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The decline in the corporate market over the last 12 months has been swift and dramatic. What started with cracks in the US sub-prime mortgage market has exploded into one of the deepest recessions in living memory. Chronic illiquidity, unstable asset prices and lack of investor confidence conspired to burst the seemingly endless bubble of top-end transactional mandates. The collapse in September 2008 of Lehman Brothers - at the time the world’s fifth largest investment bank - was a significant tipping point, with many firms seeing dealflow dry up overnight.

The City’s beleaguered corporate teams have been forced to adapt. With premium new-money transactions thin on the ground, distressed deals have come to the fore, and a lack of conventional M&A has also seen corporate lawyers working alongside finance teams on restructurings and insolvencies. Clients are exerting pressure on pricing, and reports of ‘lowballing’ are widespread as firms attempt to keep utilisation rates high.

Against this background, our corporate rankings remain largely unchanged. The City elite - Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May - continue to dominate proceedings, and once again comprise the top two tiers of both Mergers and acquisitions and Equity capital markets: UK capability. However, with leveraged transactions one of the principle casualties of the credit crunch, Clifford Chance’s reliance on private equity has seen it fall back to the second tier in M&A following its promotion last year. These top firms are also increasingly dipping into the already fiercely competitive mid market.

Activity levels in the sub-£50m M&A space started to pick up in spring 2009 after a three-month hiatus, with entrepreneurs seeking investment opportunities on the cheap. The ranking for that section has grown as a result, with the seven new entrants including giant PricewaterhouseCoopers Legal LLP and Anglo-Canadian firm Fasken Martineau LLP.

On the equity capital markets side, IPO activity is at an all-time low. A spate of high-profile rescue rights offerings provided some much needed relief - with the market’s two dominant figures, Linklaters LLP and Freshfields Bruckhaus Deringer LLP, showing particularly well - but teams have mostly had to make do with (less remunerative) secondaries and private placements.

Often unfairly dismissed as corporate’s poor relations, its is the non-transactional practices that have prospered this year. That is good news for the more domestic City firms, with Ashurst LLP and SJ Berwin LLP troubling the top spots in EU and competition; Lovells LLP, CMS Cameron McKenna LLP and Travers Smith LLP achieving high rankings in financial services; and Berwin Leighton Paisner LLP making strides in corporate tax.

New to the chapter this year is the Outsourcing and procurement section, which spans both private and public sector work and covers business services outsourcing in addition to more traditional IT and telecoms work. Baker & McKenzie LLP, Bird & Bird LLP, DLA Piper UK LLP, Field Fisher Waterhouse LLP and Pinsent Masons LLP have set the bar as the firms to beat.

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Legal Developments in the UK

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  • Student employees – new restrictions on employment

    On 10 February 2010 a Statement of Changes to the Immigration Rules was laid before Parliament which is due to come into force on 3 March 2010.
    - Penningtons Solicitors LLP

  • Landlord & Tenant Briefing

    Dilapidations in commercial premises – ten points to consider
    - Bircham Dyson Bell LLP

  • Being a helpful Landlord may be a mistake!

    Most landlords and their solicitors try to resist the impulse to be helpful, however, in these recessionary times when landlords are concerned to avoid empty space, there may be the temptation to take shortcuts to ensure a letting proceeds. In circumstances where it is intended that Part II of the Landlord and Tenant Act 1954 (the 1954 Act) should not apply to the tenancy, i.e. that the tenant should not have the benefit of security of tenure, then occupation before the lease has been finalised (and the appropriate ‘contracting-out’ steps taken) is a potentially dangerous step and needs to be taken only when the landlord has fully comprehended the potential consequences.
    - Bircham Dyson Bell LLP

  • New regime for approval of major transport projects set to ‘switch on’

    The Planning Act 2008 (the Act) introduces a new regime designed to speed up the planning and, in turn, the delivery of infrastructure projects of national significance. For transport projects, it is one of the most important pieces of legislation in recent years. The new procedure will have to be used for any third runway at Heathrow, amongst other high-profile projects.
    - Bircham Dyson Bell LLP

  • Divorce and the media: the courts, the pay-outs and the speculation

    The rising divorce rate and some well-publicised settlements running into tens of millions of pounds have focused attention on a growing issue in divorce cases: just how far can spouses go to obtain information about their partner’s financial affairs?
    - Schillings

  • Top ten really useful cases of 2009

    If you want your panel solicitor to‘get off the fence’, need to know when a cause of action accrues or wondered whether the judiciary live in the 21st century, the following cases from 2009 provide some really useful guidance. With professional negligence claims on the increase, whether you are giving or receiving legal advice, the cases discussed below highlight practical points for all legal advisers to be aware of.
    - Bond Pearce LLP

  • The twilight zone: legal issues for directors

    there is no legal definition of the term ‘twilight zone’ (perhaps derived from the cult TV series, the writer would like to think), which is now widely used to describe a period of trading when a company has, or is predicted to have, insufficient cash to pay its debts as they fall due. This might be an immediate cash-flow crisis or the problem might be anticipated many months ahead.
    - Holman Fenwick Willan

  • Cloud computing:key issues for SMEs

    Although many definitions exist, broadly speaking ‘cloud computing’ is the outsourcing of specified IT functions via the internet (the cloud) to provide or receive services that would otherwise only be available if the end user had installed the appropriate hardware and/or software on desktops, or on local networks controlled by that organisation itself. Such services may include the use of software over the internet or remote storage of business data by a third-party provider. One benefit of this is that businesses can structure payment for these services differently (for example pay-as-you-go or on a subscription basis), rather than having to pay large sunk costs for long-term software licences, and the purchase and installation of IT infrastructure necessary to support the services locally.
    - SJ Berwin LLP

