| Top Firms by fee-earners |
 |
 |
 |
 |
|
| 1 | Clifford Chance | 1356 | 234 | 2 | 1356 |
| 2 | Allen & Overy LLP | 1195 | 212 | 2 | 1195 |
| 3 | Linklaters LLP | 1100 | 200 | 2 | 1100 |
| 4 | Herbert Smith LLP | 1020 | 175 | 1 | 1020 |
| 5 | Freshfields Bruckhaus Deringer LLP | 1019 | 179 | 1 | 1019 |
| 6 | Lovells LLP | 764 | 145 | 1 | 764 |
| 7 | Slaughter and May | 683 | 118 | 1 | 683 |
| 8 | Berwin Leighton Paisner LLP | 658 | 183 | 1 | 658 |
| 9 | Norton Rose LLP | 632 | 138 | 1 | 632 |
| 10 | Ashurst LLP | 560 | 130 | 1 | 560 |
| 11 | DLA Piper | 550 | 142 | 1 | 1436 |
| 12 | CMS Cameron McKenna LLP | 511 | 105 | 1 | 589 |
| 13 | SJ Berwin LLP | 505 | 109 | 1 | 505 |
| 14 | Simmons & Simmons | 462 | 117 | 1 | 462 |
| 15 | Denton Wilde Sapte LLP | 460 | 126 | 1 | 509 |
| 16 | White & Case LLP | 434 | 74 | 1 | 434 |
| 17 | Nabarro | 433 | 108 | 1 | 551 |
| 18 | Baker & McKenzie | 416 | 78 | 2 | 416 |
| 19 | Pinsent Masons LLP | 404 | 124 | 2 | 1048 |
| 20 | Field Fisher Waterhouse LLP | 391 | 96 | 1 | 400 |
| 21 | Mayer Brown | 377 | 115 | 2 | 377 |
| 22 | Taylor Wessing LLP | 366 | 101 | 1 | 374 |
| 23 | Eversheds LLP | 354 | 95 | 1 | 1683 |
| 24 | Barlow Lyde & Gilbert LLP | 353 | 79 | 1 | 353 |
| 25 | Olswang | 351 | 91 | 1 | 373 |
Overview
Following one of the longest bull runs in recent history, the events of the past year have forced everyone to significantly readjust their sights. A frothy market in the first half of 2007, fuelled by an unprecedented level of financial liquidity, ground to a halt during the summer as the credit crunch took hold. Whether the malaise will be a short sharp shock or a drawn-out recession remains to be seen, but few law firms with large corporate and commercial teams will deny that work has dropped off.
At the top of the market, the largest full-service City firms, such as Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May, feature prominently in almost every section in this chapter, and in two of the highest-profile categories - Mergers and acquisitions and Equity capital markets - UK capability- all six firms make up the top two tiers exclusively. With the exception of Slaughter and May, which has a strong international alliance of ‘best friend’ firms, all have extremely good global networks, including quality offices in emerging markets such as the Middle East and Russia. In the event of a UK downturn, it is from these parts of the world that such firms will derive an increasing proportion of their work, and to these parts that they will dispatch lawyers who might otherwise remain idle back at home. The same can be said for the chasing pack of larger City firms, such as Ashurst LLP, Lovells LLP and Norton Rose LLP.
In recognition of the fact that not every client is looking for an expensive major City firm, categories such as M&A and ECM have also been broken down to give an indication of more appropriate, better-value alternatives. M&A now comprises three deal ranges: £250m+, £50m-£250m, and up to £50m, while ECM is divided into major UK flotations, small to mid-cap flotations (including AIM), and flotations requiring US capability. In the latter, US firms clearly have a strong presence, and several, such as Skadden, Arps, Slate, Meagher & Flom (UK) LLP and Weil, Gotshal & Manges, offer a serious alternative to their City rivals in broader areas such as M&A and private equity.
