Legal Week

July 23, 2009 | International Edition

Restrictions apply to US shareholders wanting to participate in unlisted UK companies' rights offerings, but there are exemptions availableWith banks unwilling to lend and public markets all but closed, UK companies have been tapping their existing shareholders for cash by means of rights offerings. According to Trowers & Hamlins partner Richard Hilderbrand, who has been involved in several UK rights offerings, such rights offerings by UK companies that are not listed on US exchanges, typically contain language excluding US shareholders from participating in the offer and prohibit sending the UK prospectus into the US. US shareholders may, however, participate in a rights offering, and the company may send the prospectus into the US, if an exemption from the registration requirements of the US Securities Act of 1933 is available.

By Legal Week

6 minute read

July 23, 2009 | International Edition

City firm duo take lead roles on largest Chinese M&A deal of 2009Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken roles on the largest Chinese M&A deal so far this year. The deal sees Chinese power company GCL-Poly Energy acquire solar-cell parts manufacturer Jiangsu Zhongneng Polysilicon Technology Development for $3.4bn (£2.1bn).

By Legal Week

2 minute read

July 23, 2009 | International Edition

Insurers and insurance lawyers will be familiar with the existing line of case law (beginning with The Italia Express) that establishes at Court of Appeal level (see Sprung v Royal Insurance) that, under English law, an insured is not entitled to recover as damages any consequential losses flowing from an insurer's failure or refusal to pay a valid claim. Currently, the only remedy for late (or non-) payment of the indemnity is the discretionary award of interest.

By Legal Week

4 minute read

July 23, 2009 | International Edition

Linklaters is to substantially bolster its German restructuring practice after recruiting Clifford Chance's (CC's) best-known local insolvency lawyer. Linklaters announced the appointment of Kolja von Bismarck last week (16 July), with von Bismarck to join the magic circle firm's Frankfurt arm.

By Legal Week

2 minute read

July 23, 2009 | International Edition

ITV Legal is throwing down the gauntlet for other companies to increase the pro bono community beyond the confines of private practice by launching a joint pro bono initiative - the ITV Legal Pro Bono Bank - with panel firm Lovells. This is the first time in the UK that in-house lawyers within a bluechip corporate will engage in a full-service pro bono programme, allowing them to utilise the pro bono infrastructure and client base of a City firm.

By Legal Week

6 minute read

July 23, 2009 | Legal Week

Linklaters is to substantially bolster its German restructuring practice after recruiting Clifford Chance's (CC's) best-known local insolvency lawyer. Linklaters announced the appointment of Kolja von Bismarck last week (16 July), with von Bismarck to join the magic circle firm's Frankfurt arm.

By Legal Week

5 minute read

July 23, 2009 | International Edition

Lovells is moving London partner Stephanie Keen to Singapore where she will launch a local private equity practice for the firm. Keen will be responsible for setting up Lovells' Singapore private equity practice when she moves in September, with the relocation making her the firm's first private equity partner in Asia outside of China.

By Legal Week

2 minute read

July 23, 2009 | International Edition

Women are still substantially underrepresented at senior level in City firms, according to new research with more than half of partners believing the profession has a poor record at retaining female lawyers. The latest Legal Week Big Question survey found more than two thirds of respondents (67%) felt representation of women at a senior level was either 'poor' or 'could be better'.

By Legal Week

5 minute read

July 23, 2009 | International Edition

Secondments from advisers to clients are supposed to represent the classic professional win-win. The client gets legal talent at a discount, while the adviser gets to know the client better and cement a valuable commercial relationship. And with law firms now left with spare capacity in light of the slump in commercial activity, and many in-house departments struggling to cover work due to recruitment freezes, secondments should - on paper - be the perfect solution.

By Legal Week

11 minute read

July 23, 2009 | International Edition

With Freshfields Bruckhaus Deringer ushering in milestones to grade associate development and three other major UK firms working on initiatives moving in the same broad direction, the question is how long traditional associate lockstep will continue in its current form.

By Legal Week

3 minute read