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Jones Day


London: Corporate and commercial

Commercial contracts
Commercial contracts - ranked: tier 5

Jones Day

Jones Day attracts praise for its ‘excellent service and exceptional work product’. In addition to handling traditional non-tech-related BPOs and other large-scale commercial projects, it also excels in managing IT outsourcings and other commercial agreements that have an IT component; Elizabeth Robertson is knowledgeable about issues associated with software licensing and website hosting agreements. Practice head Jonathon Little acts for clients on agency and distribution agreements, network service agreements and IT licensing, among other areas. Little led the advice to Fadata on a regional software distribution agreement, which included the provision of maintenance and support services, for the Latin American market.

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Corporate tax
Corporate tax - ranked: tier 6

Jones Day

The corporate tax department at Jones Day has considerable experience of real estate-related transactions, but also handles the tax aspects of the acquisition and disposal of financial assets. Department head Blaise Marin-Curtoud advised Oxenwood Real Estate on the tax issues arising from multiple acquisitions in its logistics portfolio, in addition to incentive arrangements for the founders and management team. Charlotte Sallabank was instructed by the management team of NewDayCards to handle the full-range of corporate tax issues associated with the sale of the business to Cinven and CVC. Newly made partner Anthony Whall specialises in real estate tax and M&A and is instructed by clients such as Euronext and Altium Capital.

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EU and competition
EU and competition - ranked: tier 4

Jones Day

Matt Evans heads the team at Jones Day, which counts MasterCard, Level 3, Linear Technology, Chevron, and Goldman Sachs among its clients. Evans advised Mittal Investments on its sale of Hope Construction Materials to Breedon Group, securing a conditional clearance from the CMA, and represented Wabtec before the European Commission in respect of its $1.8bn acquisition of Faiveley, securing a conditional phase II clearance. Other recent work includes advising Newell Brands on its sale to Stanley Black & Decker which involved merger clearance in multiple jurisdictions, including in the UK; and advising DV4 on obtaining phase I clearance from the European Commission for itsjoint acquisition, with Qatari Diar and APG, of residential developments in London. Nick Cotter is part of the team advising CST Industries in relation to the ongoing civil cartel investigation into galvanised steel tanks. Alan Davis joined Pinsent Masons LLP.

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Financial services
Financial services (contentious) - ranked: tier 4

Jones Day

Financial services (non-contentious/regulatory) - ranked: tier 4

Jones Day

Although it is small compared to some of its peers in the ranking, Jones Day’s four-partner financial services team provides ‘pragmatic and intelligent advice’ across contentious and non-contentious regulatory issues affecting banks, funds and broker-dealers. Usually acting on matters with an international perspective (where the team often partners with practitioners in one or several of its international offices or instructs local counsel should it not have a relevant presence), the London team provided significant regulatory input alongside the Paris office on the firm’s advice to Euronext on its irrevocable cash offer to acquire LCH Clearnet Group. Formerly in-house at Merrill Lynch, team head John Ahern has strong credentials across trading, clearing and settlement work and is ‘very proficient in EU regulatory law’. The ‘extremely goodHarriet Territt often handles FCA investigations for clients, and is also increasingly active in ensuring effective risk management measures are in place for clients to avoid potential litigation. ‘Proficient and thorough litigatorLucas Moorehas the ability to explain technical and complex legalities in a practical and understandable way’; he continues to act in litigation arising from bank failures. Other clients include BNP Paribas, Standard Bank, Fidelity and Tradition Group.

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M&A: upper mid-market and premium deals, £250m+
M&A: upper mid-market and premium deals, £250m+ - ranked: tier 5

Jones Day

Jones Day’s ‘excellent’ practice counts real estate, life sciences, industrials, defence and aerospace as key sector strengths, in addition to having a strong track record in financial services; in an illustration of its track record in the financial services arena, Giles Elliott advised Altium on its merger with GCA Savvian to form GCA. Department head Leon Ferera, who is noted for his experience in public M&A, assisted General Electric with its purchase of Rapidscan Pharma Solutions, and advised the Euronext Paris-listed Essilor International on its acquisition of MyOptique Group. On the real estate side, Anna Cartwright and Alex Millar acted for DV4 on its formation of a £1.4bn joint venture with APG Asset Management and Qatari Diar Real Estate Investment to create a London home rental business. Elliott advised Goldman Sachs International on the merger of its student housing platform with The Wellcome Trust’s £560m iQ student housing portfolio to create Vero Group, a £2bn student housing business. TMT is also an area of activity for the practice; Vica Irani acted for Guardian Digital Communications on its $1.2bn purchase of Airwave Solutions.

