#23 Legal Profession This Week: Workplace Scandals and BCLP Launches a New Training Contract​

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By Dheepa M​

Battle of the Law Firms

According to Law.com, Slaughter and May (Slaughters) has 50% more FTSE 100 clients than its second closest rival Linklaters. Slaughters also leads by number of clients on the FTSE 250 and FTSE 350. When asked about his firm’s market leading position, corporate partner Andy Ryan stated “We will go through brick walls to do whatever is best for them.” (Law.com)

The rising strength of US firms in the City has forced the Magic Circle to compete on mandates to advise private equity firms and other US buyers on takeover offers for U.K. public companies. Slaughters' strong relationship with FTSE companies puts the firm in a unique position to consistently advise on these high-value deals, albeit on the seller’s side. In the past year, Slaughters has advised Walmart on its sale of Asda Group to TDR Capital, Stock Spirits on its acquisition by CVC, Meggit on its acquisition by Parker-Hannifin, and The Daily Mail on the sale of its insurance group to Moody’s.

Aiding Afghanistan

Many law firms have begun offering their services to refugees escaping Taliban rule in Afghanistan. While there is still a lack of clarity on the legal process to resettle the refugees, firms have begun efforts to research and disseminate information as well as network with NGO partners. Dentons, in particular, has a strong history in Central Asia and is in a unique position to provide on-the-ground support (Law.com). Law.com also reported that The International Refugee Assistance Program has enlisted Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell, Morgan Lewis & Bockius, and Simpson Thacher & Bartlett to draft reports on the conditions in countries to which Afghan refugees might flee to.

‘Business as usual’ – the notable deals and cases which went ahead this week:

Kirkland & Ellis, Addleshaw Goddard and Wilkie Farr & Gallagher are advising on the latest private equity-led takeover of a U.K. company. Apex Group is purchasing asset funds firm Sanne for £1.5bn. Kirkland and Wilkie are advising Apex on the M&A and finance matters respectively. Meanwhile, Addleshaw Goddard is advising Sanne on corporate and antitrust matters (The Lawyer).

Freshfields Bruckhaus Deringer is advising German publishing company Axel Springer SE on its acquisition of POLITICO, a US based political news service. Axel was previously already part of a joint venture with POLITICO and will now be acquiring the remaining 50% stake for an estimated $1bn (Law.com). Freshfields previously advised Axel on its delisting in Germany.