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International Edition

Taylor Wessing partner-stealing case resolved

Taylor Wessing France and Nixon Peabody have come to an agreement over allegations that the US giant poached 12 partners from Taylor Wessing's Paris office. The agreement will see Nixon officially open its Paris office with former Taylor Wessing partners, including previous Paris managing partner Arnaud de Senilhes, leaving Taylor Wessing's French arm with eight partners and 27 associates.Nixon confirmed its expansion into the French market today (28 October) after releasing a statement saying that de Senilhes was set to lead the new office.
2 minute read

International Edition

White & Case to exit Dresden as local chief retires

White & Case is set to close its office in Dresden by the end of the year as managing partner Axel Bauer announces his decision to retire. After the office closes, the five remaining Dresden-based White & Case lawyers will launch a legal arm for KPMG in the German city.The US firm will keep a small insolvency division, separate from its German LLP, in the city, led by Hamburg-based partner Bettina Schmudde and manned by one associate.
2 minute read

International Edition

Skadden ends exclusive Chiomenti alliance

Skadden Arps Slate Meagher & Flom has ended its exclusive strategic alliance with Italian 'best friend' firm Chiomenti after seven years. The two firms said that the mutual decision was based on changes in client needs. The pair will continue to work together on a non-exclusive basis, referring work to other firms.
3 minute read

International Edition

Herbert Smith adds Moscow partner with A&O hire

Herbert Smith is set to add a partner in Russia with the hire of a lawyer from Allen & Overy's (A&O) Moscow office. Ed Baring, who has been a senior associate at A&O in Moscow since 2001, is expected to join Herbert Smith at the beginning of December. He will become the ninth partner in the firm's Moscow office and the third dedicated finance partner.Baring, who trained at Slaughter and May, focuses on bank lending, trade, acquisition and real estate finance and securitisation. He will work closely with Moscow finance partner Alexander Currie, as well as London-based partner John Balsdon, who has an active Russia-related practice.
2 minute read

International Edition

Freshfields heads up German banking bailout

Freshfields Bruckhaus Deringer has won two lead roles as Germany becomes the latest country to bail out its stricken banks.It is understood that Freshfields advised the German Government on the set-up of a €500bn (£395bn) rescue fund, established earlier this week (20 October). The magic circle firm's team was led by Frankfurt-based corporate and finance partner Gunnar Schuster.The UK firm is also understood to have taken the advisory role for the first bank to make use of the fund after BayernLB yesterday (22 October) became the first German bank to apply for state aid, calling for an injection of €5.4bn (£4.3bn).
2 minute read

International Edition

White & Case quits Italy with Milan closure

White & Case is set to become one of the first major international law firms to pull out of the Italian market as it prepares to close its Milan office at the end of next month (30 November). The 15-lawyer Milan office is the US firm's only presence in the country as it closed its offices in Rome and Turin three years ago. The office's sole equity partner, Sean Geary, will relocate to New York while the five local partners and the remaining lawyers will leave White & Case. The firm said in a statement: "White & Case has periodically reviewed its position in the Italian market since opening there. It was concluded in the most recent of these reviews that the level of investment required to reach the position in Italy that the firm requires of its operations in any market was beyond that which is in the best interests of the firm as a whole."
3 minute read

International Edition

Norton Rose targeting Italy litigation revival after local chief joins Lovells

Norton Rose has lost its Italian head of litigation to Lovells but gained a banking partner in the country from a local independent law firm. The City law firm has hired Umberto Mauro from Macchi di Cellere Gangemi as a banking partner for its Rome office. The hire comes only days after Legal Week reported that the firm was losing sole litigation partner Cristina Pagni to its UK rival.
2 minute read

International Edition

Linklaters' focus on core practice sees Stockholm branch lose two more lawyers

Linklaters' Stockholm office is set to lose two more lawyers, including former office head and M&A real estate partner Rolf Johansson, who will step down next week (31 October). Johansson will continue to practise in the legal field on a consultancy basis but will not join another firm after his departure from Linklaters.
2 minute read

International Edition

Ashurst scoops major role on €1.9bn French energy buyout

Ashurst has sealed a major role in one of the largest leveraged buy-outs (LBOs) in France this year, acting for the banks on a €1.9bn (£1.4bn) deal to buy a stake in power conversion company Converteam Group. The City law firm has advised HSBC, Natixis, the Royal Bank of Scotland and Societe Generale on their roles providing finance to private equity group LBO France to fund its acquisition of a one-third stake in Converteam. The Ashurst team was led by Paris-based finance partner Laurent Mabilat, assisted by corporate partner Bertrand Delaunay and tax partner Nadine Gelli. Frankfurt-based finance partner Stephan Kock and senior associate Miriam Petri also advised on the deal.
2 minute read

International Edition

Tax: A given opportunity

Various factors suggest that the current global economic situation could lead to a proliferation of distressed debt transactions in the near future in Spain. These factors include the growth of the Spanish macroeconomic indices during the last decade, low interest rates - which have led to the over-leveraging of the Spanish corporate market players in recent years - and the economic recession that Spain is currently undergoing. Good high-yield investment opportunities may be available in the Spanish market for UK investors with high cash liquidity. An in-depth analysis of the legal and tax implications involved in these types of transactions is essential for an efficient structuring of such potential investments. There are, however, a number of key tax issues to be considered in these transactions.
6 minute read

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