Firms still need the Euro vision

Loath as one is to shoehorn last June’s referendum vote into everything, the prospect of a hard Brexit is suddenly concentrating the minds of UK law firms.

We’re not going to see the wholesale shift of gravity to Frankfurt and Paris, but getting a balanced European offering that is sufficiently responsive to new trade structures has become a major headache for law firms.

For the moment, they’re still investing. Research for The Lawyer European 100 report – out this week – underlines how much Continental Europe is still a major draw for UK and US firms alike. Goodwin picked up much of KWM Paris; DLA Piper is frolicking in Scandinavia, and Germany top of everyone’s shopping list. Yes, it’s a congested market, but it’s a rich one. No wonder the US firms keep coming; Clydes launched there last year and Ince and Pinsents each opened second offices in 2016.

Many of City heavyweights have reversed out of lower-paying jurisdictions. But there is still room for the odd quirk in coverage. Linklaters is in Lisbon; Clifford Chance is still in Prague; A&O is in Bratislava. (I mourn the days when A&O had an outpost in Albania. Heady times.)

In their last promotions rounds, the largest 10 international firms in Europe collectively made up 125 new partners – an increase from 104 the previous year. But while many firms with a mature presence in key jurisdictions – either through merger or long-ago launches – are growing their talent organically, the lateral market is still febrile. Poaching the right partner is still the preferred way to do business fast.

This week we’re focusing on the key trends on the Continent as part of our European 100 2017 launch. Over this week we’ll be highlighting the firms you need to know about, their talent strategies, and their respective positioning to help you get a sense of activities across different jurisdictions. If you’re in the market for recruitment on the Continent, you’d better read it.

The European 100 2017 is now available for purchase. It includes 165 pages of exclusive data and analysis on Europe’s 100 largest independent firms, plus the top 50 international firms ranked by partner numbers. To purchase a full copy please contact Richard Edwards on +44 (0) 207 970 4672 or email richard.edwards@thelawyer.com

The post Firms still need the Euro vision appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Quinn Emanuel swoops on Shearman for Brussels hires

Shearman & Sterling has lost two more partners to Quinn Emanuel Urquhart & Sullivan in Brussels.

Competition lawyers Stephen Mavroghenis and Miguel Rato are both joining Quinn Emanuel in the Belgian capital, just months after colleague Trever Soames made the same move.

Mavroghenis, who has acted as Shearman’s Brussels managing partner, was understood to have been in talks with Quinn at the same at Soames. However, he opted against the move at the time.

He joins alongside competition colleague Rato, who became a partner at Shearman in 2011. Rato, Mavroghenis and Soames all moved from Howrey in the same year, just prior to the firm’s collapse.

It is understood that Quinn is also in talks with a number of other lawyers from Shearman’s Brussels office, although neither firm would confirm headcount. The Lawyer understands that around four to six lawyers are currently in discussions.

Mavroghenis and Rato’s departures will leave Shearman with two partners in Brussels – Geert Geoteyn and Matthew Readings.

Readings, who has split his time between London and Brussels, will become the office’s new managing partner. He has also been named as Shearman’s new head of global antitrust – another role previously held by Mavroghenis.

Shearman’s Brussels office is made up of Brussels-based counsel Elvira Aliende Rodriguez, and associates Marixenia Davilla and Mark English. Other members split their time between Shearman’s other European offices – including counsels Paola Nebbia and Collette Rawnsley, and partner James Webber.

Despite the losses, Shearman has confirmed that it will continue to operate in Brussels.

A spokesperson said: “We wish them all the best with their future endeavours. The firm has a strong antitrust capability in Europe and is recognized for its deep EU competition law expertise.

Combined with our wider global antitrust practice we remain well positioned to continue to serve our clients. We also continue to be committed to our Brussels office and will be announcing additional resources for that office soon.”

The post Quinn Emanuel swoops on Shearman for Brussels hires appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Eversheds boosts revenue by 8 per cent in first post-merger financial results

Eversheds Sutherland has released its first post-merger financial results today, posting an 8 per cent boost in revenue to £438.6m.

Eversheds’ net profit dropped by 4 per cent from £87.6m to £84.1m following flat results in 2016 and 2015, while profit per equity partner (PEP) decreased by 2 per cent from £742,000 to £726,000.

These are also the first financial results with Eversheds managing partner Lee Ranson in charge. Ranson was elected as the firm’s new chief executive in 2016 and replaced Bryan Hughes earlier this year.

Ranson attributed the drop in profitability at the firm to “continued strategic investment in people, recruitment and, most notably, our US combination”.

Ranson told The Lawyer that the firm has front-loaded investments such as the combination with Sutherland, new tech investment, and recruitment across the network, which included the acquisition of a practice in Germany.

“There are some very positive signs that have come from the combination,” Ranson said. “You have to look to the longer term to see these flow through to the financial results.”

The talks between Eversheds and US outfit Sutherland & Asbill were reported late last year, in a deal that created transatlantic business with a turnover of £600m. These successful talks were held after negotiations with US firm Foley & Lardner fell through.

Ranson has said that the firm’s London office has performed “really strongly particularly on the transactional side”. “After a small slowdown on the real estate side [following the Brexit vote] we saw that pick up.”

