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International Edition

CC takes on double Libor role for Barclays and RBS with Chinese wall

Clifford Chance (CC) is advising both Barclays and the Royal Bank of Scotland (RBS) on the fallout from the Libor scandal, with a Chinese wall set up to avoid potential conflicts. The magic circle firm has been instructed as UK counsel to Barclays alongside US firm Sullivan & Cromwell, which recently advised the bank on its multimillion-dollar settlement with US regulators for interest rate manipulation and false accounting charges.
3 minute read

International Edition

Career Clinic: How can I turn my contract lawyer work into a permanent job?

After qualifying at a niche litigation firm two years ago, I did not have a newly-qualified job to go to. Since then, I have been working as a contract lawyer at quite a few international law firms in London, while also applying for junior commercial litigation roles. However, I am getting frustrated with my job situation and am thinking it might be time to explore other alternatives in law. Any suggestions/advice would be appreciated.
1 minute read

International Edition

SJB recruits partners in Frankfurt and Madrid

SJ Berwin has announced two lateral partner hires for its continental European offices, one of which marks the launch of its new Frankfurt litigation practice. The firm has recruited litigation partner Francis Bellen to help establish the new Germany team, and is also strengthening its nine-partner Madrid practice with the addition of finance partner Joaquin Sales.
2 minute read

International Edition

Herbert Smith sets September date for US launch as firm finalises new hires

Herbert Smith has pushed back its New York launch from July to September, as details begin to emerge about the firm's new US base. The UK top 10 firm has delayed the opening of the new office - which was originally set to go live in July this year - due to the summer holidays, as discussions with hires near completion.
2 minute read

International Edition

SFO weighs up criminal prosecutions for Libor interest rate rigging

The Serious Fraud Office (SFO) is considering bringing criminal prosecutions against bankers involved in the Libor interest rate rigging scandal, it emerged today (2 July). Chancellor George Osborne announced last week that the Financial Services Authority (FSA) was not able to impose criminal sanctions for the manipulation of Libor - the benchmark interest rates used in financial markets around the world - due to the limited scope of its criminal powers.
2 minute read

International Edition

Quinn Emanuel in line to advise on multimillion-pound Barclays claims

Quinn Emanuel Urquhart & Sullivan is set to pick up several lucrative instructions from insurance companies and other financial institutions looking to sue Barclays Bank in relation to its LIBOR interest rate manipulation. Finance litigator Robert Hickmott, who joined the firm in 2010 from CMS Cameron McKenna, is leading London and New York-based teams currently advising "a handful" of potential claimants across the financial sector.
3 minute read

International Edition

A&O secures partner buy-in to continue worldwide push

Allen & Overy (A&O) is set to push ahead with its expansive international strategy after partners gave broad backing to management at the magic circle firm's conference last month.
2 minute read

International Edition

A measure of success - best briefings of the past three months on Legal Week Law

Since our first briefings round-up three months ago, many of the key issues affecting in-house legal teams, such as the eurozone crisis, data protection laws and commercial litigation, have developed or taken on radically new directions. Elsewhere, a number of high-profile cases and judgments have tested basic legal concepts, notably in employment and contract law.
4 minute read

International Edition

India's decision to recognise Chinese arbitral awards is a bold step – but what happens next?

Increasingly active self-promotion will see Hong Kong make further inroads as a favoured arbitration venue
1 minute read

International Edition

Sullivan leads for Barclays on $450m fine for interest rate manipulation

Sullivan & Cromwell has taken the lead role for Barclays on its $450m (£290m) settlement over charges that it attempted to manipulate interest rates and made false reports to benefit its derivatives trading positions, reports The Blog of Legal Times. The US Commodity Futures Trading Commission (CFTC) and the Department of Justice (DoJ) Criminal Division brought the charges against the bank, with $200m (£130m) of the penalty going to resolve the CFTC's civil case — the agency's biggest-ever fine — and $160m (£100m) to settle the DoJ fraud case.
4 minute read

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