Pui Guan Man

February 14, 2013 | International Edition

UK pair act as US Health Care REIT purchases Sunrise Senior Living

By Pui-Guan Man

2 minute read

February 14, 2013 | International Edition

Half of the UK's 20 largest law firms are carrying some degree of bank borrowing, limited liability partnership (LLP) accounts have revealed, as law firm debt comes increasingly into focus in the wake of the recent collapse of Cobbetts. Accounts filed with Companies House for the 2011-12 financial year show that 10 of the UK top 20 are carrying debts, with seven seeing their debt increase since the 2010-11 financial year: DLA Piper, Herbert Smith Freehills, Clyde & Co, Simmons & Simmons, Berwin Leighton Paisner, Irwin Mitchell and SJ Berwin.

By Pui-Guan Man

4 minute read

February 14, 2013 | International Edition

The vast majority of partners believe it is likely that more large law firms will collapse over the next two years, according to new Legal Week research. In the wake of Cobbetts' recent rescue takeover by DWF and Dewey & LeBoeuf's implosion last year, the latest Big Question survey found 95% of respondents acknowledging the possibility that more large corporate law firms would fail in the near term, including 32% who believed another collapse in the next two years was 'likely' and a further 42% describing such an event as 'very likely'.

By Pui-Guan Man

5 minute read

February 14, 2013 | International Edition

Norton Rose has appointed Australia chair Adrian Ahern as the new global chairman of the Norton Rose Group, as preparations for its June merger with Texas firm Fulbright & Jaworski gather pace. Ahern will succeed Norman Steinberg as head of the firm's global supervisory board, which currently includes 14 members across the group, in addition to Steinberg. Ahern will also take up a non-exec position on the global executive committee.

By Pui-Guan Man

2 minute read

February 14, 2013 | International Edition

Davis Polk & Wardwell and Kirkland & Ellis are among a line-up of US firms scoring roles on the $28bn (£18bn) acquisition of food giant Heinz by an investment consortium. The deal, which is believed to be the biggest ever acquisition in the food industry and has been approved by Heinz's board of directors, will see the Pittsburgh company acquired by Berkshire Hathaway, which is owned by US billionaire Warren Buffett, and 3G Capital.

By Pui-Guan Man

3 minute read

February 14, 2013 | International Edition

Norton Rose, Clifford Chance (CC) and Ashurst have landed key roles on the first major domestic initial public offering (IPO) of 2013, as UK housebuilder Crest Nicholson returns to the stock market. The IPO values Crest at around £553m, with the offer comprising a primary tranche raising £59m for the company and a secondary offering raising £169m through the sale by shareholders including Deutsche Bank and investment manager Varde.

By Pui-Guan Man

3 minute read

February 14, 2013 | International Edition

Magic circle duo Clifford Chance (CC) and Linklaters have posted their retention results for their spring qualifying trainees, with the former seeing a marginal rise in its intake. CC has offered 55 of its 66 trainees a role at the firm. Of those, 54 accepted a position to become newly qualified (NQ) lawyers, resulting in a retention rate of 82%. The results are up on the same point last year, when the magic circle firm reta

By Pui-Guan Man

2 minute read

February 13, 2013 | International Edition

Herbert Smith Freehills has launched in Germany with the hire of a partner from former ally Gleiss Lutz. Corporate partner Ralf Thaeter, who has worked at Gleiss Lutz since 1995, will launch the firm's new Frankfurt-based offering, set to open in the second quarter of this year.

By Pui-Guan Man

2 minute read

February 12, 2013 | International Edition

K&L Gates has opened in Houston with the hire of Fulbright & Jaworski's head of securities, Charles Strauss. Strauss has worked for Fulbright for 30 years and served on the firm's partner committee, as well as several diversity and inclusion committees. His exit comes ahead of Fulbright's merger with Norton Rose this June.

By Pui-Guan Man

2 minute read

February 11, 2013 | International Edition

4-5 Gray's Inn Square has merged with public law specialist Atlas Chambers, with Atlas director John Lister and a team of eight barristers set to start operating under the 4-5 Gray's Inn Square banner.

By Pui-Guan Man

2 minute read