The deal, announced today (27 March), sees London-listed GSK buy the 36.5% stake in the joint venture it didn’t already own from Novartis to assume full control of the business.

The joint venture was forged in 2014 amid an asset swap between the two pharma heavyweights which saw them combine their respective consumer healthcare arms.

Freshfields corporate partner Julian Long led on that transaction for Novartis and is now co-leading on this latest deal with Jennifer Bethlehem. Also in the team are tax partner Paul Davison and antitrust partner Rod Carlton, who also advised on the 2014 asset swap.

Slaughters is advising GSK on the buyout, with a team led by partners David Johnson and Simon Nicholls, both of whom represented client on the formation of the joint venture.

Financing partners Guy O’Keefe and Oliver Storey also worked on this latest deal, as well as tax partner Dominic Robertson and competition partners Bertrand Louveaux and Jordan Ellison.

GSK’s internal legal team was led by Chip Cale and Antony Braithwaite.

GSK is planning to launch a strategic review of its Horlicks drink brand and other consumer nutrition products with a view to raise cash for the acquisition, the company said in a statement. The review will also include GSK’s Indian subsidiary, GlaxoSmithKline Consumer Healthcare Ltd, according to the statement.

Meanwhile, Addleshaw Goddard is advising UK high street sports shoe retailer JD Sports Fashion on its $558m acquisition of US counterpart The Finish Line.

Addleshaw’s Manchester-based team was led by partner Roger Hart and included partner Martin O’Shea.

Indianapolis-headquartered Finish Line is listed on Nasdaq with a market capitalisation of roughly $425m. Hughes Hubbard & Reed and Taft Stettinius & Hollister advised JD Sports on US law, while Faegre Baker Daniels advised Finish Line’s board of directors.

Elsewhere Travers Smith has leveraged the recent trend for investment in payment services businesses to advise longstanding private equity client Equistone Partners Europe on its acquisition of UK-headquartered Small World Financial Services for a reported £80m.

The Travers Smith team was led by private equity partner James Renahan and included tax partner Jessica Kemp and regulatory partner Stephanie Biggs.

Sellers FPE Capital, MMC Ventures and the existing Small World management team were advised by Charles Russell Speechlys. Equistone made the investment via its sixth fund, Equistone Partners Europe Fund VI. Cross-border payment service provider Small World employs around 680 people across 16 countries and generates revenues in excess of £110m.

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In a statement made on 27 March 2018, the LSB said: “this approval provides the framework upon which the SRA Board can seek to introduce new requirements for anyone wishing to qualify as a solicitor”. It goes on to state: “this approval was reached after a thorough consideration of the application and the numerous submissions received in response to it including that of the Justice Select Committee”.

This does not mean that the SQE will be introduced immediately, however. At this stage, this simply means that the SRA can now start the process of replacing the current routes to qualification with the SQE. Any further changes to the rules, which will contain detail on the SRA’S proposals for implementing the SQE, will need to be separately assessed and approved. The SRA expects to apply for the further changes in 2019.

LSB Chief Executive, Neil Buckley said:

“We have today agreed the first stage of the SRA’s reforms to its qualification processes. The changes that the SRA wishes to make are significant and stakeholders have identified a range of associated risks. We assessed the current approved application thoroughly with these risks in mind and concluded that there are no grounds for refusing this application.

The approval of this application on its own is not sufficient to allow the SQE to be implemented. The SRA will need to make and we will need to approve further rules changes to give effect to the requirement to pass a centralised exam. When considering these further rules and deciding whether to agree with them, the LSB will expect to see more detail from the SRA – particularly on how the SQE will operate, what it will cost and the likely diversity impacts.”

The Magic Circle firm argues that while the likes of Norton Rose Fulbright (NRF) and Pinsent Masons have included partners in their overall pay gap, their decisions to break partner earnings down by salary and bonus means the overall picture is obscured. For the avoidance of doubt, CC has asserted its figures would be lower than both NRF and Pinsents if it reported them in the same way.

CC has instead decided to include the total earnings, including any bonuses or profit share entitlements, of its London partnership. As a result, the firm’s overall pay gap stands at 66% on a mean basis and 44% on a median basis.

The gap in pay between partners is 27% on a mean basis and 46% on a median basis. The firm’s statutory report, which does not include the London partnership, indicates a mean 20% hourly pay gap, while the gap is 37% on a median basis. The firm’s statutory bonus gap is 53% on a mean basis and 50% on a median basis.

Michael Bates, CC’s UK managing partner, commented: ‘For us, it’s about doing the right thing. While including our partnership in adjusted results shows a larger gender pay gap than the data from the statutory reporting requirements, our decision to publish these figures demonstrates our commitment to closing the gap and accelerating the pace of change of our gender demographic at every level.

