LAUNCH DATE: October 2013
The Legal 500 is delighted to announce the launch of a Canada edition on www.legal500.com in October 2013. The aim of The Legal 500 Canada will be to provide an independent and authoritative assessment of the capabilities of Canadian law firms. Read more...
The Legal 500 Europe, Middle East & Africa 2013 results are now live. The full in-depth, comprehensive analysis of law firms in 63 jurisdictions is available to view at www.legal500.com now - no registration or fee is required. The research can also be downloaded as a country-specific .epub or .mobi-formatted eBooks – ideal for use on Kindle, iPad, iPhone and Android/Blackberry readers. The Legal 500 EMEA eBook series provides easy, immediate access to the rankings and accompanying editorial, used by 4 million individual users each year, including 2.5 million corporate counsel.
The Legal 500 and Venable LLP held a roundtable discussion with six GCs from a variety of industry sectors in Washington DC. Topics that were discussed included alternative fee arrangements, retention of in-house staff, budgetary pressures and relationships with law firms. The full transcript of the roundtable discussion is available to download here. If you have any comments on the topics discussed, please email david.burgess@legal500.com
Now available: The Legal 500 Historical Data – a new interactive service available exclusively to commercial partners. The site contains historical rankings from 2008-2013 from The Legal 500 United Kingdom, United States, Europe, Middle East & Africa, and Asia Pacific. Users are able to manipulate the raw data to produce and download reports including comparing and contrasting your firm with your peers and competitors, and customising data which can be used in pitch documents and RFPs. Visit www.legal500.com/historicaldata for more information.
The Legal 500 is conducting its first global survey of how corporate counsel and law firms use The Legal 500. We would be grateful if you could spend 10 minutes answering the survey questions to aid us in improving our research and how we deliver it. Click here to give us your feedback.
Between June and September 2012, The Legal 500 research team contacted in-house counsel at the FTSE 100 and 250, and spoke to them about the firms they instructed. In the most comprehensive survey of the FTSE350 to date, we reveal which firms are instructed, in many cases breaking the results down into specific practice areas.
Read more...The Legal 500: Europe, Middle East & Africa
GERMANY
In 2012 the effects of the financial crisis were still keenly felt by the legal profession, and exacerbated by ongoing problems in the Eurozone. Competition remains tough, particularly among the leading firms, and after the demise of Howrey LLP the market lost another major international law firm when Dewey & LeBoeuf LLP ceased to exist. Meanwhile, clients who are exposed to growing requirements in the fields of compliance, risk management and corporate governance are, in turn, becoming ever more demanding with a consequent pressure on fees.
The Legal 500: Europe, Middle East & Africa
FRANCE
As clients’ needs change and become more sophisticated and more demanding of added value, many leading law firms in France are abandoning the full-service and departmental business model to focus on core practices. This has benefited local medium-sized and niche firms with dedicated expertise. Real estate is the latest example of this market trend, with high-profile teams leaving Freshfields Bruckhaus Deringer LLP, Clifford Chance and Salans in 2012.
The Legal 500: Europe, Middle East & Africa
THE NETHERLANDS
The Netherlands is in a relatively stable position compared to other advanced economies, with a strong export position and friendly tax regime. The eurozone crisis and the EU were issues dominating the 2012 national elections, the results of which reflected a need for a stable, moderate government.
The Legal 500: Europe, Middle East & Africa
SPAIN
Spain’s ongoing economic difficulties affected law firms with continued downward pressure on fees. Market conditions dictated fewer transactions, but this was counteracted by a boom in areas such as litigation, arbitration and restructuring. Big-ticket private equity deals and IPOs virtually vanished. Government tax reforms led to increasing demand for tax-related advice, and employment law and insurance continued to be hugely active areas.
The Legal 500: Europe, Middle East & Africa
PORTUGAL
Portugal remains in the throes of a deep financial crisis. Despite the €78bn bailout that the country received in 2011 from the troika group (comprising the IMF, the EC and the ECB), times remain very difficult for the country. As decreed by the Memorandum of Understanding, Portugal began a series of privatisation procedures, and this has generated a substantial flow of work for law firms, advising interested bidders. Firms involved included Linklaters LLP, Morais Leitão, Galvão Teles, Soares da Silva & Associados, PLMJ Law Firm, Serra Lopes, Cortes Martins & Associados and Vieira de Almeida & Associados, as well as the key Iberian firms. The long-term effect of these privatisations and the presence of new investors, particularly from China, remains to be seen, but Portugal’s economic identity has changed significantly. Forthcoming privatisations include those of the airline TAP, and airport management company ANA – Aeroportos de Portugal.
