Alex Newman

February 12, 2014 | International Edition

It has been billed as the largest free trade agreement in history, yet many trade lawyers are still in the dark when it comes to the details of the Transatlantic Trade and Investment Partnership (TTIP) deal. TTIP, which was announced last summer and is now being negotiated, will for the first time create a trade treaty between the US and the EU in its entirety. Designed to drive growth by removing trade barriers and tariffs, independent research cited by the European Commission suggests the annual benefits could be as much as €120bn (£99.9bn) to the EU economy, €90bn (£74.9bn) to the US and €100bn (£83.2bn) to the rest of the world. "Everybody is going to be affected by this, and it really will change the balance of political power," says Ross Denton, a UK-qualified partner in Baker & McKenzie's European competition and trade department. "In recent years the balance [of US trade] has been gradually shifting towards Asia, because they don't have the same heavy tariffs. But if you eliminate most tariffs between the EU and US, then this will have huge ramifications for business."

By Alex Newman

11 minute read

February 11, 2014 | International Edition

HSBC has appointed two new general counsel to oversee its litigation and regulatory enforcement departments. The appointees include Cleary Gottlieb Steen & Hamilton white collar partner Shawn Chen.

By Alex Newman

2 minute read

February 11, 2014 | International Edition

Barclays increased the amount it sets aside for litigation by 142% last year, in a move to hedge itself against several outstanding disputes and enforcement actions by authorities in the UK and US.

By Alex Newman

3 minute read

February 11, 2014 | International Edition

The Department for Transport (DfT) has invited firms to pitch for an advisory role on the sale of the UK's stake in Eurostar. In recent weeks, the government body has begun a tender process for the headline legal role, a DfT spokesman confirmed to Legal Week. A number of banks have also been approached to provide financial advice.

By Alex Newman

2 minute read

February 10, 2014 | International Edition

Shell has named Donny Ching as its new legal director, replacing Peter Rees QC, who stepped down from the role in a shock move earlier this year. Ching, who had been project and technology group general counsel at the company, takes over with immediate effect.

By Alex Newman

2 minute read

February 10, 2014 | International Edition

High-profile Skadden Arps Slate Meagher & Flom partner Bruce Buck has stepped down as leader of the US firm's London office. The Chelsea Football Club chairman, who has led the London office since 1988, will continue as European head in a full-time fee-earning capacity.

By Alex Newman

2 minute read

February 09, 2014 | International Edition

Reed Smith will expand its Pittsburgh-based legal and business process support team to offer greater assistance to lawyers in its European offices. The team will be restructured to provide additional document, pricing and administrative services to lawyers in the EMEA region, and is being led by the firm's head of client value Vince Cordo.

By Alex Newman

2 minute read

February 07, 2014 | International Edition

White & Case private equity partner Ian Bagshaw has closed his first two deals for the firm this week, a month after his high-profile move with fellow Linklaters partner Richard Youle.

By Alex Newman

2 minute read

February 07, 2014 | International Edition

Irwin Mitchell will open an office in Southampton in April, the top 20 firm's tenth base nationally. The office will initially focus on personal injury and court of protection services, but will expand into private client work, family and public law and private wealth.

By Alex Newman

2 minute read

February 06, 2014 | International Edition

Mayer Brown London fee income fell by 9.5% in the year to 30 April 2013, according to accounts filed with Companies House. The revenue fall came during a year which saw a number of partner departures, though senior lawyer headcount has since rebounded following a string of laterals recruits last autumn.

By Alex Newman

2 minute read