In this week's International News Roundup, we find out who's signed on Malaysian Airlines as a client following the crash of flight MH370, look at a slew of redundancies at major UK firms and find out how partnership promotion prospects are looking in Asia
[UK] Kennedys lands Malaysia Airlines work
UK law firm Kennedys has been instructed to represent Malaysian Airlines over the crash of Flight MH370.
The Malaysian Government confirmed last week that the flight had crashed that that it was highly unlikely that there were any survivors. This news was quickly followed by a slew of claims from grief-stricken family members of the victims, with one US firm, RibbeckLaw Chartered, filing last week with demands that Malaysian Airlines and Boeing hand over documents which may show design or manufacturing flaws in the aircraft.
The news comes as aviation superstar Sean Gates, who merged his boutique firm with Kenendys, announced that he was joining Hill Dickinson.
"I can confirm that Kennedys has been instructed by Malaysian Airlines and its insurers. Beyond that though we won't comment further," said a firm spokeswoman.
Source:RollonFriday
[UK] Mass redundancies at Camerons, Dundas, Beachcroft and Trowers
It's been a traumatic few weeks for support staff, with 60 jobs at risk following the recently announced merger of Dundas & Wilson and CMS Cameron McKenna, 17 jobs at risk at DAC Beachcroft - and Trowers & Hamlins has asked its secretaries to apply for voluntary redundancy.
Some 40 support staff at D&W and 20 at Camerons (and its third party suppliers) were given the news earlier this week. The firms are due to merge on 1 May.
Meanwhile, DAC Beachcroft is restructuring its Business Development and Communication teams in London and Bristol. Seventeen jobs are at risk in what an insider called "a complete annihilation". A spokesman declined to comment.
Finally, Trowers & Hamlins has asked its secretaries to apply for voluntary redundancy, following on from the firm's profits collapsing by more than a third.
Source: RollonFriday
[Australia] Healthcare IPO injects confidence into equity markets
A major Australian firm’s advisory on the year’s biggest initial price offering (IPO) to date is proof of renewed confidence in equity capital markets, claims the lawyer leading the transaction.
Clayton Utz acted for Macquarie Capital as sole lead manager and underwriter in connection with aged care group Japara Healthcare's proposed $450 million plus IPO.
The Japara group owns and operates aged care facilities and retirement complexes for Australian residents and made the IPO announcement last Friday.
Under the proposed offer, Japara Healthcare plans to raise up to $450.4 million through the issue of up to 225.2 million shares at an indicative price of $2.00 each.
The transaction would value the company at approximately $525 million.
Source: Australasian Lawyer
[Asia] Asian associates see partnership promotion prospects rise
Recent Asia partner promotions statistics from eight international firms over the past four years suggests local senior lawyers stand a good chance of being made up.
Linklaters has confirmed that its partner promotions have fallen to 21 from 24 in 2013 (7 April 2014) while recently, Allen & Overy (A&O) revealed that it had promoted 16 lawyers across its global network, with three based in Asia (26 February 2014).
Although the total number at A&O was slightly down from the previous years, the proportion of the promotions in Asia is generally on an upward trend. For example, in 2011, two out of the 21 promotions were in Asia, accounting for just 9.5%. This compared to 26% in 2013 and 18.7% this year.
Source: The Lawyer
[Europe] 'Magic circle' firms lead French manufacturing deal
Two ‘magic circle’ firms have landed the lead roles on U.K. private equity group Triton Partners' purchase of the thermal power division of French manufacturer Alstom for roughly US$1 billion.
Linklaters is advising Triton on the purchase, which is expected to close in the first half of the fiscal year, while Alstom has enlisted the legal services of Freshfields Bruckhaus Deringer.
The deal, which was announced last week, is part of Alstom's previously stated strategy to divest some of its noncore assets in order to raise money and pay down some of the company's debt. Alstom is best known for designing and manufacturing various types of high-speed trains as well as power generation systems that include boilers, generators and turbines.
The Alstom unit being acquired by Triton produces air preheaters and gas heaters used in thermal power plants as well as heat transfer equipment. The business, which employs more than 1,500 people and has annual revenues of more than US$590 million, is headquartered in Germany with additional operations in Brazil, China, the Czech Republic, India, Japan, Switzerland and the U.S.