The Legal 500: Europe, Middle East & Africa
SWITZERLAND
Switzerland’s legal hubs are Geneva and Zurich, with Zurich housing the largest number of law firms. Basel, Bern, Lugano and Lausanne are also key legal centres, albeit smaller.
The Legal 500: Europe, Middle East & Africa
SOUTH AFRICA
In South Africa’s highly fluid legal market, lateral hires are commonplace. The market was further altered by a number of law firm changes, notably with Baker & McKenzie entering the South African market in 2012, taking over a team from the defunct Dewey & LeBoeuf (PTY) Ltd’s Johannesburg office. It followed this by acquiring Johannesburg litigation boutique Rudolph Bernstein & Associates. A number of mergers completed in early 2013: these included ENS (Edward Nathan Sonnenbergs) joining with Brink Cohen Le Roux, and Canadian firm Fasken Martineau DuMoulin LLP merging with leading mining and project finance firm Bell Dewar.
The Legal 500 Asia Pacific
AUSTRALIA
Promising growth in Australia has drawn increased interest from foreign banks and overseas investors; in particular, the energy and natural resources space has prospered. However, the areas of capital markets, M&A, construction, property and projects all remain unsettled as the global crisis continues to take hold.
The Legal 500 Asia Pacific
CHINA
With a slight slowdown in growth, coupled with pricing issues, concerns over Europe and a change of government in process, market confidence has dipped in China. Consequently, closing deals in China has become increasingly tough. Nonetheless, legal practices in China have noted the increased interest of Chinese state-owned enterprises (SOEs) and banks in Europe, where they are looking to buy quality assets at reduced prices due to economic circumstances. Furthermore, China’s demand for overseas energy and natural resources remains keen; and the country’s lawyers have also enjoyed significant activity in the renewable sectors, both inbound and outbound. Standout energy transactions include Skadden, Arps, Slate, Meagher & Flom LLP’s representation of China Three Gorges Corporation on its €2.69bn acquisition of a 21.35 per cent stake in EDP, the largest-ever Chinese investment in Europe.
The Legal 500 Asia Pacific
HONG KONG
As international firms continue to recognise the strategic importance of it as a gateway to China and the rest of Asia, Hong Kong has become a pivotal battleground for pre-eminence in the legal profession.
The Legal 500 Asia Pacific
SINGAPORE
Singapore continues to grow as a regional hub for international law firms to conduct business in Southeast Asia and beyond. There are currently six international firms that hold Qualified Foreign Law Practice (QFLP) licences: Allen & Overy, Clifford Chance, Herbert Smith Freehills, Latham & Watkins LLP, Norton Rose (Asia) LLP and White & Case LLP. The licence allows foreign law firms to practise in commercial areas of Singaporean law, and a second round of issuances will take place in 2013.
The Legal 500 Asia Pacific
SOUTH KOREA
South Korea is making a steady recovery from the financial crisis, as evidenced by a notable increase in corporate transactions and IPOs. It is hoped that the free trade agreement between South Korea and the US, which came into force on March 15 2012, will lead to more robust inbound deal flow.
The Legal 500 United Kingdom
LONDON - Corporate and commercial
2011 saw the UK M&A market face its most challenging year on record, with total deal values just £75.1bn, nearly 10% down on the previous year’s figure. It is hardly surprising, given the successive shocks caused by the unfolding eurozone crisis and the stuttering domestic economy, that firms are increasingly looking away from developed economies to emerging markets deals, although on that front too there has been a decrease in the volume of transactions. From a global perspective, M&A values rose 4.7% in 2011 to $2.2 trillion, a far cry from the 24.7% increase between 2009 and 2010. In such tight market conditions, an increasing gulf has emerged between the handful of firms taking a role on the most complex cross-border transactions, and the mid-market players. US firms have also benefited from their ability to tap into a pool of acquisitive US corporates, with European deals frequently being led out of their London offices.
Read more...The Legal 500 Latin America
BRAZIL
Despite the impact of the global recession, Brazil's steady economic growth over recent years was clearly signalled in early 2012 when it overtook the UK to become the sixth-largest economy in the world. As other regions, particularly Europe and the US, have struggled economically, an increasing number of foreign businesses have looked to Brazil for investment opportunities. The country's federal capital Brasilia is of key national importance, particularly in administrative issues, but it is Sao Paulo and Rio de Janeiro which form the key hubs for international business. Over the past decade, the arrival of many major financial institutions has helped Sao Paulo's BM&FBOVESPA to emerge as a global trading platform dealing directly with other stock exchanges in the US, Europe and Asia. Ahead of hosting the FIFA World Cup and Summer Olympics in 2014 and 2016, respectively, Brazil is making a significant drive to upgrade infrastructure and improve security, adding further impetus to both business and legal activity. Certainly the nation is set to emerge fully onto the global stage over the next five years.
