Australasian Legal Business April 2009

ISSUE 7.4

2009 Macquarie Bank ALB Australasian Law Awards 2009 Is your firm a finalist?

Insurance law Top lawyers and firms revealed

National Broadband Network A new game plan for lawyers

Sydney 2009:

Competition for work hots up Shane Barber (Truman Hoyle), Luke Stevens (Bartier Perry) and John Nerurker (Mills Oakley)

n DEALS ROUNDUP n LATERAL MOVES n UK, US REPORTS n news analysis n MARKET STATS

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ISSUE 7.4

EDITORIAL >>

2009 Macquarie Bank ALB Australasian Law Awards 2009 Is your firm a finalist?

Insurance law Top lawyers and firms revealed

National Broadband Network A new game plan for lawyers

A matter of distinction

A

distinction without a difference. In recent years, this has been a common perspective on the distinction between the Australian Labor Party and its political opponents, the Australian Liberal Party and the National Party. The convergence of political ideology is what economists sometimes refer to as the ‘ice-cream vendor’ theory – namely, that when two ice-cream vendors have the option to sell their wares at any point along an evenly populated beach, they usually end up in the centre, side by side.

There is safety in the middle ground.

That is the assumption lawyers have operated on. When New Zealand went to the polls last year, the general sentiment among firms was that a change of government would not mean a substantial change in business. “The agenda is the same for both parties – infrastructure and more infrastructure,” said one partner.

In Australia, the same assumption has applied. However, Treasurer Wayne Swan did cause something of a flutter last year when he attempted to “clarify” the government’s position on foreign investment, and its recent rejection of China Minmetals’ original bid for OZ Minerals’ assets on the grounds of “national security” also provoked some speculation that the Rudd government was heading down a different track from its predecessor.

But it is the government’s decision to reject the main bids for its national broadband network and to strike out on its own – albeit in a private partnership – that has really attracted attention. Is this a new approach to PPPs, in which government will take a more central role? In the wake of recent drama surrounding the BrisConnections PPP, are we about to see a political shift in attitudes to them?

Only time will tell whether this is a genuine new approach – or simply another distinction without a difference.

SYDNEY 2009:

Competition for work hots up Shane Barber (Truman Hoyle), Luke Stevens (Bartier Perry) and John Nerurker (Mills Oakley)

 DEALS ROUNDUP  LATERAL MOVES  UK, US REPORTS  NEWS ANALYSIS  MARKET STATS

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IN THE FIRST PERSON “The battle for clients and the battle for recognition, in an overcrowded legal marketplace, is a challenge of primary importance” John Nerurker, Mills Oakley

“You don’t have the luxury of considering everything, so the challenge is making decisions in a fast-paced situation where the law is not certain. At the same time, the business wants certainty – and it is inherently impossible to deliver” Karen Den-Toll, ING

“Sovereign wealth funds from the Middle East and Asia may see the purchase of Australian properties as a viable proposition – countries are looking for food security and Australia has a huge capacity for production” Stephen Godding, Kemp Strang

When two ice-cream vendors have the option to sell their wares at any point along an evenly populated beach, they usually end up in the centre, side by side. There is safety in the middle ground…

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a

y

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CONTENTS >>

contents

ALB issue 7.4

14

28

36

COVER STORY 28 ALB Special Report Sydney 09 Saturated market, economic downturn: A recipe for law firm turmoil?

68 ANALYSIS 14 National Broadband Network Will law firms get a slice of the Rudd government’s A$43bn telecommunications pie?

68 In-house profile:

Karen Den-Toll, ING Australia Karen Den-Toll shares the trials and tribulations of being GC at a major financial services company during an economic downturn

FEATURES

REGULARS

40 ALB Practice Area Guide:

Insurance Law Clients nominate their pick of the top lawyers and firms in the insurance law arena 50 ALB Australasian Law Awards 2009

– the finalists Who will be our top firms and dealmakers in this year’s Macquarie Bank ALB Australasian Law Awards? We reveal the shortlist of finalists across 31 categories

PROFILES 36 ALB-LexisNexis Managing Partner series:

Stephen Godding, Kemp Strang At this tight-knit Sydney firm, collegiality is the name of the game – and bigger is definitely not better

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8 DEALS 16 NEWS • Blake Dawson confirms 89 staff made redundant • Minter Ellison staff redundancy claims ‘incorrect’, says firm • US: lawyer redundancies today, salary cuts tomorrow • UK: Freshfields e-mails retrenchment advice to Aussie and Kiwi lawyers • Perth: Christensen Vaughan merges with Gadens Lawyers • Armidale barrister’s legality challenge to federal government’s tax bonus comes to a close • Mallesons: insolvency and bankruptcy boom to continue into 2010, says partner • Allens: draft Emissions Trading Scheme brings no surprises, just lots of work

• New short-selling disclosure regime brings new work for firms • Thomas Dewar’s Sziranyi Letts serves first Kiwi court documents via Facebook • Simpson Grierson kicks – and scores – at Kiwi Rugby World Cup bid • Bell Gully: Kiwi transfer-pricing crackdown brings ‘upsurge’ in enquiries

COLUMNS 17 UK Report 19 US Report 23 mergermarket M&A update

COMMENTARY 20 Buddle Findlay

AW

Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as Australasian Legal Business can accept no responsibility for loss.

australasian legal business ISSUE 7.4

23/04/2009 12:21:48 PM

21 may 2009, THE westin sydney

celebrating the achievements of the legal industry’s

finest

Secure your seat for this sell-out event Join over 600 of your peers for free flowing wine, gourmet dining, live entertainment and find out who the winners will be at the Australasian legal industry’s night of nights.

Book your table online now before it’s too late: www.albawards.com

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NEWS | deals >>

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Australasian Legal Business ISSUE 7.4

23/04/2009 10:12:36 AM

NEWS | deals >>

www.legalbusinessonline.com

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NEWS | deals >>

deals in brief | M&A | ►► Wyeth-Pfizer merger US$68bn (A$94.8bn)

Firm: Mallesons Stephen Jaques Lead lawyers: Katrina Rathie, Sharon Henrick Client: Wyeth Firm: Simpson Thacher Lead lawyers: David Vann, Andrew Dempster Client: Wyeth

Sharon Henrick, Mallesons

Firm: Clifford Chance Client: Pfizer • Merger Katrina Rathie, announced Mallesons on 26 January represents biggest M&A deal in the world this year • Deal sees parties enter definitive merger agreement under which Pfizer acquires Wyeth in a cash-andstock transaction valued around US$68bn (A$94.8bn) • Wyeth and its animal health division, Fort Dodge, are longstanding corporate clients of Mallesons

| GOVERNMENT, MANUFACTURing | ►► US Treasury-General Motors investment US$5bn (A$7.1bn) Firm: Quigg Partners Lead lawyers: David Quigg, Asha Stewart Client: US Treasury, General Motors

Firm: Willkie Farr & Gallagher Lead lawyer: Matthew Feldman Client: US Treasury Firm: Dewey & LeBoeuf David Quigg, Lead lawyers: Quigg Partners Martin Bienenstock (restructure), Gary Apfel (M&A), David Cleary Client: General Motors Firm: Weil, Gotshal & Manges Lead lawyer: Harvey Miller Client: General Motors Firm: Cadwalader, Wickersham & Taft Lead lawyers: Deryck Palmer, John Rapisardi (restructuring) Client: US Treasury Firm: Sonnenschein, Nath & Rosenthal Client: US Treasury • Deal included taxpayer-backed restructuring of General Motors and Chrysler • Firms had 31 March deadline to determine whether GM and Chrysler are still commercially viable and deserving of more US Government bailout funds • Both manufacturers previously received US$17.4bn (A$24.9bn) bailout last December and have recently asked for an additional US$22bn (A$31.5bn)

| DEBT MARKET | ►► Wesfarmers debt extension A$4.1bn Firm: Allens Arthur Robinson

Lead lawyer: Diccon Loxton Client: Wesfarmers Firm: Freehills Lead lawyers: Chris Robertson Client: BNP Paribas, Commonwealth Bank, National Australia Bank, Westpac, ANZ • Deal included debt extension totalling A$4.1bn in syndicated facility and many bilaterals • Syndicated facility agreement (2007) previously saw Wesfarmers borrow A$10bn to finance purchase of Coles • Term facility of financing due to mature in October 2010

| M&A/FINANCE | ►► Rank Group-Alcoa asset acquisition/financing US$1.6bn (A$2.3bn) Firm: Russell McVeagh Lead lawyer: Guy Lethbridge Client: Credit Suisse, BOS International, Calyon, ANZ

Guy Lethbridge, Russell McVeagh

• Financing of Rank Group’s acquisition of packaging assets of Alcoa involved various complexities • Securities were taken in 18 jurisdictions and syndicated to more than 15 banks • Deal completed in a tight timeframe during height of credit crunch

6-13 - deals.indd 8

►► Adelaide Port Stanvac desalination plant bid A$1.4bn Firm: Allens Arthur Robinson Lead lawyer: Emma Warren Client: Acciona Agua Firm: Minter Ellison Lead lawyer: Stewart Nankervis Client: United Utilities Australia Firm: Deacons Lead lawyer: Grant Ahearn Clients: McConnell Dowell, Abigroup Contractors

Emma Warren, AAR

Stewart Nankervis, Minter Ellison

Firm: Corrs Chambers Westgarth Lead lawyer: Andrew Pitney Client: SA Water

Firm: Bell Gully Lead lawyer: Murray King Client: Rank Group

8

| INFRASTRUCTURE |

• AdelaideAqua consortium’s successful winning bid of A$1.4bn for desalination plant in Adelaide, involved combined effort from legal teams from three other consortium members • Bid involved advising bidding parties on complex contractual documents, covering design and construction, operations and maintenance • Consortium expected to design, build, operate and maintain plant at Port Stanvac for about 20 years Australasian Legal Business ISSUE 7.4

23/04/2009 10:12:44 AM

NEWS | deals >>

• Shell’s 30% stake acquisitions in Arrow Energy’s upstream tenements and 10% acquisition in Arrow’s international operations, included joint venture deal • Allens cooperated with offices in Cambodia and Singapore to carry out due diligence of the domestic assets, negotiate and draft transaction documents

| M&A | ►► Gloucester CoalWhitehaven Coal proposed merger A$900m

“This transaction was both legally and technically complex. It involved a number of parties in the consortium with different roles and the transaction also needed to be completed in a very short timeframe” Emma Warren, Allens Arthur Robinson

| ENERGY/M&A | ►► Shell-Arrow Energy stake acquisition/JV US$700m (A$1.06bn) Firm: Allens Arthur Robinson Lead lawyers: Andrew Knox, Chelsey Evans, Peter Allen Client: Shell, financiers

Firm: McCullough Robertson Tony Damian, Lead lawyers: Freehills Damien Clarke, Jim Peterson Client: Whitehaven Coal • Gloucester Coal’s proposed merger with Whitehaven Coal expected to create A$900m NSW-based group • Merger to proceed via off-market scrip takeover offer by Gloucester for shares in Whitehaven • Some long-term restructuring aspects could be involved since combined board will eventually reduce in size • Offer subject to 80% acceptance by Whitehaven shareholders and FIRB approval – Whitehaven agreed to pay a break fee of A$4.5m to Gloucester if merger does not proceed

| CAPITAL MARKETS | Martin Klapper, HopgoodGanim

Firm: Mallesons Stephen Jaques Lead lawyer: John Humphrey Client: Arrow Energy (M&A)

Firm: HopgoodGanim Lead lawyer: Martin Klapper Client: Arrow Energy (JV, M&A) Firm: Freehills Lead lawyer: Robert Merrick Client: AGL Energy (Equity, JV) Firm: TSMP Law Corporation Lead lawyer: Marae Ciantar Client: Shell (Singapore, Cambodia law) www.legalbusinessonline.com

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Firm: Freehills Lead lawyer: Tony Damian Client: Gloucester Coal

►► Suncorp-Metway capital raising/rights issue A$855m Firm: Corrs Chambers Westgarth Lead lawyers: Teresa Handicott, Andrew Mackenzie Client: Suncorp-Metway • First time a bank or insurance company has undertaken a rights issue without a prospectus • Accelerated pro-rata rights issue and A$855m institutional placement was completed in just two days following announcement • Deal involved cleansing notice to

9

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NEWS | deals >>

►► Your month at a glance Firm

Jurisdiction

Deal Name

Allens Arthur Robinson

Australia

Adelaide Port Stanvac desalination plant bid

Australia

ANZ infrastructure-NewGen Neerabup stake acquisition

130 Infrastructure

Australia

Bendigo and Adelaide Bank-Adelaide Managed Funds trust acquisition

174

Trusts, M&A

Australia, Asia

Shell-Arrow Energy stake acquisition/JV

1,060

Energy, M&A

Australia, Europe

van Laack-Herringbone acquisition

Australia

Wesfarmers debt extension

Australia

IBA Health equity raising

124

Equity

Australia

SAI Global/Vectis-Espreon takeover bid

47.7

M&A

New Zealand

Carrus-Penrose property acquisition

28.8

Property, M&A

New Zealand

Fletcher Building Finance capital notes offer

105

Equity

New Zealand

New Zealand Rugby World Cup bid

252

Sport, government

New Zealand, US

Rank Group-Alcoa asset acquisition/financing

Australia, New Zealand

Abacus Property Group pro rata rights issue/raising

187

Australia

ANZ infrastructure-NewGen Neerabup stake acquisition

130 Infrastructure

Australia

Northern Territory Airport refinancing

304

Finance

New Zealand

New Zealand Rugby World Cup bid

252

Sport, government

105

Equity

Baker & McKenzie Bell Gully

Blake Dawson

Buddle Findlay

A$m

Practice

1,400

N/A 4,100

Infrastructure

Manufacturing, M&A Debt

2,300 M&A, finance Equity

New Zealand

Fletcher Building Finance capital notes offer

Cadwalader, Wickersham & Taft

New Zealand, US

US Treasury-General Motors investment

7,100

Chang Pistilli & Simmons

Australia, New Zealand

Abacus Property Group pro rata rights issue/raising

187

Australia

ANZ infrastructure-NewGen Neerabup stake acquisition

130 Infrastructure

Australia

APA Group capital raising

110

Australia

Adelaide Port Stanvac desalination plant bid

1,400

Australia

Suncorp-Metway capital raising/rights issue

855

Clayton Utz

Australia

Progen-Cytopia merger/share buyback

Clifford Chance

Australia, US

Wyeth-Pfizer merger

Cochrane Lishman

Australia

TransAtlantic-Incremental Petroleum acquisition

Deacons

Australia

Adelaide Port Stanvac desalination plant bid

1,400

Infrastructure

Dewey & LeBoeuf

New Zealand, US

US Treasury-General Motors investment

7,100

Government, manufacturers

DLA Phillips Fox

Australia

Fujitsu-Kaz acquisition

200

IT, M&A

Freehills

Australia, New Zealand

Abacus Property Group pro rata rights issue/raising

187

Equity

Australia

ANZ infrastructure-NewGen Neerabup stake acquisition

130 Infrastructure

Australia

Fujitsu-Kaz acquisition

200

IT, M&A

Australia

Gloucester Coal-Whitehaven Coal proposed merger

900

M&A

Australia, US

Lend Lease equity raising

302.5 Equity, property

Australia, Asia

Shell-Arrow Energy stake acquisition/JV

1,060

Energy, M&A

Australia

Wesfarmers debt extension

4,100

Debt

Corrs Chambers Westgarth

10

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Government, manufacturers Equity

