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.
Showing posts with label usa. Show all posts
Showing posts with label usa. Show all posts
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.
March 22, 2010
US report: roundup
— James Holzhauer announced he will step down as chairman of Mayer Brown in January 2010
— Shearman & Sterling is set to cut 60 support staff jobs in its US and Canadian offices following redundancies in the UK
— Sonnenschein Nath & Rosenthal has closed its Charlotte office due to the declining demand for legal services. The firm will relocate some of the 11 Charlotte-based lawyers to busier parts of the network, while others will be laid off
— K&L Gates has confirmed it will initiate a round of layoffs across its US and UK practices with reductions affecting 4.9% of the firm’s associate lawyers and 4.3% of its staff
— Clifford Chance, which recently downsized its US capabilities, has sub-let space in its New York office to US firm Kilpatrick Stockton
— The election race has begun at McDermott Will & Emery, as New York-based partner Peter Sacripanti, Washington DC partner Bobby Burchfield and Chicago-based head of litigation Jeff Stone vie for the position of chairman
— Craig Medwick was re-elected as regional managing partner of the Americas at Clifford Chance. His second term will run until 30 April 2013
— Shearman & Sterling is set to cut 60 support staff jobs in its US and Canadian offices following redundancies in the UK
— Sonnenschein Nath & Rosenthal has closed its Charlotte office due to the declining demand for legal services. The firm will relocate some of the 11 Charlotte-based lawyers to busier parts of the network, while others will be laid off
— K&L Gates has confirmed it will initiate a round of layoffs across its US and UK practices with reductions affecting 4.9% of the firm’s associate lawyers and 4.3% of its staff
— Clifford Chance, which recently downsized its US capabilities, has sub-let space in its New York office to US firm Kilpatrick Stockton
— The election race has begun at McDermott Will & Emery, as New York-based partner Peter Sacripanti, Washington DC partner Bobby Burchfield and Chicago-based head of litigation Jeff Stone vie for the position of chairman
— Craig Medwick was re-elected as regional managing partner of the Americas at Clifford Chance. His second term will run until 30 April 2013
Bakers closes on revenue top spot
Baker & McKenzie is close to becoming the largest US law firm by revenue, surpassing Skadden Arps, which has long held the title.
It is only US$10m away from first place after posting a 20% rise in revenue last year, with a turnover boost from US$1.83bn in 2007 to US$2.19bn in 2008; Skadden only managed a 1% rise in revenue last year, with a total global turnover of US$2.2bn.
Latham&Watkins is currently in third place, although it recorded a 4% revenue drop.
It is only US$10m away from first place after posting a 20% rise in revenue last year, with a turnover boost from US$1.83bn in 2007 to US$2.19bn in 2008; Skadden only managed a 1% rise in revenue last year, with a total global turnover of US$2.2bn.
Latham&Watkins is currently in third place, although it recorded a 4% revenue drop.
Firms unite to fight for ‘P3’
UK firms Allen & Overy and Freshfields Bruckhaus Deringer have joined forces with leading US firms and banks to push for the expansion of public private partnerships (PPP) in the US.
Kearsarge Global Advisers recently reported that a group comprised of seven firms (including Chadbourne & Parke, Debevoise & Plimpton, Fulbright & Jaworski, Mayer Brown and McKenna Long & Aldridge) and 11 companies made the case for PPP, or ‘P3’ as it is known in the US.
The group claims PPPs could create 1.5 million US jobs by using US $180 bn in available private capital to build infrastructure projects.
Kearsarge Global Advisers recently reported that a group comprised of seven firms (including Chadbourne & Parke, Debevoise & Plimpton, Fulbright & Jaworski, Mayer Brown and McKenna Long & Aldridge) and 11 companies made the case for PPP, or ‘P3’ as it is known in the US.
The group claims PPPs could create 1.5 million US jobs by using US $180 bn in available private capital to build infrastructure projects.
Redundancies today, salary cuts tomorrow
After law firms around the world have made their first round of global financial crisis induced lay-offs, some US firms are now implementing salary cuts.
Dewey & LeBoeuf has cut the pay of up to 66 US partners by as much as 80%. The move has reportedly left some Dewey partners taking home around just US$10,000 per month.
Meanwhile, DLA Piper’s US partners have faced an 11.5% pay cut amid gloomy predictions about the firm’s performance this year. And US- and UK-based firm Katten Muchin Rosenman has cut salaries by 20% for associates who did not meet more than 90% of their 2,000-hour billing quota during 2008. However, they can return to their former remuneration levels by reaching their 2009 billing targets.
Dewey & LeBoeuf has cut the pay of up to 66 US partners by as much as 80%. The move has reportedly left some Dewey partners taking home around just US$10,000 per month.
Meanwhile, DLA Piper’s US partners have faced an 11.5% pay cut amid gloomy predictions about the firm’s performance this year. And US- and UK-based firm Katten Muchin Rosenman has cut salaries by 20% for associates who did not meet more than 90% of their 2,000-hour billing quota during 2008. However, they can return to their former remuneration levels by reaching their 2009 billing targets.
More staff face the axe
White & Case has announced plans to slash approximately 200 associates and 200 administrative and business support staff from its global network.
The redundancy plans are among the largest so far announced by a US firm and will also include a review of the firm’s partnership.
Other US firms have also recently announced plans to cut staff, including O’Melveny & Myers, which is set to layoff 90 associates and 110 support staff, Sidley Austin, which has confirmed more than 200 lawyers and staff will lose their jobs, and Fried Frank, which said it will reduce US workforce by 99 people – 41 associates and 58 administrative staff.
