Legal Week

June 18, 2009 | International Edition

What happens when an irresistible force meets an immoveable object? The force in this case is the worst recession in at least 25 years smashing against the immoveable sense of self and ambition of the bright young things drawn to law. Judging by the initial results of Legal Week Intelligence's annual Employee Satisfaction Survey, the forces are to a considerable extent cancelling each other out; as major law firms have unleashed redundancy rounds and pay freezes, collective satisfaction among junior lawyers isn't that different to when firms were throwing cash and lifestyle initiatives at the grumbling junior ranks. It seems the realities of recession have dented the confidence – sense of entitlement, even – that was a defining characteristic of Gen Y lawyers. In a market in which most are happy to have a job, they are less likely to complain even as firms treat them with far less generosity.

By Legal Week

3 minute read

June 18, 2009 | International Edition

Allen & Overy (A&O), Berwin Leighton Paisner (BLP) and Norton Rose have emerged as standout performers in a flagship Legal Week project that graded law firms on the satisfaction of their lawyers. Legal Week Intelligence's (LWI's) 2009 Employee Satisfaction Survey identified the trio as top performers among the 25 largest UK law firms (see box). Other firms to secure top-five rankings were CMS Cameron McKenna and Bird & Bird.

By Legal Week

5 minute read

June 17, 2009 | International Edition

"I was recently made redundant from a reputable law firm just short of my first anniversary of qualification. As you can imagine, I did gain some skills and experience, but not enough, and certainly not as much I would have liked to. "Since then, I have secured a locum solicitor post in commercial contracts. I have only been here a couple of weeks, but I am struggling to draft the contracts with precision and I am having difficulty in exactly what the clients are trying to procure. I don't want to mention this out loud, as they may dismiss me.

By Legal Week

2 minute read

June 17, 2009 | International Edition

Skadden Arps Slate Meagher & Flom has advised Sweden's Koenigsegg on its acquisition of General Motors' loss-making brand Saab. The deal, which was backed by Norwegian and US investors, saw Skadden field a team including City corporate finance partner Pranav Trivedi.

By Legal Week

2 minute read

June 17, 2009 | International Edition

Wembley Stadium's head of legal and corporate affairs Darren Berman is stepping down from his role at the company. The move comes as the Football Association (FA) integrates with subsidiary companies including Wembley National Stadium Limited (WNSL). Alistair Maclean, previously the FA's head of legal services, has been appointed as the group legal director and company secretary for the newly-restructured FA Group.

By Legal Week

2 minute read

June 17, 2009 | International Edition

Berwin Leighton Paisner (BLP) has completed its redundancy consultation, with the firm laying off 85 members of staff. More than half of the cuts (47) were compulsory, with 32 staff opting for voluntary redundancy and six choosing to take early retirement.

By Legal Week

2 minute read

June 17, 2009 | International Edition

Linklaters and Allen & Overy (A&O) have landed roles on Sainsbury's £445m capital raising. The retail giant said today (17 June) that it intends to raise the money to fund its growth plans, with £255m expected to come through a placement of new shares and £190m though a convertible bond offering.

By Legal Week

2 minute read

June 17, 2009 | International Edition

White & Case and DLA Piper have insisted that their Moscow operations are operating normally after they were yesterday (16 June) raided by Russian authorities in connection with a fraud investigation. According to local press reports in the Moscow Post, police seized documents in several different business locations in connection with an $87.5m (£53.9m) fraud case and a related conflict between owners of the Hotel Moskva.

By Legal Week

2 minute read

June 17, 2009 | International Edition

On Monday 8 June Legal Week reported that the parent company of top UK law school BPP had accepted a £303.5m takeover offer from US education provider Apollo. The move will be closely watched by the legal profession as it effectively means that a US company has bought degree-awarding powers in the UK (BPP is the only private company in the UK to hold such powers). The College of Law, the largest law school in Britain, also has degree-awarding powers, but it is a charity.

By Legal Week

2 minute read

June 16, 2009 | International Edition

According to some of the more optimistic reports, the first clouds of recession may be lifting. However, the immediate prognosis for lawyers still seems to be rather bleak - an impression added to by an article in The Times last week entitled 'UK legal industry faces loss of 10,000 lawyers'. Although a fall in the number of lawyers is likely to be met with cheers in some quarters, what does it mean for us as a profession?

By Legal Week

3 minute read