Legal Week

August 04, 2009 | International Edition

Pinsent Masons is considering asking its partners to contribute extra capital to the firm in an effort to shore up its finances. The national firm is currently consulting with partners about whether it should conduct a cash call in the autumn. It is also debating whether it should increase the amount of money partners are expected to contribute to the firm per equity point when they join the equity and as they move up through the lockstep.

By Legal Week

2 minute read

August 04, 2009 | International Edition

Pinsent Masons has taken a role advising HSBC Private Equity on one of the largest private equity deals in Europe so far this year. The firm was one of four national firms to secure a role on the management buyout (MBO) of offshore oil and gas mooring company Viking Moorings, with HSBC Private Equity buying the company from Inflexion Private Equity for around £200m.

By Legal Week

2 minute read

August 04, 2009 | International Edition

Russian investment bank Renaissance Capital (RenCap) has finished its first formal legal panel review, with Herbert Smith and Lovells the only UK-based firms to win roles. The bank has appointed six law firms to its global roster with US-based Cleary Gottlieb Steen & Hamilton, White & Case, Skadden Arps Slate Meagher & Flom and Latham & Watkins also selected.

By Legal Week

2 minute read

August 04, 2009 | International Edition

Wall Street leader Cleary Gottlieb Steen & Hamilton's London arm has scored a role as India's Tata Steel raised around $500m (£306m) through the sale of global depository receipts (GDR) and an associated listing on the London Stock Exchange. The deal is the biggest Indian GDR listing in London and the largest capital raising by a company outside its domestic market on any European exchange so far this calendar year.

By Legal Week

2 minute read

August 04, 2009 | International Edition

Moments in the sun don't come round very often, especially in an English summer, but Weil Gotshal & Manges - partly through luck, partly through design - finds its London office currently basking in one of the few rays of light in the Square Mile. Logically, this is where the firm should have been two years ago, when the practice had been bolstered by senior hires, a run of high-profile mandates and a private equity and structured finance practice that looked perfect for the times.

By Legal Week

3 minute read

August 04, 2009 | International Edition

Much has been written about the advent of legal disciplinary practices (LDPs) and the regulation of alternative business structures (ABSs) and their potential impact on the legal marketplace. But what has gone largely unnoticed is their potential impact on partnerships and LLPs which simply have no desire to go down the LDP route at this stage. It might be thought that for such firms there would be nothing to fear - but that couldn't be more wrong.

By Legal Week

4 minute read

August 04, 2009 | International Edition

Law firms were once the darlings in the portfolio of any bank manager. Those days are over. The recent near-meltdown of the banking system has resulted in banks themselves seeking to remain as liquid as possible.

By Legal Week

7 minute read

August 04, 2009 | International Edition

Over the last few months, we have seen a number of professional practices of varying sizes forced into dissolution or insolvency proceedings. Times are extremely tough and it is very possible we can expect to see the failure and collapse of several more law firms in the coming months. Salaried partners (SPs) or fixed share partners (FPs) in traditional partnerships will be largely unaware of the personal liabilities they may face in such circumstances. It is not necessarily the case that only equity partners will face such risks.

By Legal Week

9 minute read

August 04, 2009 | International Edition

If law firms are hoping that announcing their worst financial results since the early 1990s recession will cut them more slack with cost-conscious clients, they had better think again. Discussing the feelings of clients with regard to the profits generated at major UK law firms in 2008-09, it is clear that general counsel believe large law firms, at least, are still doing very nicely by most yardsticks.

By Legal Week

6 minute read

August 04, 2009 | International Edition

In a recent copycat case, the European Court of Justice handed L'Oreal a positive decision against cosmetic company Bellure

By Legal Week

5 minute read