Record fine for international firm
White & Case has been handed the largest ever fine by the UK’s Solicitors Disciplinary Tribunal.
The £250,000 penalty followed an investigation by the Solicitors Regulation Authority over conflict of interest and client confidentiality. An additional £50,000 fine on partner David Goldberg has also been approved, the Law Society Gazette reports.
The SRA said that the firm and partner did not act dishonestly.
Hold steady for cross-border deals says Baker McKenzie
Cross-border deal making held steady in the second quarter of 2017 according to analysis from Baker McKenzie.
There were 1,368 deals in the three months to the end of June, down 10% from the first quarter; but the combined value of U$345.8 billion was just a 1% drop.
Deals involving the EU accounted for more than half of deal value and almost half of deal volume, despite ongoing uncertainty surrounding Brexit negotiations. It was a rebound for the region, which saw only a 17% share of deals by value in the first quarter.
In Q2 2017, the EU was targeted with 637 cross-border deals valued at US$195.2 billion.
For Asia Pacific, China saw was responsible for the second largest share of cross-border acquisitions after the EU, with 94 deals valued at US$35.9 billion.
North America was the most acquisitive region by deal value, announcing 364 deals valued at US$128.9 billion. The US was both the most acquisitive country, 284 deals valued at US$109.9 billion, and targeted country, 217 deals valued at US$72.5 billion, globally.
"We continue to see an increase in deal value as companies are choosing to invest more money in a smaller number of handpicked deals," said Michael DeFranco, global head of M&A at Baker McKenzie. "While deal volume decreased in Q2 we are encouraged by the activity in the EU and the return of China to the deal table. As we head into the second half of 2017, we continue to believe M&A activity will pick up."
International firm renews Indonesian association
Herbert Smith Freehills has renewed and strengthened its association with Indonesian firm Hiswara Bunjamin & Tandjung.
The new agreement was signed this week and upgrades the shared management of the association, formalizes collaboration on clients and target sectors, and extends the range of services, training and support available to HBT.
"The agreement needed to be refreshed – to reflect how much HBT has developed, and to support the next phase of our association together in Jakarta," said Justin D'Agostino, Managing Partner, Asia and Australia.
