Pui Guan Man

August 01, 2013 | International Edition

Linklaters and Slaughter and May are both keeping on more than 85% of their September-qualifying trainees, with the magic circle pair increasing their retention rates on last year. Linklaters has retained 87% of its newly qualified (NQ) lawyers after offering 47 trainees a job out of a 54-strong cohort. Two NQs chose not to apply. The figure is up on a retention rate of 78% this time last year.

By Pui-Guan Man

2 minute read

July 29, 2013 | International Edition

Taylor Wessing has confirmed the result of its secretarial redundancy consultation, as the firm introduces a new secretarial support model. The firm has laid off 22 City support roles after placing 96 secretarial jobs in London under consultation, in which 26 were originally expected to be made redundant.

By Pui-Guan Man

2 minute read

July 25, 2013 | International Edition

Norton Rose Fulbright and Mayer Brown have taken the lead roles on Commerz Real's high-profile sale of London's iconic Lloyd's building to Chinese insurance giant Ping An. The One Lime Street landmark, the headquarters of insurance market Lloyd's of London, has been sold for £260m in a deal that closed earlier this month. Norton Rose Fulbright's real estate practice advised a fund managed by longstanding client Commerz Real on all legal aspects of the sale, with a team led by City real estate partner David Hawkins. Frankfurt partner Oliver Sutter provided support on German law matters.

By Pui-Guan Man

2 minute read

July 25, 2013 | International Edition

Clifford Chance (CC) is aiming to double the revenues it generates from its US practice, as the firm sets out broader aims for international expansion. The magic circle firm is targeting growth in its New York and Washington bases to reach 20% of firmwide revenues from the practice in the next few years, up from the figure of 11% the offices contributed during 2012-13, when they brought in £139.8m. The US push will see the firm make several partner level hires in the two offices, although it has no plans for expansion beyond its existing bases.

By Pui-Guan Man

2 minute read

July 23, 2013 | International Edition

Allen & Overy (A&O), CMS Hasche Sigle and McDermott Will & Emery have scored the leading roles on KPN's proposed €5bn (£4.3bn) sale of a German mobile unit to O2 owner Telefonica. Telefonica's German listed subsidiary Telefonica Deutschland Holding is set to take over E-Plus, the German business of Dutch telecoms company KPN, in a transaction that is expected to close by mid 2014. KPN would also receive a 17.6% stake in the subsidiary in the deal.

By Pui-Guan Man

2 minute read

July 18, 2013 | International Edition

Clifford Chance (CC) has rolled out an ambitious firmwide initiative to improve lawyers' efficiency alongside a drive to more effectively allocate its fee earners' workloads. The magic circle firm has recruited three external coaches, known as 'black belts' in efficiency, to lead training workshops to help the firm's lawyers identify inefficiencies in the way they work, mimicking cost-cutting initiatives developed for the manufacturing industry. The training, which forms part of CC's existing 'Continuous Improvement' programme, has been adapted from 'lean' and 'six sigma' techniques used in the manufacturing sector, with the initiative stemming from a meeting CC managing partner David Childs had with logistics and manufacturing company Unipart.

By Pui-Guan Man

2 minute read

July 18, 2013 | International Edition

Bonelli Erede Pappalardo and Chiomenti Studio Legale have taken the lead roles on French luxury goods conglomerate LMVH's purchase of a €2bn (£1.7bn) stake in Italian cashmere producer Loro Piana. LMVH, which was formed by the 1987 merger of fashion house Louis Vuitton with Moet Hennessy, has bought an 80% share in family-run Loro Piana in a deal that is subject to approval from competition authorities.

By Pui-Guan Man

2 minute read

July 17, 2013 | International Edition

German firm Gleiss Lutz is set to offer its associates two paid one-month sabbaticals during their time at the firm. The sabbatical programme, which will begin on January 2014, will give all associates and associated partners (the equivalent of senior associate level) at the firm the opportunity to take a fully paid month off, in their third and sixth year of employment respectively.

By Pui-Guan Man

2 minute read

July 17, 2013 | International Edition

SJ Berwin's partners will begin voting on a proposed merger with King & Wood Mallesons (KWM) next week, as the UK firm pushes forward with plans to tie up with the Sino-Australian giant. SJ Berwin held a partner meeting this morning (17 July), at which seven days' notice was given ahead of the opening of the vote, which will close by the end of July.

By Pui-Guan Man

2 minute read

July 17, 2013 | International Edition

DAC Beachcroft has cut five City fee-earning roles, the latest in a series of redundancy rounds at UK law firms. The DAC reductions are part of a restructuring of its London employment and pensions practice, after a review concluded that the team was overstaffed at a senior level.

By Pui-Guan Man

2 minute read