Equity Infrastructure Equity

40 Health, M&A 94,800

Health, M&A

86 Energy, M&A

undertake a rights issue without a prospectus, and coordination of foreign legal advice and sign-offs on the offer, with respect to numerous foreign jurisdictions • Retail component of rights issue could raise a further A$447m, pending acceptance

| FINANCE | ►► Northern Territory Airport refinancing A$304m Firm: Blake Dawson Lead lawyers: Martin Coleman, Trent Chugg Clients: ANZ, Commonwealth Bank, National Australia Bank, Westpac Bank Firm: Mallesons Stephen Jaques Lead lawyer: Ian Solomon Client: Northern Territories Airports • Deal included A$304m three-year ‘club’ financing from ANZ, CBA, NAB and Westpac • Northern Territory Airports owns and operates Alice Springs Airport, Darwin International Airport and Tennant Creek Airport • Facility used to refinance A$221m loan provided by CBA and for capital expenditure, including future construction costs for airport development

| EQUITY, PROPERTY | ►► Lend Lease equity raising A$302.5m

Firm: Freehills Lead lawyer: Justin O’Farrell Client: Lend Lease Firm: Skadden Arps Lead lawyer: Mark J Leemen (US law) Client: Lend Lease

Mark Leemen, Skadden

Firm: Sullivan & Cromwell Lead lawyer: Waldo Jones Clients: Morgan Stanley, Goldman Sachs JB Were • Raising included institutional placement to raise A$302.5m in equity • Carried out in a tight timeframe despite daily market fluctuations in Australia and the US • New shares settled on 10 February and commenced trading the next day Australasian Legal Business ISSUE 7.4

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NEWS | deals >>

Lead lawyer: James Crowe Client: Telstra • Deal saw sale of KAZ Group from Telstra, making Fujitsu Australia the third largest IT company in Australia by revenue • Kaz holds major contracts with ING, AMP and the Department of Defence • Key part of the transaction is that Fujitsu retains a “key strategic alliance” with Telstra for future IT services deals • Subject to Foreign Investment Review Board approval

| CAPITAL MARKETS | | SPORT/GOVERNMENT | ►► New Zealand Rugby World Cup bid NZ$315m (A$252m) Firm: Simpson Grierson (successful) Lead lawyers: Kevin Jaffe (Eden Park Trust Board), Michael Pollard (Auckland City Council), Simon Vannini (North Shore City Council), Alex Campbell (Tourism Auckland) Clients: Eden Park Trust Board, Auckland City Council, North Shore City Council, Tourism Auckland

Michael Pollard, Simpson Grierson

Kevin Jaffe, Simpson Grierson

Firm: Buddle Findlay Lead lawyer: Steve Nightingale Client: Rugby New Zealand 2011 Firm: Kensington Swan Chris Parke, Lead lawyer: Chris Kensington Swan Parke Client: Auckland Regional Council Firm: Bell Gully Lead lawyer: Tom Bennett Client: Auckland Regional Transport Authority • Competitive bidding process between many regions of New Zealand due to expected large domestic and international www.legalbusinessonline.com

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“There were intensive periods leading up to numerous contractual milestones, but we managed to make them all. Auckland’s bid was interesting as it involved putting an executed post-region contract together involving 14 parties, including eight local authorities” Charlotte Clitherow, Simpson Grierson

attendance, bringing NZ$315m to local businesses • Firm advised Eden Park Trust Board in relation to match venue arrangements, and several different parties for seven months, including Auckland councils and a major tourism organisation on regional hosting agreements and other documentation

| TECHNOLOGY/M&A | ►► Fujitsu-Kaz acquisition A$200m

Firm: DLA Phillips Fox Lead lawyer: Mark Burger Client: Fujitsu Australia Firm: Freehills

►► Abacus Property Group pro rata rights issue/raising A$187m Firm: Chang Pistilli & Simmons Lead lawyer: Lance Sacks Client: Tricom Equities (underwriter for Abacus) Firm: Freehills Lead lawyer: Justin O’Farrell Client: Abacus Firm: Blake Dawson Lead lawyers: Philip Maxwell, Matthew King, Sophie MacIntosh Client: Kirsh Group Firm: Quigg Partners Lead lawyer: David Quigg Client: Abacus • Offering included A$187m lowdoc rights • Transaction follows on from 13.6% (A$24m) placement of Abacus to Kirsh Group during January • New offer announced on 27 February and due to close 26 March

| TRUSTS/M&A | ►► Bendigo and Adelaide Bank-Adelaide Managed Funds trust acquisition A$174m Firm: Mallesons Stephen Jaques Lead lawyers: David Friedlander, Craig Semple, Fiona Newham Client: Adelaide Managed Funds David Friedlander, Mallesons Firm: Allens Arthur Robinson Lead lawyer: Greg Bosmans

Client: Bendigo and Adelaide Bank • Proposal involves acquisition of all issued units in Adelaide Managed Funds Asset Backed Yield Trust • Acquisition to be implemented through a “trust scheme” – a process that imitates a normal scheme of arrangement process • Consideration offered includes a hybrid security that may convert into shares in Bendigo and Adelaide Bank in the future

| EQUITY/M&A | ►► Australian Agricultural/ Dunkeld Pastoral-Futuris stake acquisitions A$157.2m Firm: Mallesons Stephen Jaques Lead lawyer: John Humphrey Client: Australian Agricultural Company (share sale) Firm: McCullough Robertson Lead lawyer: Rodney Bell Client: Australian Agricultural Company (property aspects) Firm: Norton Gledhill Lead lawyer: Jeremy Rosenthal Client: Dunkeld Pastoral Group • Futuris’ stake acquisition of Australian Agricultural Company (AAco) included two sizable stakes in the Northern Territory-based beef producer • One of the deals sees Dunkeld Pastoral Group, owned by barrister Allan Myers, acquire 19.9% interest in AAco (A$89.8m) from Futuris • International Foodstuffs also acquired a 15% stake (A$67.4m) in AAco from Futuris • Parties entered binding contracts, but deal subject to AAco shareholder vote

| INFRASTRUCTURE | ►► ANZ infrastructureNewGen Neerabup stake acquisition A$130m Firm: Chang, Pistilli & Simmons Lead lawyer: Richard Graham Client: Babcock & Brown Power Group Firm: Allens Arthur Robinson

Richard Graham, CP&S

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NEWS | deals >>

►► Your month at a glance (cont) Firm

Jurisdiction

Deal Name

A$m

Practice

Gadens Lawyers

Australia, Europe

van Laack-Herringbone acquisition

N/A

Manufacturing, M&A

Gilbert + Tobin

Australia

SAI Global/Vectis-Espreon takeover bid

47.7

M&A

Hall & Wilcox

Australia

Progen-Cytopia merger/share buyback

HopgoodGanim

Australia

Shell-Arrow Energy stake acquisition/JV

Johnson Winter & Slattery

Australia

TransAtlantic-Incremental Petroleum acquisition

K A Garling

Australia, Europe

van Laack-Herringbone acquisition

Kensington Swan

New Zealand

New Zealand Rugby World Cup bid

Mallesons Stephen Jaques

Australia

Australian Agricultural/Dunkeld PastoralFuturis stake acquisitions

Australia

40 Health, M&A 1,060

Energy, M&A

86 Energy, M&A N/A

Manufacturing, M&A

252

Sport, government

157.2

Equity, M&A

Bendigo and Adelaide Bank-Adelaide Managed Funds trust acquisition

174

Trusts, M&A

Australia

Northern Territory Airport refinancing

304

Finance

Australia

Progen-Cytopia merger/share buyback

Australia

SAI Global/Vectis-Espreon takeover bid

Australia, Asia

Shell-Arrow Energy stake acquisition/JV

Australia, US

Wyeth-Pfizer merger

McCabe Terrill

Australia, Europe

van Laack-Herringbone acquisition

McCullough Robertson

Australia

Australian Agricultural/Dunkeld PastoralFuturis stake acquisitions

Australia

Gloucester Coal-Whitehaven Coal proposed merger

900

Australia

Adelaide Port Stanvac desalination plant bid

1,400

Minter Ellison

40 Health, M&A 47.7

M&A

1060

Energy, M&A

94,800

Health, M&A

N/A 157.2

Manufacturing, M&A Equity, M&A M&A Infrastructure

Australia

TransAtlantic-Incremental Petroleum acquisition

Norton Gledhill

Australia

Australian Agricultural/Dunkeld PastoralFuturis stake acquisitions

86 Energy, M&A

Peterson Law

New Zealand

Carrus-Penrose property acquisition

28.8

Property, M&A

Quigg Partners

Australia, New Zealand

Abacus Property Group pro rata rights issue/raising

187

Equity

New Zealand, US

US Treasury-General Motors investment

7,100

157.2

Equity, M&A

Government, manufacturers

Russell McVeagh

New Zealand, US

Rank Group-Alcoa asset acquisition/financing

Simpson Grierson

New Zealand

Auckland City Council bond issue

2,300 M&A, finance

New Zealand

New Zealand Rugby World Cup bid

Simpson Thacher

Australia, US

Wyeth-Pfizer merger

Skadden Arps

Australia, US

Lend Lease equity raising

302.5 Equity, property

Sonnenschein, Nath & Rosenthal

New Zealand, US

US Treasury-General Motors investment

7,100

Sullivan & Cromwell

Australia, US

Lend Lease equity raising

302.5 Equity, property

TSMP Law

Australia, Asia

Shell-Arrow Energy stake acquisition/JV

1,060

Watson Mangioni

Australia, Europe

van Laack-Herringbone acquisition

Weil, Gotshal & Manges

New Zealand, US

Willkie Farr & Gallagher

New Zealand, US

81 Government, equity 252 94,800

Please contact

6-13 - deals.indd 12

Health, M&A Government, manufacturers Energy, M&A

N/A

Manufacturing, M&A

US Treasury-General Motors investment

7,100

Government, manufacturers

US Treasury-General Motors investment

7,100

Government, manufacturers

Does your firm’s deal information appear in this table?

12

Sport, government

alb@keymedia.com.au

61 2 8437 4700

Lead lawyers: Anna Collyer, Paul Quinn, Stephen Spargo (financiers) Client: ANZ infrastructure, Suncorp, ANZ, KBC, WestLB, Bank of Scotland, National Australia Bank Capital

Len Hertzman, Blake Dawson

Firm: Blake Dawson Lead lawyer: Len Hertzman Client: ANZ infrastructure Firm: Freehills Lead lawyer: Bill Glover Client: ERM Power • ANZ’s infrastructure arm’s 50% stake acquisition in NewGen Neerabup Power Station from Babcock & Brown Power Group is the second of three tranches in BBP’s sell-down program, targeting A$130m of proceeds • The sale was the culmination of a sales process involving a number of interested parties, including ERM Power • CP&S continues to advise the Group in respect of the sale of its other NewGen Power assets announced last November Australasian Legal Business ISSUE 7.4

23/04/2009 10:12:56 AM

NEWS | deals >>

| EQUITY | ►► IBA Health equity raising A$124m

Firm: Baker & McKenzie Lead lawyer: Steven Glanz Client: IBA Health • Deal comprises underwritten accelerated institutional offers and a separate retail offer • Proceeds from the rights offer will reduce debt by retiring subordinated borrowings and other senior borrowings

| CAPITAL MARKETS |

| CAPITAL MARKETS | ►► Fletcher Building Finance capital notes offer NZ$131.3m (A$105m) Firm: Bell Gully Lead lawyer: Brynn Gilbertson, Murray King Client: Fletcher Building Finance Firm: Buddle Brynn Gilbertson, Findlay Bell Gully Lead lawyer: Shane Johnstone Client: Perpetual Trust • Fletcher Building Finance capital

notes offer raised NZ$131.3m • Issuing of capital notes meant that Fletcher Building met its refinancing requirements for the year • Notes are listed on the NZDX

| ENERGY, M&A | ►► TransAtlantic-Incremental Petroleum acquisition A$86m Firm: Johnson Winter Slattery Lead lawyer: Peter Smith Client: Incremental Petroleum Firm: Cochrane Lishman (successful) Lead lawyers: Justin Harris, Paul Vinci Client: TransAtlantic

Firm: Minter Ellison Lead lawyer: Laurie Shervington Client: Cooper Energy • Deal closed when acquirer held 96% of vendor’s scrip, resulting in compulsory acquisition • TransAtlantic's offer was recommended in February by Incremental's board of directors • Rival bidder Cooper Energy dropped out of previous bid and sold 27% stake to TransAtlantic for A$23m • Minter Ellison made A$235,000 in legal fees

►► APA Group capital raising A$110m

Firm: Chang Pistilli & Simmons Lead lawyer: Lance Sacks Client: APA Group • Envestra was responsible entity for APA Group capital raising • Deal required lawyers to act as security holder and sole underwriter • Issue closed 10 February 2009

►► Correction

In issue 7.3's Practice Area Guide to Environment Law, Chapman Tripp's John Hesin was mentioned as being calm, knowledgeable and a good strategic thinker. The correct version is as follows: Chapman Tripp offered "superb" knowledge and practical advice. Frank McLaughlin was helpful with the financial markets side of carbon matters, John Hassan was calm, knowledgeable and a good strategic thinker, while Suzanne Janissen was highly regarded for her environmental work on major infrastructure projects.

2008 Winner BRW Client Choice Awards Best Australian Law Firm (Under $20 million) 2008 Winner Exceptional Services (All Australian Professional Service Firms) 2008 Finalist BRW-ANZ Private Business Award, Excellence in Customer Service

Swaab Attorneys Level 1 , 20 Hunter Street, Sydney NSW 2000 Ph 02 9233 5544 www.swaab.com.au www.legalbusinessonline.com

6-13 - deals.indd 13

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23/04/2009 10:13:07 AM

NEWS | analysis >>

Analysis

Firms line up for round two in National Broadband Network saga

T

here has been much secrecy surrounding which law firms have been advising clients on the federal government’s National Broadband Network (NBN).

However, ALB has confirmed that Corrs Chambers Westgarth, Clayton Utz, Holding Redlich, Mallesons Stephen Jaques and Allens Arthur Robinson were the initial advisers on the plan.

Partners Caroline Lovell and Michael Reede are leading the Clayton Utz team for Optus, Holding Redlich managing partner Chris Lovell is advising Acacia consortium, and Mallesons’ Neil Carabine is acting for Telstra. While Allens partner Ian McGill was unable to name his client, sources suggest he is the lead lawyer acting for Axia NetMedia.

It is still unclear as to whether Corrs’ Andrew Messenger will continue advising the independent expert panel at the Department of Broadband, Communications and the Digital Economy. Other legal practitioners who have also been on the panel include Australian Government Solicitor’s John Scala and Garth Cooke, solicitor-general Stephen Gageler and some internal government lawyers.

