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Khaitan advises Altico on rupee term loan

August 2, 2016, 6:50 am
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Khaitan & Co  advised Altico Capital India Private Limited on a secured lending of a rupee term loan to M/S Pharande Promoters & Builders (Borrower) for the purpose of construction of certain real estate projects and repayment of existing loans for $26.8m approximately.

Altico is Clearwater Capital’s rebranded India credit platform focusing on high yield asset-backed credit strategies.

Manisha Shroff, Associate Partner; Madhuparna Dasgupta, Principal Associate; Vijayaraghavan, Associate; Oindrila Bhowmik, Associate  represented the client on the transaction.

The post Khaitan advises Altico on rupee term loan appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Admiral to launch first ever barrister panel

August 2, 2016, 4:01 pm
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Motor insurance giant Admiral is approaching its former counsel to sit on its first ever panel of barristers’ chambers.

The panel will result in Admiral instructing more barristers directly on major insurance claim disputes. The insurer has gone straight to chambers on a number of disputes in the past, but has never ramped its relationships up to a formal panel structure.

An Admiral spokesperson said: “Admiral frequently uses lawyers and barristers to assist it in the settlement of its large and complex injury claims. Admiral has recently made enquiries with a number of different barristers’ chambers to discuss formalising these arrangements.

“The nature of those arrangements are commercially sensitive but in essence would be mutually beneficial.”

The spokesperson added Admiral would not operate an exclusive relationship with chambers on its panel.

Sources close to the insurer said Admiral could restrict solicitors on its core legal panel to instructing panel-approved barristers.

A source said: “Solicitors could be a bit put out by it. We’ve had situations like this in the past where we’ve been appointed to a chambers panel and then solicitors we don’t have a relationship with have to start instructing us. It can cause a few issues at first but it all smooths out once you start working together.”

It is understood that 39 Essex Chambers, 2 Temple Gardens and 4 Pump Court are among those pitching for a slot on the panel.

Admiral is also advised by a number of law firms including Blake Morgan, Cordner Lewis, Clifford Chance, Geldards, Lyons Davidson, and Norton Rose Fulbright.

In 2013 Admiral set up two alternative business structures (ABS). The first was with claims specialist Lyons Davidson to create Admiral Law, which provides Admiral customers with legal advice.

The second joint venture was set up with Cardiff-based compensation firm Cordner Lewis. The deal created BDE Law Limited, which offers legal advice to other brands within the Admiral group such as Bell, Diamonds and elephant.co.uk.

The post Admiral to launch first ever barrister panel appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Conyers advises Xiangyu Investment on bonds issue

August 3, 2016, 1:16 am
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Conyers Dill & Pearman provided British Virgin Islands legal advice to Xiangyu Investment (BVI) Co Ltd. in connection with its issue of $300m 4.75% guaranteed bonds due 2019 guaranteed by Hong Kong Xiangyu Investment Group Co Ltd with the benefit of a keep well and liquidity support deed and deed of equity interest purchase undertaking provided by Huai’an Development Holdings Co Ltd.

Huai’an is wholly-owned by the Huai’an Municipal Government and is designated to carry out Huai’an Municipal Government’s blueprint for infrastructure construction and municipal development in Huai’an Economic and Technology Development Zone in the centre of northern Jiangsu Province.

Partner Anna Chong of Conyers’ Hong Kong office advised on the matter working alongside King & Wood Mallesons.

The post Conyers advises Xiangyu Investment on bonds issue appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Conyers advises Hanrui Overseas Investment on $300m bonds issue

August 3, 2016, 1:19 am
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Conyers Dill & Pearman provided British Virgin Islands legal advice to Hanrui Overseas Investment Co Ltd in connection with the issue of $300m 4.90% guaranteed bonds due 2019 guaranteed by Hanrui International Investment Company Ltd with the benefit of a keep well and liquidity support deed and a deed of equity interest purchase undertaking, each provided by the Guarantor and Jiangsu Hanrui Investment Holdings Co Ltd.

Partner Anna Chong of Conyers’ Hong Kong office advised on the matter working alongside King & Wood Mallesons.

The post Conyers advises Hanrui Overseas Investment on $300m bonds issue appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Emerald Technology Ventures launches fourth fund

August 3, 2016, 2:39 am
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Guernsey firms Carey Olsen and Northern Trust have assisted Emerald Technology Ventures, a global pioneer in industrial technology investments, on the launch of its fourth venture fund, Emerald Industrial Innovation Fund LP (EIIF).