‘We hope the government will provide greater clarity going forward on the inclusion of partner data, and that other professional services firms will demonstrate their commitment to addressing gender issues by adopting an equally transparent approach.’

Yesterday (26 March), Pinsents disclosed that its male partners are paid over a fifth more on average and 38% more on a median basis. Its bonus pay gap, however, sees female partners receive 11% more on average while the bonus pay gap is 0% on a median basis.

CC was the last Magic Circle firm to reveal its gender pay stats. Last week, Freshfields Bruckhaus Deringer posted comparatively impressive figures to its peers, with male staff earning on average 14% more than female fee earners, a gap which closes to 13.3% when the median figure is taken into account.

Linklaters did not fare so well, revealing it paid male staff members nearly 60% more in bonuses than women.

Firms have until 4 April to disclose their figures.

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Addleshaw Goddard made the most sizeable move, after a recruitment drive in Manchester which saw six partners from Irwin Mitchell boost the firm’s already-sizable real estate team.

The six partners from Irwin Mitchell include outgoing head of real estate Anita Weightman, alongside Paul Barnard, Patrick Duffy, Chris Perrin, Tony Weightman and Emily Williams, and increases Addleshaw’s 2018 partner hires to 13.

Manchester real estate head Peter Kershaw said the appointments displayed a commitment to the real estate market and the growing local market. ‘Manchester has a key part to play in the ambitious strategy we have set for ourselves to service new clients and deepen some of our existing institutional relationships.’

Meanwhile in London DWF has launched a private capital team in the City with a double lateral hire. Partner Amanda Chapman and director Roger Holman both join from boutique practice Brecher.

Chapman specialises in advising high-net-worth individuals and has extensive experience in UK and cross-border succession, estate and tax planning. Meanwhile, Holman possesses over 20 years’ experience specialising in private wealth tax both in the UK and internationally.

Jon Gould, national head of private capital at DWF, said: ‘As we launch our private capital presence in the City and look to grow the practice nationally and internationally, Amanda and Roger bring technical knowledge and a strong commercial, client-focused approach that will ensure a strong start to the next phase of our growth.’

Pinsent Masons was among those to hire internationally, with Anne Henry being appointed to its Dublin office as it continues to expand its sector-focused, all-Ireland capability. Henry joins from Philip Lee with experience in commercial litigation, handling multiple disputes for some of the world’s leading energy, financial and pharmaceutical brands. She is Pinsent Masons’ fourth partner hire in Dublin.

David Isaac, head of the advanced manufacturing and technology sector group at Pinsents, said: ‘Ann is a skilled strategic litigator whose expertise in data and IP law is an excellent addition to our sector offering in Ireland.’

Elsewhere, French stalwart Gide Loyrette Nouel secured the hire of Olivier Diaz in Paris coup which sees him return after twenty years. The M&A expert has previously had stints at Linklaters and Darrois Villey Maillott Brochier before moving to Skadden, Arps, Slate, Meagher & Flom in 2014. Diaz will now see him occupy a role to explore opportunities for growth with clients and major partner firms alike.

Paris also saw activity for Dentons and Simmons & Simmons. Dentons boosted its Paris office with an intellectual property and life sciences team from Dechert. Partner Marianne Schaffner is among those who will strengthen the firm’s presence in the French capital and the firm also enhanced its French real estate practice with the addition of Pascal Schmitz from King & Spalding. Meanwhile, Simmons & Simmons boosted its offering in France with the hire of disputes partner Guillaume-Denis Faure from Winston & Strawn.

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Latham has taken on a significant advisory role for Telenor as it agreed to sell its assets in Central and Eastern Europe to PPF Group for €2.8bn. The deal includes Telenor’s wholly-owned mobile operations in Hungary, Bulgaria, Montenegro and Serbia, and the technology service provider Telenor Common Operation. Latham fielded a team led by London partner Robbie McLaren. The key mandate will be a welcome relief for Latham, in a week where the firm was faced with fallout from Bill Voge’s shock resignation while Kirkland & Ellis passed it to became world’s highest-grossing law firm.

White & Case advised the bidder PPF Group, with a team co-lead by London partners Ken Barry and Ian Bagshaw and Prague-based partner Jan Andruško.

Meanwhile, HSF managed to liven up a quiet IPO market by winning a key role in Energean’s listing on the LSE. Head of US securities Tom O’Neil and head of ECM Charles Howarth led the advisory roles. The exploration and production company has a market capitalisation of approximately £695m and is expected to receive proceeds up of £330m. White & Case, meanwhile, was Energean’s English/US counsel.

Despite few companies announcing main market IPOs on the LSE this year, O’Neil told Legal Business: ‘Energean is yet another company with primarily a non-UK business choosing a premium listing at the London Stock Exchange. We expect to see more of this. The transaction and the issuer are very ambitious and things have started out well with the post-listing approval of its final investment decision. It is also encouraging to see growth companies like Energean choose London.’

