Legal 500: Leaner corporate sector and prolonged deals hitting firms
LAW firms in the Midlands are having to face the harsh realities of a leaner corporate finance market and prolonged deal making activity, sector analysts have said.
All this week, TheBusinessDesk.com in association with RBS is taking a sector-by-sector look at the state of the region’s legal market.
The current state of corporate and commercial activity levels is outlined in the latest edition of sector bible, The Legal 500.
To download: The Legal 500 – West Midlands Review 2011, click here
Gary Trueman, RBS Regional Director, pictured, said: “With a thinner and lumpier corporate finance marketplace this remains a challenging market to drive year on year growth at present.
“Deals are completing but the gestation period for completion is stretching and affecting the volumes of transactions completed and therefore fee generation.
“Employment law from our observations and conversations with our own clients continues to be a stable source of revenue as companies still find themselves having to comply with a large amount of regulation in order to do their business.”
Of Midlands firms operating within the corporate and commercial sector, the Legal 500 said DLA Piper was ‘always involved in the high-profile transactions’, through partners such as the ‘pragmatic’ Mark Beardmore and the ‘commercial’ Charles Cook. Highlights included acting for Avon Cosmetics on its acquisition of Liz Earle Cosmetics, and advising Compass Group on its acquisition of VSG Group. Other clients include Barclays Ventures and Iron Mountain.
At Eversheds, leading individuals include the ‘pragmatic’ Sue Lewis; and the ‘exceptionally skilled’ Keri Rees. The firm is highly rated for its capital markets and private equity expertise. It acted for Amin Tajani, Selim Tejani and others in selling LPC Group to Sofidel Spa to create one of the largest privately-owned paper businesses in the world. Other key clients include Rolls-Royce and Barclays Private Equity.
Gateley is said to have received many plaudits from clients for providing ‘first class advice in a timely manner’ through partners such as the ‘pragmatic’ Michael Ward and Paul Hayward. The firm advised longstanding client Computeach International on the acquisition of the assets of Advent Computer Training, while on the commercial side it advised Birmingham City FC on a variety of commercial contract issues.
Pinsent Masons has been involved in some high-value and complex transactions. It advised longstanding client Halfords on the strategic acquisition of Nationwide Autocentres, and continues to advise CareTech on its strategic ‘buy and build’ acquisition programme. Andrew Hornigold is said to have “considerable experience” in advising technology companies, while Peter McHugh heads the commercial team. Key clients include Homeserve, Saint-Gobain and Glanbia.
Wragge & Co has a diverse client base ranging from FTSE-listed major corporates to owner-managed entrepreneurial private companies. The team advised NYSE-listed Cambrex Corporation on the acquisition of a 51% stake in Indian pharmaceutical company Zenara for $20m. New client wins include Adroit Group, Premier Foods and Phones4U.
Martineau’s partner-led practice is said to have considerable expertise in fund formations and fundraising, and is regularly instructed in matters with an international element. Its standout deal was advising South Staffordshire on the acquisition of OmegaRed from Lloyds Development Capital. Recommended partners include ‘the very commercial and client-focused’ Richard Underwood.
Squire Sanders Hammonds is said to be a ‘no nonsense law firm’ with excellent partners such as the ‘calm and practical’ Peter McLintock and Geoff Perry. Many of its recent transactions have come from mid-market corporate and private equity firms.
Browne Jacobson advised no more than 40 corporate deals, while Cobbetts is said to provide an ‘excellent service’ with key figures including Nigel Gardner, Adrian Cutler and Graham Muth. The team advised Village Hotels and Leisure on a wide range of issues including a sponsorship agreement with double Olympic gold medallist Dame Kelly Homes.
Harvey Ingram was involved in more than 20 transactions with deal values up to £30m, while Shoosmiths is said to have a strong team that is both commercial and pragmatic.
Andrew Beedham at Clarke Willmott is recommended for his private equity and private company M&A work, while Hill Hofstetter is said to be growing in stature with the addition of new partners Ben Turner and Peter Seary.
The ‘exceptionally pragmatic’ – and like Graham Muth, a Deal of the Month judge for TheBusinessDesk.com – Julian Smith at Mills & Reeve is flagged up, while the firm is praised for its work in the healthcare sector.
Shakespeares is said o have a ‘highly responsive’ team, working predominantly in the £1m-£10m bracket, while The Wilkes Partnership is highlighted for its work with the automotive manufacturing sector.
Anthony Collins has secured some significant new contracts including the expanding medtech, The Binding Site.
Challinors is highlighted for its continuing work with the logistics industry, while Irwin Mitchell continues to develop its corporate offering. Sydney Mitchell has a diverse client base and Weightmans remains ‘focused on client objectives’.
Elsewhere in the West Midlands, FBC Manby Bowdler is singled out for having a ‘commercial and personable’ team led by the ‘very sensible’ James Sage. George Green is said to give a ‘consistently high level of service’, with Richard Cliff rated ‘first class’ and Guy Green ‘very competent’.
Other firms identified include Ansons, Higgs & Sons, KJD Freeth, Knights Solicitors, Wright Hassall, Hawkins Hatton, Lanyon Bowdler and Thomas Horton.