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Private equity: transactions
Private equity: transactions – Large-cap deal capability - ranked: tier 5

Jones Day

Private equity: transactions – Mid-cap deal capability - ranked: tier 1

Jones Day

Jones Day’s ability to leverage its sizeable global footprint makes it a natural choice for both domestic and international mid-market and large-cap deals. Patrick Stafford co-chairs the global private equity practice, which fields recently promoted partners Ben Shribman and Liam Bonamy, and which covers sectors such as hospitality, real estate, financial services and infrastructure, among others. In the mid-market arena, Stafford, Shribman and Mike Weir acted for The Riverside Company on its acquisition of Guestline. In another matter, Adam Greaves and Bonamy were lead advisers to Inflexion on the sale of CP Electronics to Legrand. On the large-cap side, Neil Ferguson, Anna Cartwright and others acted for Aermont Capital on its £323.3m cash offer for Pinewood Group. Also recommended are Raymond McKeeve, who is experienced in transactions involving the Middle East and Africa, and Julian Runnicles.

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London: Crime, fraud and licensing

Fraud: civil
Fraud: civil - ranked: tier 1

Jones Day

Jones Day provides ‘high levels of technical expertise, supported by commercial and practical approaches to all cases’. Acting primarily on the claimant side, the team specialises in cross-border civil fraud matters with an offshore element. Highlights included representing the foreign representative of KPMG Eastern Caribbean in proceedings before the English Courts, a case where secured claims were valued at circa £10m; acting for CT Service Procurement in a £65m claim against Carbon Capital following the collapse of a tax-efficient carbon credits trading scheme; and advising a Chapter II Trustee of the Soundview Funds following its collapse. The ‘technically excellentSion Richards heads the practice, and the ‘enormously experiencedCraig Shuttleworth is the other key practitioner.

Leading individuals

Craig Shuttleworth - Jones Day

Sion Richards - Jones Day

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London: Dispute resolution

Banking litigation: investment and retail
Banking litigation: investment and retail - ranked: tier 4

Jones Day

Jones Day is ‘a smart, responsive and skilful practice’, which acts for financial institutions, corporations, banks and funds across jurisdictions and regulatory regimes. The team represented Alpha Bank London in stakeholder proceedings, concerning the entitlement to funds within a joint account and the alleged removal of funds by forgery; it also defended Evans Randall against group litigation claims for misrepresentation and mis-selling. Department head and ‘very experienced litigatorSion Richards is ‘a class act’; Lucas Moore is ‘calm and collected, and commands the confidence of clients and the respect of opponents’; and Stephen Pearson is ‘an adept and agile litigator’. Other highly regarded names include Harriet Territt, who focuses on complex financial disputes, often involving structured products, securitised assets or new financial technology; and Adam Brown, whose focus is on multi-jurisdictional investigations and complex financial litigation.

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Commercial litigation
Commercial litigation - ranked: tier 3

Jones Day

A class act’, Jones Day fields ‘first-class litigators, who are intelligent and diligent’. The London practice is well known for its work in complex cross-border litigation, asset tracing and fraud cases, and offshore disputes; and is able to draw on the firm’s global disputes expertise in other jurisdictions. Significant matters included the team’s advice to BHS’ joint liquidators on investigations carried out into the circumstances of BHS’ collapse and specifically the actions of the company and its current and former directors, as well as Retail Acquisitions and Arcadia Group. It also acted in complex High Court fraud proceedings arising from high-value misappropriation claims. Department head Sion Richards is ‘a highly qualified and experienced lawyer’; Craig Shuttleworthhas a razor-sharp legal mind’; and Barnaby Stueck, who is ‘highly effective’, focuses on complex fraud, contentious insolvency, and investment fund disputes involving offshore jurisdictions. Stephen Pearson and Adam Brown are also highly rated.

Leading individuals

Craig Shuttleworth - Jones Day

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International arbitration
International arbitration - ranked: tier 6

Jones Day

One of the most effective firms in London’, Jones Day’s ‘lawyers are imaginative, proactive and tough fighters’. The practice has a strong track record representing Russian and CIS parties in high-profile arbitrations, while in India-related disputes, it represented the NACC group in an ICC arbitration, which arose out of an association agreement for a coal-based power project. Sion Richards heads the global disputes practice in London; Lee Coffey is ‘an excellent litigator, who gets to the bottom of the most difficult case’; Baiju Vasani is ‘highly regarded for his tactical and strategic qualities, and his advocacy’; and Sylvia Tonova is ‘a hardworking and able partner’.