The Rudd government’s recent move to scrap the tendering process for NBN and establish its own government-owned company to create the network came as quite a “shock” to some firms. “It put the

broadband project on a different playing field – a different planet even – and that caused some degree of consternation,” McGill said. “It is the case with any request for tender that there is a risk of not winning – it’s just a risk of the game.”

Mallesons was unable to comment on the new plan. However, partners from some firms acting on the bid believe it will give Telstra a second chance at involvement in the NBN plan. The telco was excluded from the tendering process in December, after failing to submit a small and medium business participation plan.

Very little information has been released about the new plan, apart from the fact that it will roll out fibre-optic cable to 90% of Australian homes and businesses. The rest will be connected by next generation wireless and satellite technology. Funding will be part public and part private, and the network will be wholesale and independent of Telstra, to ensure that telecommunications and internet providers are treated equally.

Lawyers specialising in telecommunications are keeping a watchful eye on the A$43bn project, according to Chris Lovell. “A$43bn is such a big deal. All firms with telco experience will be looking at it closely, as it will bring massive work flows in contract work, financing and debt, and advice on regulatory matters,” he said. There will also be significant

►► Timeline of events: National Broadband Network 2008

April 2008 – Minister for Broadband, Communications and the Digital Economy Stephen Conroy called for tenders

14

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2009

December 2008 – Federal government excludes Telstra from tendering process after the telco failed to submit a small and medium business participation plan

April 2009 – Federal government terminates tendering process, announces government-owned plan that is funded both publicly and privately.

►► Key players Firm: Mallesons Stephen Jaques Lead lawyer: Neil Carabine Client: Telstra Firm: Clayton Utz Lead lawyers: Caroline Lovell, Michael Reede Client: Optus Firm: Holding Redlich Lead lawyer: Chris Lovell Client: Acacia consortium Firm: Allens Arthur Robinson Lead lawyer: Ian McGill Client: Axia NetMedia Firm: Corrs Chambers Westgarth Lead lawyer: Andrew Messenger Client: Department of Broadband, Communications and the Digital Economy’s independent expert panel Firm: Australian Government Solicitor Lead lawyer: John Scala, Garth Cooke Client: Department of Broadband, Communications and the Digital Economy’s independent expert panel

work on corporate governance, equity participation, ownership and control rules, as well as understanding the Aussie bond structure that will finance the NBN. “It’s a lot of money to raise, but there seems to be plenty of it around that needs a good home,” Lovell said.

“From what I’ve seen, virtually every recent equity or bond issue was fully or over-subscribed. It will depend on the terms of the bond and whether there is a secondary market for them.”

However, the up-tick is not expected until the federal government publishes the results of its implementation study. “A lot will be revealed by who are appointed CEO and COO, and to the board. I anticipate that it will be Commonwealth-owned and controlled.

Until then, lawyers will be peddling hard to get their clients to respond to the discussion paper,” McGill said. ALB Australasian Legal Business ISSUE 7.4

23/04/2009 11:59:35 AM

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23/04/2009 11:59:42 AM

NEWS | news >>

news in brief >> US firm looks to asia with sydney launch US-based firm Dorsey & Whitney has opened an office in Sydney to service US clients in the AsiaPacific region.

Working in conjunction with its two other Asia offices in Shanghai and Hong Kong, the Sydney office will be headed by partner John Chrisman to serve companies and banks based in Asia. Commenting on the opening, the firm’s managing partner, Marianne Short, said the firm saw “favourable prospects” for work in the region. “We look forward to building long-term relationships with banks, companies and law firms [in Sydney] who can use our US and capital markets expertise,” she added.

Minter Ellison HK absorbs local firm Minter Ellison has absorbed Hong Kong-based firm Cordells to broaden its projects practice and meet an expected rise in infrastructure work.

Two lawyers and two support staff from boutique property firm Cordells have joined Minters’ Hilary Cordell Minter Ellison Hong Kong Asian projects and construction practice. Partner Hilary Cordell (pictured) said that the combination will create a more comprehensive practice as major projects are launched across Asia.

Minters’ Hong Kong managing partner, Sam Farrands, said the Hong Kong government’s budget confirms growth in infrastructure investment and particularly ‘green’ and infrastructure projects, such as the West Kowloon Cultural District, Hong KongMacau Zhuhai Bridge and Kai Tak Development.

False bullying claims on the rise A surprising trend has emerged amid the uncertainty of the current job market: an increase in the number of bullying claims. Interestingly, many of these are false, and made by employees trying to protect themselves from redundancies through contrived or exaggerated workplace allegations.

Bullying and harassment cases are typically highprofile and very negative for employers, said Harmers Workplace Lawyers managing partner Joydeep Hor, and some employees see this as “bargaining power”.

Claims of bullying and harassment have increased steadily over the past 10 years and the Workplace Pulse Quarterly Survey found that almost 30% of employees have been bullied at work and 44% have witnessed bullying in the workplace.

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layoffS >>

Blake Dawson confirms 89 staff made redundant

B

lake Dawson has recently completed a review of its business and come to a final decision over the retrenchment of up to 100 staff.

A spokesperson for the firm stated that 89 employees, consisting of 23 lawyers and 66 support staff, had been made redundant. The redundancies came as a result of the “rapid deterioration of the economy” which prompted preparation for an “uncertain outlook to continue for some time”, the spokesperson added.

All staff were given severance payments and career transition support, with some to receive ongoing support. “While this has been a challenging process for everyone, we believe that the measures we have taken will ensure that the business remains competitive with the right mix of skills and experience for the current environment,” the spokesperson said.

The firm has already laid off at least four property and finance lawyers since the beginning of the year. ALB

“While this has been a challenging process, we believe that the measures taken will ensure that the business remains competitive with the right mix of skills and experience for the current environment”

TAX >>

Bell Gully: Kiwi crackdown on transfer pricing brings ‘upsurge’ in enquiries

J

ust weeks after New Zealand’s Inland Revenue Department (IRD) vowed to crack down on transfer pricing practices, tax practices at NZ firms have Niels Campbell seen an “upsurge” in Bell Gully enquiries from clients.

The tighter measures come following the IRD’s latest move to maintain New Zealand’s “share of multinational tax”, “acceptable” income recognition and international practices. Businesses suspected of non-compliance will be sent questionnaires – about royalties and intercompany financing – before auditing begins.

Harsher penalties have also triggered more client enquiries.

“There is continuing legal work in advising on transfer pricing, particularly for inbound investment transactions – this includes intragroup loans, guarantees, management fees and intellectual property royalties,” said Bell Gully partner Niels Campbell.

Offshore clients wanting to do business in New Zealand have also enquired about transfer pricing.

Campbell said these include clients who have undertaken full transfer pricing reviews, but still need to review their “suitability” and “scope” for Kiwi conditions.

The IRD is currently on a roll, having recently won a High Court case against Westpac, one of the major banks accused of tax avoidance (A$2bn). ALB Australasian Legal Business ISSUE 7.4

23/04/2009 10:15:59 AM

NEWS | news >>

INSOLVENCY/RESTRUCTURING >>

Mallesons partner says insolvency and bankruptcy boom will continue into 2010

T

he recent boom in personal insolvencies and bankruptcies has doubled law firm work flows in this area, according to Mallesons Stephen Jaques Tony Troiani partner Tony Troiani.

Mallesons Mallesons’ Melbourne office has seen twice as much insolvency work for banks and individual directors. Troiani pointed out a range of work, including banks seeking to restructure or recover debt. “Most of the work I’ve seen includes helping clients comply with the Corporations Act and fulfil their obligation to appoint administrators if they are unable to pay off debt,” he said.

The remarks come after the University of Melbourne’s Centre for Corporate Law released figures that revealed that 27% of bankruptcies occurred among managers, administrators or other professionals – an increase of 142% from 1999 levels. It also found a 261% increase in personal insolvencies from 1990–2008 and a 12% jump since mid-2008 alone.

Although clients are facing challenges in restructuring or refinancing their debt, Troiani believes that more of them prefer to leave administration as a last resort. “They have been trying harder to refinance rather than going straight into receivership – this is a good thing,” he added.

Troiani has recently acted on the Opus Prime liquidation (A$650m), Kleins Jewellery Group administration and Cornerstone Pubs receivership. He said that this kind of work is expected to keep Mallesons busy for at least 12 months, even if market conditions improve in 2010.

IMF Australia’s managing director John Walker recently told ALB that a lot of insolvency claims have not yet taken effect, because such claims can often take up to two years to “flow through” to litigation. ALB www.legalbusinessonline.com

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uk report Staff cuts continue at UK firms The economic turmoil continues to take its toll on firms and their staff as another round of redundancy consultations begins.

Following reports that Clifford Chance aims to reduce lawyer headcount by 80 and scale back its partnership numbers, the Magic Circle firm recently announced it would be laying off up to 115 business services staff in London after a review.

Allen & Overy also recently revealed that five partners of the 12 that make up its London leveraged finance team will be departing, due to the scarcity of buyout activity. The firm is also said to be poised to lay off another 31 of its 192 associates from its general banking practice.

Bristol-headquartered firm Burges Salmon has begun a redundancy consultation that will see 18 lawyers laid off across a number of different practices, while trainees are being requested to defer their start dates by a year.

The firm is also considering initiating a freeze on lawyer salaries, a decision that is due to be confirmed in September.

US firms axe London counterparts Many US firms have recently taken to cutting staff from their London networks as they seek to ride out the slump.

Dewey & LeBoeuf last month launched a redundancy consultation in London in a bid to reduce its associate headcount by around 15.

The cut will amount to 9% of London-based associates and see 13% of support staff laid off in the capital.

Latham & Watkins also announced plans to lay off a total of 440 employees across its global network, with its London office set to lose 15.

The firm will offer severance packages including six months’ salary and six months of continued medical benefits to staff who are let go.

Shearman & Sterling has followed suit and begun redundancy consultations in its London office, where 18 secretarial and support staff are likely to lose their jobs.

The firm also revealed that it has reduced its bonus pool and initiated a salary freeze due to the shaky economic climate.

Last, but not least, White & Case is on track to slash between 80 and 95 legal and support staff jobs in London as part of a firm-wide round of redundancies that will see around 400 employees laid off (see story p25).

Lovells to pay up after all Despite no mention of compensation in its first letter to future joiners, reports have now revealed that Lovells will now offer a cash payment to trainee solicitors who have decided to defer.

The firm recently wrote to its autumn 2009 and spring and autumn 2010 intakes, offering a £5,000 cash payment to those who delay their start dates by 12 months and £2,500 for any who decide to defer for six months.

Lovells follows in the footsteps of other UK firms, such as DLA Piper, Penningtons (which is paying a flat rate of £5,000 to trainees who delay their start dates for a year), Herbert Smith and Norton Rose (the most generous so far, offering up to £10,000).

 ROUNDUP

• Ogier has appointed Goldman Sachs’ head of UK strategic wealth advisory, Ian Cain, as director and head of Ogier Private Wealth • London-based boutique Grundberg Mocatta Rakison (GMR) is set to complete a merger with US firm McGuireWoods on 1 May, with the UK arm set to trade under the name McGuireWoods London and GMR founder and senior partner Anders Grundberg heading the London office as managing partner • Norton Rose has offered staff a part-time option of working four-day weeks on 85% of pay, or taking a sabbatical of up to 12 weeks on 30% of pay • Dewey& LeBoeuf is set to launch a Madrid office, with London partner Berge Setrakian heading the initiative • Sidley Austin confirmed that 17 associates – or more than 20% of its City staff – will lose their jobs at the firm during the upcoming redundancy consultation • Matthew Thompson will replace Nick Kershaw as managing partner of the Ogier Jersey office, while Kershaw takes on the role of group chief executive

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23/04/2009 10:16:01 AM

NEWS | news >>

news in brief >> Supreme Court indemnity award provides litigators with food for thought A recent Victorian Supreme Court ruling awarding indemnity costs for Jarrod Ritchie of TPI Enterprises may have struck a chord with those in the litigation game. After a lengthy four-year dispute and five-week trial ending in May 2008, the Victorian Supreme Court dismissed all claims by GlaxoSmithKline (GSK) of alleged misuse of confidential information and breach of fiduciary duty against defendant TPI, on grounds that none of GSK’s claims were proven and failed to identify what confidential information had been breached.

Acting for TPI, Arnold Bloch Leibler partner Zaven Mardirossian later went back to the Supreme Court to seek indemnity costs against GSK. Justice Harper recently found in favour of TPI, ordering GSK to pay TPI’s legal costs on an indemnity basis from the commencement of proceedings.

Advised by Deacons partner Cameron Harvey, GSK had claimed that Ritchie misused information gained during his seven years of employment at the company, to establish TPI and developing processes for manufacturing licit morphine and other opiates from poppies.

s\

ros-

Firm not amused with Conroy gaffe Labor’s communication minister Stephen Conroy has commented about the iiNet copyright case that is scheduled to be heard by the Federal Court later this year. The case involves seven film networks and Channel Seven suing the internet service provider (ISP) iiNet for allegedly allowing users to download pirated films and TV shows.

Conroy ridiculed the ISP’s defence as being something that belonged in the comedy series, Yes Minister, while giving a presentation at a telecommunications conference. Opposition figures were quick to criticise the gaffe, which some industry commentators have attributed as being thinly veiled retribution for iiNet’s withdrawal from the government’s internet filtering scheme trials.

Although Seven’s lawyers at Gilbert+Tobin are not talking to the press, those from Herbert Geer, who are preparing iiNet’s defence, are “particularly surprised” by the minister’s remarks, given that the ISP had not yet filed its defence.

The shadow attorney general and shadow minister for communications, Nick Minchin, have both been quick to offer the opinion that iiNet would be well within its rights to instruct Herbert Geer to commence action against Conroy. The minister has responded to the statement by telling Minchin to “get a sense of humour”.

agazine

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merger >>

Christensen Vaughan joins forces with Gadens Lawyers

W

estern Australian firm Christensen Vaughan, previously part of the Kennedy Strang legal group, has recently agreed to merge with Gadens Lawyers in Perth.

The move will complement both firms’ practices and boost staff numbers. “We see this as a growth model. The combined staff will be able to access more work under the Gadens brand. We have a large insolvency practice at Christensen Vaughan and we will be able to tie this into Gadens’ banking connections,” said Christensen Vaughan’s managing partner, Lee Christensen.

Christensen Vaughan had become increasingly interested in tapping into the national client market. It was also looking to broaden its boutique practices. Once the merger takes effect on 1 May, the combined entities will operate under the Gadens brand and the Perth operation will consist of six partners and 45 other staff. Christensen Vaughan partner Anthony Connor will be named the new managing partner, while Christensen will continue working as an insolvency litigation partner.

No employees are expected to be made redundant subsequently. “This is a merger where one plus one will equal more than two. It’s an opportunity to provide clients with more staff, while creating career paths and filling voids at both firms to become a stronger combined practice,” Christensen said.

The enlarged office will service practice areas such as corporate & commercial, banking & finance, insolvency, property, litigation and infrastructure, among others. Gadens has offices in every mainland Australian state as well as Papua New Guinea. ALB

INSOLVENCY/IT >>

Freshfields e-mails lawyers redundancy advice

M

agic Circle firm Freshfields has resorted to e-mailing advice to its expatriate Australian and Kiwi lawyers on how to remain in the UK, should their job happen to be next on the chopping block.

