Three-way tie-ups, lock-ins and some non-merger stories too – the best of Legal Week last week
The best news and analysis from Legal Week during the past seven days
October 17, 2016 at 09:41 AM
2 minute read
Seven days ago, Nabarro, CMS Cameron McKenna and Olswang confirmed that partners at the three firms had voted in favour of a bold three-way union that will operate primarily under the CMS banner.
One week on, details are starting to emerge about what the combined firm will look like and, with that, assessments of its likely success made.
While there is a sense that much of the motivation for CMS's UK arm is about scale and a desire for greater clout within the international CMS network, many observers and ex-partners are positive about the deal in theory, despite doubts about the practicalities of pulling it off.
In practice, integration may not be pretty. CMS, as the largest firm, appears to be calling the shots, with its management team retaining the same titles post-merger and its partners escaping a lock-in. As such, fallout in terms of exits from Olswang and Nabarro seems likely, with particular questions around some of Olswang's continental European offices.
However, with a long way to go before the union goes live on 1 May next year, any true assessment of its success is a long way off, let alone looking at whether it achieves the ambitions of the combined firm's management,
But last week wasn't all about that merger. Here are some of the other top stories from Legal Week during the past seven days:
- 'What should a partner be?' – Norton Rose Fulbright chief targets culture change in 2020 strategy
- White & Case seals hire of Clifford Chance banking co-head Sarch
- Lloyds cuts core legal panel from 10 to eight firms after 'intense' review
- Herbert Smith Freehills, KWM and Gowling WLG partners to launch planning boutique
- No London partner in the running as two candidates battle it out for KWM senior partner role
- Eversheds duo in line for key management roles under new chief exec Ranson
- 'Australians don't take prisoners' – can new managing partner Bednall turn around KWM's fortunes in Europe?
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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.
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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.
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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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