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Public international law
Public international law - ranked: tier 4

Jones Day

Jones Day’s ‘lawyers are very professional and they understand clients’ needs’. The practice is regularly instructed on high-stakes, politically sensitive cases involving states or state entities; and it acts for investors in investor-state arbitrations against states which have violated their international law obligations. It also has a strong track record of representing Russian and CIS parties in high-profile arbitrations. Baiju Vasani led the advice to 12 Kazakh claimants, in a $500m ICSID dispute against the Republic of Uzbekistan; the dispute concerned expropriated investments in Uzbekistan’s cement industry.

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London: Finance

Asset-based lending
Asset-based lending - ranked: tier 4

Jones Day

Jones Day’s Andrew Rotenberg has a ‘strong reputation’ for handling cross-border asset based lending mandates, where he is able to leverage the expertise of practitioners across the firm’s European, US and Asian offices, on behalf of both corporates and lenders. As well as new money financings, Rotenberg is also often involved in ABL-related refinancings and restructurings.

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Bank lending: investment grade debt and syndicated loans
Bank lending: investment grade debt and syndicated loans - ranked: tier 5

Jones Day

Well versed across the spectrum of European and US-style financings, Jones Day’s London banking and finance team handles work for an increasingly balanced roster of borrower and lender clients. In addition to the team’s leveraged finance capability, it is also regularly involved in general corporate lending and corporate-led acquisition finance work. Paul Simcock acted for Macquarie European Infrastructure Fund and National Car Parks (NCP), in connection with the £160m refinancing of NCP's debt facilities. Simcock also advised Stallergenes Greer on the multi-currency revolving credit facility provided by UBS. Edwin Borrini has expertise across a broad spectrum of financings including energy and infrastructure-related emerging markets mandates.

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Corporate restructuring and insolvency
Corporate restructuring and insolvency - ranked: tier 4

Jones Day

Jones Day has significant exposure to creditor and debtor side mandates, both in a formal insolvency setting, as well as in relation to restructuring and distressed M&A-related work. Team head Ben Larkineffortlessly combines commercial deal experience with deep restructuring knowledge’, and is acting for the liquidators of BHS, primarily to scrutinise the role of BHS directors prior to the retailer’s sale to Retail Acquisitions for £1. Larkin also recently advised Standard Chartered Bank on the enforcement of its rights pursuant to a $75m facility provided to a Singapore-headquartered global shipping group. David Harding is noted for his distressed M&A work and recently advised German private equity firm, Aurelius Investments, on its acquisition of The Hospital Medical Group from administrators. Kay Morley has ‘excellent knowledge of current developments in the restructuring market’ and is particularly active advising hedge funds in distressed scenarios. Sion Richards is also recommended for contentious matters. Other clients include AlixPartners, Lone Star Funds and Orion Capital Managers.

Leading individuals

Ben Larkin - Jones Day

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Debt capital markets
Debt capital markets - ranked: tier 4

Jones Day

Jones Day has a diverse capital markets practice in which partners handle investment grade debt, high yield bonds, equity capital markets and structured finance transactions. Giles Elliott leads both the capital markets team and the corporate group in which it sits. The team includes highly experienced DCM partner Drew Salvest, who acted for state-owned Norwegian electricity transmission system operator Statnett on a $360m private placement of senior notes. Salvest also advised commodity trading house Trafigura on the issuance of notes under its €2bn EMTN programme listed on the Irish Stock Exchange. Further highlights for the practice included a €500m public offering of senior notes on behalf of issuer Fluor Corporation. Working with the firm’s team in Altanta, Salvest also handled a multi-tranche tranche offering of notes in Europe and the US with a total value of $8bn for global consumer and commercial products company Newell Rubbermaid.