The firm has also invited British immigration advisers to host a special Q&A session, but dismissed fears there may be redundancies on the way.

A spokesperson said the advice was merely ‘alerting’ staff to upcoming changes to visa requirements.

Freshfields claims it has managed to avert redundancies by recently

introducing NQ salary cuts and freezing some salaries. However, there have been reports from insiders at the firm that associates from the corporate department have been ‘disappearing’ without notice. This is understood to be fuelling Australian and Kiwi lawyers’ anxiety that they may wind up at Heathrow Airport sooner than expected.

Those lawyers choosing to return to their home jurisdictions, however, could face challenges finding work – Blake Dawson has laid off 89 staff, while HWL Ebsworth recently retrenched 17. ALB Australasian Legal Business ISSUE 7.4

23/04/2009 10:16:06 AM

NEWS | news >>

GOVERNMENT >>

Armidale barrister loses government tax bonus challenge

T

he charming New South Wales country town of Armidale drew interest from all corners of the nation after barrister Bryan Pape – also a lecturer at the University of Bryan Pape UNE New England – recently challenged the Rudd government’s tax bonus.

The matter went before the Australian High Court on 30 and 31 March, with solicitor general Stephen Gageler QC, Stephen Lloyd SC and Australian Government Solicitor’s David Bennett QC acting for the successful defence.

Pape referred to a paper he published in 2005, called The Use and Abuse of the Commonwealth Finance Power, which details his argument that the federal government had overreached its legislative powers. He argued that the tax bonus legislation is another such example.

“The Commonwealth government is exceeding its constitutional mandate.

Just because something is in the national interest doesn’t give it the power to do it – if it needs more power, it should submit a proposal to voters by way of a referendum to alter the Constitution,” he told ALB. Fears had been raised that if the court had ruled in favour of Pape, about nine million Australian taxpayers would face delays in receiving their A$900 bonus, which the Tax Office was due to start depositing in early April.

Some workers who are looking forward to getting it criticised him for challenging it, but Pape said both his colleagues and students at the university were supportive.

As a barrister, Pape has acted on a number of taxation appeals for major clients in various industries such as media, oil and gas. He has also practised criminal, family and administrative law. ALB www.legalbusinessonline.com

16-23 - news.indd 19

us report More staff face the axe White & Case has announced plans to slash around 200 associates and 200 administrative and business support staff from its global network.

The redundancy plans are among the largest so far announced by a US firm and will also include a review of the firm’s partnership.

Other US firms have also recently announced plans to cut staff, including O’Melveny & Myers, which is set to lay off 90 associates and 110 support staff, Sidley Austin, which has confirmed more than 200 lawyers and staff will lose their jobs, and Fried Frank, which said it will reduce its US workforce by 99 people – 41 associates and 58 administrative staff.

Redundancies today, salary cuts tomorrow After law firms worldwide made their first round of lay-offs induced by the global financial crisis, some US firms are now implementing salary cuts.

Dewey & LeBoeuf has cut the pay of up to 66 US partners by as much as 80%. The move has reportedly left some Dewey partners taking home only around US$10,000 per month.

Meanwhile, DLA Piper’s US partners have faced an 11.5% pay cut amid gloomy predictions about the firm’s performance this year. And US- and UK-based firm Katten Muchin Rosenman has cut salaries by 20% for associates who did not meet more than 90% of their 2,000-hour billing quota

during 2008. However, they can return to their former remuneration levels by reaching their 2009 billing targets.

Firms unite to fight for ‘P3’ UK firms Allen & Overy and Freshfields Bruckhaus Deringer have joined forces with leading US firms and banks to push for the expansion of public private partnerships (PPP) in the US. Kearsarge Global Advisers recently reported that a group comprised of seven firms (including Chadbourne & Parke, Debevoise & Plimpton, Fulbright & Jaworski, Mayer Brown and McKenna Long & Aldridge) and 11 companies made the case for PPP, or ‘P3’ as it is known in the US. The group claims PPPs could create 1.5 million US jobs by using US$180bn in available private capital to build infrastructure projects.

Bakers closes on revenue top spot Baker & McKenzie is close to becoming the largest US law firm by revenue, surpassing Skadden Arps, the long-time holder of the title.

It is only US$10m away from first place after posting a 20% rise in revenue last year, with a turnover boost from US$1.83bn in 2007 to US$2.19bn in 2008; while Skadden managed just a 1% rise in revenue last year, with a total global turnover of US$2.2bn.

Latham&Watkins is currently in third place, although it recorded a 4% drop in revenue.

ROUNDUP

• James Holzhauer has announced he will step down as chairman of Mayer Brown in January 2010 • Shearman & Sterling is set to cut 60 support-staff jobs in its US and Canadian offices following redundancies in the UK • Sonnenschein Nath & Rosenthal has closed its Charlotte office and will relocate some of the 11 lawyers based there to busier parts of the network, while others will be laid off • K&L Gates has confirmed it will initiate a round of lay-offs across its US and UK practices with reductions affecting 4.9% of the firm’s associate lawyers and 4.3% of its staff • Clifford Chance, which recently downsized its US capabilities, has sub-let space in its New York office to US firm Kilpatrick Stockton • The election race has begun at McDermott Will & Emery, as New York-based partner Peter Sacripanti, Washington DC partner Bobby Burchfield and Chicago-based head of litigation Jeff Stone vie for the position of chairman • Craig Medwick was re-elected as regional managing partner of the Americas at Clifford Chance. His second term will run until 30 April 2013

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Firm Profile NEWS | news >>

Buddle Findlay

NZ COMMENTARY

To trade or not to trade?

That is the question when it comes to the New Zealand Emissions Trading Scheme

I

f you thought that New Zealand had delayed the implementation of its emissions trading scheme (as the National-led government pledged to do shortly after being elected in November 2008), then it may now surprise you to learn: • Over 70 entities from the forestry, stationary energy and transport sectors have registered to participate in the New Zealand Emissions Trading Scheme (NZ ETS) • 8 million New Zealand Units (NZUs) have been issued into a government holding account • Forest owners have stated to receive these NZUs in return for carbon stored in their forests from 2008 • The first sale of NZUs has already occurred with a price of $NZ 20.00 per tonne ($AUS 16.50).

In spite of its pledge to put the scheme on hold, the government has not passed legislation to delay the scheme (as is required, since the scheme was legislated into force in September last year). The original implementation timeframes therefore still apply: the forestry sector is already covered, and the energy and industrial sectors are due to enter from 1 January 2010.

In other words, the NZ ETS is underway and recent statements from Prime Minister John Key clearly indicate the government’s preference for retaining the scheme as the main price-based measure to help drive greenhouse gas emission reductions in New Zealand. Even so, there is a lot of uncertainty about the scheme’s future as the government has clearly signalled its intention to make changes.

The question is what changes, when will they be made, and how will they impact on those entities already participating in the scheme?

The first clue will come toward the middle of the year when a special Select Committee of Parliament established to review the NZ ETS reports its findings. The report will reflect the views of the public who submitted to the review, as well as those of political parties whose support the government will need to make any

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changes to the scheme. As such, the report is likely to influence the government’s decision-making.

Possibly as influential as the Committee’s report will be the outcome of work undertaken by a joint New Zealand and Australian officials’ group established to consider options for harmonising the NZ ETS and the proposed Australian Carbon Pollution Reduction Scheme (CPRS). The group was announced in March 2009 following a joint meeting between the New Zealand and Australian climate change ministers.

Top of the list of changes to harmonise the 2 schemes would be the inclusion of a price-cap in the NZ ETS to match the proposed price-cap in the CPRS. It will also be necessary to harmonise unit of trade issues, such as whether to enable use of AAUs and other Kyoto Protocol units for compliance purposes and whether to allow inter-scheme trading of NZUs and Australian Emission Units (AEUs).

Less crucial for harmonisation of the 2 schemes, but still high on the New Zealand government’s agenda, will be the model of free allocation to trade-exposed industry. Ministers have expressed concern that the NZ ETS as designed will compromise the competitiveness of New Zealand industry. Amending the NZ ETS to link firms’ free allocation to levels of production would more closely align the NZ ETS with the approach proposed in Australia, and may help to meet competiveness concerns.

Harmonising the 2 schemes also raises issues of timing. The Australian government hopes to pass CPRS legislation in time to meet the proposed 1 July 2010 start date, but the proposal may not obtain the Senate support necessary to meet this timeframe. Should any delay occur, New Zealand’s Climate Change Minister, Hon Dr Nick Smith, has said that there would be no harm in taking more time to amend the NZ ETS. This may be very significant for firms in the stationary energy and industry sectors, which may see their obligation dates delayed from the current 1 January 2010

date to align with whatever start-date is finally determined for the CPRS. The implications for other sectors is less clear. The transport sector may still face full obligations from 1 January 2011. The government says it supports retaining agriculture in the NZ ETS, but may delay its entry date of 1 January 2013. It seems doubtful that significant changes will be made to the nature or timing of the forestry sector’s obligations, since that sector is already covered by the NZ ETS and has started participating.

Even so, the delay of other sectors’ obligations will pose challenges for the forestry sector. In particular, while many forestry entities are about to receive NZUs, the market for NZUs – driven primarily by firms with NZ ETS compliance obligations – will not exist in the short-term and has no clear startdate. NZUs can be converted into AAUs for offshore sale, but with international demand and prices for AAUs remaining volatile, forestry entities my be better off retaining their NZUs until the NZ ETS compliance market develops. To trade or not to trade will be the question those entities face.

This article was written by Steve Nightingale and Alastair Cameron in the Wellington office of Buddle Findlay, New Zealand’s leading provider of climate change legal services.

Steve Nightingale is a commercial partner in Buddle Findlay and an expert in climate change law, including emissions trading. Steve can be contacted by phone: +64 4 498 7312 or email: steve. nightingale@buddlefindlay.com.

Alastair Cameron is a senior solicitor specialising in regulatory matters and has worked extensively in the climate change field, including a secondment to the Emissions Trading Group in the New Zealand Treasury to work on the NZ ETS legislation.

Alastair can be contacted by phone: +64 4 498 7340 or email: alastair. cameron@buddlefindlay.com.

Steve Nightingale, Buddle Findlay

Alastair Cameron, Buddle Findlay

Australasian Legal Business ISSUE 7.4

23/04/2009 10:16:12 AM

NEWS | news >>

010 0 010 0111010 01101010 0101010 0101011 01010111010111010 0 01011010 0110101010 1001 0100010011101001101010010101001 IT report 0101101010111010111010 0 01011010 01101 Bighand go live at Freehills Following its roll-out of Worksite, Freehills has continued its infrastructure modernisation with another – Bighand’s digital dictation system.

In what may be the largest roll-out of digital dictation in the region, Freehills has implemented the system in its Australian offices with the Singapore office to follow.

The post-implementation survey conducted on Freehills lawyers is of interest, with 90% reporting turnaround-time improvements, the majority finding an improvement in quality and most lawyers saying it would increase their use of dictation.

The press release mentions a “national Document Production Service” but it is unclear whether the firm has centralised its wordprocessing function and if not, if it intends to.

LexisNexis CEO resigns LexisNexis has been relatively quiet in the region following the Axxia/Locus acquisitions, but things may be about to change, with the announcement of regional CEO Max Piper’s resignation.

Taking his place at the helm will be LexisNexis South Africa’s Theuns Viljoen. He is a 16-year veteran of LN South Africa and is moving up after holding executive positions in the business for the last 15 years.

Viljoen is an ex-lawyer and it will be interesting to see if he will make any significant changes to the LexisNexis strategy in the Asia-Pacific region or whether business will continue as usual.

DocsCorp continues its expansion Local firm DocsCorp has continued its expansion, with the opening of a Hong Kong office. The company has appointed George Lau, previously Sales Director at OpenText, to increase its presence in Hong Kong and the South East Asian region.

Lau’s customer contacts from his document management days should be useful to DocsCorp as its integration with Worksite, OpenText and other DM systems is a key selling point.

Aderant releases Golden Gate Aderant has thrown away any semblance of version numbering and announced the latest release of its flagship ‘Aderant Expert’ practicemanagement system, dubbed Golden Gate.

The major update is the inclusion of a new service-orientated architecture and work-flow

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functionality, based on Microsoft’s Windows Workflow Foundation. The work-flow foundation has been used to produce a prepackaged work flow for file opening, aptly titled ‘Expert File Opening’. Now that Aderant has built WWF into its application, we assume that this will be the first of many pre-made work flows.

The update also brings an “innovative new application navigation metaphor” called Expert Assistant, which we can only guess is a new toolbar or navigation button. Time recording is also much improved – something dear to the heart of any law firm managing partner or CFO. Autonomy spell out its plans for Worksite Following its acquisition of Interwoven, Autonomy has released a rough roadmap of its plans for the Worksite product.

As Autonomy is first and foremost a search company, the initial move has been to rip out the Vivisimo search engine – only recently introduced – and replace it with Autonomy’s IDOL search (apparently this is already finished: see here) Next, the upcoming 8.5 release is still progressing, with the major focus on: • Better e-mail integration. From the previous road maps we’ve seen this includes server-side e-mail filing • Better off-line functionality • Better performance The release after that, version 9, had long been planned as the moment when Worksite (the law firm one) and Worksite MP (the Java-based enterprise version) converge. From what we hear the idea was to use the Worksite MP back-end which provides advanced metadata management, with the Worksite front-end that provides more advanced email management capabilities.

Autonomy has now indicated it will announce its plans for version 9 in the second quarter of this year.

Finally, the iManage name seems to have made a comeback. After disappearing for a number of years under Interwoven, Autonomy is now referring to the Worksite product as Autonomy iManage.

Chris McLean is a specialist in legal technology having worked for numerous law firms both as a lawyer and support services director. You can find his website here: www.auslegal.com and contact him here: chris.mclean@auslegal.com

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NEWS | news >>

news in brief >> eligible legal bachelors line up for gong As ALB reported recently, Cleo magazine invited ‘attractive’ lawyers to nominate themselves for the magazine’s ‘50 most eligible bachelors’ feature – and the nominations have subsequently rolled in.

Queensland crown prosecutor Kris Ashen is one of them and, according to Cleo’s website, he is 30 years old, an Aquarius and loves a good red wine. His favourite TV show is Rush and he cannot understand why girls date men who “treat them like crap”.

In recent years, former Allens Arthur Robinson lawyer Ashley Midalia entered the exciting world of financial journalism. Based in Sydney, he is 28 years old, and loves a steamy hot shower and watching The Hollowmen.

Last, but not least, comes Leonardo Savage – or ‘DJ Lenno’, as people in musical circles would call him. In addition to his legal expertise, he is a talented disc jockey, having played at Sydney’s RNB Superclub.

The 32-year-old is currently preparing to release his new album and, in his free time, he enjoys wine, travelling – and pondering on why women are “so hard on their self-image”.

Herbert Geer in charity cycle ride Herbert Geer is avid about cycling and has its own regular team, with some partners pedalling up to 300 kilometres a week.

Michael Truelove is one of 16 staff at the firm who recently embarked on a 520km ride from the north of Victoria to the south, as part of the Murray to Moyne Challenge over 4–5 April.