  • Commission victorious in ‘regulatory holiday’ action brought against Germany

    On 3 December 2009, following an action brought by the European Commission under article 226 of the EC Treaty (now article 258 of the Treaty on the Functioning of the EU) the European Court of Justice (ECJ) confirmed that Germany had failed to comply with its obligations under the European regulatory framework for telecommunications (the Common Regulatory Framework (CRF)). The ECJ’s judgment in European Commission v Germany [2009] confirms that Germany acted unlawfully by adopting a national law excluding ‘new markets’ from regulation – so called ‘regulatory holidays’.
    - SJ Berwin LLP

  • New Commission

    On Friday 27 November 2009 the new European Commission, which will begin its mandate early in 2010, was announced by Commission President José Barroso. This announcement followed a week after the appointment of Herman Van Rompuy and Catherine Ashton as the President of the European Council and the High Representative of the Union for Foreign Affairs and Security Policy respectively, the two new roles created by the Lisbon Treaty, which entered into force on 1 December 2009.
    - Berwin Leighton Paisner LLP

Press releases

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

  • KF Fastigheter develops the trade area Mobilia in Lund

    KF Fastigheter has acquired parts of the trade area Mobilia in Lund, and will together with Arne Paulssons Byggnads AB develop the area, including i.a. a Coop supermarket. KF Fastigheter has in connection herewith sold a larger property in central Lund to Paulssons. Mannheimer Swartling advised KF Fastigheter.
    – Mannheimer Swartling

  • Kaul and Capol sold to Riverside

    Mannheimer Swartling has advised the owners in the sale of Kaul GmbH and UK-affiliate, Capol UK Ltd., to The Riverside Company.
    – Mannheimer Swartling

  • Proventus establishes vehicle for investments in corporate loans and bonds

    Mannheimer Swartling has advised Proventus in connection with the establishment of Proventus Capital Partners – a co-investment vehicle focusing on corporate loans and corporate bonds. The investment strategy for this vehicle also allows direct loans to companies and the ambition is to contribute with financing to mid-sized companies in need of capital for growth or restructuring when these companies are unable to secure traditional bank financing.
    – Mannheimer Swartling

  • Protego Real Estate Investors selling Swedish retail properties

    Protego Real Estate Investors has been advised by Mannheimer Swartling on the sale of twelve retail properties situated throughout Sweden for a total value of approximately SEK 210 million.
    – Mannheimer Swartling

  • Teracom divests its broadband business

    Mannheimer Swartling has advised the Teracom Group in the divestiture of its subsidiary Comet Networks to CSIT. Comet Networks operates the Group's broadband business, currently reaching more than 650,000 households and 80,000 businesses in approximately 50 municipalities in Sweden.
    – Mannheimer Swartling

  • Södra Timber acquires Trivselhus

    Mannheimer Swartling has advised Södra Timber in connection with its acquisition of Ittur Prefab Industrier AB, the parent company of the Trivselhus Group, one of Sweden’s leading producers of prefabricated homes. Closing is expected to take place on 1 October 2009. The transaction is subject to inter alia competition clearance.
    – Mannheimer Swartling

  • Varian Medical Systems selected for new proton therapy centre

    Mannheimer Swartling has assisted Varian Medical Systems in entering into agreements for delivery of a proton therapy system to Skandionkliniken. The agreements include supply of an estimated USD 60 million in products. Varian Medical Systems will also have a five year service agreement valued at approximately USD 25 million. Skandionkliniken is the first clinical centre for proton therapy in Scandinavia and will have a capacity of treating 1,000 – 2,500 cancer patients per year. Varian Medical Systems is the world’s leading manufacturer of medical devices and software for treating cancer.
    – Mannheimer Swartling

  • Wallhamn, Sweden’s largest private port, gains approvals for expansion

    Mannheimer Swartling has advised Wallhamn AB on matters related to gaining approval for expansion of the port’s fairway to facilitate access for larger cargo ships. The port, owned by the Italian-based Grimaldi Group, is used for RoRo cargo, mainly in relation to the import and export of vehicles. The matter involved negotiations and permitting approval from, among others, the Swedish Transport Agency as well as other authorities and concerned parties. The firm recently also advised the Grimaldi Group on its acquisition of 50 per cent of port Wallhamn from EUKOR Car Carriers Inc, making the Grimaldi Group the sole owner of port Wallhamn.
    – Mannheimer Swartling

  • Stena Bulk in joint venture with Asahi Tankers

    Mannheimer Swartling has advised Stena Bulk AB in its new joint venture with Japanese shipping company Asahi Tankers. The joint venture company, Asahi Stena Tankers, will be owned 50/50 by the parties and will invest in tonnage of varying sizes, initially focusing on Suezmax tankers for global transportation of crude oil.
    – Mannheimer Swartling

  • Skandia Liv signs asset management agreement with DnB NOR

    Mannheimer Swartling has advised Skandia Liv on an agreement with DnB NOR to manage a portfolio of assets valued at approximately SEK 80 billion. The agreement replaces a previous asset management agreement between the parties and covers DnB NOR’s continued management of a portfolio of Swedish shares and interest and includes a number of special mandates, amongst others in tactical allocation and advice on “socially responsible investing.”
    – Mannheimer Swartling
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