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The Legal 500 United Kingdom 2011

Corporate

LONDON - Corporate and commercial

M&A dealflow returned to some level of normality in 2010 after a stagnant few years. While levels are some way off their pre-recession highs, firms have been buoyed by an increase in activity almost across the board. Global M&A totalled $2,122.7bn for 2010, up 24.7% from 2009, with deal volume also up by 23.4% at 11,921 announced deals compared to 9,659 for 2009.

European M&A was up 41% year on year, topping $645.7bn in 2010, up from $459.4bn in 2009; this will have been music to law firms’ ears, as the developed economies struggled to lift themselves out of the mire. The larger international firms have largely benefited from deal activity emanating from emerging markets, as western investors look for high-growth investment opportunities; a new breed of emerging markets client has come to the fore looking to invest in more stable economies as well as emerging economies. If anything the likes of Linklaters LLP, Slaughter and May, Clifford Chance and Allen & Overy LLP, along with a handful of US firms, have tightened their grip on the market and are beginning to move away from an increasingly crowded mid-market.

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Scotland

SCOTLAND

Edinburgh and Glasgow: Emerging from three years of economic turmoil, the Scottish legal market looks significantly different to that which rode the crest of the transactional wave in 2007. With no firm untouched by the downturn in transactions, different and competing strategies and goals have emerged. As a result, Scotland’s ‘Big Four’ have moved forward: Dundas & Wilson CS LLP, Maclay Murray & Spens LLP, McGrigors LLP and Shepherd and Wedderburn are still dominant players in Scotland but also deliver a broader capability, offering English law advice in London and across the UK. Brodies LLP is among the vanguard pursuing the Scotland-only strategy, increasing critical mass to provide a full service to the local market. Dickson Minto WS continues to plough a successful furrow in the corporate finance sector; and Turcan Connell is dominant on the private client front. DLA Piper Scotland LLP continues to build its reputation, particularly in corporate restructuring following some key lateral hires, while CMS Cameron McKenna LLP’s Edinburgh offering is also expanding.

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Finance

LONDON - Finance

While liquidity was relatively constricted, new-money financings were far more prevalent in 2010 than in previous years, fuelled to a large extent by a relatively buoyant high yield market. In the leveraged finance market, law firms combining a credible bank and bond side offering have generally fared best, particularly on deals at the upper end of the market. Latham & Watkins LLP has the most comprehensive bank and bond-side practice, and is highly rated for acquisition finance, as well having a top-tier ranking for high yield. Of the Magic Circle firms, Linklaters LLP in particular has beefed up its high yield capability with some notable hires, and along with Allen & Overy LLP and Clifford Chance has the most complete finance offering across the board; the trio are able to leverage off deeply entrenched banking ties, and can draw on pervasive international networks to handle major cross-border mandates.

Instructed by a swathe of FTSE 100 corporates, Slaughter and May is the premier borrower-side practice in the market, and scores highly for bank lending and restructuring matters, where it continues to excel in government-led work. Freshfields Bruckhaus Deringer LLP is also very accomplished on the borrower side, in investment grade lending and acquisition finance, where it acts for an oustanding roster of private equity sponsors, and also in more esoteric areas such as derivatives, where it moves to the top tier this year.

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South West

SOUTH WEST

After a challenging 2009, 2010 was a less turbulent year for many firms in the South West, and there are positive signs for 2011; certainly the region continues to benefit from the willingness of clients to move work out of the City as value for money remains a key driver in choosing legal services.

Education has been a strong growth area for many firms, with conversions to academy status being a substantial source of work; debt recovery work has also been on the increase, as the consequences of the economic downturn continue to make themselves felt; renewable energy projects are an important area of work for agriculture and estates teams, as landowners realise the potential of turning land over for development; pensions remains a live area against a background of public sector cuts; and professional negligence claims are on the rise.

The legal market in Newcastle is undergoing a sea change caused by a combination of lateral hires and the ongoing fallout from the recession. With the heavy public sector focus in the North of England, further turbulence is expected in light of the coalition government’s budget cuts. 2010 saw the departure of several personal injury insurance firms from the region, an increasing volume of employment law work, and fewer insolvency-related mandates than anticipated. The renewable energy sector continues to provide growth opportunities.