Elsewhere, Baker McKenzie acted on a €2.1bn mandate with Chinese internet giant Tencent, as Vivendi disposed its entire 27.3% stake in famed video game publisher Ubisoft. The Baker team that advised Tencent was led by Paris corporate co-head Mattieu Grollemund and the deal will enable the conclusion of a strategic partnership for the deployment of Ubisoft licences in China. Ubisoft, meanwhile, was advised by Bredin Prat and JP Morgan by White & Case.

Finally Pinsent Masons secured a role advising Yorkshire-based polymer technology company Fenner on a cash offer by Michelin. Both London and Leeds feature in the mandate as Pinsents comprised a team led by corporate partners Andrew Black and Rob Hutchings, while Jacqui Timmins and Alan Davis led on pensions and competition matters respectively. Michelin was advised by Freshfields Bruckhaus Deringer.

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The Chicago-bred giant today (22 March) announced its results for the 2017 financial year, confirmed a 19% hike in revenues against $2.65bn the previous year. Profit per equity partner (PEP) surged nearly 15%, to $4.7m from last year’s $4.1m, making it one of the world’s most profitable law firms. Headcount rose 13.5% to 1,997 lawyers, while revenues per lawyer increased 5.2% to $1.585m.

The pace-setting performance underpinned by booming private equity and leveraged finance markets underlines a 20-year ascent that has seen the thrusting US law firm expand dramatically beyond its Illinois roots to become a potent force in New York and London.

And Kirkland has certainly made its presence felt on both sides of the Atlantic in recent months, perhaps most strikingly when it in December hired Freshfields Bruckhaus Deringer private equity veteran David Higgins with a market-setting $10m package.

Other major London hires have included Linklaters’ real estate M&A rainmaker Matthew Elliott in 2015 and Freshfields’ restructuring partner Sean Lacey last May. The firm hit the headlines again in January when it enlisted Cravath, Swaine & Moore M&A star Eric Schiele in New York.

London has been one of Kirkland’s fastest-expanding offices, growing 61% since 2013 to 189 lawyers in 2017. The practice currently generates over $300m. New York headcount has increased 42% over the last five years to 503 lawyers.

Aside from private equity, Kirkland’s restructuring practice saw it advise on standout matters, including acting for Toys R Us on the Chapter 11 filing for bankruptcy of its US business in September 2017, as well as a deal with the Pension Protection Fund (PPF) that temporarily saved the company from collapse in December 2017. The firm went on this February to seal a further mandate amid the Toys R Us collapse, with restructuring partners Kon Asimacopoulos and Elaine Nolan advising Moorfields’ joint administrators Simon Thomas and Arron Kendall.

The achievement of overtaking Latham caps a remarkable rise to prominence for a thrusting institution that has long divided peers into critics of a supposed ruthless culture and the admirers of its driven panache. But critic or fan, Kirkland is increasingly impossible to ignore.

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Fletchers Solicitors is one of an increasing number of law firms offering aspiring solicitors an alternative path into the profession through apprenticeship schemes.

The six-year long legal apprenticeship enables participants to gain experience in the legal field and study for the degree qualification simultaneously, and is becoming increasingly popular amongst ambitious individuals keen to build a career in Law.

The Trailblazer Solicitor Apprenticeship is a fantastic alternative route for those who want to enter the legal industry but are dissuaded by the thought of incurring considerable student debts. In partnership with The University of Law, Fletchers offers candidates the opportunity to study for the necessary legal qualifications whilst gaining invaluable practical experience through working at the firm. Apprentices complete their education and required training years in the same amount of time as their traditional university route counterparts, and rather crucially, will be free from financial burden as tuition costs are taken care of by the firm and the government.

Ed Fletcher, CEO at Fletchers Solicitors, said: “We’ve long advocated the investment in young talent, as part of our long-term plan to ‘grow our own’ people and harness talent within the firm that fits in with our core values. I think it’s incredibly important that we encourage diversity in the law profession – not everyone can afford the burden of spending years at university so an apprenticeship is a great alternative.”

Fletchers Solicitors have been running the scheme for two years and it has been well received by participants. Bruce Wignall, a current apprentice at the firm said: “The trailblazer route gives me the chance to learn on the job whilst avoiding tuition fees. I enjoy the work/study balance and this path really works for me. I was delighted to recently receive the Business Apprentice of the Year Award and am extremely grateful to Fletchers and Southport College for the opportunities that have come my way…”

For more information about Fletchers Solicitors, visit www.fletcherssolicitors.co.uk

Launched in January 2017, Condor is a division of LB100 pacesetter Fieldfisher that offers clients a flexible package of process-efficient services. Among those on offer are contract negotiation outsourcing, contract automation and AI and robotics.

