Macfarlanes Insider Issue One - November 2020
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Boundary Issues
documents that are not necessarily merger specific are The US example highlights the collaboration between the often the subject of these requests. There have been cases DOJ's civil and criminal sections. The fines in the European in which documents submitted pursuant to a request issued cases serve to remind companies that the exchange of in the context of a merger investigation have triggered commercially sensitive information may be forbidden by competition law concerns unrelated to the merger. competition rules. Similarly, the examples from the rest of the For example, when various franchise agreements were world emphasise the growing risks and implications following requested as part of a merger investigation,the Competition the submission of documents to antitrust authorities. Commission expressed concerns with exclusivity provisions Companies need to be increasingly aware of the risks contained in the agreements, claiming that they would ordinary course documents present, and implement proper have a restrictive effect on competition. The Competition document management procedures, as well as compliance Tribunal, the adjudicative body deliberating upon the programmes to ensure compliance with the relevant merger, noted that non-merger specific antitrust issues competition laws. Whilst easy to state, ongoing compliance cannot be investigated through the "back door of merger with competition law is the most straightforward way to control" but invited the Competition Commission to ensure that documents submitted for a merger review tell investigate its concerns separately. the story the merging parties want to be told. In a case involving a merger investigation of property funds, lease exclusivity provisions were raised by the Pou! Johnson is of counsel, Craig Lee is a partner, and Creighton Competition Commission as a concerning feature ofthe way Macy is a partner at Baker McKenzie in Brussels and Washington DC. -
Top Law Firms 2019 Top Law Firms 2019
Top Law Firms 2019 Top Law Firms 2019 In association with Sanlam Private Wealth In the hands of a wealthsmith, a humdrum retirement could turn into something more adventurous At Sanlam we understand the importance of ensuring each client’s pension reaches its maximum potential, providing them with the best foundations to enjoy their next chapter. To find out more please call Penny Lovell on 020 7382 0946, email [email protected] or visit www.sanlam.co.uk Advice • Planning • Management Winner Investment Performance High Growth Portfolios 2018 and 2019 The value of investments and the income from them can fall and you may get back less than you invested. Past performance is not a guide to future performance. Sanlam Wealth is a trading name of Sanlam Private Investments (UK) Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No.2041819. Registered Office: 16 South Park, Sevenoaks, Kent TN13 1AN. Sanlam Wealth Planning UK Limited, registered in England and Wales 3879955, and English Mutual Limited, registered in England and Wales 6685913 (Registered Offices: St Bartholomew’s House, Lewin’s Mead, Bristol BS1 2NH). English Mutual Limited is an appointed representative of Sanlam Wealth Planning UK Limited. Top Law Firms Foreword Will Sidery elcome to the 2019 eprivateclient Top Law Firms report that recognises the leading private client editor eprivateclient W law firms in the UK. This year 43 firms have been included in the rankings and these firms reflect the wide variety of advice available to clients from not just the UK but international individuals and families too. -
The Bottom Line Law Firms but in 2016-17, That Revenue Notably Became Material for Many, in a Trend That Can Be Expected to Clifford Chance Accelerate