Managing partner Bill Fazio, and partners Richard Large and Graham Phillips also participated to raise A$10,000 for medical research at the Centre for Eye Research Australia (CERA). CERA is a long-standing client of the firm and most of the other staff commute to work by bike, said Truelove, who has acted for CERA on establishing the collaborative eye research centres, Retcic and Vision20.

The partners said the challenge did not require excessive training as most of them ride four or five times a week – Truelove cycling 200–350km per week himself. Working in the corporate M&A team can be stressful and Truelove says there is nothing he likes more than getting up early on Sunday for a ride, adding it helps him put all his worries behind him.

SPORT/GOVERNMENT >>

NZ firm scores on World Cup bid K

iwis, kiwifruit, sheep and rugby are all New Zealand icons and, in keeping with its national heritage, Simpson Grierson has acted on a competitive bidding process to host the Rugby World Cup (RWC) matches.

The firm was approached to advise on a bid for the RWC from 14 different parties, including Auckland City Council, North Shore City Council, Tourism Auckland and Eden Park Trust Board. For the past eight months, the firm has advised on hosting arrangements and prepared the Agreement and Match Venue contract.

“There was intensive activity ahead of numerous contractual milestones but we managed to make them all,” said Simpson Grierson’s Charlotte Clitherow. “Auckland’s bid was interesting as it involved putting an executed post-region contract together involving 14 parties, including eight local authorities. It was a very competitive bidding process overall, with most of the regions in rugby-mad New Zealand involved.”

Many New Zealand councils bid to host RWC games due to the direct economic benefit, said partner Michael Pollard.

“It’s an immensely popular sporting event that is tipped to bring in about 70,000 international visitors and inject

“It was a very competitive bidding process overall, with most of the regions in rugby-mad New Zealand involved” charlotte clitherow 22

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NZ$315m (A$252m) into local businesses. We’re rugby fans here too and Simpson Grierson has had a spectator box at Eden Park for as long as I can remember,” he added.

Michael Pollard Simpson Grierson Other firms known to have acted on Auckland’s bid include Buddle Findlay’s Steve Nightingale (Rugby New Zealand 2011), Kensington Swan’s Chris Parke (Auckland Regional Council) Charlotte Clitherow and Bell Gully’s Tom Simpson Grierson Bennett (Auckland Regional Transport Authority).

When asked why Simpson Grierson was approached to advise on the Auckland host region bid, Pollard said he believed it was due to the firm’s local government expertise and major projects experience.

“We have acted for Auckland City Council and North Shore City Council, and have a strong track record working on major iconic developments, such as the NZ$150m (A$120m) Vector Arena, the NZ$200m+ (A$160m+) Wynyard Point waterfront development, Britomart and the Auckland City Art Gallery upgrade,” he stated.

Clitherow said it was also due to the firm’s ability to lead significant projectmanagement aspects of the Auckland contracting process. ALB Australasian Legal Business ISSUE 7.4

23/04/2009 10:16:23 AM

NEWS | news >>

mergermarket M&A deals update

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23/04/2009 10:31:35 AM

NEWS | appointments >>

news in brief >> ADERANT Expert’s ‘Golden Gate’ bridges complex navigation and time capture ADERANT’s latest release, Golden Gate, is called the ‘next-generation version’ of Expert and, true to its name, bridges the gap in today’s lawyers’ complex navigation and time-capture needs.

The application includes a new navigation function called Expert Assistant – giving time-capture capabilities even when working remotely or offline – Spend Management and Cost Control system, as well as E-Billing and Analytical Reporting capabilities. This, combined with a ‘powerful’ enterprise-capable workflow engine and new file-opening application called Expert File Opening, helps ‘drive’ automated results with better consistency and efficiency.

Golden Gate is also built on a new ‘next-generation technology’ platform that leverages domain-specific language, enabling code and customisations to be generated more quickly while improving quality, reliability and reusability.

ADERANT CEO Michael Kohlsdorf was recently in Sydney and Melbourne to introduce Golden Gate. The event was attended by Mallesons Stephen Jaques, Freehills, Clayton Utz, Minter Ellison, Deacons and Allens Arthur Robinson, which recently implemented ADERANT Expert web figures show Asia remains ‘hotbed’ of growth in global legal industry The chief executive officers of many multinationals and their counterparts in international law firms are scouring the world for signs of new growth amid the economic wreckage.

In March alone, ALB websites registered more than 87,000 visits, breaking a new record. This phenomenal traffic provided over 218,000 page views, on which readers found not only the latest legal news but also hard-hitting analysis and insightful features on regional trends in the legal industry.

Despite all the doom and gloom, Asia remains the epicentre of the world’s growth in trade – and the way in which the laws that govern that trade are applied is of immense importance, said ALB’s managing editor, George Walmsley.

Like the three editions of ALB magazine (China, Asia, Australia/NZ), the websites have a readership profile covering the gamut of private practice lawyers, in-house counsel, investment bankers, senior-level executives and anyone with a need to know about the top end of the legal services market.

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appointments ►► LATERAL HIRES Name

Area of law

Organisation coming from

Organisation going to

Geoffrey Bloom

Health

Geoffrey Bloom & Associates

HWL Ebsworth

Rob Bradley

Property

Dibbs Abbott Stillman

Aitken Partners

Ben Caldwell

Planning, Environment

Corrs Chambers Westgarth

Herbert Geer

Paul Cleary

Superannuation

Freehills

TurksLegal

Brett Cook

Insolvency, Restructuring

Allens Arthur Robinson

Clayton Utz

Mark Doepel

Insurance

Kennedys

Sparke Helmore

Andrew Fairley

Superannuation

Holding Redlich

DLA Phillips Fox

Heather Gray

Superannuation, M&A

Holding Redlich

DLA Phillips Fox

Richard Gray

Banking, Finance

Freehills

HWL Ebsworth

Seamus Gunson

Property

Dibbs Abbott Stillman

HWL Ebsworth

Rob Jackson

Employment

Kliger Partners

Macpherson + Kelley

Warren Jiear

Litigation, Restructuring

Quinn & Scattini

Hynes Lawyers

Samantha Johnson

Planning, Environment

Corrs Chambers Westgarth

Herbert Geer

Daniel Kalderimis

Litigation, Dispute resolution

Freshfields Bruckhaus Deringer

Chapman Tripp

Thomas Kim

Commercial

Wilmoth Field Warne

HWL Ebsworth

Sibylle Krieger

Government

Clayton Utz

Attorney General’s Department

Tony Lawrence

Litigation

Victorian Independent Statutory Office

HWL Ebsworth

Tom Lennox

Finance, Restructuring

Allco Finance

DibbsBarker

Alan Maclean

Banking, Finance

Freehills

HWL Ebsworth

Michael Najem

Transport, Planning

NSW RTA

Sparke Helmore

Paul Noonan

Technology, Finance

Dibbs Abbott Stillman

Herbert Geer

Shannon O’Hara

Insurance

Minter Ellison

Carter Newell

Luke Preston

Construction, Engineering

Price & Roobottom

Carter Newell

Stephen Purcell

Litigation, Insolvency

Henry Davis York

PPB

Mark Radford

Insurance, Finance

Blake Dawson

Colin Biggers & Paisley

Paul Sroka

Banking, Finance

Middletons

HWL Ebsworth

Greg Terry

Capital markets, M&A

Morgan Stanley Asia

Blake Dawson

Ian Wright

Planning, Infrastructure

Corrs Chambers Westgarth

Dibbs Abbott Stillman

►► Promotions Name

Area of law

Organisation

Laura Pavlovski

Construction

Carter Newell

Leah Mangano

Corporate

Carter Newell

Australasian Legal Business ISSUE 7.4

23/04/2009 10:23:59 AM

NEWS | appointments >>

Hwl Ebsworth

various

Anthony Lawrence

Alan Maclean

Paul Sroka

Seamus Gunson

Thomas Kim

Geoffrey Bloom

HWL Ebsworth: lawyers move out, partners move in HWL Ebsworth has reported the redundancy of 17 staff members, including six lawyers, two graduates, three paralegals and six personal assistants (PA). The Richard Gray lawyers practised in a number of areas and the paralegals were from the property group.

To counter this, the firm recently appointed partner Paul Sroka, from Middletons, and partners Alan Maclean and Richard Gray, from Freehills, for its banking & finance practice in Melbourne.

HWL Ebsworth has also appointed former Wilmoth Field Warne commercial partner Thomas Kim, ex-Dibbs Abbott Stillman property partner Seamus Gunson, the Independent Statutory Office’s former Victorian workplace rights advocate, Tony Lawrence, and Geoffrey Bloom of Sydney boutique firm Geoffrey Bloom & Associates, to partnership.

Henry Davis York

DAS

Dibbs Abbott Stillman partner defects to Herbert Geer Not all partners who worked for Dibbs Abbott Stillman moved to Thomson Playford Cutlers when the two firms merged. Partner Paul Noonan Paul Noonan was one who looked for other opportunities at Herbert Geer.

The firm’s national growth strategy and ‘collegiate’ working environment was what attracted him to it. He also knew a number of former colleagues from Clayton Utz, such as Vicki Sharp, Chris Ian Wright Hartigan, Louise Russell and Luci Mumme.

Noonan first contacted the firm’s head of telecommunications, Graham Phillips, who happened to be recruiting. After some discussion with Phillips and managing partner Bill Fazio, he decided that Herbert Geer was the Ben Caldwell one for him.

The firm also recently appointed Ian Wright to partnership at its planning, government and infrastructure group in Brisbane. He was formerly a partner at Corrs Chambers Westgarth and acted on drafting land-use planning, Samantha Johnson infrastructure planning and local law instruments for development corporations, and both state and local governments. Former Corrs senior associates Samantha Johnson and Ben Caldwell have been appointed as special counsel.

Ppb DAS

Ex-Henry Davis York managing partner takes PPB CEO role After working at Henry Davis York (HDY) for 20 years and as its managing partner for the past 10, Stephen Purcell decided he wanted a break and left the firm last June.

Stephen Purcell After his departure, Steve Parbery, one of the founding partners of recovery and forensics consulting firm PPB, contacted him to offer him a role as chief executive officer. Since accepting the offer, Purcell finds it gives him a new environment in which to apply his leadership skills and experience acquired from running HDY – particularly in ‘people’ strategy and client service.

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Herbert Geer

Aitken Partners

Dibbs Abbott Stillman partner finds better fit at Aitkens Rob Bradley, a former Dibbs Abbott Stillman partner, had the option of joining Thomson Playford Cutlers, but chose to join Rob Bradley Melbourne firm Aitken Partners as a property team principal instead.

Initially he approached a recruitment agency which assessed his ability and ideal work-life balance, and found firms that could possibly match.

And Aitkens offered the full-service fit that Bradley felt his clients needed.

Almost all his clients have shown interest in moving with him. He has previously acted on the relocation of the Victorian private hospital, Francis Perry House, to North Melbourne, and provided general commercial and business advice to clients in the manufacturing, retailing and services industries.

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NEWS | appointments >>

Allco Finance

DibbsBarker

Allco general counsel finds opportunity at DibbsBarker After working for more than three years as Allco Finance Group’s general counsel and being occupied more recently with the receivership of the structured Tom Lennox finance group, Tom Lennox decided it was time to seek new opportunities in private practice.

It so happened that DibbsBarker managing partner Alan McArthur was looking to expand his corporate finance team and contacted Lennox to offer him a role. Lennox had a good impression of DibbsBarker’s networks, ‘motivated’ team and ‘forward-looking’ managing partner.

Given his knowledge of the group’s assets and structures, he believes there will be opportunities to assist entities that either retain or acquire the group’s assets, financing or advisory areas. Lennox previously acted on Allco’s subordinated notes issue (A$350m) and senior facilities restructuring (A$1.1bn). He was formerly a partner at Mallesons Stephen Jaques and an associate at Clifford Chance in London.

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Blake Dawson

Colin Biggers

Blakes partner chooses Colin Biggers & Paisley on client recommendation Clients have told ALB that they often turned to partner Mark Radford for his “first-class” insurance and financial services Mark Radford legal advice, but the process was reversed when he recently decided to move from Blake Dawson to Colin Biggers & Paisley (CBP).

Having received approaches from other firms, Radford sought feedback from clients about CBP and its insurance litigation area fitted well with his advisory practice of front-end compliance, product development, distribution, and regulatory liaison. Radford has also observed a “nice vibe” at the firm, namely its collaborative and friendly team environment.

Some of his previous clients include The Treasury, the National Insurance Brokers Association, Australian Securities & Investment Commission and Australian Competition & Consumer Commission.

Freshfields

Chapman Tripp

Freshfields lawyer chooses international work at Chapman Tripp For the past seven years, Kiwiborn Daniel Kalderimis has had a “fascinating” time teaching law at the Columbia Law School in Daniel Kalderimis New York, and later working as an international arbitration senior associate at Freshfields Bruckhaus Deringer in London.

Kalderimis could have progressed further at Freshfields but decided to move back to Chapman Tripp as a principal. He wanted to ‘hone’ his court and arbitration skills, and develop his own national and international practice in New Zealand. In the short term, Kalderimis will continue to act on a number of cases in conjunction with Freshfields, and will be involved in some arbitration hearings later this year.

In the UK, Kalderimis was involved in various multi-jurisdictional disputes. Most notably, he acted for the shareholder of a Russian mobile phone company in resisting a claim of ownership from another party valued at US$2.5bn (A$3.6bn).

The case was “intensely” litigated and involved allegations of money laundering, implicating a top Russian government official.

Australasian Legal Business ISSUE 7.4

23/04/2009 10:24:17 AM

NEWS | appointments >>

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| Sydney | Sydney ALBALB special special report report 09 >> 09 >>

ALB

sydney09 AUSTRALASIAN LEGAL BUSINESS

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Australasian Legal Business ISSUE 7.4

23/04/2009 10:25:32 AM

ALB special report | Sydney 09 >>

With Australian corporations seeking to replace high-priced firms in an effort to cut legal costs, ALB speaks to some of the leading midtier players who stand to benefit

T

he legal market in Sydney was once described by Chang Pistilli & Simmons partner Mark Pistilli as “Australia’s gateway to the world”, indicating that Sydney had the largest international reach of any Australian jurisdiction. While this characterisation may be true, the question for law firms operating in the Sydney market today will be: is this exposure to international markets necessarily a good thing? With the world economy contracting on a scale unprecedented in the last 70 years, law firms operating in the nation’s biggest city appear to have been most affected. This time last year, ALB reported a gradual but steady decline in legal services in Sydney compared to the previous two years.

Crowded market

Over the past 12 months, as the credit crunch evolved into a full-blown global financial crisis, no Australian legal services market has been more vulnerable than Sydney – the national headquarters of several of the nation’s www.legalbusinessonline.com

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top-tier law firms. Indeed, the slowdown in corporate activity has had a disproportionate impact on many of their clients’ businesses. For example, companies based in New South Wales accounted for 56% of all wind-up applications and liquidations filed so far this year – an output that exceeds the rest of the country combined.