The redundancy plans are among the largest so far announced by a US firm and will also include a review of the firm’s partnership.
Other US firms have also recently announced plans to cut staff, including O’Melveny & Myers, which is set to layoff 90 associates and 110 support staff, Sidley Austin, which has confirmed more than 200 lawyers and staff will lose their jobs, and Fried Frank, which said it will reduce US workforce by 99 people – 41 associates and 58 administrative staff.
March 15, 2010
US firms cut London counterparts
Many US firms have recently taken to cutting staff from their London networks as they seek to ride out the slump.
Dewey & LeBoeuf last month launched a redundancy consultation in London in a bid to reduce its associate headcount by approximately 15.
The cut will amount to 9% of London-based associates and see 13% of support staff laid off in the capital.
Latham & Watkins also announced plans to lay off a total of 440 employees across its global network, with the firm’s London office set to lose 15 employees.
The firm will offer severance packages including six months’ salary and six months of continued medical benefits to staff who are cut.
Shearman & Sterling has followed suit and begun redundancy consultations in its London office, where 18 secretarial and support staff are likely to lose their jobs.
The firm also revealed that is has reduced its bonus pool and initiated a salary freeze due to the shaky economic climate.
Last, but not least, White & Case is on track to slash between 80 and 95 legal and support staff jobs in London as part of a firm-wide round of redundancies that will see approximately 400 employees laid off.
Dewey & LeBoeuf last month launched a redundancy consultation in London in a bid to reduce its associate headcount by approximately 15.
The cut will amount to 9% of London-based associates and see 13% of support staff laid off in the capital.
Latham & Watkins also announced plans to lay off a total of 440 employees across its global network, with the firm’s London office set to lose 15 employees.
The firm will offer severance packages including six months’ salary and six months of continued medical benefits to staff who are cut.
Shearman & Sterling has followed suit and begun redundancy consultations in its London office, where 18 secretarial and support staff are likely to lose their jobs.
The firm also revealed that is has reduced its bonus pool and initiated a salary freeze due to the shaky economic climate.
Last, but not least, White & Case is on track to slash between 80 and 95 legal and support staff jobs in London as part of a firm-wide round of redundancies that will see approximately 400 employees laid off.
March 8, 2010
Proposed reforms to executive remuneration
The fallout from the global financial crisis has resulted in increased interest in executive remuneration across the Asia-Pacific region and beyond.
Developments in the United States have contributed to this interest. The US Senate has been asked to consider a proposal to recover a large proportion of retention bonuses paid to executives of AIG, and other institutions that have received taxpayer assistance, via the introduction of a 70% tax on these payments.
There is a perceived lack of nexus between executive remuneration and performance, and concerns about independence and transparency in setting and paying the remuneration.
There are many reported instances in recent times of companies announcing voluntary reductions in executive salaries, and in some instances, of executives returning bonuses paid to them during the 2008 period. However some governments have proposed reforms to limit the amount companies can offer their executives, causing concern within the business community as to whether companies will be able to offer adequate incentives to attract and retain the best people in an international market for talent.
One example of government intervention is the recent announcement in Australia of proposed reforms to the corporations legislation, aimed at curbing termination payments to executives. These reforms include a proposal to cap termination payments at 1 year’s base salary unless shareholder approval is obtained. The proposed reforms also widen the scope of regulation of termination payments by:
In the People’s Republic of China it has been reported that a draft regulation on executive remuneration is soon to be submitted to the State Council for approval. The draft regulation proposes a pay ceiling of 2.8 million Yuan a year for senior executives of all state-owned enterprises, commencing with the financial sector. Under the proposal, executives may also receive performance-linked pay of no more than three times the basic salary.
Employers should be mindful of developments and how these will affect their ability to attract and retain talent at the executive level.
Developments in the United States have contributed to this interest. The US Senate has been asked to consider a proposal to recover a large proportion of retention bonuses paid to executives of AIG, and other institutions that have received taxpayer assistance, via the introduction of a 70% tax on these payments.
There is a perceived lack of nexus between executive remuneration and performance, and concerns about independence and transparency in setting and paying the remuneration.
There are many reported instances in recent times of companies announcing voluntary reductions in executive salaries, and in some instances, of executives returning bonuses paid to them during the 2008 period. However some governments have proposed reforms to limit the amount companies can offer their executives, causing concern within the business community as to whether companies will be able to offer adequate incentives to attract and retain the best people in an international market for talent.
One example of government intervention is the recent announcement in Australia of proposed reforms to the corporations legislation, aimed at curbing termination payments to executives. These reforms include a proposal to cap termination payments at 1 year’s base salary unless shareholder approval is obtained. The proposed reforms also widen the scope of regulation of termination payments by:
- covering not just current and former directors, but all executives named in the company’s remuneration report;
- broadening the definition of ‘termination payment’ to include all types of payments and rewards given at termination.
In the People’s Republic of China it has been reported that a draft regulation on executive remuneration is soon to be submitted to the State Council for approval. The draft regulation proposes a pay ceiling of 2.8 million Yuan a year for senior executives of all state-owned enterprises, commencing with the financial sector. Under the proposal, executives may also receive performance-linked pay of no more than three times the basic salary.
Employers should be mindful of developments and how these will affect their ability to attract and retain talent at the executive level.
ALB — George Cooper,
Practice Leader Workplace Law & Advisory – Asia Freehills
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