aka ‘The Orange Rag’ State of the Industry 2017: Financial Results Revenue generated by alternative legal services in all its many guises may still be a drop in the ocean for big City The Bottom Line law firms but in 2016-17, that revenue notably became material for many, in a trend that can be expected to Clifford Chance accelerate. Clifford Chance in July posted double digit increases We spoke about the latest set of financial results in both revenue and profit per equity partners, with to senior management at law firms including Clifford turnover up by 11% to £1.54bn and PEP up by 12% to Chance, Freshfields Bruckhaus Deringer, Herbert Smith an average of £1.38m. Freehills, Pinsent Masons, Macfarlanes and Mishcon de In announcing the results, managing partner Reya, all of which say they are winning business as a Matthew Layton said that the firm’s profit growth result of new delivery models. reflected increases in revenue but also efficiencies in Progress is being made in delivering better value to internal operations. clients, in automating routine legal services, in project Clifford Chance’s innovation strategy has two managing work and in using technology-led solutions distinct strands. The first focusses on best delivery – such as document review tools to create client efficiencies. using the right tools or resources to provide the best Taking that a step further, of the firms we spoke to, all value. Here the magic circle firm is transforming the way but Freshfields now have a deliberate focus on generating it delivers legal services by 1) using technology-based revenue through productising legal services or creating client solutions such as its partnership with Kira Systems adjacent business lines. -
Just and Accountable Development
Just and Accountable Development 2014 Annual Report & 2015 Review 38 COUNTRIES ISLP at Work 3 170 PROJECTS Letter from the Co-Presidents 4 Letter from the Executive Director 5 Natural Resources 6 Vulnerable Communities 6 Case Study: Kenya’s Kerio Valley 7 Investment, Trade & Tax 8 Economic & Social Development 8 Case Study: Liberia Boosts Small Businesses 9 Strengthening Media Freedoms 10 Supporting Civil Society 11 Law Firms and Barristers’ 57 Chambers Partnerships 12 LAW FIRMS Awards & Publications 12 Volunteers 13 10 LANGUAGES Donors 14 Financial Statements 14 Board of Directors and Staff 15 22,000 Law Firm Donors 16 PRO BONO HOURS 2 A GLOBAL IMPACT ISLP at Work ISLP’s mission is to foster just and accountable development which is sustainable, supportive of human rights, and strengthens the rule of law, by mobilizing our unique network of highly skilled and experienced pro bono lawyers to advise civil society and governments. NATURAL VULNERABLE CIVIL SOCIETY 25 RESOURCES COMMUNITIES SPACE COUNTRIES WITH ONSITE MISSIONS ECONOMIC ANTI- INVESTMENT, & SOCIAL CORRUPTION TRADE & TAX $9.5m DEVELOPMENT IN DONATED SERVICES 3 LETTERS Letter from the “ We cannot thank enough those of our many friends for generously Letter from the providing the financial, service, and moral support to permit us to Co-Presidents realize our dream.” Co-Presidents Dear Friends, would have worked in some 60 countries in sub-Saharan Africa, the Middle East, Asia, Latin America, and Eastern Europe; and that we would have a widely–recognized record As the 2014 Annual Report goes to press, ISLP has completed a comprehensive strategic of significant accomplishment. -
The Largest Commercial Law Firms in the UK Ranked by Revenue
UK Top 50 2018-19 The largest commercial law firms in the UK ranked by revenue Rank Rank Revenue Change in Average PEP Change Total Change in total Total equity Change in total Revenue per Profit per lawyer Firm Leverage (2018-19) (2017-18) (£m) revenue (£k) in PEP partners partners partners equity partners lawyer (£k) (£k) 1 1 DLA Piper (1) 2111.0 2.8% 1,395 1.9% 1245.7 3.4% 401.0 -0.7% 570.3 151.0 8.2 2 2 Clifford Chance 1693.0 4.3% 1,620 1.3% 562 0.9% 394.0 0.5% 700.7 263.7 5.1 3 6 Linklaters 1628.7 6.9% 1,690 9.9% 464.2 0.9% 442.5 0.6% 692.7 319.7 4.3 4 4 Allen & Overy 1627.0 3.4% 1,660 1.2% 536 -0.4% 388.0 -0.3% 687.7 271.8 5.1 5 3 Hogan Lovells (1) 1577.0 -0.6% 1,029 2.9% 803 -3.9% 523.0 -5.9% 598.3 204.1 4.0 6 7 Freshfields Bruckhaus Deringer 1472.0 4.9% 1,839 5.5% 377 -4.3% 370.0 -5.6% 993.9 464.6 3.0 7 5 Norton Rose Fulbright (1) 1466.0 -3.9% 675 0.7% 1166.3 -3.8% 681.4 -4.6% 434.3 136.3 4.0 8 8 CMS (2) 1204.0 6.2% 582 1.4% 1041.5 -0.5% 601.9 0.7% 325.3 93.2 5.1 9 9 Herbert Smith Freehills 965.7 4.2% 949 11.4% 452 -2.6% 323.0 -0.6% 461.4 146.5 5.5 10 10 Eversheds Sutherland (3) 875.0 8.7% 865 2.4% 739 9.0% 198.8 4.1% 362.6 71.3 11.1 11 n/a Bryan Cave Leighton Paisner (4) 669.0 n/a 627 n/a 544.2 n/a 280.7 n/a 469.6 123.5 4.1 12 12 Ashurst 641.0 13.7% 972 30.8% 392 4.8% 241.0 0.8% 453.0 165.5 4.9 13 13 Clyde & Co 611.0 10.8% 690 4.5% 430 5.7% 219.0 2.8% 355.2 87.8 6.9 14 11 Slaughter and May **(5) 590.0 3.3% 2,300 n/a 109 -2.7% 102.0 -3.8% 1092.6 434.4 4.3 15 15 Pinsent Masons 475.0 5.6% 620 -5.1% 447 4.4% 183.0 2.8% 302.4 71.2 -