The Legal 500 Latin America
CHILE
Chile has one of South America's strongest and most open economies and a sophisticated legal market that is increasingly specialised and competitive. The country's dynamism attracts a large number of international investors and allows a growing number of new and modern firms to win a respectable market share. The oldest and largest outfits have consequently had to make a special commitment to innovation and creativity to retain their dominant position in the legal field. Carey leads the way in terms of specialisation and institutionalisation and is the largest player on the market with over 120 lawyers; it competes at the summit with Claro y Cia, Philippi, Yrarrázaval, Pulido & Brunner, Cariola Diez Perez-Cotapos y Cia and Barros & Errázuriz, the latter being the only latecomer among the most prominent firms. A well-established group of full service firms sit just outside the top-five league and offer a quality alternative to the biggest firms. They often have a key strength in a particular area of practice such as mining and energy, corporate, banking or litigation; Prieto y Cia, Guerrero, Olivos, Novoa y Errazuriz, Morales & Besa and Bofill Mir & Alvarez Jana Abogados all fit this description. A number of highly specialised outfits further stiffen the competition together with boutique firms; all of them challenging the predominance of full-service firms in the litigation, energy, insurance, IP and environmental sectors.
The Legal 500 Latin America
MEXICO
Mexico's legal market has, in the past been characterised by high-profile ‘spin-offs, splits and movements' among firms. 2011 (and into 2012) followed a similar pattern, whether it be a spin-off, partner change, or the entering into the market of another international firm. There is no doubt that Mexico has strong legal expertise spread across its firms, from the international to the dominant domestic firms, and specialised boutiques, with leading individuals being found not only at top tier firms, but also in the mid-market.
The Legal 500 Latin America
COLOMBIA
Colombia’s legal market finds itself in a very dynamic environment. The reduction and resolution of many of the socio-political problems that have plagued the country for decades has opened the gates to overdue economic development and a wave of infrastructure and energy projects (including ports, pipelines, railways and roads), legislative reforms (such as in the tax sector and new consumer legislation), and economic consolidation in industries ranging from finance to retail. While problems remain – the mining sector, for example, remains a promise largely deferred (it awaits the full and effective establishment of a new regulatory and administrative body) – the enactment this year of a long-mooted Free Trade Agreement (FTA) with the United States (May 2012), is both a milestone indicating how far the country has come since the turn of the millennium and a symbol reflecting the new optimism born of a real GDP growth rate of 5.9% and over $15bn in foreign direct investment during 2011.
The Legal 500 United States
FINANCE
Despite difficulties for aviation and transportation finance, the market has shown some signs of improvement, such as the re-opening of the securitization market, after a dearth of this type of capital raising in recent years. There has also been increased interest in transportation finance initiatives by private equity players, which may add welcome stability and generate more mandates. However, due to continued reluctance for banks to lend, there remains a focus on alternative methods of raising capital, such as through export credit agencies and capital market secured debt-related transactions, and firms continue to act on various types of refinancing and restructuring. The American Airlines bankruptcy has been a significant source of work for many firms. Uncertainty continues to grow in the market as lenders and borrowers as a result of the instability of traditional lenders in Europe.
The Legal 500 United States
LITIGATION
The international arbitration market has seen a steady increase in disputes, evidenced by the number of cases registered at the International Centre for the Settlement of Investment Disputes (ICSID). Regionally, the focus remains on Latin America. Firms are noticing a rise in technology-related disputes, including patent and licensing work, alongside more traditional sectors such as energy, telecoms and infrastructure. Credit is given to practices which represent a variety of clients such as sovereigns, multinational corporations and investors, and have a strong reputation in the field and a commitment to growth.
The Legal 500 United States
INDUSTRY FOCUS
The northeastern power markets have been in a state of crisis over the last year attempting to ensure grid reliability and avoid rolling blackouts. Federal Energy Regulatory Commission (FERC) investigations are becoming more frequent amid ever-increasing concerns over grid reliability and, meanwhile, litigation continues from the California blackout of a decade ago. In response to some of the concerns in and around this, New Jersey has implemented a law to incentivize project financing in New Jersey and the in-state construction of natural gas fired combined-cycle power generators. The law is expected to have a profound effect on the PJM interconnection capacity markets relating to buy-side pricing and the law is being challenged under the Federal Power Act before the FERC. In addition, with the Dodd-Frank Act coming into force this year, compliance and reporting issues are expected to seriously affect power-side players, especially those in energy trading.
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