fried Frank Harris Shriver & Jacobson has lost the bulk of its German capital markets team to US rival Willkie Farr & Gallagher, with the hires marking the launch of Willkie Farr's capital markets practice in Frankfurt. Fried Frank's Frankfurt-based capital markets head and office co-managing partner, Michael Schlitt, joined Willkie Farr this week (1 October) with the bulk of his team of four associates expected to follow suit. Schlitt joined Fried Frank last August after seven years with Allen & Overy (A&O) where he was head of the law firm's German equity capital markets group.The departures will leave Fried Frank with only two partners in Frankfurt - corporate co-managing partners Sven Schulte-Hillen and Juergen van Kann - and a team of around eight associates. It is understood that the firm has yet to decide whether or not to rebuild its capital markets group as a result of the poor market conditions.Schlitt, who has previously worked with clients including Citi, Credit Suisse, Dresdner Kleinwort, Morgan Stanley, UBS, JPMorgan, Merrill Lynch and Allianz, becomes the sixth partner for Willkie Farr in Frankfurt.His hire means Willkie's Frankfurt office now covers four main practice areas - mainstream corporate, M&A and private equity; tax; finance and capital markets. M&A partner Jochen Winter, who joined Willkie Farr in early 2006 from Linklaters, said: "With the addition of Schlitt we now have in place the four cornerstones of our practice and can offer a project-based practice in Frankfurt built around top local practitioners, as promised to the market." Schlitt added: "I joined Willkie Farr because it is an excellent Wall Street firm with a prominent capital markets practice. I also see very high potential for synergies, especially on the private equity, public M&A and tax side."Fried Frank, which opened in Frankfurt in 2004 with Schulte-Hillen and van Kann, also has offices in London and Paris. Willkie's European coverage includes London, Paris, Milan, Rome and Brussels as well as Frankfurt.

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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.

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  • October 1, 2008 |

    Burges Salmon joins City trio on board £1.5bn Angel Trains development deal

    Burges Salmon has joined a trio of City firms advising on the £1.5bn agreement between Angel Trains and French train manufacturer Alstom for new trains for the West coast mainline track.Allen & Overy (A&O), Norton Rose and Denton Wilde Sapte as well as Burges Salmon all played integral roles on the deal, which will see Angel Trains purchase four new trains and lengthen 52 existing Pendolino trains for £1.5bn, which includes a 10-year maintenance package.

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  • 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.

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  • September 30, 2008 |

    A&O makes Brazil entrance with Sao Paulo launch

    Allen & Overy has opened its first office in Brazil with the formal launch of its Sao Paulo base today (30 September). As previously reported by Legal Week (4 September), the office, which will focus on corporate finance work, will be led by New York-based project finance partner Bob Kartheiser, who also co-heads the firm's Latin-America practice group.Kartheiser will split his time between New York and Brazil while senior counsel Bruno Soares has relocated to Brazil full-time. The office will start out with three full-time lawyers on the ground in Sao Paulo. Around 30 of the firm's lawyers have a Latin-America focus.

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  • 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.

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  • 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.

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  • September 25, 2008 |

    A&O chief joins London Mayor's advisory council

    Allen & Overy (A&O) senior partner David Morley has been appointed to the London Mayor's International Business Advisory Council (IBAC). Morley is to join Mayor Boris Johnson's newly-formed IBAC, which is predominantly made up of business leaders from major international organisations.The council, which is chaired by WPP CEO Sir Martin Sorrell, will advise the London Mayor on securing London's position in the international sphere, with focus on developing opportunities, ideas and initiatives to make London an appealing location for business.

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  • 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."

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  • September 25, 2008 |

    Ex-Weil Gotshal man sets up own boutique

    Former Weil Gotshal & Manges Paris banking partner Jonathan Nabarro has set up his own boutique. Nabarro, who left Weil Gotshal in March this year, has launched Nabarro Associes with long-term co-worker Jennifer Hinge. Hinge, who is also a partner in the venture, has worked with Nabarro as an associate for the last seven years, during which time he has been a partner with Weil Gotshal, Allen & Overy (A&O) and Ashurst.The pair focus on advising European and US banks, mezzanine lenders and private equity houses on financing leveraged buy-outs, public-to-private transactions, takeover bids and restructuring.Nabarro told Legal Week that the firm's strategy is to remain a boutique firm concentrating on debt and debt restructuring work.The firm has, Nabarro said, no intention of branching out into different areas. He maintained: "It is an intentional strategy to remain relatively small and keep it specialised. A lot of firms do not have such a practice, so we could gain referrals. The idea is to stay expert in a narrow field."Nabarro joined Weil Gotshal in December 2005 as a partner. Before that he spent just under two years as A&O's Paris leveraged finance head. Nabarro joined the magic circle law firm in early 2004 from Ashurst, where he spent eight years. Emmanuel Ringeval took on sole leadership of Weil Gotshal's Paris banking practice after Nabarro's departure.

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