Last year Eversheds’ turnover surpassed £400m for the first time after revenue grew by 6.5 per cent during the 2015/16 financial year, from £381m to £405.5m.

The results are a significant improvement on the previous financial year, which saw revenue fall by less than 1 per cent, from £384m in 2013/14.

The post Eversheds boosts revenue by 8 per cent in first post-merger financial results appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Wolf Theiss advises Erste and Wiener on bond issue

Erste Group and Wiener Städtische Insurance have once again placed their trust in Wolf Theiss for advice in the issuance of a €250m tier 2 subordinated bond from Wiener Städtische.

Partner Alexander Haas and Associate Nikolaus Dinhof handled the documentation and legal issues surrounding the capital market, while Partner Claus Schneider and Consultant Christine Siegl advised in structuring the product.

The post Wolf Theiss advises Erste and Wiener on bond issue appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Promotions boost specialist teams

Walker Morris has appointed 4 new partners and 12 directors as part of this year’s promotion cycle, as the Firm accelerates its investment in the development of its specialist teams:

  • Will Cousins – Real Estate
  • Nick Lees – Litigation & Dispute Resolution
  • Martin McKeague – Real Estate Litigation
  • Alison Ogley – Planning & Environment

The directors are:

  • Cameron Baloyi-Rigby – Real Estate
  • Ruth Bamforth – Pensions
  • Sarah Bruce – Tax
  • Mark Byrne – Real Estate
  • Liz Deeley – Employment
  • James Garbett – Planning & Environment
  • Jon Healey – Corporate
  • Craig Looker – Pensions
  • Alistair McHenry – Sport
  • Joanne McNamara – Construction & Engineering
  • Steve Nixon – Real Estate
  • Tim Pickworth – Litigation & Dispute Resolution

The post Promotions boost specialist teams appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Shoosmiths advises TSC shareholders on Eddyfi acquisition

Shoosmiths has advised the shareholders of TSC Inspection Systems, which include long standing client Octopus Investments, on the company’s acquisition by market-leading Eddyfi Technologies.

Headquartered in Milton Keynes, TSC has significantly contributed to electromagnetic testing technologies over the last 30 years.

The Shoosmiths team was led by corporate partner Alastair Peet with senior associate Alistair Hammerton and paralegal Alice Sedgley assisting and tax partner Kate Featherstone advising on tax related aspects.

The post Shoosmiths advises TSC shareholders on Eddyfi acquisition appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Texas law students visit Jersey

Ogier’s global head of corporate Simon Dinning and private client and trusts Counsel Katherine Neal gave a presentation to law students from Texas A&M Law School at the Jersey Institute of Law.

The students are in the Island as part of a course on international finance and investment with Dean Andrew Morriss and Professor William Magnuson.

Simon’s presentation focuses on the role of international finance centres. Katherine’s focuses on private wealth and trusts work.

The post Texas law students visit Jersey appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Schoenherr advises Erste on Frauscher Sensortechnik buyout

Schoenherr has advised Erste Group Bank, one of the leading financial service providers in Central and Eastern Europe, on the financing of the leveraged buyout of Austrian sensor technology manufacturer Frauscher Sensortechnik by New York-based Greenbriar Equity Group.

Schoenherr acted as lead counsel to the agent and original lender Erste Group with respect to the structuring and implementation of the leveraged buyout financing under Austrian law.

The Schoenherr team consisted of Martin Ebner (partner, banking, finance & capital markets), Laurenz Schwitzer (attorney at law, banking, finance & capital markets) and Martina Hiebl (associate, banking, finance & capital markets). MNKS acted as Luxemburg counsel for Erste Group. Frauscher Sensortechnik and Greenbriar were advised by Binder Grösswang and Stibbe.

The post Schoenherr advises Erste on Frauscher Sensortechnik buyout appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Aviation finance partner expects busy EBACE event

Ogier partner Christopher Jones is attending Europe’s biggest aircraft industry event next week and he says that he expects significant interest in the registry’s increasingly established offering.

Christopher says that he expects that the twin factors of the growth in “air taxi” type services and the fact that the registry can now offer Air Operator Certificates to register aircraft carrying paying passengers should make the event a success.

The event in Geneva is expected to draw more than 13,000 visitors over three days, with more than 500 exhibitors and static displays of at least 60 aircraft.

The post Aviation finance partner expects busy EBACE event appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

Egorov Puginsky Afanasiev & Partners advises on Roust debt restructuring

A legal team from Egorov Puginsky Afanasiev & Partners has successfully provided legal support on matters of Russian legislation for a special stakeholders’ committee in the course of the international debt restructuring of Roust Corporation, one of the world’s leading vodka producers.

The Roust Corporation financial restructuring case has become one of the few examples of a Russian holding restructuring their financial liabilities in accordance with Chapter 11 of the US Bankruptcy Code.

The project was completed by Partner Dmitry Stepanov, Counsels Alexander Mandzhiev and Pavel Sadovsky, Senior Associate Anton Alekseev, and Associates Teymur Guseynov, Andrey Golovanev and Maria Demina.

The post Egorov Puginsky Afanasiev & Partners advises on Roust debt restructuring appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.