Legal Week

May 12, 2009 | International Edition

Going for a job interview is scary enough at the best of times. But when interviewing at a law firm or barristers' chambers, making a good first impression is crucial. Fantastic academic credentials aside, careful choice in your attire can help give you an edge over the other candidates. Looking professional has become more important than ever in today's difficult economic climate. Cliff Burgess, business development manager at gentleman's clothing retailer TM Lewin, comments: "It has been said that people in the City regard wearing a smart suit, tie and cufflinks as donning a suit of armour. That applies more than ever right now."

By Legal Week

6 minute read

May 11, 2009 | International Edition

News of the website 3rdsix.co.uk - which charges fees to prospective barristers applying for third six pupillages and is registered to a non-trading individual without a listed business address - certainly caused a few raised eyebrows at Legal Week. Three_Red_Dice_six.jpgIt seems bizarre that a profession which prides itself on its high standards of integrity has allowed a semi-anonymous figure to play a central role in entry to its junior ranks and make money out of its members.

By Legal Week

3 minute read

May 07, 2009 | International Edition

In the past few weeks, we've all marvelled at the huge amounts Jones Day, Schulte Roth & Zabel, and Weil Gotshal & Manges have billed in the country's two most-watched Chapter 11 cases (Chrysler for Jones Day and Schulte Roth, Lehman Brothers for Weil Gotshal). But we have to admit we haven't stopped to ponder - are those fees illegal? According to a new study co-authored by UCLA bankruptcy law professor Lynn LoPucki, the answer might be yes. LoPucki and his co-author, fellow UCLA prof Joseph Doherty, essentially argue that bankruptcy judges allow lawyers to bill their debtor clients for months at a time before submitting those billing statements to the judge for approval. That goes against the federal bankruptcy code, the study argues, and it has allowed legal fees to increase faster than inflation rates. Judges in theory have the option of objecting to those bills and demanding law firms pay back some of the money, but "payments are harder to reverse than to prevent," the study says.

By Legal Week

2 minute read

May 05, 2009 | International Edition

Adam Signy's departure from Clifford Chance (CC) may have been well-trailed in the Square Mile, but all the forewarning in the world is unlikely to have lessened the blow for CC. Adam Signy_CC_p17.jpgNot only was Signy generally considered to be the top name in the magic circle firm's public M&A practice, but his move marks the best corporate CV to hit a US firm's London office since Mike Francies joined Weil Gotshal & Manges way back in 1998. The fact that Signy (pictured) is CC born and raised - having spent some 22 years as a partner - only drums home the symbolism; particularly since the last time CC was in this position it managed to hold on to private equity duo James Baird and Matthew Layton, who came within a whisker of joining Weil Gotshal in 2004.

By Legal Week

4 minute read

May 05, 2009 | Legal Week

Adam Signy's departure from Clifford Chance (CC) may have been well-trailed in the Square Mile, but all the forewarning in the world is unlikely to have lessened the blow for CC. Adam Signy_CC_p17.jpgNot only was Signy generally considered to be the top name in the magic circle firm's public M&A practice, but his move marks the best corporate CV to hit a US firm's London office since Mike Francies joined Weil Gotshal & Manges way back in 1998. The fact that Signy (pictured) is CC born and raised - having spent some 22 years as a partner - only drums home the symbolism; particularly since the last time CC was in this position it managed to hold on to private equity duo James Baird and Matthew Layton, who came within a whisker of joining Weil Gotshal in 2004.

By Legal Week

28 minute read

April 29, 2009 | International Edition

Lovells rising star Tom Whelan on the highs and lows of City life and ballroom dancing for charidee

By Legal Week

4 minute read

April 29, 2009 | International Edition

Well, there's never a dull moment in legal education. The quiet bits consist of ill-tempered competition between vocational educational providers and sharp-elbowed jostling to secure exclusive law firm deals, all played out against a backdrop of endless debate over educational reform. BPP.jpgAnd bringing a new element to the mix, it was announced yesterday (29 April) that the US education company Apollo Group had made a preliminary approach for BPP Holdings plc, the parent company of BPP Law School, valuing the business at £303.5m.

By Legal Week

2 minute read

April 27, 2009 | International Edition

The Am Law Daily chuckled a little bit when we read the section of the Association of Corporate Counsel's annual survey of chief legal officers (CLOs) in which they were asked to identify any number of ways outside counsel could improve their relationship with in-house lawyers. Only 7% of respondents wanted more on-site visits from their law firm, but 60% said they would prefer firms to use alternative fee arrangements more often. So: face-to-face contact ranks far below the almighty buck, though, in fairness, 49% of respondents did say they would like more frequent communication with firm lawyers.

By Legal Week

3 minute read

April 26, 2009 | International Edition

The Real Decreto Ley 3/2009 (RDL 3/2009) - approved on 31 March - has finally brought some degree of comfort to those professional lenders (and other creditors) willing to operate in the Spanish refinancing markets. One of the main legal hurdles that lenders in a refinancing scenario had to overcome in the past was that Article 71 of Spanish Act 22/2003 on insolvency proceedings presumed to be prejudicial to the insolvent's assets, therefore extending the risk of rescission on some arrangements that were in the heart of their business, namely pre-payment of debts, the maturity of which would have otherwise fallen on a date after that in which the insolvency was declared, and creation of security rights on debtor's assets to secure pre-existing debts or those incurred by the debtor in substitution of pre-existing debts.

By Legal Week

3 minute read

April 22, 2009 | International Edition

In a shocking breach of Whitehall protocol, the most interesting measure in Alistair Darling's Budget was not widely trailed: the rise in the top rate of income tax to 50%. Such was the confusion this unheralded bombshell caused, it took most media organisations a good couple of hours yesterday to get around to leading their coverage off the only measure that was going to have much relevance for business.

By Legal Week

4 minute read