White & Case London head Oliver Brettle recently replaced New York partner Dimitrios Drivas on the firm’s executive committee.
He will join Turkish partner Asli Basgoz and New York partner Anthony Kahn on the committee that works under firmwide chairman Hugh Verrier.
November 3, 2010
Kirkland & Ellis effect layoffs in NYC
Kirkland & Ellis finally followed suit and joined the list of US firms to make mass redundancies.
The firm laid off more than 20 associates in New York in September, following its annual performance review period, citing the turbulent economic climate as the cause.
Kirkland had roughly 335 lawyers in the New York office prior to the cuts being made.
The firm laid off more than 20 associates in New York in September, following its annual performance review period, citing the turbulent economic climate as the cause.
Kirkland had roughly 335 lawyers in the New York office prior to the cuts being made.
Skadden slashes summer associate intake
Skadden Arps Slate Meagher & Flom recently decided to reduce the size of its summer associate intake for 2010, following a delay in the start dates of its 2009 group.
The firm advised US law schools it would only be recruiting around 100 associates for its intake as a result of the dismal economic climate. It later informed successful candidates that their start dates would be deferred until 2011.
The new figures are in stark contrast to the numbers the firm recruited for its 2009 program: 225 summer associates were accepted of whom 95% were offered full-time positions.
The firm will also implement a ‘Skadden Offer Day’, where associates from its 2010 intake will receive their offers on the same day (22 September 2009). The firm will continue to give those who receive offers 45 days to evaluate them, in compliance with guidelines set down by the National Association for Law Placement.
The firm advised US law schools it would only be recruiting around 100 associates for its intake as a result of the dismal economic climate. It later informed successful candidates that their start dates would be deferred until 2011.
The new figures are in stark contrast to the numbers the firm recruited for its 2009 program: 225 summer associates were accepted of whom 95% were offered full-time positions.
The firm will also implement a ‘Skadden Offer Day’, where associates from its 2010 intake will receive their offers on the same day (22 September 2009). The firm will continue to give those who receive offers 45 days to evaluate them, in compliance with guidelines set down by the National Association for Law Placement.
White & Case steppes into Kazakhstan
White & Case recently assisted the Kazakhstan government on the creation of new restructuring laws in the country, following the US firm winning a role advising UBS on the restructuring of Kazakhstan’s BTA Bank earlier this year.
The firm also advised Goldman Sachs on the restructuring of Kazakhstan financial institution Alliance Bank. London-based European capital markets co-head Francis Fitzherbert-Brockholes led the advice team.
The firm also advised Goldman Sachs on the restructuring of Kazakhstan financial institution Alliance Bank. London-based European capital markets co-head Francis Fitzherbert-Brockholes led the advice team.
Dewey scores big in M&A
Dewey & LeBoeuf’s corporate group recently secured two high-profile M&A mandates. Dewey M&A head Mort Pierce advised Disney on its US$4bn acquisition of Marvel Entertainment; and Richard Climan and Keith Flaum led a team advising eBay on the US$1.9bn sale of Skype.
The firm won a role in both deals as the result of longstanding relationships, highlighting why Dewey has been among the more successful US firms during the downturn in deal flow.
Mergermarket’s global M&A survey for the first half of 2009 recently revealed that the US firm moved up to 12th place from 25th in the global deals value table.
The firm won a role in both deals as the result of longstanding relationships, highlighting why Dewey has been among the more successful US firms during the downturn in deal flow.
Mergermarket’s global M&A survey for the first half of 2009 recently revealed that the US firm moved up to 12th place from 25th in the global deals value table.
UK firms star in big business rankings
The Hemscott rankings of legal advisers to FTSE 100 companies has revealed Linklaters and Slaughter and May as the firms currently advising the highest number – 25 – of the UK’s biggest companies.
The rest of the top five is rounded out by Herbert Smith (which saw its FTSE 100 client count drop one from 19 to 18, as it is no longer listed as an adviser to Friends Provident), Allen & Overy (A&O) and Freshfields Bruckhaus Deringer. Freshfields recently gained two top-ranked clients – the London Stock Exchange Group and Wolseley – and is now running head to head with A&O, with 17 FTSE 100 clients.
The rest of the top five is rounded out by Herbert Smith (which saw its FTSE 100 client count drop one from 19 to 18, as it is no longer listed as an adviser to Friends Provident), Allen & Overy (A&O) and Freshfields Bruckhaus Deringer. Freshfields recently gained two top-ranked clients – the London Stock Exchange Group and Wolseley – and is now running head to head with A&O, with 17 FTSE 100 clients.
Clifford Chance elections approaching
Clifford Chance will soon embark on a series of senior leadership elections. David Childs is expected to stand for re-election as the firm’s managing partner. If he is successful, his second four-year term at the firm’s helm would begin in May 2010.
Other management positions soon to be up for grabs include London managing partner, general counsel and practice head roles for real estate and tax, pensions and employment.
Clifford Chance is reportedly also reviewing the position of global litigation and dispute resolution head, which became redundant after the May departure of Mark Kirsch to join global player Gibson Dunn & Crutcher.
Other management positions soon to be up for grabs include London managing partner, general counsel and practice head roles for real estate and tax, pensions and employment.