The partnership with Integreon, a long-established player in the alternative legal services sphere that has worked with firms including Allen & Overy and CMS in the past, allows Condor to significantly increase its work capacity and offer clients lower prices.

Condor chief Christopher Georgiou told Legal Business: ‘What clients want is better price efficiency and greater choice. One of the other understated things they want is trust and confidence in delivery. Integreon has a lot of history in this space, so we enhance each other’s brands.’

Georgiou also highlighted the multilingual ability that Integreon brings to the table, offering services in more than 50 languages. ‘Clients often ask us on those multijurisdictional projects what language capabilities we have’, he says.

Integreon marks the fourth partnership Condor has entered into since its inception. When the service launched last January, it announced a tie-up with eClerx, a leading Indian business process outsourcer.

In October that year, Condor expanded to South Africa, via a partnership with tech-based legal services provider Cognia Law.

Most recently, in November, Condor joined up with Donaldson Legal Consulting, a Belfast-based financial markets contract negotiation team.

The innovative piece has received considerable endorsement from Fieldfisher’s senior figures since its introduction, with managing partner Michael Chissick telling Legal Business last year that client interest in the division has been ‘phenomenal’.

Condor has grown rapidly since its launch, generating around £2m for 2017/18. According to the firm, the service has already attracted ‘six leading bank clients.’

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The new outpost, which will focus on Lewis Silkin’s core strength of employment law, is set to open on 3 April. To staff the new office it has hired employment specialist Siobhra Rush, who will join from local firm Leman Solicitors. On launch, Rush will be supported by London-based partner Sean Dempsey, with fellow City associates Catherine Hayes and David Hopper offering reinforcements when needed.

Lewis Silkin’s chair Michael Burd told Legal Business that Brexit was a factor in the firm’s decision to open in the country: ‘We have found that clients are looking for a joined-up Irish-UK service. We also have some concern about what will happen in the UK after Brexit but the real driver was client demand.’

He added: ‘We think that there is a real opportunity in the Irish market for this kind of niche firm and we are keen to capitalise on it. So far the reception has been very positive.’

For expansion-shy Lewis Silkin, opening only its second office outside of the UK is a major step, with the firm possessing offices in London, Oxford, Cardiff and Hong Kong. Burd observed: ‘We don’t see ourselves as a world behemoth.’

Pinsent Masons became the first firm to open in Ireland following the Brexit referendum in 2016, launching a three partner office in June 2017. But unlike Lewis Silkin, Pinsent Masons senior partner Richard Foley confirmed ‘it wasn’t a Brexit thing’ and that the decision was made before the UK voted to leave the EU.

Last September, Covington opened its own Dublin office, focusing on regulation, pharma and life sciences. London-based EU life sciences partner Grant Castle and technology partner Daniel Cooper were selected to oversee the new hub.

Simmons opened in Dublin a month later, with a practice initially focusing on asset management. Mason Hayes & Curran’s head of investment funds and financial regulation Fionán Breathnach was drafted in to lead Simmons’ Irish venture.

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Dentons is combining with Hamilton, Harrison & Mathews in Kenya, Mardemootoo Solicitors and Balgobin Chambers in Mauritius, Dinner Martin in the Cayman Islands, Delany Law in the Eastern Caribbean, Hanafiah Ponggawa & Partners (HPRP) in Indonesia, and Zain & Co in Malaysia. The combinations mean the firms become full voting, contributing and participating members of the Dentons group, and are expected to launch later this year subject to partner approval and meeting regulatory requirements.

The combinations will give Dentons a presence in 73 countries, and follow expansions in The Netherlands in early 2017 , Scotland in mid-2017 , and Uganda through a merger with that country’s largest law firm, Kampala Associated Advocates (KAA), in September last year kicking off a strategy to become the ‘first truly pan-African law firm’.

Dentons also expanded in Latin America last year through a strategic alliance with Brazil’s Vella Pugliese Buosi Guidoni and a combination with Gallo Barrios Pickmann in Peru, following the launch of Dentons Muñoz in Central America, Dentons López Velarde in Mexico and Dentons Cardenas & Cardenas in Colombia. It has also recently combined with firms in the South East Asia region.

Dentons said the seven new combinations would grow its offering in banking and finance, corporate, dispute resolution, real estate, tax and infrastructure.

Dentons global chief executive Elliott Portnoy commented: ‘We are growing faster in Latin America and the Caribbean – and with truly high-quality firms – in a way that no one has ever done before. Our new offices in Mauritius and Kenya complement our growing pan-African presence, coming on the heels of our expansion in neighbouring Uganda just last year. And our expansion in Indonesia and Malaysia builds on our presence in Singapore and Myanmar in the dynamic South East Asia region.’

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