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Derivatives and structured products
Derivatives and structured products - ranked: tier 4

Jones Day

The quality and level of service is oustanding’ says a long-standing client of the team at Jones Day. The practice represents a broad range of clients in bespoke and complex structured financings including securitisations and the full range of derivatives products. Edward Nalbantian, whose practice includes both debt capital markets financings and OTC derivatives trades, is ‘extremely good, a fast thinking lawyer who anticipates clients thoughts and intentions faster than his peers’. One client remarks that ‘he has the internal authority to put together a committed team very quickly across the firm’s network’. He assisted Société Générale with the preparation of English law margin collateral security documentation, and also advised Veolia Environnement as vendor loan creditor in the restructuring of Harkland shipping group, which included the termination of structured hedging arrangements. Amy Kho, who regularly acts for Goldman Sachs and Bank of America Merrill Lynch, has significant experience in structured finance and OTC derivatives trades including CLOs. Neil Hamilton has a strong CLO practice and also advises arrangers, originators, derivative counterparties, credit support providers, and rating agencies on structured finance transactions. Drew Salvest’s international capital markets practice includes structured finance deals alongside securitisations and debt capital markets offerings.

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High yield
High yield - ranked: tier 4

Jones Day

Jones Day’s young high yield practice in London is part of the capital markets group led by Giles Elliott and acts for issuers, investment banks and investors. Building on the firm’s strong presence in the US market, the firm is gaining traction in Europe thanks to Jonathan Bloom, whose corporate and finance practice emphasises high yield debt offerings and fund-related transactions. In 2016, he advised new client Albacore Capital on the funding of a joint venture with CarVal and Lindorff that involved €350m in new issuance. He also acted for GoldenTree Asset Management on a review of high yield debt investments and assisted Brighthouse Group PLC with ongoing matters relating to its outstanding €220m in high yield notes.

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Trade finance
Trade finance - ranked: tier 2

Jones Day

Jones Day focuses on handling big-ticket trade finance transactions, including pre-export, pre-payment, reserve-based lending and commodity trading facilities, for a wide range of financial institutions including Standard Advisory London and Macquarie Bank. Edwin Borrini acts for lenders and borrowers on a broad range of banking transactions that includes structured trades and commodity finance work in emerging markets across Africa and in Brazil, Ukraine and Kazakhstan. Drew Salvest is an experienced partner in US and international capital markets transactions, including securitisations, commodities financing and receivables-based deals. In a recent highlight, the team acted for Trafigura on a $5.1bn syndicated revolving credit facility from a syndicate of European banks; it also assisted Eurasian Natural Resources Corporation PLC with $4bn-worth of refinancing and commodity-related deals, and advised British Arab Commercial Bank as lender on a euro-denominated pre-export facility relating to the processing and export of cocoa and coffee from the Ivory Coast. ICBC Standard Bank, EBRD and Bank of China are among the firm’s clients.

Leading individuals

Edwin Borrini - Jones Day

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London: Human resources

Employee share schemes
Employee share schemes - ranked: tier 5

Jones Day

The share schemes department at Jones Day excels in acting for clients across a wide range of incentives matters, including those with an international element. Department head John Papadakis led advice to Stallergenes Greer on the implementation of a global long-term incentive plan for senior executives; and assisted Samhi Hotels in the restructuring and implementation of a global incentive plan, including compliance with Indian company law. The team includes tax partner Anthony Whall. Other clients include Hansteen Holdings, NewDay and LionsGold.

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Employment: employers and senior executives
Employment: employers - ranked: tier 7

Jones Day

Jones Day’s ‘very responsive’ department is noted for its ‘strong business acumen and great ability to cut through to the important things’. ‘Pragmatic’ of counsel Mark Taylor heads the practice and recently acted for Perella Weinberg Partners on the employment aspects of the sale of Pinewood Group, which involved change of control bonuses, senior management departures and renegotiations of terms for non-executive directors. Other clients include the Royal Academy of Arts, GE and STERIS.

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London: Investment fund formation and management

Private funds
Private funds - ranked: tier 5

Jones Day

Jones Dayis establishing a UK presence in the private funds market’, ‘the advice is always tailored and the team goes to great lengths to understand clients’ business’. The practice handles work concerning debt funds, venture capital, nine-figure buyout funds and funds-of-funds. John MacGarty advised True Capital on the formation of True Capital II, which raised £108m. Other clients include Ali Zaid Al-Quraishi and Brothers Company, Sequoia Investment Management and Motion Equity Partners.

