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International Edition

The globe trotters - what international institutions taught an Aussie banking giant

"The idea first came about from the relationship the bank has with IBM, which provides significant IT and system support to us. In the course of setting up things with them we had a discussion with their general counsel about trying to get a better understanding of how their legal function operates and it went from there," Justin Moses explains. Moses, corporate counsel and general manager of the legal product and distribution department at the Australian banking group Westpac, is referring to an innovative series of what the company calls "benchmarking study tours" it has carried out in recent years. The bank's legal team has been visiting international companies in the US and UK to learn from other in-house counsel how they conduct their legal counsel functions and what ideas and structures the banking group can replicate back in Australia and New Zealand.
5 minute read

International Edition

Vinson elects new managing partner and first-ever chairman

US energy leader Vinson & Elkins has elected a new managing partner and the first chairman in its history, writes the AmLaw Daily. Scott Wulfe, a corporate partner in Vinson's Houston office, will begin a two-year term as managing partner in January, while Mark Kelly, a capital markets partner also based in Houston, will start his own two-year term as the top 50 US law firm's first chairman at the same time.
3 minute read

International Edition

US firm seals London launch with Clydes partner hire

US law firm Vedder Price is launching in London with 
the hire of Clyde & Co's co-head of aviation finance, Gavin Hill, marking the firm's first presence outside of its home country. The City office will go live next month, with Hill and ex-Freshfields Bruckhaus Deringer senior associate Derek Watson – who left the magic circle firm earlier this year to join Clydes – set to become the two resident partners.
2 minute read

International Edition

A&O report reveals £3m redundancy costs in back office shake-up

Allen & Overy (A&O) has set aside £3m for City redundancy payouts as it overhauls its back office team in light of its new 'onshoring' arm in Belfast. The total cost towards the Northern Ireland support centre was £4m in the 2010-11 financial year, according to the magic circle firm's annual report, of which £3m will be spent on redundancy payouts. However, the firm will be able to claim back the majority of that cost through a £2.5m grant it will receive from Invest Northern Ireland for creating local jobs.
3 minute read

International Edition

Wragges continues Middle East push with Dubai office launch

Wragge & Co has launched a branch in Dubai, marking the UK top 30 law firm's entry into the largest legal market in the Middle East. The office opened today (6 September) under the firm's existing joint venture with local lawyer Mohamed Al Mehairi - Wragge & Co Legal Consultants - which was set up in December last year when the firm launched in Abu Dhabi.
2 minute read

International Edition

Wragges continues Middle East push with Dubai office launch

Wragge & Co has launched a branch in Dubai, marking the UK top 30 law firm's entry into the largest legal market in the Middle East. The office opened today (6 September) under the firm's existing joint venture with local lawyer Mohamed Al Mehairi - Wragge & Co Legal Consultants - which was set up in December last year when the firm launched in Abu Dhabi.
2 minute read

International Edition

Doubling down - who holds the cards in the scramble for Asia?

Five years ago the tiny special administrative region of China, Macau, replaced Las Vegas as the world's top gambling destination. Now, as private wealth continues to soar both within China and Asia more generally, and regional markets remain resilient despite the wider global economic turmoil, the UK's largest law firms are attempting to guarantee they retain a significant slice of the market.
3 minute read

International Edition

UK leaders lay out bold plans for expansion in Asia-Pacific

Linklaters, Hogan Lovells, Ashurst and Clifford Chance (CC) are all planning to significantly ramp up their Asian operations as increasing numbers of UK and US firms look to capitalise on the region's growth potential. Linklaters is hoping to increase the amount of fee income it generates in the Asia-Pacific region to nearer 20% of global revenues over the next four years, up from 12%-13% at present.
3 minute read

International Edition

Dewey and Chadbourne mull office launches in Georgia and Turkey

Dewey & LeBoeuf and Chadbourne & Parke are considering expanding their presence across eastern Europe, with Dewey looking at Georgia and Chadbourne considering opening in Turkey. Dewey has relocated energy partner Nicola 
Mariani, previously a partner 
in the firm's Paris office, to Tbilisi to service Georgia's sovereign wealth fund and to investigate whether the 
firm should formally open in the country.
2 minute read

International Edition

Law firms with global aspirations need a clear strategy to aid financial planning

Global expansion is certainly on the top of the agenda of many firms, whether it is making their first move abroad or increasing their footprint as opportunities in emerging markets beckon. When it comes to taking the plunge, however, there are several factors that need to be considered when it comes to funding expansion and managing associated risks. First, firms must consider their rationale for wanting to expand abroad. Is it because clients expect them to have offices abroad? If so, the firm must expect its existing customers to provide it with a substantial amount of business for the move to be worth it.
4 minute read

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