Pui Guan Man

February 20, 2014 | International Edition

Davis Polk and local firm Gorrissen Federspiel have landed the mandates advising Danish facilities giant ISS on its planned DKK8bn (£883m) flotation. Slaughter and May has also secured a key role, acting on a refinancing facility being arranged ahead of the proposed listing.

By Pui-Guan Man

2 minute read

February 20, 2014 | International Edition

According to many lawyers in South Africa the vibe at the African Mining Indaba – a practically mandatory event in every major local law firm's calendar – was somewhat reserved this year. It is not hard to see why, when taking into account reduced output volumes from the economy's cornerstone mining sector. Onlookers observe that South Africa is facing an onslaught of negative sentiment given the volume of industrial disputes and unrest in the mining sector as well as the imminent presidential election, causing many investors to hold off until a clearer picture emerges. Added to this, the rand has tumbled against the world's major currencies, resulting in a hike in benchmark interest rates. Some lawyers in the jurisdiction have been surprised, then, at the influx of international newcomers in the past year. Linklaters became the first of the magic circle to establish a significant presence on the ground when it sealed an alliance with Webber Wentzel at the end of 2012, while Hogan Lovells forged a tie-up with former Eversheds alliance firm Routledge Modise in December last year, with the latter now trading under the Hogan Lovells brand. Eversheds itself re-entered the South African market at the same time, after signing an agreement with Mahons Attorneys a year after its split with Routledge.

By Pui-Guan Man

14 minute read

February 20, 2014 | International Edition

Clyde & Co and Bird & Bird have become the latest firms in the UK top 20 to rejig their associate career paths in a bid to tighten links between pay and individual performance. The moves come as research by Legal Week shows that Clifford Chance (CC) is the only firm in the group that does not base lawyers' salaries on merit. The changes see Clydes move further away from post-qualification experience (PQE) as a measure for pay, with the firm putting in place a clear career development framework for associates. It focuses on performance and clarifying targets for progression.

By Pui-Guan Man

3 minute read

February 18, 2014 | International Edition

Allen & Overy (A&O) and Freshfields Bruckhaus Deringer have won mandates on British discount retailer Poundland's proposed initial public offering (IPO). Poundland, which operates more than 500 stores in the UK and Ireland, is 76% owned by US-based private equity firm Warburg Pincus.

By Pui-Guan Man

2 minute read

February 14, 2014 | International Edition

Davenport Lyons and HowardKennedyFsi (HKFsi) have begun talks over a merger which would create a £60m law firm on the fringes of the UK top 50. The discussions begun after Davenport Lyons, which is based near London's Covent Garden, approached HKFsi - the product of last year's merger between West End firms Howard Kennedy and Finers Stephens Innocent.

By Pui-Guan Man

2 minute read

February 13, 2014 | International Edition

Ince & Co is set to cut up to 16 jobs after launching a redundancy consultation with its legal and support staff. The redundancies will affect up to 10 fee earners from the firm's insurance and shipping practices as well as six business services roles, which are a mix of secretarial and support staff.

By Pui-Guan Man

2 minute read

February 12, 2014 | International Edition

Orrick Herrington & Sutcliffe and Bredin Prat are among a quartet of firms landing key roles on L'Oreal's buys back of an €6.5bn (£5.3bn) stake from Swiss food group Nestle.

By Pui-Guan Man

2 minute read

February 10, 2014 | International Edition

Trowers & Hamlins is set to issue a cash call to its fixed-share partners in response to partnership taxation changes brought by HM Revenue & Customs (HMRC).

By Pui-Guan Man

2 minute read

February 10, 2014 | International Edition

Norton Rose Fulbright reduced its net debt by £18.6m during the 2012-13 financial year, according to the firm's latest limited liability partnership (LLP) accounts. The report, filed with Companies House, showed that overall net debt dropped from £26.1m to £7.5m.

By Pui-Guan Man

2 minute read

February 09, 2014 | International Edition

Norton Rose Fulbright is set to name South Africa chairman Sbu Gule as the new global chairman of the firm. The agreement to name a South African partner as chair was part of the merger deal between Norton Rose and legacy Deneys Reitz when the firms combined in 2011.

By Pui-Guan Man

2 minute read