Cash calls, merger talks and some potential winners from Brexit – the best of Legal Week this week
The most popular news and analysis from Legal Week over the last week
July 22, 2016 at 11:09 AM
3 minute read
These days, a week rarely goes by without a story about the latest issues facing King & Wood Mallesons' (KWM) London arm – and this week has been no different. The firm has asked its salaried partners to contribute capital for the first time, to the tune of £60k each. Meanwhile, its equity partners have been asked to stump up an extra £4k per point – equating to between £80k and £240k per partner in extra capital contributions.
The firm also saw more exits from the UK arm, as well as the departure of a Munich team to launch K&L Gates' offering in the Bavarian capital.
KWM isn't alone in facing tough times though, with Olswang among the firms struggling to reposition themselves in an increasingly global legal market. In our article this week, partners weigh in on the firm's latest merger discussions – with CMS Cameron McKenna.
Elsewhere, Brexit remains firmly on the agenda for UK and international firms. US firms may find themselves in with a chance of winning the lion's share of trade negotiation work, while several leading UK firms have already started sharing their thoughts and expertise with the UK government. Slaughter and May, meanwhile, is planning to move an additional competition partner to Brussels ahead of the UK's exit from the European Union, while Eversheds is launching its consulting business in Ireland.
This week, we also published all the details of the winners of our recent Innovation Awards, setting out why the judges selected the winners they did.
Other popular stories on Legal Week during the past week include:
'I'm surprised it hasn't happened sooner' – has Singapore lost its lustre for law firms?
Slaughters, MoFo and Freshfields advise as Japan's SoftBank buys UK's ARM for £24bn
Linklaters quizzes Olswang over breached covenants on BHS sale after £7m goes 'missing'
Can Ashurst escape its perfect storm and engage the partnership to prevent further losses?
Rising stars: the new generation of litigators making their mark
Travers Smith's PEP passes £1m mark as management hails 'excellent performance'
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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