London Legal Market & Salary Guide
Connecting the world’s best legal talent Connecting the world’s best legal talent London Australian Insurance Legal Market & Salary Legal Market Guide Guide Sonder Consultants Salary Guide 2019 Sonder Consultants Salary Guide 2019 London UK Background Information 3 Lifestyle 3 Top Law Firms 3 Prinicipal Areas of Demand 3 Salary Guide 2019 4 Meet the Team 5 SONDER INTERNATIONAL SEARCH CONSULTANTS 2 London Background Information Top Law Firms London has been a very common destination for Australia and NZ lawyers at all levels for Magic Circle Silver Circle many years now. It is such a cosmopolitan, diverse and exciting city, and in terms of career Allen & Overy Ashurst opportunities it knows no bounds. London has evolved to be a world-leading financial Clifford Chance Bryan Cave Leighton Paisner centre over the past two decades and it remains one of the most dominant cities in Europe (even in light of the latest referendum). Freshfields Herbert Smith Freehills Linklaters Macfarlanes In the past 12 months we have seen an increase in the demand for lawyers at the 2-5 PQE lawyer across most practice areas. Firms have begun to pick up their hiring again after Slaughter and May Travers Smith the initial uncertainty of Brexit. We have also seen a large number of Australian and New We have seen Magic Circle firms and US firms increase their NQ salaries quite significantly. Zealand lawyers looking to return back home having a spent a number of years in London. For instance, Freshfields recenty raised its NQ salary to £100,000 which is an 18% increase In the UK, in order to qualify as a lawyer, you must complete a two-year training contract from £85,000. -
Lateral Partner Moves in London January
Lateral Partner Moves in London January - February 2021 Welcome to the latest round-up of lateral partner moves in the legal market from Edwards Gibson; where we look back at announced partner-level recruitment activity in London over the past two months and give you a ‘who’s moved where’ update. There were 90 partner hires in the first two months of 2021 which, although 6% down on the 5-year statistical average for the same period, is actually 13% up on last year (80). Indeed, as we have previously discussed, Big Law has, with some exceptions, so far managed to remain remarkably unscathed by the largest economic contraction the UK has ever seen. No fewer than six firms took on three or more partners, with Hogan Lovells nabbing five: a four- partner litigation team (two laterals and two promotion hires) from Debevoise & Plimpton and the co-head of corporate - Patrick Sarch - from White & Case. Top partner recruiters in London January – February 2021 Hogan Lovells 5 Addleshaw Goddard 3 Bracewell 3 Harcus Parker 3 Paul Hastings 3 Squire Patton Boggs 3 Given the inverse relationship between economic activity and commercial disputes, it is unsurprising that nearly a third of all hires were disputes lawyers and 12% were restructuring/ insolvency specialists, with three firms - Armstrong Teasdale, McDermott Will & Emery and Simpson Thacher – launching completely new practices in that space. Firms hiring laterals whose practices were primarily restructuring or insolvency related Armstrong Teasdale (formerly Kerman & Co) Dechert Edwin Coe Faegre Drinker Fried, Frank, Harris, Shriver & Jacobson Goodwin Procter Latham & Watkins McDermott Will & Emery (hired a two-partner team) Simpson Thacher & Bartlett (hired two partners from separate firms) Although demand for restructuring and insolvency specialists clearly remains very high, many lawyers report that work levels remain eerily quiet due to governments across Europe pumping vast amounts of cash into the system to counter a COVID- lockdown induced economic collapse. -
Vantage: New Software Set to Revolutionise Graduate Law Recruitment