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Real estate funds
Real estate funds - ranked: tier 2

Jones Day

Jones Day handles a number of cross-border fund launches, including advising new managers. John MacGarty acted for Valor Real Estate Partners, a new fund logistics sponsor. He also advised Vanke Holdings on its employee co-investment programme. Alistair Grant and Neil Ferguson also regularly advise on nine-figure fundraises. Other clients include Henley Investment Management, and Delin Capital Asset Management, which MacGarty acted for on arrangements for Blackstone to manage its real estate strategy.

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London: Projects, energy and natural resources

Mining and minerals
Mining and minerals - ranked: tier 5

Jones Day

Jones Day specialises in regulatory advice and project finance matters in emerging markets. Michael Pabst is co-head of the firm’s banking and finance practice and advises financial institutions, sponsors, borrowers and issuers. Sion Richards handles civil litigation and insolvency disputes.

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London: Real estate

Commercial property
Commercial property: development - ranked: tier 2

Jones Day

Commercial property: general - ranked: tier 2

Jones Day

Commercial property: hotels and leisure - ranked: tier 4

Jones Day

Commercial property: investment - ranked: tier 2

Jones Day

Commercial property: retail - ranked: tier 3

Jones Day

Jones Day’s ‘proactive’ team provides ‘tailored and appropriate advice’ to a range of global real estate players, including Goldman Sachs, Blackstone and Greystar Real Estate Partners; in one standout matter, David Smith advised Goldman Sachs on the formation of a student-housing joint venture with Wellcome Trust to be known as Vero Group. Global practice head David Roberts is ‘experienced and pragmatic’ and has particular experience in acting for UK REITs; as well as advising The British Land Company on the acquisition of a block of shops in the centre of Plymouth, he also assisted LondonMetric with the acquisition, development and letting of a one million ft² distribution centre in Thrapston. Corporate specialist Alistair Grant and Alex Millar handled transactions for a number of foreign investors, including advising CBRE European Co-Investment Fund on the £500m acquisition of a portfolio of 22 UK logistics assets from Prologis, and representing Antirion SGR in its purchase of a 50% interest in Principal Place Commercial (which is in the course of developing office, retail and ancillary accommodation largely to be occupied by Amazon). In the development space, Smith, who has an ‘unparalleled work ethic and the ability to cut through complicated issues’, is representing Meyer Bergman European Retail Partners II on the development of Thames House in Borough Market, London. The practice’s retail expertise is predominantly on the landlord side, and Grant also advised CBRE Global Investors on a joint venture with Arax Properties for the acquisition of Willowbrook Shopping Centre. Iain Hindhaugh departed for Addleshaw Goddard.

Leading individuals

David Roberts - Jones Day

Next generation lawyers

Kirsty Rogerson - Jones Day

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Environment
Environment - ranked: tier 4

Jones Day

Jones Day’s ‘quick, highly knowledgeable and efficient’ team provided environmental advice on a number of significant cross-border deals, including acting for Total on the $3.2bn sale of its chemical business to The Carlyle Group, and assisting Guardian Digital Communications Holdings, Guardian Digital Communications and Airwave Solutions with the sale of Airwave Solutions to Motorola. The team was also active in the real estate space, where it acted for British Car Auctions on the sale and leaseback and development of a new British Car Auctions auction facility at Perry Barr, Birmingham. Other areas of expertise include environmental permit applications and appeals, waste and water resources laws, infrastructure project issues, and EU product regulations. Practice head Chris Papanicolaou is praised for his ‘high-quality and tailored advice’.

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Property finance
Property finance - ranked: tier 2

Jones Day

Jones Day’s ‘incredibly hardworking, diligent’ and ‘efficient’ practice handles ‘large, complex transactions’ and combines ‘very good technical analysis’ with ‘commercial awareness and sensitivity’. ‘Very sensible’, ‘incredibly knowledgeable’ department head Andrew Barker is ‘technically and commercially strong’, and ‘a pleasure to work with’; he acted for Wells Fargo on the £184m financing of Fortress Investment Group’s acquisition of a portfolio comprising 76 Marks & Spencer stores and other retail properties. He also advised Goldman Sachs on the €767m financing of Blackstone’s acquisition of the Blanchardstown shopping centre in Dublin – one of the largest single-asset property transactions in Irish history. Additionally, Goldman Sachs instructed Barker on the £297m financing of Lone Star’s acquisition of the Manor hotel portfolio. Emily Stew (who ‘combines the brain power of a genius with the work ethic of an ox’) acted for Greystar Real Estate Partners and Oman Investment Fund as sponsors on the £175m development financing of a PRS scheme in Canary Wharf. She also advised Goldman Sachs as sponsor on the £305m refinancing of Vero Group’s Westbourne student housing portfolio, with Morgan Stanley as arranger. Other clients of the department include Macquarie, OCBC Bank, and developers such as British Land and Delancey. Associates Matt Trafford and James Dibble are ‘very good’. David Fricker went in-house at Wells Fargo in June 2016.

