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International Edition

CC denies claims of Rome office closure

Clifford Chance (CC) has reaffirmed its commitment to its Rome office, amid mounting speculation that the firm could pull out of the Italian capital. The office's managing partner, Guiseppe de Palma, conceded headcount in Rome had reduced in recent years but said there were no plans for either redundancies or an office closure.CC's lawyer headcount in Rome has reduced by 35% over the past two years, falling from 40 to 26. Numbers have also dropped across the firm'scombined Rome and Milan presence, reducing from 175 lawyers on 31 January, 2007 to 145 lawyers on 31 January, 2009 - a decline of around 17%.
2 minute read

International Edition

Eversheds Swiss ally gains new office in Geneva

Eversheds' Swiss ally has opened an office in Geneva, with the top 10 UK firm's international network now covering three sites in Switzerland. Schmid Eversheds merged with Geneva-based firm MCP Avocats earlier this month (1 February) and has rebranded as Eversheds Schmid Mangeat, adding to its existing bases in Zurich and Berne.The Geneva office consists of ten lawyers and houses two of the firm's eight partners. The remaining lawyers are spread equally between Zurich and Berne.
2 minute read

International Edition

Solid growth and conservative plans reinforce Spanish firms' confidence

Spain's leading independents have posted solid results for 2008, with three of the country's largest firms seeing revenues increase by 8% or more. Uria Menendez, the country's top corporate firm, has posted provisional results for the year ending 31 December showing that revenues increased by 8%, taking turnover to around E174m (£152m), up from e161.2m (£140.6m) in 2007.Meanwhile, fellow top 10 firms Gomez-Acebo & Pombo and Roca Junyent have both posted double-digit growth in revenues.
3 minute read

International Edition

Simmons to split from Portuguese operation

Simmons & Simmons is set to demerge from its Portuguese operation, with the breakaway practice set to continue as an alliance partner of the firm. Simmons is due to hold a partnership vote on the decision to officially split from the five-partner operation, which practises as Simmons & Simmons Rebelo de Sousa.In 1992 Simmons became the first City firm to establish a presence in Portugal. The integration process with Rebelo de Sousa began in 2001, with full integration confirmed in 2003. Portuguese managing partner Pedro Rebelo de Sousa said: "Simmons is discussing with the Portuguese partners the position of the Lisbon office as a fully integrated part of the firm's network. While it is yet to be finalised by the firm's management and the Portuguese partnership and subject to partners' approval, the proposition is that the office would be set up as a separate firm but in association with Simmons."
2 minute read

International Edition

A&O, SJ Berwin lead on new Icelandic insolvency

Allen & Overy (A&O) and SJ Berwin have taken lead roles as Icelandic retailer Baugur files for bankruptcy protection. A&O, a longstanding adviser of the company, is fielding a team led by London finance partner Andrew Bamber.SJ Berwin is advising Icelandic bank Landsbanki - which was in talks with Baugur about the potential restructuring of £1bn of debt - with a team led by London restructuring partner Mike Woollard, corporate partner David Parkes and finance partner Jen Yee Chan.
2 minute read

International Edition

Gomez-Acebo posts double-digit revenue rise

Gomez-Acebo & Pombo has posted a double-digit increase in turnover for 2008, with revenues at the Spanish firm increasing by 12%. The firm has reported total turnover of €61.1m (£55.1m) for 2008, representing an 11.9% increase on 2007 when the firm recorded revenues of €54.6m (£49.2m).Gomez-Acebo managing partner Manuel Martin (pictured) said: "It has been a hard year, affected by an adverse economic situation, and these figures are the result of hard work and dedication to our clients."
2 minute read

International Edition

Freshfields and Links lead on £4.1bn rights issue

Freshfields Bruckhaus Deringer and Linklaters have landed roles on a £4.1bn rights issue for mining group Xstrata. The Swiss company has announced a discounted two-for-one rights issue, with a Freshfields team headed up by corporate partner Julian Makin taking the lead advisory role.Makin is working alongside fellow corporate partners Graham Watson and Sarah Murphy, with tax partners Robert Kent and Jonathan Cooklin and antitrust, competition and trade partner MJ Moltenbrey.
2 minute read

International Edition

CC to cut Moscow headcount by 20%

Clifford Chance (CC) is targeting a 20% reduction in lawyer headcount in its Moscow office over the current financial year, with the firm's Middle East offices also set for a potential drop in numbers. In Moscow CC has made around six lawyers redundant through individual consultations, with the office also losing a further 24 lawyers through natural attrition over the same period, taking the total lawyer numbers down to around 150 in the office.The firm said the move was in response to declining demand for advice on foreign investment in Russia. A CC spokeswoman said: "The strategy is to reduce lawyer headcount in Moscow by 20% during the full financial year, then keep it under review. The strategy of the firm is to not have too many lawyers for current work levels, but also not too few for when the upturn comes."
2 minute read

International Edition

A&O creates new senior partner role for Italy arm

Allen & Overy (A&O) has overhauled its Italian management, appointing Massimiliano Danusso in the new role of senior partner for the region. Finance partner Paul Flanagan will take over Danusso's former post as Italy managing partner to help support the development of the firm's business in Italy. Flanagan commented: "Massimiliano is our most successful billing partner in Italy and he needs administrative support to run the Italian practice across two sites. My role will be more about the nuts and bolts and making sure things run smoothly from day to day."
2 minute read

International Edition

Macfarlanes, Freshfields and CC land roles on £135m German publishing deal

Macfarlanes, Freshfields Bruckhaus Deringer and Clifford Chance (CC) have landed roles on Mecom Group's €152m (£135m) sale of its German operations to Cologne publishing house, M DuMont Schauberg. Macfarlanes advised the acquirer on the deal, which sees DuMont Schauberg picking up titles including the Berliner Zeitung and Berliner Kurier. Corporate partner Tim Lewis and debt finance partner Christopher Lawrence led the team for the firm, with the transaction marking Macfarlanes' first instruction from the German publisher. The company turned to Oppenhoff & Partner in Germany, which was formed by a breakaway group of partners from Linklaters at the beginning of 2008.
1 minute read

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