Decent corporate and commercial teams must also go beyond the transactional side and also have strength in areas such as corporate tax, EU and competition, and financial services. It is here that strong corporate firms such as Simmons & Simmons and SJ Berwin LLP(for EU and competition, and financial services), and Berwin Leighton Paisner LLP, Macfarlanes LLP, and Travers Smith LLP(for corporate tax) can get an edge over the competition.
Law developments in the UK
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The Implications of Substance over Form and the Re- Characterisation of a Floating Charge
The purpose of this Article is to consider the implications of the recent English case of The Russell Cooke Trust Company Limited and Elliott1. Following this case, insolvency practitioners, preferential creditors, and third parties dealing with a company in the belief that its assets are subject to a floating charge (rather than a fixed charge) will need to examine the substance of the charge before dealing with those assets. -
Finance Bill 2008
The Finance Bill 2008 (as initiated) was released yesterday 31st January 2008 and there have been some welcome amendments included to assist the funds industry in administering the 8 year deemed disposal rules. -
Ireland: A gateway to China and Japan
Ireland's favourable tax treaties with China and Japan, regarding capital gains, mean that it is increasingly seen as a jurisdiction of choice for making equity investments in those countries. While there are a number of tax efficient Irish structures available for making such investments, we have concentrated solely for the purposes of this article on Ireland's holding company regime. -
D&I Quarterly 2008: NEW CORPORATE GOVERNANCE CODE
A new Corporate Governance Code (the "Code") for companies listed on the Helsinki Stock Exchange (the "Helsinki exchange") has been published by the Finnish Securities Market Association. The Code will enter into force on 1 January 2009 and companies should, if necessary, amend their Articles of Association at their annual general meeting in 2009 in order to meet the new requirements. -
D&I Quarterly 2008: ISSUER AGENT MANDATORY AS OF 1 DECEMBER
The issuer agent, a representative appointed by the issuer, is in charge of the execution of an issue or a corporate action together with the Central Securities Depository (the "CSD") and the account operators. The concept of "issuer agent" was first introduced in Finland in the beginning of 2008 and is widely used in other European countries. -
D&I Quarterly 2008: COURT OF APPEAL CONVICTS STONESOFT OF SECURITIES MARKET OFFENCE
On November 15, 2008 Helsinki Court of Appeal (the "Court") handed down its decision in a criminal case concerning the alleged security markets information offence by a software company, Stonesoft Oyj, and three members of its management team. The Court held that two members of the company's board of directors and a former CEO through gross negligence had failed to give a profit warning in due time. All defendants were fined. The Helsinki District Court had acquitted the defendants one year earlier. -
D&I Quarterly 2008: REPORT ON COMPLIANCE WITH THE TAKEOVER
The Takeover Panel has issued a Report on the compliance with the Takeover Code recommendations in connection with tender offers (the "Report"), based on an examination of Finnish tender offers launched between 1 January 2007 and 30 June 2008. The examination was conducted based on public information relating to tender offers, i.e., the offer document and stock exchange notices. -
D&I Quarterly 2008: Court Adjustment of Rent
The ongoing financial crisis and the looming economic depression will not leave the real estate and rental markets unaffected. The experiences from the early 1990's clearly demonstrate that during times of recession many tenants are likely to grow dissatisfied with their rents and may even resort to legal action to try to correct the situation. As discussed below, Finnish law includes a provision enabling tenants to present claims of this kind against landlords, but the chances of success in court are very modest. -
New Memorandum of Understanding with Ukraine on Banking Supervision
30.12.2008 - The Central Bank of Cyprus (“CBC”) is responsible for the licensing and supervision of banks and for safeguarding the stability of the financial system in Cyprus. In this connection it pursues an active policy of signing Memoranda of Understanding for cooperation in the field of banking supervision and exchange of information with competent overseas authorities, particularly those whose banks operate in Cyprus. -
Change in tax rate for Cyprus semi-governmental agencies
29.12.2008 - A draft bill has been submitted to the Cyprus parliament reducing the rate of corporation tax paid by semi-governmental agencies such as the Electricity Authority of Cyprus, the Cyprus Telecommunications Authority and the Cyprus Ports Authority with effect from 1 January 2009.