Source: The American Lawyer
UK law firm Kennedys has been instructed to represent Malaysian Airlines over the crash of Flight MH370.
The Malaysian Government confirmed last week that the flight had crashed that that it was highly unlikely that there were any survivors. This news was quickly followed by a slew of claims from grief-stricken family members of the victims, with one US firm, RibbeckLaw Chartered, filing last week with demands that Malaysian Airlines and Boeing hand over documents which may show design or manufacturing flaws in the aircraft.
The news comes as aviation superstar Sean Gates, who merged his boutique firm with Kenendys, announced that he was joining Hill Dickinson.
"I can confirm that Kennedys has been instructed by Malaysian Airlines and its insurers. Beyond that though we won't comment further," said a firm spokeswoman.
Source:RollonFriday
[UK] Mass redundancies at Camerons, Dundas, Beachcroft and Trowers
It's been a traumatic few weeks for support staff, with 60 jobs at risk following the recently announced merger of Dundas & Wilson and CMS Cameron McKenna, 17 jobs at risk at DAC Beachcroft - and Trowers & Hamlins has asked its secretaries to apply for voluntary redundancy.
Some 40 support staff at D&W and 20 at Camerons (and its third party suppliers) were given the news earlier this week. The firms are due to merge on 1 May.
Meanwhile, DAC Beachcroft is restructuring its Business Development and Communication teams in London and Bristol. Seventeen jobs are at risk in what an insider called "a complete annihilation". A spokesman declined to comment.
Finally, Trowers & Hamlins has asked its secretaries to apply for voluntary redundancy, following on from the firm's profits collapsing by more than a third.
Source: RollonFriday
[Australia] Healthcare IPO injects confidence into equity markets
A major Australian firm’s advisory on the year’s biggest initial price offering (IPO) to date is proof of renewed confidence in equity capital markets, claims the lawyer leading the transaction.
Clayton Utz acted for Macquarie Capital as sole lead manager and underwriter in connection with aged care group Japara Healthcare's proposed $450 million plus IPO.
The Japara group owns and operates aged care facilities and retirement complexes for Australian residents and made the IPO announcement last Friday.
Under the proposed offer, Japara Healthcare plans to raise up to $450.4 million through the issue of up to 225.2 million shares at an indicative price of $2.00 each.
The transaction would value the company at approximately $525 million.
Source: Australasian Lawyer
[Asia] Asian associates see partnership promotion prospects rise
Recent Asia partner promotions statistics from eight international firms over the past four years suggests local senior lawyers stand a good chance of being made up.
Linklaters has confirmed that its partner promotions have fallen to 21 from 24 in 2013 (7 April 2014) while recently, Allen & Overy (A&O) revealed that it had promoted 16 lawyers across its global network, with three based in Asia (26 February 2014).
Although the total number at A&O was slightly down from the previous years, the proportion of the promotions in Asia is generally on an upward trend. For example, in 2011, two out of the 21 promotions were in Asia, accounting for just 9.5%. This compared to 26% in 2013 and 18.7% this year.
Source: The Lawyer
[Europe] 'Magic circle' firms lead French manufacturing deal
Two ‘magic circle’ firms have landed the lead roles on U.K. private equity group Triton Partners' purchase of the thermal power division of French manufacturer Alstom for roughly US$1 billion.
Linklaters is advising Triton on the purchase, which is expected to close in the first half of the fiscal year, while Alstom has enlisted the legal services of Freshfields Bruckhaus Deringer.
The deal, which was announced last week, is part of Alstom's previously stated strategy to divest some of its noncore assets in order to raise money and pay down some of the company's debt. Alstom is best known for designing and manufacturing various types of high-speed trains as well as power generation systems that include boilers, generators and turbines.
The Alstom unit being acquired by Triton produces air preheaters and gas heaters used in thermal power plants as well as heat transfer equipment. The business, which employs more than 1,500 people and has annual revenues of more than US$590 million, is headquartered in Germany with additional operations in Brazil, China, the Czech Republic, India, Japan, Switzerland and the U.S.
Source: The American Lawyer