The Carey Olsen team included partner David Crosland and senior associate Ruth Abernethy who advised on all aspects of the fund’s launch. Northern Trust has been appointed to provide fund administration, banking and depositary services for the new fund.

The post Emerald Technology Ventures launches fourth fund appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Gateley Plc advises on sale of deltatre

August 3, 2016, 2:44 am
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Gateley Plc’s Leeds office has completed the sale of sports media service company deltatre to US-based private investment company Bruin Sports Capital. A multi-disciplinary team led by Corporate partner David Armitage advised LMGR on the sale of its controlling stake in deltatre.

LMGR and its former private equity investment partner, Mediacontech, both sold their respective shareholdings in deltatre to Bruin.

The deal has seen deltatre acquired by Bruin, which focuses on international media, sports, marketing and branded lifestyle companies, for an undisclosed sum and a significant minority shareholding in the purchasing vehicle.

The post Gateley Plc advises on sale of deltatre appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Ogier advises HNA on £131m Canary Wharf acquisition

August 3, 2016, 3:34 am
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Ogier in Hong Kong have recently advised Chinese state-owned HNA International Investment on its £131m acquisition of a major commercial building in Canary Wharf.

HNA acquired 17 Columbus Courtyard, which is let to Credit Suisse until November 2024, from Fourteen Ninety Two Limited.

The acquisition is the second at Canary Wharf by HNA, which purchased the 10-storey building at 30 South Colonnade – the home of Thomson Reuters – last year.

Ogier’s team was led by partner Kate Hodson.

The post Ogier advises HNA on £131m Canary Wharf acquisition appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Khaitan advises Kosamattam Finance on IPO

August 3, 2016, 6:37 am
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Khaitan & Co advised Kosamattam Finance Limited in relation to its Initial public offering of secured Redeemable Non-Convertible Debentures (NCDs). This is the seventh consecutive Issue of NCDs by Kosamattam wherein Khaitan as Legal Adviser to the Issue.

Kosamattam Finance Limited is a pioneer in gold loan portfolio in India.

Sudhir Bassi, Executive Director; Nikhilesh Panchal, Partner; Vaibhav Mittal, Principal Associate and Aayush Mohata, Associate represented the client on the transaction.

The post Khaitan advises Kosamattam Finance on IPO appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Hogan Lovells reveals 80% retention rate

August 3, 2016, 9:43 am
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Hogan Lovells has retained 80 per cent of its qualifying trainees, keeping on 24 of 30 of its newly-qualified lawyers at the firm this year.

The firm received applications for an NQ role from 29 of its trainees and made offers to 25. Of those, 24 accepted an offer. None of the new starters are on a fixed-term contract.

The corporate group once again takes the largest number of trainees, with 13 – two more than last year. This is more than 50 per cent of the total cohort. Litigation, arbitration and employment will take six NQs between the groups, finance will take three new lawyers, and competition, international and intellectual property will take one each.

All but one of the qualifying cohort will work in the firm’s London office. The international qualifier will be transferred to the Paris international arbitration team.

Hogan Lovells’ retention rate has historically been between 70 and 80 per cent – consistently lower than the average for the wider market. In 2015 the firm retained 79 per cent of qualifiers, or 23 trainees.

Last year the firm upped its NQ salary to £70,000, the same pay packet as much of the magic circle then offered. However Hogan Lovells has not upped its NQ and associate salaries yet this year, apart from in the US where associate pay was ramped up across the board last month.

The post Hogan Lovells reveals 80% retention rate appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Public Interest Lawyers hauled before SDT over Iraq War claims

August 3, 2016, 9:59 am
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Public Interest Lawyers (PIL) will be hauled before the Solicitors Disciplinary Tribunal (SDT) over its role as advisers to an Iraq War inquiry.

The Legal Aid Agency has also terminated its contract with PIL meaning it will no longer be able to claim legal aid funding.

The decision follows an investigation by the solicitors’ watchdog into PIL and Leigh Day following a report as a result of the Al-Sweady Inquiry. The investigation was launched regarding possible breaches of professional standards.

The Al-Sweady Inquiry revealed claims made by the two firms against British soldiers accused of ill-treating and killing Iraqi citizens were false. Both firms were criticised by Secretary of State Michael Fallon who said the firms would have been denied legal aid if they had disclosed a document earlier that revealed the nine detainees involved were insurgents.

In January the SRA made the decision to refer Leigh Day to the SDT as a result of its investigation but initially delayed its decision regarding PIL.