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Dispute Resolution

LONDON - DISPUTE RESOLUTION

The growing volume of litigation arising from the global recession has been particularly notable in areas such as fraud, white-collar crime, and banking and shareholder disputes, as well as contentious regulatory matters and EU-related cartel claims. Particular geographical areas generating disputes include the Middle East, often in construction matters, while Russia and CIS-related issues have been clogging up London’s commercial courts. The year’s headline natural disasters, in countries such as Australia and Japan, also fuelled some practices’ workloads.

On the banking litigation side, and in the related realm of regulatory investigations, areas of activity include disputes involving derivatives and structured finance products, with a focus on mis-selling, lack of capacity/authority and alleged failure to treat customers fairly. Disputes are also increasingly international in nature, giving rise to related jurisdictional battles. Conflict-free litigation firms able to take on cases against the banks have been attracting an increasing flow of work related to the credit crunch.

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North

NORTH

The legal market in Newcastle is undergoing a sea change caused by a combination of lateral hires and the ongoing fallout from the recession. With the heavy public sector focus in the North of England, further turbulence is expected in light of the coalition government’s budget cuts. 2010 saw the departure of several personal injury insurance firms from the region, an increasing volume of employment law work, and fewer insolvency-related mandates than anticipated. The renewable energy sector continues to provide growth opportunities.

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Press releases

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Legal Developments in the UK

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Press Releases in the UK

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

  • Could Britain have tried Saif Gaddafi?

    Geoffrey Bindman comments on the limits of universal jurisdiction
    - Bindmans LLP

  • Procurement update: Court of Appeal rules on service concessions and implied contract claims

    In JBW Ltd v Ministry of Justice [2012] EWCA Civ 8 (16 January 2011), the Court of Appeal has analysed and applied recent Court of Justice case-law on the definition of “services concession” contract and made an important ruling on the availability in procurement litigation of claims based on an implied contract created by an invitation to tender.
    - 11KBW

  • Bindmans partner Tamsin Allen achieves High Court victory for phone hacking victims

    Tamsin Allen , who heads the firm’s media practice, has secured settlements against News Group Newspapers Ltd for the former Deputy Prime Minister John Prescott, Chris Bryant MP, Denis MacShane MP, journalists Joan Smith and Tom Rowland and Christopher Shipman.
    - Bindmans LLP

  • Greenwich Community Law Centre: High Court upholds withdrawal of funding from law centre

    In R (Greenwich Community Law Centre) v Greenwich LBC [2011] EWHC 3463 (Admin), the Administrative Court (Cranston J) has dismissed a challenge by a leading law centre to the decision by Greenwich Council to withdraw its funding of around £200,000 per year.
    - 11KBW

  • Pannu and ors v Geo W King Ltd and ors UKEAT/0021-23/11/DA

    The EAT has delivered judgment in this the first case to consider the “supply of goods” exception to the service provision change rules in the Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”). The case concerned the supply of axle assemblies for vans built by a company within the General Motors group. James Goudie QC and Holly Stout appeared for two out of the three respondents. Instructing Solicitor was Jon Taylor of EMW Picton Howell LLP.
    - 11KBW

  • Clear Edge UK Ltd v Elliot and others [2011] EWHC 3376 (QB)

    Akhlaq Choudhury was junior counsel for the Claimants in this application for springboard injunctive relief in a team move context. The case was unusual in that the “team” comprised only three people and all of them had given due contractual notice of their termination (which notice had already expired in respect of two of the Defendants by the time of the application).
    - 11KBW

  • Kettling judgement disappoints protesters

    Protesters expressed disappointment with a Court of Appeal decision today to overturn a Divisional Court judgement on kettling and use of violent force against climate protesters on April 1 2009. The Divisional Court headed by its President, Sir Anthony May, and Mr Justice Sweeney, had concluded the police operations were “not lawful.”
    - Bindmans LLP

  • 11KBW welcomes David Stead as its Chief Executive

    11KBW is delighted to announce that David Stead will be joining Chambers as Chief Executive with effect from 18th January 2012. David is currently the Director of Marketing and Business Development at Gill Jennings & Every LLP, having held similar positions at Field Fisher Waterhouse, Eversheds and KPMG.
    - 11KBW

  • Marcus Pilgerstorfer joins 11KBW

    We are delighted to announce that Marcus Pilgerstorfer has joined 11KBW, Chambers and Partners Employment Set of the Year 2011.
    - 11KBW

  • Protest continues at Parliament Square

    Long standing protest continues at Parliament Square and efforts yesterday evening by the Metropolitan Police (supported by Westminster) to clear the area have not ended protest at this iconic location.
    - Bindmans LLP
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