Next generation lawyers

Emily Stew - Jones Day

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Property litigation
Property litigation - ranked: tier 5

Jones Day

Craig Shuttleworth heads the department at Jones Day, which also includes associate Gregory Barden. Barden recently led advice to Hansteen on several lease renewal claims, acted for Greystar in a High Court possession claim against trespassers on a vacant brownfield site, and handled various asset management issues for Metro, including a rent review dispute and dilapidation claims. British Land, Evans Randall and Goldman Sachs are also clients.

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London: Risk advisory

Regulatory investigations and corporate crime
Regulatory investigations and corporate crime - ranked: tier 3

Jones Day

Jones Day is ‘very strong in the field of regulatory investigations and corporate crime’, and has ‘great depth of experience and knowledge’. The firm recently acted for Standard Bank in the UK’s first Deferred Prosecution Agreement, conducting an internal investigation and self-report to the SFO along with subsequent negotiations. It also has a vast array of experience in antitrust and securities improprieties, international trade and Foreign Corrupt Practices Act breaches. Sion Richards co-heads the practice with Glyn Powell, who ‘combines past experiences as a prosecutor with good defence instincts, which allows him to deal with complex investigations and proceedings’.

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London: TMT (technology, media and telecoms)

IT and telecoms
IT and telecoms - ranked: tier 3

Jones Day

Jones Day’s practice handles contentious and non-contentious technology matters. Jonathan Little has expertise in outsourcing deals, telecoms transactions, and network service arrangements. Elizabeth Robertson is an expert in technology transactions, and has significant experience in software licensing matters. Rhys Thomas specialises in litigation.

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Intellectual property
Intellectual property - ranked: tier 4

Jones Day

Jones Day has a broad international practice that has ‘a particularly good international angle on disputes’. The firm has a strong track record in the life sciences sector, working with companies such as Merck & Co in patent litigation. Other high-profile clients include American Apparel, and Wikimedia Foundation. ‘Superb’ practice head Alastair McCulloch is ‘technically very able’ and ‘a good tactician’; he recently represented Idenix Pharmaceuticals in a patent dispute with Gilead Sciences regarding a hepatitis C drug. He is also representing the Royal Academy in a dispute pertaining to opposition proceedings pertaining to the UK trade mark application ‘RA’; the case is currently at the appeal stage. Rebecca Swindells has significant experience in trade mark and copyright law.

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Further information on Jones Day

Please choose from this list to view details of what we say about Jones Day in other jurisdictions.

United Arab Emirates

Offices in Dubai

Australia

Offices in Sydney, Perth, and Brisbane

Belgium

Offices in Brussels

China

Offices in Shanghai and Beijing

Germany

Offices in Frankfurt, Munich, and Dusseldorf

Spain

Offices in Madrid

France

Offices in Paris

Hong Kong

Offices in Hong Kong

Indonesia

Latin America: International firms

India

Italy

Offices in Milan

Japan

Offices in Tokyo

London

Offices in London

Mexico

Offices in Mexico City

Netherlands

Offices in Amsterdam

Philippines

Singapore

Offices in Singapore

Saudi Arabia

Offices in Riyadh, Al-Khobar, and Jeddah

Taiwan

Offices in Taipei

United States

Offices in San Francisco, Houston, Washington DC, Pittsburgh, New York, Irvine, Dallas, Columbus, Cleveland, Chicago, Atlanta, Los Angeles, San Diego, Palo Alto, Boston, Miami, Minneapolis, and Detroit

Legal Developments by:
Jones Day

  • US rules regarding offshore accounts

    The Hiring Incentives to Restore Employment Act 2010, enacted on 18 March 2010, imposes a new US withholding tax and reporting regime, known as the Foreign Account Tax Compliance Act (FATCA). The FATCA regime applies generally to payments made after 31 December 2012, except on obligations (to be defined in future guidance) outstanding on 18 March 2012. Substantial effort is required by foreign entities to bring their worldwide operations and policies into compliance with the FATCA rules as of the effective date.

    - Jones Day

Legal Developments in the UK

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