As a result of the SRA’s investigation the Legal Aid Agency said that it had ended its contract with PIL as it was “clear that contractual breaches with LAA’s contract are proven”.

An SRA spokesperson said: “We note the termination of contract by the Legal Aid Agency. The decision taken by the LAA is a matter for the agency in dialogue with the firm concerned.

“We’ve investigated Public Interest Lawyers and made a referral to the SDT, but cannot comment further on the particulars of the case.”

The post Public Interest Lawyers hauled before SDT over Iraq War claims appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Shakespeare Martineau turnover falls to £71m post-merger

August 4, 2016, 2:32 am
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Shakespeare Martineau turnover has slipped 5.8 per cent to £71m in its first financial results since the merger of Shakespeares and SGH Martineau last June.

During the 2014/15 financial year midlands-headquartered Shakespeares saw its revenue fall by 2 per cent from £50m to £49m.

During the same period SGH Martineau saw its turnover fall by 3.4 per cent from £27.5m to £26.5m. Over a five-year period the firm’s turnover had fallen by 12.8 per cent from a high of £30.4m.

Shakespeare Martineau’s net profit now stands at £20.4m and average profit per equity partner (PEP) is £235,000. The firm’s PEP has increased slightly from legacy Shakespeares’ 2014/15 PEP of £225,000.

The firm’s equity spread ranges from £175,000 to £320,000.

Property brought in the lion’s share of the firm’s revenue last year and generated £21.3m, or 30 per cent of total turnover. Corporate was the next biggest practice accounting for 19 per cent (£13.5m), while finance work brought in 16 per cent (£11.4m).

Three months after the merger took place Shakespeare Martineau announced it had started a redundancy consultation that put 45 jobs at risk. The majority of the roles affected were in the firm’s business support teams in Birmingham but a number of jobs in London were also cut.

The merger was the eighth to be carried out by Shakespeares in nine years following an aggressive expansion strategy, which was begun by former managing partner Paul Wilson. This is the first merger to be carried out by Andy Raynor who is now CEO of Shakespeare Martineau.

The post Shakespeare Martineau turnover falls to £71m post-merger appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Clifford Chance boosts New York with dual partner hire

August 4, 2016, 2:49 am
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Clifford Chance has added two new partners to its New York office from Chadbourne & Parke and the US Securities and Exchange Commission (SEC).

The magic circle firm has recruited Chadbourne partner Douglas Deutsch to its financial restructuring team in the US, with Deutsch leaving Chadbourne after 15 years. He was made a partner in 2009.

Deutsch worked on a wide range of bankruptcy proceedings and restructurings at Chadbourne, representing creditors’ committees, secured and unsecured creditors and indenture trustees.

His appointment follows the hire of dispute resolution partner Bob Rice, who was chief counsel to the chairwoman of the SEC from 2013 to 2015. His last private practice role was at McDermott Will & Emery between 2000 and 2004.

Clifford Chance is not the only magic circle firm to announce big-name hires in New York in the last week.

Allen & Overy hired a three-partner finance team from White & Case’s New York office last Friday, alongside a Proskauer Rose partner and Milbank Tweed Hadley & McCloy associate.

The post Clifford Chance boosts New York with dual partner hire appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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The 2016 Legal Scholarship Award recipient

August 4, 2016, 3:35 am
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Mariangela Bucci is the 2016 recipient of the Conyers Dill & Pearman legal scholarship award.

The scholarship award, presented annually to a Bermudian enrolled in a law degree programme, is valued at $30,000 per year for a maximum of three years.

Ms Bucci will be attending The Dickson Poon School of Law at King’s College, University of London in England.

The post The 2016 Legal Scholarship Award recipient appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Acclaimed book on judicial stamp duty co-authored by senior associate

August 4, 2016, 3:38 am
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Senior Associate Viorel Bran co-authored a book concerning judicial stamp fee legislation, an important starting point in the sinuous interpretation process of related legal provisions.

The book is an interesting read and a useful guide to contemporary legislation in context, having a comprehensive multidisciplinary approach.

The book is now available for purchase on www.beckshop.ro

The post Acclaimed book on judicial stamp duty co-authored by senior associate appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Andrew Hockton defends GP against indecent assault allegations

August 4, 2016, 3:41 am
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At the conclusion of a 16-day hearing the Medical Practitioners Tribunal found all 17 allegations of indecent assault against a GP not proved.

The allegations were in relation to five patients. Sixteen of the 17 allegations were thrown out on a ‘half time’ submission of no case.

The GP was represented by Andrew Hockton, instructed by Surjit Dubb and Anita Puri of Eastwoods.