According to Mills Oakley managing partner John Nerurker, several factors will come together to make 2009 a challenging year for Sydney law firms. “On top of the legal profession expanding more quickly John Nerurker, than their clients’ Mills Oakley businesses, corporations are merging faster than ever before and reducing the number of law firms they use. For this reason, the battles for clients and recognition in an overcrowded legal marketplace are challenges of primary importance,” he says.

Bartier Perry’s CEO Luke Stevens is in agreement. “The market is probably 29

23/04/2009 10:25:35 AM

ALB special report | Sydney 09 >>

close to saturation and the decline in economic activity will exacerbate that,” he says. “Law firms won’t be immune to the forces of marketplace rationalisation as the economic contraction starts to bite.”

Luke Stevens, Bartier Perry

Value for money

According to Deloitte Forensic inhouse counsel, Victoria Sweetman, corporate counsel are working their own teams harder and looking for savings from law firms. Sweetman, who is one of the authors of a recent Deloitte in-house counsel study, says the overall effect has been that law firms are coming under pressure to provide a better deal for corporate consumers of legal services. As a result, the report concluded, mid-tier firms were positioning themselves to take advantage of the cost pressure on the big firms to deliver better value for money.

Pistilli says he has observed an increase in clients who were formerly advised by national top-tier firms now approaching boutique firms in search of better value for Mark Pistilli, CP&S money. “You can also see this from the number of smaller law firms getting onto panels,” he says.

One Sydney firm that has realised some early benefits from this shift in mind-set is Truman Hoyle. According to managing partner Shane Barber, the firm has been positioned to Shane Barber, provide services to the Truman Hoyle new economy industries across the Asia-Pacific region. “Truman Hoyle has certainly been the beneficiary of a number of corporations’ policy to cut their legal expenses. To date, the year 2008–2009 has been the busiest in the firm’s 81-year history and we have grown considerably,” he states.

“While legal service buyers are 30

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“Progressive firms will be looking to capitalise on the next twist in the economy – or a niche market that has yet to be saturated – which can also provide a sustainable source of income beyond the short term” John Nerurker, Mills Oakley Australasian Legal Business ISSUE 7.4

23/04/2009 10:25:40 AM

ALB special report | Sydney 09 >>

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ALB special report | Sydney 09 >>

“They’re not the sort of clients who would spend a million dollars in fees annually, but more like A$50,000– 500,000. In addition to cutting their legal spend, they are looking for a firm that gave their work priority, did it straightaway – and didn’t shoot it down to a junior lawyer. They also lost patience when other firms couldn’t act for them on more than one occasion due to conflicts,” Paul says.

Growth opportunities

“The market is probably close to saturation and the decline in economic activity will exacerbate that position” Luke Stevens, Bartier Perry

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making it clear when they instruct us that they are looking for costeffectiveness, they are also looking for excellent lawyers with whom they can have a good working relationship and a brand that will do credit to their own.”

Stevens also views the current market conditions as an opportunity for the firm to pursue growth strategies. “More generally we see strong potential for growth because of our ability to compete for an increased share of corporate and public sector work as return on legal dollar spend becomes a critical purchasing determinant,” he says.

Melbourne and Sydney commercial firm Macpherson + Kelley (M+K) is another that is picking up extra business in the downturn. Managing director Damian Paul said that six different companies which traditionally used top-tier firms recently enquired about moving over. They not only want to know whether M+K can service them, but whether the firm can treat them as a premier client.

Not surprisingly, firms report solid activity in traditional countercyclical areas such as litigation and restructuring. The change has also meant a shift in gears for some firms.

“We spent the last few years buying assets for clients – and now the work has turned to selling them instead,” Pistilli says. Chang Pistilli & Simmons has made the transition from its traditional work in hotly contested and hostile M&A bids to corporate litigation and distressed asset sales. And, in contrast to larger firms that have been laying lawyers off, Chang Pistilli & Simmons has been in recruitment mode – albeit on a modest scale.

Much has been written lately about the dominance of inbound investment from China, but Pistilli says that activity from Japan and emerging markets such as Korea and Vietnam has also been strong.

Nerurker says that progressive firms will be seeking to stay ahead of the curve by directing their attention to capitalising on the economy’s next move. “Much has been made of the rise of firms that specialise in these areas and the virtues of diversified firms which incorporate these practices. Although to ignore them and the opportunity they present completely would be foolhardy, if you don’t already have a significant market share in these areas, to enter the market now would be a laggard strategy,” he says. “Progressive firms will be looking to capitalise on the next twist in the economy – or a niche market which has yet to be saturated – that can also provide a sustainable source of income beyond the short term,” he adds.

Australasian Legal Business ISSUE 7.4

23/04/2009 10:25:44 AM

ALB special report | Sydney 09 >>

According to Nerurker, both tax law and intellectual property expertise may emerge as linchpin practice areas looking ahead. “We have been growing our tax team successfully on the basis that effective tax strategies will deliver straight to the bottom line of cost-conscious corporates. Once these services have been utilised in a down market, their value can be truly appreciated in the good times,” he says. “Just as progressive law firms will look to grow their market share through countercyclical practices, forward-thinking corporates will be looking to grow their market share and profitability in shrinking or stagnant markets.

A big part of this strategy will be enacted through the development of their brands and intangible assets – and their protection – and they’ll need firms with intellectual property expertise. From this perspective, we see this as a potential opportunity

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for growth and a possibly underserviced niche.”

Stevens says that another practice area tipped for strong growth in the Sydney market is industrial relations. “The employment area will certainly be busy as a result of the changes encompassed in the federal government’s Forward with Fairness reforms,” he says.

M+K has noticed a 40% rise in employment work and has also seen growth in the property sector, owing to major property developer clients that sell to the first homeowner market. M&A work has also kept the firm busy, especially clients acquiring distressed assets using existing reserves or debt. This has prompted the appointment of eight new lawyers.

“We spent the last few years buying assets for clients – and now the work has turned to selling them instead” Mark Pistilli, Chang Pistilli & Simmons

Value propositions

Nevertheless, the current economic downturn has had a huge impact on the legal services market in Sydney.

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ALB special report | Sydney 09 >>

“In addition to cutting their legal spend, they were looking for a firm that gave their work priority, did it straightaway – and didn’t shoot it down to a junior lawyer” Damian Paul, Macpherson +Kelley However, those providing services in key counter-cyclical practice areas are poised to increase market share. In addition, firms rethinking value propositions to conform to a changing landscape stand to achieve sustainable long-term growth.

According to Barber, the lessons learned during the dotcom bust of 2001 may be applicable to Sydney firms navigating the economic meltdown.

“Many of the partners at Truman Hoyle experienced the tech wreck in 2001 and I am pleased to say that we learned from that experience and remembered the many lessons,” he says.

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“We learned not to take our clients for granted even in the good times.

We learned not to raise our rates just because we could. We learned not to over-leverage but to keep our partner-to-lawyer ratios low in the interest of clients, partners and staff,” he continues. “We also learned that the practice of law is about providing clients with a professional service – clients who often need that service at difficult times in their commercial life. It is not about building wealth for the owners of law firms at the expense of others.” ALB

Australasian Legal Business ISSUE 7.4

23/04/2009 10:25:50 AM

ALB special report | Sydney 09 >>

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profile | managing partner >>

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Australasian Legal Business ISSUE 7.4

23/04/2009 10:26:47 AM

profile | managing partner >>

alb/LEXISNEXIS 2009 managing partnerS series

Stephen Godding, Kemp Strang:

Quietly confident

Kemp Strang is not the biggest player in the Sydney mid-tier market – but that’s not necessarily a bad thing

I

t’s a perennial question for midsize firms: how much expansion can a firm handle before it risks compromising its culture? In recent years we have seen a number of them – Mills Oakley, Herbert Geer, HWL Ebsworth, to name but a few – embark on the journey of expansion beyond their original home cities to create a national or East Coast practice.

Sydney firm Kemp Strang represents the other side of the coin. This 26partner, full-service firm is a small, tight-knit team which intends to stay that way. And, while managing partner Stephen Godding is not a man to exclude any long-term possibilities, large-scale expansion is off the agenda for the foreseeable future.

Food fight

One of Kemp Strang’s signature specialisations is its rural & agribusiness practice, an area which can only grow in light of increased regulation of Australia’s natural resources. Godding describes it as divisible into three areas: transactions involving rural land and water rights, irrigation schemes and rural litigation.

Typical clients at the moment are rural investment funds, investment www.legalbusinessonline.com

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company PrimeAg and industry bodies such as Cotton Australia and Irrigation Australia. But Godding adds that there is the potential for work to come from further afield in future.

“Sovereign wealth funds from the Middle East and Asia may see the purchase of Australian properties as a viable proposition – countries are looking for food security and Australia has a huge capacity for production,” he states. The concept sounds unlikely, yet there is a solid foundation to it.

The Qatar Investment Authority, for example, is reported to have a US$1bn fund for investing in food and agriculture projects around the world, and Qatar is hardly the only nation – in the Gulf or elsewhere – with a paucity of arable land and an interest in securing food supply.

The drought is having an effect of slowing some types of rural transactions – livestock-based asset transfers, for instance – but increased awareness of the value of water resources creates opportunities in other areas. “There have been continuing changes to water rights entitlements at the state level and clients needed to be advised on that,” Godding explains.

Corporate

Kemp Strang’s typical clients for corporate and M&A work are in the ASX 200 and 300 categories, and it’s a space the firm is comfortable with. “We can certainly do most M&A transactions on a reasonable scale, but we don’t have the capacity to advise on something like, for example, BHP’s bid for Rio Tinto,” Godding says.

There has been a suggestion of a ‘flight to quality’ from the mid-tier firms by clients, but it’s not a theory Godding embraces. “We can’t see it happening,” he says. “The purpose of a mid-tier firm is to provide good value for money and accommodate client needs. Unless the transaction is particularly complex, we can’t see clients taking that work elsewhere.

Our hourly rates are significantly less and we’re able to do the work, while providing partner contact and a practical solution.”

Kennedy Strang

Kemp Strang is part of the Kennedy Strang Legal Group, an Australiawide association of firms that also includes Melbourne’s Russell Kennedy, Brisbane’s Thynne & Macartney and Adelaide’s Lynch Meyer. The Western 37

23/04/2009 10:26:48 AM

profile | managing partner >>

Australian member of the group, Christensen Vaughan, recently left the alliance to join Gadens in Perth, leaving a vacancy which the group is looking to fill.

All the firms in the group have adopted the same style of branding, but there is no financial integration and referral of work is not on a strictly exclusive basis. “We are not saying that we would never go down the route of [forming a national law firm], but at the moment, there are no plans of that kind,” Godding says.

In an era when Australia is still suffering something of a hangover from the ‘bigger is better’ mentality of years past, Godding is refreshingly straightforward about his vision for Kemp Strang. “We are happy to be a mid-size firm – we have no ambition to become a large one,” he states.

“Growing too far would compromise the firm’s culture, which our partners are keen to preserve.” The Kennedy Strang network is therefore a means of offering clients national coverage without the need to open offices interstate. The firm is also part of a global alliance known as the International Alliance of Law Firms, although Godding says that this does not generate the same level of referrals as the Kennedy Strang network.

Insolvency and dispute resolution

Dispute resolution and insolvency is another major practice area for Kemp Strang. The firm advises on certain aspects of the larger insolvencies such as ABC Learning and HIH, and has yet to see a major surge of work in its traditional small to medium insolvency space – most likely because of the ‘lag factor’ involved in such matters.

When asked to name a worthy rival firm, Godding nominates Henry Davis York (HDY), which is well-known for its insolvency practice. “It is a very good firm with a good brand and clients, but we don’t aspire to be like it,” he says, adding that HDY is nearly twice the size.

Kemp Strang also has a commoditised legal practice involving 38

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“The purpose of a mid-tier firm is to provide good value for money and accommodate client needs.

Unless the transaction is particularly complex, we can’t see clients taking that work elsewhere”

the collection of secured and unsecured debt, issuing notices to recover debt and follow-up processes including litigation if required. It’s an area that is predictably doing well in the current economic climate, but Godding points out that a surge in this type of work by no means compensates for the loss of work flow in the corporate space – clearly there is no comparison between

the profitability of the two types of work.

Each weekday evening when seven o’clock rolls around, Kemp Strang’s offices are largely empty. “We try for a fair work-life balance and don’t expect excessive hours from lawyers,” Godding says. “We have a vision of high performance, but with a relaxed culture too.” ALB Australasian Legal Business ISSUE 7.4

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23/04/2009 10:26:54 AM

alb guide: insurance law 2009

insurance law state of the market

INTRODUCTION ALB Guide: Insurance Law 2009 is the latest in an exciting series of detailed insights into specific practice areas and the leading firms and lawyers operating within them. By combining specific new research (among client companies, peers and barristers) with the ALB information database and thirdparty market information, ALB Guides arrive at lists of ‘leading firms’ and ‘recommended firms’ as well as ‘leading lawyers’ in each practice area covered.

METHODOLOGY In the preparation of this report, ALB conducted telephone interviews with Australian and New Zealand companies, and law firms. Australian and New Zealand companies were primarily those listed in the ALB Deals Centre and on submissions received by firms. In addition, ALB sought opinions from Australian and New Zealand partners. Please note that in the state of the market, local firms are listed first followed by national firms, arranged according to feedback received. Interviews were mainly conducted in the two-week period from 18 March to 1 April 2009.

CONTENTS 40.

State of the market

41.

Leading and recommended firms

42.

Leading lawyers

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Since the global financial crisis has hit closer to home, there has been significant discussion among lawyers about whether insurance practices need to diversify and the possibility of change in both the regulatory framework and the claims environment.

While some mid-tier firms describe their ride in the claims environment as ‘tough’, Colin Biggers & Paisley (CBP) partner Gavin Creighton believes the worst of the global downturn is yet to come. “Although there is talk of anticipated claims spikes in some lines of insurance businesses, we have yet to see this reflected in litigated claims. I don’t think claims volumes are going to pick up significantly in the short term, rather a gradual increase in certain claim types for the next 12–18 months,” he says.

Other firms have observed the claims environment to be “relatively static”.

Gilchrist Connell managing principal Richard Wood says the market has been fairly “resilient” in the face of personal injury law reform, with a consistent level of claims.

Wotton + Kearney, on the other hand, has enjoyed a strong year.

Partner Andrew Moore says claims have increased in size and complexity.

Most of them have arisen from financial collapses, often involving sophisticated structures and needing to be ‘unwound’ to determine where liability or loss lies. It also seems that diversified insurance practices continue to attract clients, both for the number of underwriters serviced and the breadth of service the firm can provide.

“I think such firms are in a fortunate position in that they can provide a broad range of advice, from financial services regulation and policy advice, to claims litigation and general risk management,” Creighton says.

There has been discussion that the tide could turn in the insurance law market, and notifications in relation to directors and officers (D&O) and professional liability could help trigger such growth. Firms are expecting more claims involving allegations of non-disclosure, breaches of duties by D&O and more allegations of breaches of professional duties.

Blake Dawson partner Rehana Box agrees that there has been a significant increase in the size of claims and notifications of potential claims in the past 12 months. She points out her current work in the financial industry involves administrators, liquidators and other clients operating in investment services or other sectors with public offerings. “One of the largest D&O liabilities in Australia to date arose in the Aristocrat matter in 2008, where the settlement was about A$140m.