VANTAGE: NEW SOFTWARE SET TO REVOLUTIONISE GRADUATE LAW RECRUITMENT 12 June 2019 | UK Firm news Rare, the graduate recruitment specialist, has today launched Vantage, a new online portal supported by leading UK law firms and designed to finally break the artificial barriers putting legal careers beyond the reach of many talented candidates. • Diversity specialist Rare launches online attraction tool for legal recruiters to tap talent • Vantage aims to tackle the problem of “high-low schools”, where pupils are achieving top grades yet do not apply for the best graduate jobs • Leading City firms amongst founder members pledging to double applications to law firms from low-participation schools • 2,000+ candidates already signed up, thousands more expected this autumn One in every three university students coming from an elite school and achieving an A grade at English A-Level eventually applies to become a solicitor. But many schools fail to supply any applicants at all, despite producing students with the requisite exam grades. Research by Rare has identified 100 “high-low schools” in the UK where only one in forty students achieving an A grade at English A-level goes on to apply to the legal profession – twelve times less than the rate from elite schools. But Vantage aims to change that, giving capable students a better chance of accessing great careers and helping employers open the doors of the legal industry to a wider range of talent. Candidates interested in a career in law can input their academic and personal information onto Vantage, allowing them to be approached by prospective law firm employers. -
Law Firm Report Sample Firm
Law Firm Report Sample Firm NB: Data used in this sample report is for illustration purposes only Disclaimer: All information contained in this report is derived from Legal Monitor research and information available in the public domain. Worldwide Legal Research does not make any representations or warranties, expressed or implied, as to the accuracy or completeness of the data and information provided in this report. While Worldwide Legal Research has made every effort to ensure that the information in this report is correct, it does not assume any liability to any party for any loss or damage caused by the use of this report or any errors or omissions therein. Contents Financial Analysis [Date range (2008-2012)] Revenue 3 Profit 4 People 5 Profit & Loss Account 5 Underlying data table 6 Annual Profit Bridge 7 Law Firm Partner Data [Date Range (2009-2012)] Partners across all regions 8 Partners in Asia 10 Partners in Continental Europe 11 Partners in Eastern Europe 13 Partners in the Middle East 14 Partners in North America 15 Partners in the UK 17 Underlying data table 19 Lateral Partner Analysis [Date Range (2009-2012)] Lateral Partner Hires 2009-2012 20 Lateral Partner Hires 2009 21 Lateral Partner Hires 2010 22 Lateral Partner Hires 2011 23 Lateral Partner Hires 2012 24 Lateral Partner Hires - Data (2009-2012) 25 Lateral Partner Leavers - Data (2009-2012) 26 Partner Promotions Analysis [Date Range (2009-2012)] Partner Promotions 2009-2012 27 Partner Promotions 2009 28 Partner Promotions 2010 29 Partner Promotions 2011 30 Partner -
Q1 M&A League Tables
United States & Canada Q1 M&A League Tables (by deal value) Target Industry: Financials, Real Estate, Healthcare, Consumer, Technology, Media and Telecommunications Deal Status: Pending, Completed Entity Types: Acquisition of Whole Company (incl. Majority Stake), Acquisition of Minority Stake, Acquisition of Asset or Branch Target Geography: United States and Canada Announcement Date: From: 01/01/2018 To: 04/01/2018 Deal Features: None Adviser Type: Legal Firm Group By: No Grouping Advised: Buyer or Seller Rank Report By: Deal Value In-House Adviser: Include Criteria: S&P Global Market Intelligence Deal Range Type: Total Assets Deal Range Value ($M): None Ranking Range: Deal Value Ranking Range Value ($M): None S&P Global Market Intelligence M&A coverage universe. Top Legal Advisers in Financials, Real Estate, Healthcare, Consumer, Technology, Media and Telecommunications Rank Firm Number Of Deals Deal Value ($M) 1 Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates* 23 97,847.72 2 Wachtell, Lipton, Rosen & Katz* 11 85,738.15 3 Paul, Weiss, Rifkind, Wharton & Garrison LLP* 20 81,972.91 4 Holland & Knight, LLP* 19 55,510.71 5 Simpson Thacher & Bartlett LLP* 16 51,502.03 6 Weil, Gotshal & Manges, LLP* 15 50,878.51 7 Torys LLP* 5 37,762.96 8 Sullivan & Cromwell LLP 11 31,207.85 9 Allen & Overy LLP* 3 19,450.00 10 Wilson Sonsini Goodrich & Rosati* 12 19,365.19 11 Goodwin Procter, LLP* 15 17,967.92 12 Davis Polk & Wardwell, LLP* 14 17,911.40 13 Cravath, Swaine & Moore, LLP 3 17,692.37 14 Dechert LLP* 5 17,363.15 15 Norton Rose Fulbright LLP* 3 17,317.50 16 Debevoise & Plimpton LLP* 8 10,586.30 17 Cleary, Gottlieb, Steen and Hamilton 2 10,269.54 18 Proskauer Rose LLP* 5 10,113.70 19 Morrison & Foerster LLP* 10 9,170.33 20 O'Melveny & Myers* 8 8,442.28 21 Law Office of Salman M. -
Fund Finance 2019 Third Edition
Fund Finance 2019 Third Edition Contributing Editor: Michael C. Mascia CONTENTS Preface Michael C. Mascia, Cadwalader, Wickersham & Taft LLP Introduction Jeff Johnston, Fund Finance Association General chapters Hybrid and asset-backed fund finance facilities Leon Stephenson, Reed Smith LLP 1 Subscription line lending: Due diligence by the numbers Bryan G. Petkanics, Anthony Pirraglia & John J. Oberdorf III, Loeb & Loeb LLP 12 Derivatives at fund level Peter Hughes, Vanessa Battaglia & Joseph Wren, Travers Smith LLP 23 Not your garden variety: Subscription facilities around the world Jan Sysel, Jons F. Lehmann & Sabreena Khalid, Fried, Frank, Harris, Shriver & Jacobson LLP 35 Liquidity options for fund managers and investing professionals Mary Touchstone & Julia Kohen, Simpson Thacher & Bartlett LLP 46 Investor views of fund subscription lines Patricia Lynch & Patricia Teixeira, Ropes & Gray LLP 55 Enforcement: Analysis of lender remedies under U.S. law in subscription-secured credit facilities Ellen Gibson McGinnis, Erin England & Richard D. Anigian Haynes and Boone, LLP 62 1940 Act issues in fund finance transactions Marc Ponchione, Allen & Overy LLP 83 The rise of private equity secondaries financings Samantha Hutchinson & Brian Foster, Cadwalader, Wickersham & Taft LLP Ian Brungs, UBS Investment Bank 91 The continuing evolution of NAV facilities Meyer C. Dworkin & Samantha Hait, Davis Polk & Wardwell LLP 101 Lending to separately managed accounts Michael C. Mascia & Wesley A. Misson, Cadwalader, Wickersham & Taft LLP 107 Credit facilities secured by private equity interests and assets held by debt funds Matthew K. Kerfoot, Jay R. Alicandri & Christopher P. Duerden, Dechert LLP 111 Comparing the European, U.S. and Asian fund finance markets Emma Russell, Zoë Connor & Emily Fuller, Haynes and Boone, LLP 121 Umbrella facilities: Pros and cons for a sponsor Richard Fletcher, Sarah Ward & John Donnelly, Macfarlanes LLP 131 Side letters: Pitfalls and perils for a financing Thomas Smith, Margaret O’Neill & John W. -
The Shape of Things to Come
Cover story The ascent of law The shape of things to come What if… technology transformed law firms into AI-led consultancies? It could happen. We speculate on the future of law and discover that major change is already upon us Matt Byrne and Richard Simmons or as long as anyone currently working in a big demand new services delivered in new ways. It is a trend law firm can remember, the global legal market that demands a response from today’s leadership if their seems to have been poised on the cusp of firms are to remain relevant. And, of course, many are revolutionary change. The best-known already responding. Fproponent of this view in the UK is still Richard In this article we highlight six scenarios (“What If…”), Susskind, the architect of this prediction in 1996 in his that illustrate aspects of this shift. Each are interlinked book The Future of Law, which examined the impact and overlap. Each has the potential to expand signifi- of new technology on the provision of legal services. cantly over the next decade. Susskind repeated the warning six years ago in his And each touches on ways firms are replacing years book Tomorrow’s Lawyers, in which he insisted that of traditional process with new ways of working. We call the way lawyers and firms work would change more it ‘six ways to attack the pyramid’, but it is not just the radically over the next 20 years than it had “over the pyramid model that is under pressure; it is also the very last two centuries”.