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Overview

With the ongoing lack of confidence in the markets and lack of liquidity, 2009 was very much a continuation of the dismal picture painted by the swift contraction of the global financial markets and the demise of Lehman Brothers in the latter stages of 2008. Corporate teams responded to the lack of activity for premium transactions by continuing to mine the distressed deals that arose over the course of the year, as well as leveraging their finance capabilities to take a role on restructuring mandates.

The start of 2010 nonetheless saw some renewed optimism that the corporate sector might wake from its slumber. Strategic M&A deals in key sectors such as energy and telecoms provided some much needed dealflow, and the takeover of Cadbury by Kraft Foods was a notable if controversial highlight at the high end of the market. Generally firms which have traditionally looked to the premium tranche of deals found themselves competing more heavily in the mid market for deals.The stagnation in the market is reflected in our corporate rankings this year, with little change at the top end of the M&A and equity capital tables. With conditions favouring firms with strong FTSE 100/250 client rosters, the City elite maintain their hold on the top positions; Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May collectively make up the top two tiers in both areas.

Strategic entrepreneurial deals continued to drive the sub-£50m category, although they also felt the effects of the depressed domestic marketplace. The newly opened London office of US firm Greenberg Traurig Maher LLP is a new entry into the smaller deals category.

Private equity continues to suffer in the current climate, with a continuing dearth of transactions. Work in 2009 was focused on restructuring existing portfolios, while 2010 saw a brief pickup in new-money deals before the sovereign debt crisis in Europe hampered further growth. The ranking remains largely unchanged, with the notable exception of the promotion of Weil, Gotshal & Manges, which benefited from its involvement on some significant deals and its corporate restructuring prowess. Clifford Chance remains the dominant player in the private equity space.

Equity capital markets remained flat, with very few IPOs pricing and firms relying heavily on secondary equity issues and private placements as a result. Freshfields Bruckhaus Deringer LLP and Linklaters LLP remain at the forefront of the market.

Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May are also dominant in the non-transactional areas, where other notable performers include Ashurst LLP and SJ Berwin LLP, for EU and competition; and Hogan Lovells International LLP, Norton Rose LLP, Simmons & Simmons, and Travers Smith LLP, for financial services.

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  • 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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