Both the size of D&O claims and limits for D&O policies are rising,” she adds.

Moore also believes that notifications of potential claims to insurers have increased, particularly those relating to financial and professional advisors.

“There’s often a tendency to search for a scapegoat when things go badly,” he states.

While some insurers have become increasingly discerning about instructing lawyers and differentiating between rates they pay, they have become less concerned about rates for professional indemnity and other complex claims. “They are willing to pay more for specialised advice on complex areas of law. Insurers are differentiating between general negligence and complex commercial disputes, involving allegations of breaches of director duties. It’s a positive development and a mature approach,” Box says.

Litigation is also expected to remain strong, since both insurers and creditors have become increasingly conscious about recovering losses as the economy turns sour. The emergence of litigation funders, such as IMF Australia, has also encouraged this trend, and facilitated shareholder class actions. The current environment, combined with greater amounts to recover as policy limits increase, makes it more attractive for clients to pursue litigated recoveries.

These recent developments are expected to bring a good line of business, with litigated claims set to increase significantly for the next 18 months. “We’re mostly advising on notifications and investigations that will, in many cases, move on to litigation. I am confident that we will be busy for the next few years,” Box adds.

By comparison, in New Zealand, insurance companies have not suffered so badly from the financial crisis.

Kensington Swan partner Catriona Grover points out that Kiwis are still “serious” about their income protection cover. “Insurers still have a lot of business, because Kiwis aren’t afraid of paying their premiums. As a result there’s a lot of product development work on offer for firms. Insurers’ main concern at the moment is pricing them correctly,” she says.

In contrast to their Australian counterparts, however, Kiwi insurers are “very reluctant” to take matters before the court. Grover believes that it is more commercial for them to settle matters out of court. As a result, most of her work has been based around tweaking definitions for product development and keeping up with the “top product range”. Significant policy amendment continues to bring ongoing work, as Kiwi legislation for the duty of disclosure Australasian Legal Business ISSUE 7.4

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20 09 and human rights differs to Australian law in some degree.

The John Key government’s move to reintroduce the country’s Work Injury Account has brought firms insurance-related enquiries, and Grover is advising at least three major insurers about changes that will see New Zealand’s monopolistic workplace accident insurance market open to multiple insurers. “We see work flows in the general insurance area and life and disability, since accident insurance is more akin to disability insurance.

Trustee companies are also interested in gaining advice on whether they should be lobbying as, in the former model, they used to be independent regulators,” she says.

At the moment many New Zealand insurers have an Australian parent company and Grover believes that more competition would prompt insurers to reconsider whether they need to open a locally incorporated company.

“Advocates against the opening of accident insurance to private insurance warn of premiums flowing to foreign countries like Australia,” she says.

And, employers would also seek advice on whether they should move from state-owned Accident Compensation Corporation (ACC) to a private provider. No timeframe is set for the changes, but Grover believes that ACC’s recent cost blow-out could give the Key government some leverage.

“As the market has crashed and ACC’s chairman was dismissed, I would expect the government to begin introducing a new regime before the end of the year,” she says.

SYDNEY New South Wales insurance practices, by and large, have been the busiest in the nation and received most of the www.legalbusinessonline.com

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work. One client commented that some Sydney lawyers tended to be thorough to the point of providing “superfluous” information and even answering questions raised previously. Another client felt that firms could improve their service by ensuring that ‘sub-teams’ working on a large deal coordinated well together. Others felt that firms could ‘beef up’ their teams when faced with busier workloads.

Wotton + Kearney was highly praised as the “best all-round firm” for insurance, offering excellent expertise in policy coverage, interpretation, professional indemnity, liability and general insurance.

Overall the firm “took heed” of client requirements and gave service in line with the standards and values expected of them.

David Kearney was chosen for his depth of expertise – not only in law but also in finance – having acted against accountants, brokers and engineers.

Clients had no problems approaching him because he gave good service, had knowledge of the law and a “high degree” of technical competence; a commitment to deadlines and the ability to cooperate with clients to find solutions.

Phillip Wotton was described as outstanding and the “best in his field”, providing thorough and no-fuss advice, with the ability to steer clients clear of trouble early in the process.

Both Adam Chylek and Andrew Moore were good operators, and competent, realistic and commercial in their legal advice. They also responded to client requests in a prompt, logical manner.

Belinda Henningham was practical and good at liability matters; known as having a strong team and helping clients minimise their legal costs.

leading firms

f l

NB: Firms are listed alphabetically under each subheading

MELBOURNE

sydney

• DLA PHILLIPS FOX • MIDDLETONS • MORAY & AGNEW • LANDER & ROGERS • TURKSLEGAL

• COLIN BIGGERS & PAISLEY • DLA PHILLIPS FOX • HENRY DAVIS YORK • HWL EBSWORTH • TURKSLEGAL • WOTTON + KEARNEY

adelaide • GADENS LAWYERS • SPARKE HELMORE

NATIONAL TOP-TIER FIRMS

perth

• ALLENS ARTHUR ROBINSON • CLAYTON UTZ • FREEHILLS • MALLESONS STEPHEN JAQUES • MINTER ELLISON

• DLA PHILLIPS FOX

canberra • SPARKE HELMORE

BRISBANE

NEW ZEALAND

• CARTER NEWELL • DLA PHILLIPS FOX • SPARKE HELMORE • Thynne & MACARTNEY • cooper grace ward

• BELL GULLY • CHAPMAN TRIPP • KENNEDYS • RUSSELL MCVEAGH • SIMPSON GRIERSON

other recommended firms

NB: Firms are listed alphabetically under each subheading

f r

SYDNEY

brisbane

• BAKER & MCKENZIE • CORRS CHAMBERS WESTGARTH • MIDDLETONS • MORAY & AGNEW • TRESSCOX LAWYERS

• CORRS CHAMBERS WESTGARTH • GADENS LAWYERS • BAIN GASTEEN LAWYERS

MELBOURNE

• BLAKE DAWSON • DEACONS

• BAKER & MCKENZIE • CORRS CHAMBERS WESTGARTH • HWL EBSWORTH • SPARKE HELMORE • TRESSCOX LAWYERS

NATIONAL TOP-TIER FIRMS

NEW ZEALAND • BUDDLE FINDLAY • KENSINGTON SWAN • HARKNESS HENRY & CO • JONES FEE

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alb guide: insurance law 2009

leading lawyers NB: Lawyers are listed alphabetically by surname

TERRY BRIGDEN Firm: Freehills Location: Sydney • Practice areas: insurance, insurance products, superannuation insurance, financial services, corporate, regulatory • Formerly senior legal counsel at AMP Financial Services, advising on life insurance products, corporate super funds and public offer • Involved in developing new financial products, ACCC submissions analysing changing trends

MARK CALLIGEROS Firm: Minter Ellison Location: Adelaide • Practice areas: insurance & corporate risk, litigation, workers compensation • More than 20 years’ experience in workers compensation, acting for WorkCover since it commenced operation in 1986 • Successfully acted for WorkCover Corporation in upholding rejection of claim for post-traumatic stress disorder by an off-duty security officer

DAVID FLINT Firm: Moray & Agnew Location: Brisbane • Practice areas: general insurance, life & disability insurance, public liability, product liability, professional indemnity, marine insurance • Acted for insurers and life insurers both local and overseas; and drafted and reviewed policy wording and endorsements • Specialised in professional indemnity, marine, public liability, defence of life and disability insurance claims

DAMIEN GARDINER Firm: Mallesons Stephen Jaques Location: Melbourne • Practice areas: insurance, environment, planning, infrastructure • Acted for insurers on environmental insurance matters, and insurance aspects of the LaTrobe River collapse, and for local government on environmental insurance matters • Memberships: Mining and Petroleum Law Association, Law Institute of Victoria

Catriona Grover Firm: Kensington Swan Location: Wellington • Practice areas: insurance (life disability), financial intermediaries, managed funds, superannuation • Specialises in life and disability insurance including insurance policy and marketing documentation, adviser arrangements and claims • Former Accident Compensation Corporation solicitor, acting on claim disputes

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cont. ►

Henry Davis York “knew their stuff” for insurance litigation, one client said. The firm was efficient, wellregarded and always “to the point”, cost-effective and competitive for legal advice. A number of HDY’s major clients preferred it over larger law firms, because of its “no-nonsense”, direct approach to dealing with issues.

Ian Enright was practical, hands-on and experienced in insurance law, and often involved with boards of various insurers – giving him a good “business-operational” perspective.

Rebecca Whittle left clients with a positive experience, as her approach was “top class”, pragmatic, concise and to the point.

Mark Kimberley was known to have acted for major insurance players and was the “go-to man” for portfolio work. John Martin was mentioned for scheme of arrangement work.

DLA Phillips Fox was rated as a top law firm by clients in the insurance sector. They valued its client service, and commercially-minded and strategic legal advice. Peter Tredinnick was “right up there” for advising financial directors and complex financial institutions. He was a good operator, delivering a great working product, and praised as having over 25 years’ experience. Lindsay Joyce was mentioned for his claim work, Joanna Apostolopoulos was good for workcover matters and Andrew Sharpe was known for professional indemnity in the property market. Kerry HoganRoss handled medical malpractice claims, and both Michael Down and Robert Crittenden were mentioned for general liability. Last but not least, Michael White was mentioned for his building and construction-related indemnity work.

Looked upon fondly for its “personable” service, TurksLegal was also mentioned for its insurance litigation work and value-added service. One client remarked that the firm stands out from the rest for not just giving “run-of-the-mill” advice.

It is also involved in the insurance industry, providing seminars for many longstanding clients.

Lisa Norris was easy to deal with and good at explaining issues surrounding insurance legislation; John Myatt had a broad knowledge

base and did a good job of handling claims work, while Alph Edwards was down-to-earth and good for “the nittygritty of matters”. Paul Angus was mentioned for his personal approach, and Roger Walter for his insurance and litigation expertise.

Colin Biggers & Paisley had a “great” approach to client service, was “commercially minded” and provided strong strategic advice. It was rated highly by the insurance industry for contracts, professional indemnity and liability. Mark Radford, who recently moved to CBP from Blake Dawson, was rated among the “highest” by one client. He also had “first-class knowledge of the law” and was “very inexpensive” for non-callout assistance.

Linda Murphy was “fantastic” and a good operator in litigation. Greg Skehan achieved a good turnaround, while Paul Bannon and special counsel Keith Bethlehem were both singled out for praise.

HWL Ebsworth was often chosen for insurance-related product development and Nicholas Matkovich was considered to be thorough and experienced.

Clients also thought highly of Julian McGrath, Chris Brierley, Tim Griffiths and Matthew Harding for their knowledge and “easy-to-getalong-with” attitude.

Others mentioned, included Jonathon Tapp, Robert Johnston, Andrew Miers, Michael Bowyer, John Bell, Doug Vorbach, Julie Hamblin, Kerrie Chambers, Simon Liddy and Joe Hurley.

Middletons was also considered a “top law firm” by the insurance industry for its “great” approach to client service and commercially minded strategic advice. Shayne Thompson was “fantastic” for litigation, a good operator and delivered a “great” end product. Erin Devery was mentioned for her international asbestos claims work, while Greg Couston was known for his “sophisticated” reporting style.

Tresscox Lawyers was chosen for sharing knowledge on claims. Torquil Murray was praised for his wealth of knowledge; Mark Sheller was an “expert” in general insurance; while John MacLennan was singled out for his public liability insurance work.

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Baker & McKenzie’s Georgie Farrant and Kate Gillingham left clients with a positive experience.

Rodney Stone was praised for his work on treaty arrangements and captive insurance matters.

Corrs Chambers Westgarth did a good job of contracts, professional indemnity and liability work. Frank Lawson was noted for his good turnaround time, while Michelle Carr was mentioned for her director & officer and professional indemnity work.

Moray & Agnew also stood out.

Geoffrey Connellan was a good operator; Suzanne Wallace was efficient; while Stephen Taylor-Jones was often the client’s choice for asbestos litigation.

Gadens Lawyers was well-placed to provide the staffing that clients needed. They thought highly of Ray Giblett and Wendy Blacker for their competence.

Clients also thought highly of Sparke Helmore’s Malcolm Cameron, John Coorey, Geoff Pike and Mark Doepel, for their professional indemnity, and directors & officers work.

Curwoods was mentioned for its liability insurance work, where both Peter Ford and Clive Curwood had breadth of knowledge.

Of all the national firms, Minter Ellison in Sydney received the most positive feedback. It was particularly noted for its work in the claims area, which clients were very happy with.

Overall, partners were proactive, commercially minded and provided “great” strategic advice; they also kept hourly fees down and offered value for money. It is no surprise, then, that it rates among the top Australian firms for insurance law. One client said that Minters “never” provided advice that she “wouldn’t necessarily agree to”. It eschewed sitting on the fence, made “strong” recommendations and gave “valuable” guidance.

Pamela Madafiglio provided advice that was timely, well thought out and commercially orientated – earning her the title of “insurance guru”. She was also “very considerate” and a good operator, and delivered a good endproduct. Chern Tan was mentioned for being diligent and commercially focused. Beverley Newbold was chosen for reinsurance recoveries, www.legalbusinessonline.com

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directors & officers-related insurance advice, and class actions.

Freehills was also highly praised for always being available and providing prompt service, as well as having a good knowledge of insurance law.

One client commended the firm as “excellent” in advising on “high-level” matters and meeting their commercial needs. Partners were generally responsive and knowledgeable, with “unfaultable service”.

Michael Vrisakis was approachable and knowledgeable; always up to date on issues and innovative with life insurance matters. Terry Brigden was called a “high quality lawyer” who was easy to deal with, and a master of general insurance, superannuation and life insurance. Michael Mills and Michelle Fox were well prepared and a “pleasure” to work with, and had deep “subject matter knowledge”.

The word ‘great’ was often heard when clients spoke about Allens Arthur Robinson’s commercially minded approach and strategic advice.

Both Michael Quinlan and Oscar Shub were “fantastic”, good operators and delivered a good end-product.

Dean Carrigan, John Edmond and Andrea Martignoni were also mentioned.

Mallesons Stephen Jaques was called the “best of insurance practices at national firms” and was praised for being knowledgeable, notably in policy wording and interpretation work. Peter Stockdale “knew his stuff”, Philip Ward was personable and thorough, Robyn Chalmers was called a products liability specialist, and Anne Newbrun was good for noncontentious insurance matters.

Clayton Utz was noted for its “solid” insurance and reinsurance expertise.

Peter Mann was pragmatic, downto-earth and a problem solver. He was also praised for insurance advice on relatively large cases. Nancy Milne was mentioned for her insurance risk work, special counsel Henry Herron was a “longstanding expert” in his unique area of aviation insurance law.

Jocelyn Helen was mentioned for her product liability knowledge, while special counsel Richard Shankland was chosen for reinsurance matters.

