NEXT
Sign in to follow

International Edition

Magisters restructures as downturn hits CIS

Magisters has reduced its headcount across the commonwealth of independent states (CIS) by 7%, as firms in the region move to position themselves for the downturn. The restructuring comes as the Kiev-based firm, currently advising the Ukrainian Government on all issues relating to its sovereign debt, recorded a double-digit rise in revenues for 2008, with turnover increasing by 12.8% to $39.5m (£27.9m). The firm said the staff cuts, equating to around nine job losses, have been made since last autumn.
2 minute read

International Edition

A&O to lose practice leader as local market braces itself for the downturn

Allen & Overy (A&O) is set to lose at least one practice group head in Italy to local leader Gianni Origoni Grippo & Partners.Antonella Capria, the managing partner and founder of A&O's Italian environmental and regulatory practice, is expected to leave the firm at the end of April to join Gianni. In addition, the magic circle firm's co-head of litigation, Alberto Nanni, is also thought to be talking with other firms, with Gianni among those involved.
3 minute read

International Edition

A&O and Latham set to advise on €8bn Italian finance deal

Allen & Overy (A&O) and Latham & Watkins have landed key advisory roles on the €8bn (£7.1bn) financing of Italian power company Enel's acquisition of Acciona's 25% stake in Spanish utility company Endesa. The financing, which is one of the largest in Europe so far this year, sees A&O advising the consortium of arranging banks, with Latham advising Enel. The deal, which saw Enel acquire the stake for around €11bn (£9.8bn) in total, comes after both firms advised on Enel and Acciona's initial €35bn (£31bn) acquisition of Endesa in 2007. Enel will now hold a 92.06% stake in Endesa.
3 minute read

International Edition

Freshfields leads on major French banking merger

Freshfields Bruckhaus Deringer has advised the French Government on a merger deal that is set to create the second-largest bank in the country, with a combined equity of €40bn (£36bn). Leading French banks Caisse d'Epargne and Banque Populaire finalised a tie-up yesterday (26 February), with both establishments advised by a raft of French independents.As part of the arrangement, the French state has agreed to become a direct shareholder - taking a 20% stake in the combined bank. The name of the combined entity will be CEBP, effective as of June.Freshfields Paris-based securities and M&A partner Patrick Bonvarlet advised the French Government, while Bredin Prat acted for Banques Populaires. Veil Jourde, Gide Loyrette Nouel and Darrois Villey Maillot Brochier all won roles for Caisses d'Epargne.
2 minute read

International Edition

Bakers cuts staff in Kiev and Moscow as firms retrench in CEE and CIS

Baker & McKenzie is cutting jobs in the CIS in what is expected to reflect a wider trend in the Central and Eastern European (CEE) region and former Soviet states as law firms retrench.Around eight staff members have been laid off in Bakers' Kiev office, including three associates. Three associates were also made redundant in Moscow.Bakers has a longstanding presence in the region, with around 125 lawyers in Moscow and around 75 in Kiev.
3 minute read

International Edition

Freshfields helps draft German state bank law

Freshfields Bruckhaus Deringer has advised the German Government on a draft law which could temporarily allow it to nationalise stricken banks. The magic circle law firm took the lead role alongside German leader Hengeler Mueller. Freshfields global head of corporate Andreas Fabritius advised the German finance ministry on the draft law, with a team co-led by fellow Frankfurt-based corporate partner Gunnar Schuster and Berlin-based regulatory partner Benedikt Wolfers.The Hengeler team, instructed by the German interior ministry, was led by Berlin-based partners Stefan Richter (corporate) and Wolfgang Spoerr (regulatory).
2 minute read

International Edition

Iberia: The revolving door of reform

The reform of Portuguese labour law has been a constant on the political agenda since the final quarter of the last century. Limited in certain essential aspects - dismissal and collective bargaining - by a constitution which is unlikely to be amended, there appears to be no end in sight. Initial expectations about each reform have invariably been followed by disappointment and successive labour law reforms have turned into predictable and unvarying rituals. The Portuguese parliament recently enacted a new labour law reform which came into force on 17 February, 2009. Will this be the one to have a positive impact on the economy? Or will it, like others before it, simply not go far enough?
6 minute read

International Edition

Iberia: A nearshore thing

Bearing in mind the size of the Spanish economy - the world's eighth largest - it is safe to say that from an economic point of view, Spain is currently one of the world's most dynamic countries. One of the sectors of the Spanish economy that has revealed the highest growth rates in recent years - and which exhibits great potential for future growth despite the current worldwide economic deceleration - is without a doubt its outsourcing sector. Due to the high degree of specialisation that has been reached, particularly by the IT sector, together with the many market niches that still need to be exploited and matured, Spain is becoming a focal point not only for sourcing opportunities, but also for service providers; traditional offshore outsourcing destinations wishing to expand their growth horizons; and local and foreign investors aiming to make a reliable investment.
7 minute read

International Edition

Luis de Carlos: Spanish firms' recipe for resilience

'Uncertain' is most likely how we could define the current world outlook. The worldwide calamity of both the financial and the real estate sectors has sponsored the first ever global crisis, with unsuspected dimensions and an unknown ending. Such crisis has inevitably spread to many countries, therefore wounding many sectors. The legal sector has not been exempt from this situation and has suffered the cruelty of the crisis as well, seeing major redundancies and layoffs in many strategic markets of the world.When it comes to Spain, the economy is suffering heavily from the burst real estate bubble as well as from the financial crisis. Unemployment figures are above 14%, which accounts for more than three million unemployed people, and gross domestic product is forecasted to fall between 1.6% and 3% in 2009, this being the first time that Spain has entered a recession since 1993. This has obviously shocked the Spanish economy, with severe layoffs in sectors such as the construction and the automotive industries.
4 minute read

International Edition

Irish leader to lay off staff and cut pay by 10%

A&L Goodbody has become the first Irish firm to announce major cost-cutting measures in response to the financial downturn. The firm is set to cut at least 45 jobs, including 6% of its lawyer headcount, while the firm also said that it expects to decrease salaries by 10%.The firm's management informed staff at a meeting earlier this month (9 February) that it is seeking 20 voluntary lawyer redundancies - across seniority ranks - from its 360 fee earners. In addition, 25 voluntary redundancies were requested among support staff.
2 minute read

TRENDING STORIES

Law Pro Logo

Featured Firms

Law Offices of Gary Martin Hays & Associates, P.C.

(470) 294-1674

Law Offices of Mark E. Salomone

(857) 444-6468

Smith & Hassler

(713) 739-1250

More from ALM

More from ALM

Legal Speak is a weekly podcast that makes sense of what’s happening in the legal industry.

Resources

  • Aligning Client Needs with Lawyer Growth and Profitability

    Brought to you by BigHand

    Download Now

  • Technology to Make E-Discovery Smarter, Not Harder

    Brought to you by Nuix

    Download Now

  • Does Generative AI Have the Power to Transform Legal Services?

    Brought to you by HaystackID

    Download Now

  • International Export and Trade Assistance State Law Survey

    Brought to you by LexisNexis®

    Download Now