The post Andrew Hockton defends GP against indecent assault allegations appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Gateley wins Angelmist battle

August 4, 2016, 3:45 am
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Gateley Plc’s Corporate Recovery team has delivered an important victory for Angelmist Properties Ltd (in liquidation) and its liquidators Ian Richardson and Kevin Hellard of Grant Thornton UK LLP, securing a finding of negligence and an interim payment award of £12.15m against Angelmist’s former directors.

The Gateley team comprised Mark Wilson, Legal Director Fiona Emms and Associate James Baty from the Corporate recovery team in Birmingham. Senior Associate Martin Jahreiss provided tax law advice. Counsel instructed by Gateley were Christopher Parker QC of Maitland Chambers and Hugo Groves of Enterprise Chambers.

The post Gateley wins Angelmist battle appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Ogier advises on $850m refinancing for Chinese firm

August 4, 2016, 3:48 am
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Ogier recently acted as Cayman and BVI counsel to Biostime, a leading Chinese producer of infant nutritional products, enabling it to raise a $850m of new financing as part of a combined capital markets and bank fundraising exercise.

The transaction involved the combination of new $400m 7.25% high-yield notes, due 2021, as well as a $450m term loan facility and a tender offer for Biostime’s existing HK$3.1bn Convertible Bonds, due 2019.

The post Ogier advises on $850m refinancing for Chinese firm appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Khaitan advises Apollo Tyres on $48m issue

August 4, 2016, 3:52 am
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Khaitan & Co advised Apollo Tyres Ltd and the arrangers to this issue including Axis Bank, DBS Bank and Kotak Mahindra Bank Ltd in relation to issuance of listed non-convertible debentures aggregating to $48m approximately by way of private placement.

Manisha Shroff, Associate Partner; Oindrila Bhowmik, Associate and Bidya Mohanty, Associate represented the clients on the transaction.

The post Khaitan advises Apollo Tyres on $48m issue appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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Bird & Bird consulting boss quits

August 4, 2016, 3:55 am
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Bird & Bird is on the hunt for a new CEO for its Baseline consulting arm following the departure of Dominic Cook.

It is understood Cook challenged the leadership of CEO David Kerr during the management elections earlier this year, but lost out to the incumbent boss, who has held the position since 1996.

Cook had led the consulting project since its conception last year and was previously a partner and co-head of the firm’s transformational projects group. He had been at the firm for over 20 years.

A Bird & Bird spokesperson confirmed the firm would be announcing a new CEO of Baseline in the coming weeks and that Cook will continue to be involved in Baseline initiatives “for a transitional period”.

The spokesperson continued Cook “has indicated that he wishes to focus his efforts on the development of multi-disciplinary platforms for the delivery of solutions to major technology enabled projects outside of the traditional law firm model”.

Last month, Bird & Bird reported a 5.7 per cent increase in its 2015/16 turnover, with revenue rising 5.7 per cent to hit €343.8m (£273.8m).

The post Bird & Bird consulting boss quits appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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SABMiller GC to step down in wake of ABInBev takeover

August 4, 2016, 7:55 am
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SABMiller general counsel John Davidson will stand down in six months following a management overhaul as a result of its takeover by Anheuser-Busch InBev (ABInBev).

Davidson became the brewer’s first group legal chief in 2006, joining from legacy Lovells.

He will remain in the role for a “transitional period” until January 2017 “to assist with the critical tasks of integration, talent retention and stakeholder management”, according a statement.

ABInBev legal and corporate affairs officer Sabine Chalmers will assume the top legal job for the combined business. She joined ABInBev as legal chief in 2008 from Diageo, where she was general counsel for North America.

The £150bn merger of the world’s two largest brewers will complete this autumn. ABInBev executives will dominate the leadership positions at the combined company, filling all but one role on its revamped management board.

Freshfields Bruckhaus Deringer and Linklaters led on ABInBev’s bid for SABMiller last September.

Freshfields corporate partner Mark Rawlinson advised ABInBev, along with London head of corporate Simon Marchant and antitrust partner John Davies.

Linklaters worked with SABMiller, with partner Nick Rumsby leading the team supported by now senior partner Charlie Jacobs. 

SABMiller also turned to longstanding adviser Hogan Lovells, with partner Andrew Pearson leading.

ABInBev owns global brands such as Budweiser, Corona and Stella Artois, with SABMiller counting Bulmers, Coors, Grolsch and Peroni as some of their leading brands. 

The post SABMiller GC to step down in wake of ABInBev takeover appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.

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