PE deals rich pickings for US firms
Private equity outfit Ares Management raised US$216 million through its US IPO last week. The return was somewhat disappointing for the Los Angeles–based buyout shop, but the law firm involved - Proskauer Rose, Simpson Thacher, Latham & Watkins and Patton Boggs were happy enough divvying up an estimated US$9.5m in legal fees and expenses.
The sum makes the IPO by Ares one of the most profitable for legal advisers in the US this year, although the fees still pale in comparison to what alternative asset management giant Fortress Investment paid out to its outside legal advisers seven years ago. Skadden Arps took the lead on the hedge fund’s $634m IPO in 2007, which generated US$14.5m in legal fees and expenses.
Allen & Overy jumps on Myanmar bandwagon
Allen & Overy (A&O) has become the first magic circle firm to set up shop in Myanmar with the launch of a representative office in Yangon. The office is led by Bangkok managing partner Simon Makinson, and staffed by two lawyers and three other staff.
Other firms already present in Myanmar include Baker’s, Cotty Vivant, Rouse, Nishimura & Asahi, and Russin & Vechi.
Clifford Chance announces a new Czech managing partner
Alex Cook has been elected the new managing partner of Clifford Chance's Prague office, effective May 1, 2014. A partner with the firm since 2007, Cook takes over from finance partner Vlad Petrus. Before joining Clifford Chance as counsel in 2005, Cook worked for Allen & Overy in London and Budapest. Clifford Chance opened its Prague office in 1995 and works with domestic, regional and international clients. The team is made up of four partners and approximately 30 fee-earners.
Linklaters hires Weil Gotshal partner Michael Kam to join US corporate practice
Linklaters has appointed Michael Kam from Weil Gotshal & Manges to its New York corporate group. Kam, who is joining Linklaters as senior counsel in the compensation and benefits team, was formerly a partner at Weil. Last year, Linklaters bolstered its US tax practice with the hire of partners David Brockway and Jasper Howard from Bingham McCutchen. The firm now has more than 120 US lawyers in New York and Washington DC.
Latham and Watkins advises on €3.15bn multicurrency loan facility for Emirates Telecommunications Corporation
Latham & Watkins have advised Emirates Telecommunications Corporation (“Etisalat”) –as guarantor – and White Falcon Finance–as borrower– on a €3.15bn multicurrency loan facility which will be used to acquire Vivendi SA’s 53% stake in Maroc Telecom. A group of 17 international and local banks were appointed as Mandated Lead Arrangers and HSBC also acted as facility agent. The Latham & Watkins team spanned the firm’s Abu Dhabi, Doha and Dubai offices and was led by partner Anthony Pallett.