“Hogan Lovells understands the potential Mexico offers for our global clients and knows it is important to have full-service capabilities on the ground in this region,” Hogan Lovells Chief Executive Officer Stephen Immelt said in a statement.
The firm will operate in Mexico as Hogan Lovells BSTL when the combination is completed Aug. 1. The new offices will focus primarily on corporate, commercial, litigation and arbitration, energy, real estate, telecommunications and media, and transportation work.
Hogan Lovells’ existing Latin American practice, which has more than 60 lawyers, has handled multiple Mexico-based client matters in the past year, including advising the government on its telecommunications and satellite investments and advising Euler Hermes in the establishment of a joint venture with Mapfre SA, the firm said.
Squire Patton Boggs Announces Mamiya Acquisition in Tokyo
Squire Patton Boggs and five-lawyer Tokyo-based corporate and transactional firm Mamiya Law Offices combined to give the firm almost 40 lawyers in the Japanese capital.
“Not only do we share a number of major public institutional clients, but there are synergies with our financial services and intellectual property practices in Tokyo, which will lead to new and exciting opportunities in Japan as well as elsewhere,” Ken Kurosu, Squire Patton Boggs’s Asia regional coordinator and office managing partner in Tokyo, said in a statement.
Squire Sanders and Patton Boggs combined last month to create a firm with more than 1,500 lawyers at 44 offices in 21 countries.
Dewey Workers’ Class Action Gets Aug. 14 Fairness Hearing
A group of former Dewey & LeBoeuf LLP workers who claimed in a lawsuit that they were fired en masse without the required notice under state and federal law are one step closer to getting paid.
U.S. Bankruptcy Judge Martin Glenn in New York on June 27 preliminarily approved a settlement worth $3 million for the 425 fired workers and $1.5 million for their lawyers.
Glenn will conduct a fairness hearing to approve the agreement on a final basis on Aug. 14.
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Law Firm Revenue News
Linklaters Outpaces Freshfields as Both Law Firms’ Revenues Rise
Linklaters LLP revenue increased 5 percent to 1.25 billion pounds ($1.57 billion) in the last year, bolstered by financial services work.
Linklaters also boosted profit per equity partner by almost 6 percent to 1.39 million pounds, the London-based law firm said in a statement today. Freshfields Bruckhaus Deringer LLP said its revenue increased by 1 percent to 1.23 billion pounds in the financial year ended April 30.
The results round off the reporting season for the U.K.’s largest law firms with four members of the so-called Magic Circle recording an increase in revenue and profit. Clifford Chance saw revenue rise by 7 percent to 1.35 billion pounds last year while Allen & Overy LLP revenue increased 2 percent to 1.23 billion pounds.
Freshfields recorded the highest profit per equity partner -- a figure used to measure law firm performance -- of the four, with a 6 percent increase to 1.48 million pounds.
Covington, Skadden on $1.3 Billion Aristocrat Leisure Deal
Covington & Burling LLP advised Aristocrat Leisure Ltd. (ALL), which agreed to buy Video Gaming Technologies Inc. for about $1.3 billion to triple its North American business amid falling profit in Australia.
Skadden Arps Slate Meagher & Flom LLP advised Franklin, Tennessee-based Video Gaming Technologies with a corporate team that included partners Howard Ellin and Richard Witzel Jr.
The Covington team included corporate partners Catherine Dargan and Mike Riella, who led the transaction. Additional partners included: Deb Garza, antitrust; John Gourary, debt finance; Andrea Reister, intellectual property and licensing; Rob Heller, tax; Mike Francese, employment; and Kerry Burke, securities.
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Orrick, Haynes & Boone, Morrison Cohen: Lateral Move Roundup
Orrick, Herrington & Sutcliffe LLP said William B. Jacobson will join the firm’s white collar and corporate investigations practice group in Washington. Jacobson was most recently senior vice president, co-general counsel and chief compliance officer of Weatherford International Ltd.
Haynes & Boone LLP added Julie Domike as a partner in Washington in the environmental practice group. She was an attorney with the Environmental Protection Agency headquarters’ Air Enforcement Division for almost nine years, the firm said.
Daniel M. McGillycuddy joined Morrison Cohen LLP as a partner, leading the firm’s new white-collar defense and investigations practice group. He was most recently with Bingham McCutchen LLP.
European Banks Seen Facing $50 Billion More in Legal Expenses
Europe’s banks face a further $50 billion of legal costs as they catch up with their U.S. counterparts, according to analysts at Morgan Stanley. (MS)
European firms, which have set aside or paid out more than $80 billion since 2009, face about $130 billion of litigation and settlement costs in total, analysts led by Huw van Steenis wrote in a note to clients yesterday. U.S. firms, which have so far made provisions for or paid out $125 billion, may have only to set aside a further $25 billion, the analysts said.
Barclays Plc (BARC) and Royal Bank of Scotland Group Plc face the largest increases in legal costs among European banks, van Steenis wrote. Barclays, Britain’s second-largest bank, will have about $11.9 billion of additional legal costs through 2016, compared with the $10 billion it’s already set aside or paid out since 2009. RBS’s legal bills may rise by $11.3 billion over the same period from $11.7 billion, he added.
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