Clifford Chance is reportedly also reviewing the position of global litigation and dispute resolution head, which became redundant after the May departure of Mark Kirsch to join global player Gibson Dunn & Crutcher.
Herbert Smith raises bar on partner performance
Herbert Smith has switched its former ‘make a difference’ initiative for partner appraisals to more formal assessments on their performance, in a bid to place more emphasis on the firm’s international ambition.
The new system will include formal feedback from partners in international offices for the first time and assessments on matters such as cross-selling between offices. Partners will also be assessed annually against four distinct areas: client skills, technical skills, people skills and how their performance fits with the firm’s strategy.
The move to monitor partner performance more closely follows a change in the firm’s associate appraisal process made earlier this year. It is a definite step away from the consensual approach introduced in 2007 by senior partner David Gold, clearly sending the message to partners that the expectations upon them will be rising.
The new system will include formal feedback from partners in international offices for the first time and assessments on matters such as cross-selling between offices. Partners will also be assessed annually against four distinct areas: client skills, technical skills, people skills and how their performance fits with the firm’s strategy.
The move to monitor partner performance more closely follows a change in the firm’s associate appraisal process made earlier this year. It is a definite step away from the consensual approach introduced in 2007 by senior partner David Gold, clearly sending the message to partners that the expectations upon them will be rising.
Lovells tie up with French firm
Lovells recently formed a co-operation agreement with Paris-based insolvency boutique Kuntz & Associés which will allow the two firms (who have a history of working together) to form a closer bond without entering into a full-scale alliance.
The arrangement will also grant Kuntz access to Lovells’ full-service French practice and will permit Lovells to utilise Kuntz’s specialist insolvency expertise.
The arrangement will also grant Kuntz access to Lovells’ full-service French practice and will permit Lovells to utilise Kuntz’s specialist insolvency expertise.
Partners down in UK’s top 50 firms
If Clifford Chance and Simmons & Simmons are anything to go by, new partner promotions across the United Kingdom’s top 50 law firms have decreased somewhat, with 399 promotions made in 2009, compared with 598 in 2008. As a group, Magic Circle firms also experienced a drop across the board, with promotions falling 41% from 120 to 71.
Female partner promotions across the top 50 firms have also plummeted – just 95 women were promoted to partner in 2009, compared with 149 in 2008. However, despite the fall in overall promotions, the number of new partners in London alone has only fluctuated slightly.
Female partner promotions across the top 50 firms have also plummeted – just 95 women were promoted to partner in 2009, compared with 149 in 2008. However, despite the fall in overall promotions, the number of new partners in London alone has only fluctuated slightly.
China infrastructure built up by firms
An increasing number of law firms are reaping good returns from the thriving business relationship developing between China and Australia.
China Everbright Limited (CEL) has ventured Down Under, building two funds with Australia’s Macquarie Bank to leverage China’s infrastructure opportunities. Mallesons and CEL’s ongoing legal advisor, Paul Hastings, both have a hand in the joint venture.
Australian and Hong Kong partners, John Sullivan and Hayden Flinn, are leading Mallesons representation for Macquarie Bank. Paul Hastings’s Hong Kong-based corporate partner Raymond Li, partner Vivian Lam and Jenny Law are acting for CEL. The joint venture will raise US$1.5bn to create two funds for Chinese infrastructure investments.
China Everbright Limited (CEL) has ventured Down Under, building two funds with Australia’s Macquarie Bank to leverage China’s infrastructure opportunities. Mallesons and CEL’s ongoing legal advisor, Paul Hastings, both have a hand in the joint venture.
Australian and Hong Kong partners, John Sullivan and Hayden Flinn, are leading Mallesons representation for Macquarie Bank. Paul Hastings’s Hong Kong-based corporate partner Raymond Li, partner Vivian Lam and Jenny Law are acting for CEL. The joint venture will raise US$1.5bn to create two funds for Chinese infrastructure investments.
Litigation booming in Dubai
Herbert Smith has transferred London partner Stuart Paterson to the Dubai office to strengthen the firm’s litigation and arbitration practice, as the number of construction-related disputes surge in the region.Paterson will work alongside Dubaibased dispute resolution partner, Craig Shepherd, on commercial and banking litigation, ADR and risk management.
While the law firm had always planned to augment their Middle East Practice, this was accelerated to meet recent demand. “The original plan was to have a litigation partner in the second half of 2011,” - said Shepherd.
Law firms across the region have recently cited a massive increase in litigation and dispute work arising from the crisis-addled construction sector. Shepherd agreed that Herbert Smith was dealing with similar volumes. “There are now more disputes related to the suspension or termination of projects, or shareholder disputes in relation to project funding,” he said.
While the law firm had always planned to augment their Middle East Practice, this was accelerated to meet recent demand. “The original plan was to have a litigation partner in the second half of 2011,” - said Shepherd.
Law firms across the region have recently cited a massive increase in litigation and dispute work arising from the crisis-addled construction sector. Shepherd agreed that Herbert Smith was dealing with similar volumes. “There are now more disputes related to the suspension or termination of projects, or shareholder disputes in relation to project funding,” he said.
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