Alex Newman

February 03, 2014 | International Edition

The High Court has blocked White & Case from acting for major Ukrainian client Victor Pinchuk, after the firm failed to identify a conflict of interest. In a decision handed down on Friday (31 January), Mr Justice Field debarred White & Case from advising Pinchuk in a major commercial dispute against oligarchs Igor Kolomoisky and Gennadiy Bogolyubov.

By Alex Newman

4 minute read

February 03, 2014 | International Edition

Eversheds could be in line for a windfall of public sector work after winning spots on all 14 lots across a local government legal services framework.

By Alex Newman

3 minute read

January 31, 2014 | International Edition

Linklaters and Addleshaw Goddard have won places on Nationwide's slimmed-down group-wide legal panel following a review of the building society's top advisers.

By Alex Newman

2 minute read

January 31, 2014 | International Edition

PricewaterhouseCoopers' legal arm has been awarded dual alternative business structure (ABS) licences by the Solicitors' Regulation Authority (SRA), potentially bringing PwC Legal's 2,000 lawyer network under the control of the auditing firm.

By Alex Newman

3 minute read

January 31, 2014 | International Edition

White & Case and Clifford Chance (CC) have landed the advisory mandates on Industrial and Commercial Bank of China's (ICBC) $770m (£635m) acquisition of a majority stake in South Africa's Standard Bank.

By Alex Newman

3 minute read

January 30, 2014 | International Edition

When Weil Gotshal & Manges last year announced 170 redundancies across its associate and support staff ranks, the market was shocked but viewed it as a difficult but necessary decision. A drop in high-profile restructuring and litigation work had contributed to flat global revenues for 2012 against a nearly 9% fall in profits. Executive partner Barry Wolf admitted at the time of announcing the cuts that some partners may decide to leave as a result of "meaningful compensation adjustments for certain partners" due to the changes in the economy, but no numbers were referenced. Since then more than 30 partners – equating to around a tenth of the global partnership – have left. This included at least 17 partners packing up in Houston and Dallas, as well as several senior partners from the firm's east coast bases. Market sentiment suggests at least some of the senior departures represent collateral damage.

By Alex Newman

5 minute read

January 30, 2014 | International Edition

Diane Abbott MP has said US law firms are ahead of their UK peers when it comes to workplace diversity and promoting opportunities for black and ethnic minority groups. Speaking today (30 January) at an event hosted by Pinsent Masons' London office, Abbott also put forward a "practical and business case" for diversity in the UK legal services industry.

By Alex Newman

3 minute read

January 30, 2014 | International Edition

National Grid is to conduct back-to-back reviews of its external legal advisers, after the term for its current line-up ends on 31 March. The first 'closed' review - which will begin in the next few weeks - will evaluate cost structures and the performance of the existing 16-firm line-up, and extend the terms of the current panel for a year.

By Alex Newman

4 minute read

January 29, 2014 | International Edition

The NHS has launched a large legal services tender process worth between £60m and £120m over four years. The tender, which was launched today (29 January) by the NHS' procurement arm, asks law firms to pitch for work covering NHS trusts across the South East and East of England, as well as county, borough and district councils and other public bodies.

By Alex Newman

2 minute read

January 29, 2014 | International Edition

Thomas Cook Group's chief executive, Harriet Green, has a succinct way of explaining the company's recent history, according to general counsel Craig Stoehr. "I have heard her say several times that the company was a cancer patient, underwent treatment and remission, and is currently transitioning to the 'cured' stage," he says, reflecting on the travel operator's remarkable turnaround. For an indication of the recent decline and recovery at Thomas Cook, a three-year graph of the company's stock price is a good place to start. At the beginning of 2011, shareholders revolted at a proposed pay package for the company's top executives after poor trading and a greater than expected financial hit from the 2010 Icelandic ash cloud had dented performance. At this point, shares were still trading at just below 200p.

By Alex Newman

10 minute read