Deacons’ Sydney office was also mentioned. Paul Baram was chosen

leading lawyers TRICIA HOBSON Firm: Deacons Location: Sydney • Main practice area is insurance • Specialist in insurance and reinsurance, with a focus on financial services • Advised both local and London insurers on a range of insurance matters, and major Australian and international financial institutions

PAUL HOPKINS Firm: Carter Newell Location: Brisbane • Practice areas: general insurance, property insurance, aviation insurance, injury liability, professional liability • Advised underwriters and brokers on front-end corporate and institutional accounts, risk management and claims management issues • Memberships: Queensland Law Society’s accident compensation and tort law reform section, Australian Insurance Law Association

Ken Horsley Firm: Minter Ellison Location: Brisbane • Practice areas: insurance, litigation, education, product liability, transport • More than 15 years’ experience in acting for blue chip clients on complex and large claims • Defended range of claims, including occupiers liability, injury, product liability, professional indemnity

DAVID KEARNEY Firm: Wotton + Kearney Location: Sydney • Advised on professional indemnity, liability, construction risk, litigation, major claims, policy drafting • Acted for insurers of Sydney Water on bushfire property damage claims • Clients: StarDex, Zurich, AIG, ACE, Liberty International Underwriters, Vero • Memberships: APIG, AILA, Claims Discussion Group

JOHN KNIGHT Firm: Chapman Tripp Location: Wellington • Practice areas: insurance, dispute resolution, transport, environment, planning, resource management, infrastructure • Acted for retail bank on negotiating with international insurer on underwriting arrangements for credit card travel insurance • Memberships: New Zealand Insurance Lawyers Association, Maritime Law Association of Australasia and New Zealand

cont. ►

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alb guide: insurance law 2009

for his public liability and professional indemnity expertise. Tricia Hobson was called “pre-eminent” in both professional indemnity and UK insurance matters. Barry Richardson was mentioned for construction-related professional indemnity.

Blakes’ Rehana Box was mentioned for general insurance.

leading lawyers MICHAEL LANDVOGT

MELBOURNE

Firm: Lander & Rogers Location: Melbourne • Practice areas: insurance, litigation, liability, professional indemnity, risk management.

• Acted for insurers, underwriters and brokers, and Insurance Council of Australia on major High Court litigation dispute (A$300m) • Defended builder in A$4m multi-party building collapse action at Supreme Court level

PAMELA MADAFIGLIO Firm: Minter Ellison Location: Sydney • Head of Sydney insurance and corporate disputes team • Practice areas: insurance & corporate risk, dispute resolution, product liability, government, education • Diverse insurance claims; litigation of financial services lines, retail lines • Memberships: President of NSW Branch Executive Committee of Australian and New Zealand Institute of Insurance and Finance

PETER MANN Firm: Clayton Utz Location: Sydney • National head of insurance practice • Practice areas: insurance & risk, dispute resolution, climate change • Memberships: fellow of Australian and New Zealand Institute of Insurance and Finance, former NSW chair of Australian Insurance Law Association

HAMISH MCINTOSH Firm: Russell McVeagh Location: Wellington • Practice areas: insurance, dispute resolution, regulatory compliance • Extensive experience in insurance, including commercial, fire and general • Provided advice on professional indemnity, liability and accident insurance

TORQUIL MURRAY Firm: Tresscox Lawyers Location: Sydney • Practice areas: insurance & risk, dispute resolution, property & planning, corporate, M&A • Broad experience in insurance and litigation on behalf of real estate agents and valuers • Clients include Real Estate Institute of New South Wales, Raine and Horne, The Professionals, LJ Hooker

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cont. ►

Some Victorian clients had a keen eye for firms that charged A$250–300 per hour for a partner.

TurksLegal was once again highly praised for its insurance and litigation expertise. Clients thought the firm had a high profile in the industry, and was “fantastic” and easy to deal with, as well as efficient, concise and commercial in its legal advice. The firm was noted as being proactive in raising the profile of the insurance industry, holding regular training sessions, and sponsoring competitions and scholarships. One client for whom the firm had acted for more than a decade commented that the firm does not just provide “run-ofthe-mill” advice, but “excellent” advice on arson cases.

Peter Riddell was easy to deal with, knew the law “inside out” and had a “no-nonsense” approach to advocating his client’s position. He was appreciated for having useful contacts and amazed clients with his insurance knowledge, having previously worked as an in-house lawyer for AXA. He was not only thorough but also very cost-efficient.

Peter Moriarty was “extremely” competent in areas such as arson investigations. He knew what to do, how to do it and in a timely fashion.

Lander & Rogers was “excellent” at providing “talented” staff. James Tully was good at handling complex and technical matters. Michael Landvogt was knowledgeable, thorough, personable, efficient and a good communicator. Ari Abrahams was “excellent” in recovery proceedings for insurers, whereas the other parties were negligent. Lisa Newcombe was an “excellent” litigator, while Julie Smith was “exemplary”.

DLA Phillips Fox’s David Leggatt, Kieran O’Brien, Robert Minc and John Goulios were mentioned for their property liability and litigation

expertise. Michael Regos was a “clear leader” in medical negligence, and both Peter Rashleigh and Rohan Bennett were known for their professional liability work.

Clients also thought highly of Middletons’ Melbourne office.

Peter McGrath was mentioned for his medical negligence work, Peter Lupson was known for employment practices liability work and Mark Dobbie was also singled out.

Moray & Agnew’s Anthony Scott and Richard Midgley were praised for their professional negligence work, while Bill Papastergiadis and James Collier did a good job at construction insurance matters.

Tresscox’s John Petts was chosen for general insurance and Jason Newmann was a “top pick” for real estate insurance and public liability matters.

Bakers’ Steve Watts was mentioned for his work on credit and mortgage insurance matters.

Sparke Helmore’s Kerstin Wittkopf was mentioned for her professional indemnity work.

HWL Ebsworth’s Philip Battye, Rick Horsley and Craig Down were mentioned.

Corrs’ Daniel Marquet was mentioned for his “financial line-type” cover work.

Gadens’ Simon Theodore and Stuart Eustice were mentioned.

Mallesons provided much-needed advice, particularly in relation to the carbon offset industry. The service provided was professional, prompt and timely. Complex legal matters were explained in terms easy to understand and practitioners were careful to ensure clients grasped the “state of play”, following up e-mails with courteous phone calls that gave clients the “most comprehensive” understanding. Practitioners generally made themselves available for what seemed like “any time” of the day, and acted with the “highest diligence” to achieve the “best outcome”.

Stephen Davis was mentioned for his “calm and collected” thinking, with the ability to “think outside the box” and “weld” commercial and legal considerations into one single answer. Chris Fox was “cool-headed” and “measured” in his approach with Australasian Legal Business ISSUE 7.4

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a keen eye for risks that could arise during claims.

Damien Gardiner was easy to deal with and built up a good rapport and trust right from the beginning.

One client said he showed “great leadership and strength in negotiation, during crucial moments in stakeholder dealings”. He not only had a high level of expertise, but also confidence, tact and fairness, which ensured a “quality and efficient outcome”.

Radha Govil provided “excellent” support, with attention to detail and the “best possible assessment”. She was also easy to deal with.

Minters was similarly a top pick among the national firms. Clients were “extremely” happy with the firm’s work and hailed it as “professional service”.

It was commercial, proactive and structured in its advice, and kept hourly fees competitively priced.

David Poulton pleased clients with his organised approach and ability to make things happen. There were rarely any “glitches” in his casework and file management.

Peter Coats was noted for his friendly culture and endeavours to build strong business relationships.

This was anchored by his broad litigation experience, prompt advice and strict adherence to deadlines – even at short notice – with a “minimum of fuss”. Cameron Oxley was forthright and gave sound advice on the more complex legal matters. For one client, it seemed that the more complex the issue, the better he performed. He was also approachable, dependable and was “straight to the point”.

Stephen Talbot was mentioned for his workers’ compensation work, while Richard McQueen was often chosen for liability matters.

Deacons’ Marcus O’Brien and Nicole Wearne were praised for their professional indemnity and general insurance work.

Clayton Utz’s Fred Hawke was called a “tribal elder” in insurance law, with a “wealth” of expertise.

Freehills’ Ken Adams was mentioned for his insurance litigation and product-related work.

BRISBANE Some Queensland clients commented that partner hourly fees ranged from www.legalbusinessonline.com

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just A$300 up to A$635. Despite the disparity, they did not give much heed to the rates, instead focusing on what the market rate was.

Carter Newell was one of the firms most talked about in Queensland. It had a loyal and longstanding client base that kept coming back for professional indemnity service that was “second to none”. Legal advice pinpointed key issues early in the process and clients found the staff to be professional, respectable and responsive. One client said the firm gave the “whole 10 yards”, took pride in the quality of its work and did everything that was expected. It also had an “excellent” knowledge of insurance products, product research and analytical briefs, providing “exemplary”, comprehensive and substantive advice that was not “too wordy” but always cost-efficient.

Paul Hopkins was professional, client-focused and always tried to “exceed” clients’ expectations; he was also personable, open and frank with them. He was “passionate” about client service, good at attending to minor details and communicated regularly with his staff to ensure everything was on track.

Michael Gapes was “extremely responsive”, able to put things into perspective and explain legal aspects in a way that clients could “digest”. He was also “articulate” and did a good job of research. Rebecca Stevens was good at explaining matters in detail, communicated with clients regularly and ensured deadlines were met.

Clients also chose her because she was responsive and able to grasp what they wanted quickly.

Daniel Best was usually “on top” of his files and ensured that he kept an eye on the progress of matters delegated to more junior staff. He also settled matters early, rather than letting them “drag on for years”.

Patrick Mead was “tremendous” in his service and knowledge, as well as experienced, innovative and technically good at policies and coverage issues.

Mark Brookes was “excellent” at handling liability matters and a good lateral thinker, approachable, strategic and easy to deal with.

Moray & Agnew was good for simpler insurance matters when clients did not want to use a “sledgehammer

leading lawyers LISA NORRIS Firm: TurksLegal Location: Sydney • Practice areas: insurance & financial services, life insurance risk products, claims litigation & dispute resolution, superannuation & managed investments • Advised life insurers and superannuation funds on litigated and unlitigated death, disability, trauma, loss of licence, income protection claims

Mark Radford Firm: Baker & McKenzie Location: Sydney • Practice areas: insurance, reinsurance, compliance, products, M&A, government • Reputation for providing practical, high quality, cost effective and innovative advice to clients • Clients: The Treasury, the National Insurance Brokers Association, Australian Securities & Investment Commission, and the ACCC

PETER RIDDELL Firm: TurksLegal Location: Melbourne • Practice areas: insurance & financial services, life insurance risk products, claims litigation & dispute resolution, product distribution & regulatory compliance • Significant experience in life and general insurance claims, products, TPD, term life, income protection • Former senior in-house lawyer at AXA

PETER STOCKDALE Firm: Mallesons Stephen Jaques Location: Sydney • Practice areas: insurance, reinsurance, product liability, dispute resolution, international arbitration • Worked in Australian, UK and Bermudan reinsurance markets • Acted for State Rail on both Glenbrook and Waterfall Commissions, reinsurers on the HIH Royal Commission, and advised on the Cole inquiry into the Australian Wheat Board

MARK WILLIAMS Firm: DLA Phillips Fox Location: Perth • Practice areas: insurance & risk, health, litigation • Has particular expertise in medical negligence claims and the complex insurance and indemnity arrangements • Successfully acted on Speno Rail Maintenance Australia v Hamersley Iron litigation, Zurich Australian Insurance v Metals & Minerals Insurance

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alb guide: insurance law 2009

to crack a walnut”. David Giacomantonio performed well in liability matters and was commercially astute. David Flint was resultsdriven and did a good job of handling professional indemnity matters. Simon Lang was mentioned for compulsory third-party insurance matters.

DLA Phillips Fox’s Drew Castley was mentioned for his professional indemnity work, Paul Baxter was praised for his property and liability work and Andrew Forbes was a top pick for medical negligence, while Alison Haly was a good operator Clients thought highly of Sparke Helmore’s Anthony Henley, while Matthew Pokarier was considered a “strategic thinker” in professional indemnity matters.

Thynne & McCartney’s John Moore was often chosen for professional indemnity or other insurance matters.

Corrs’ Julie Cameron was the “goto” expert on insurance law, particularly policy matters.

Gadens’ Jim Demack, David Slatyer, Jim Gurry and Simon Carter were mentioned for their insurance claims work.

Bain Gasteen Lawyers’ Terry Batch was a top pick.

Both Moray & Agnew and HWL Ebsworth were also mentioned.

Minters once again received a good deal of praise for its work in policy interpretation, professional indemnity, product reliability and ‘sizeable’ actions.

The firm often appeared on in-house panels and was highly regarded, having developed a “great” reputation for knowledge and price competitiveness.

One client said that Minters was “one of the best – if not the best – in Australia”, pointing out the firm’s commercial, proactive and structured approach. Most clients said that it also tried to keep hourly fees down.

Ken Horsley was dubbed “10out-of-10” for his marketing focus, service-orientated approach and lateral thinking. Overall, he was competent and a good operator.

Shane Evans was practical, “wellrounded” in his approach, interested in finding the best outcome for his clients and how to achieve it.

Deacons’ David Muir was mentioned for general insurance

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and public liability and professional indemnity, with a “strong” background in insurance fraud. Ashley Jones was good for general insurance and liability matters, and often called a “leading authority on PIPA legislation”.

Freehills’ Mark Darwin was mentioned for medium to large insurance litigation work.

Mallesons’ Justin McDonnell was mentioned for general insurance.

Clayton Utz’s Mark Waller and Mark Sammutt were also mentioned.

CANBERRA Sparke Helmore’s Mary Brennan was mentioned.

Minters’ Mark Treffers and Nevin Agnew were mentioned for their liability and workers’ compensation expertise. Alice McCormick was mentioned for her directors & officers and professional indemnity work.

Clayton Utz’s Doug Galbraith was well known for insurance in a “government context”.

ADELAIDE Sparke Helmore’s Josh Abbott was mentioned for his professional indemnity work.

Gadens’ Nicholas Linke was also mentioned.

Once again Minters received high praise for its major insurance work for government agencies.

The firm often had more than 20 staff working on certain matters, handling claims and workers’ compensation disputes.

One client simply could not praise the firm enough because it “always” delivered “high quality staff and results” – even during heavy workloads. Clients appreciated how the firm was able to “start work immediately and sort out the payment later”.

Mark Calligeros was responsive and an “expert” at insurance law, and he knew his clients’ businesses – in fact he was often considered an extension of his clients’ businesses.

Cheryl Phillips was strategic, had a good network of contacts and maintained good relationships.

Sonya Bates was professional, flexible and helpful, and one to offer good service.

Grant Mitchell was mentioned for his workers’ compensation

work and tended to follow what his clients needed.

PERTH DLA Phillips Fox was often seen on in-house legal panels.

Mark Williams was practical, sound, insightful and bright, and a “hard negotiator” when dealing with claimant solicitors. His hourly rates were competitive too. Cameron Maclean, Keith Thomas and Toby Barrie were known for their professional indemnity and general liability expertise, while John Farquharson was praised for his road insurance work.

Sparke Helmore’s Philip Keays and Jonathan Wyatt were also mentioned.

Minters’ Sue Taylor was the right person to see about health insurance matters or litigation. Deborah Templeman and Michael Cornes were also mentioned.

Freehills’ David Goodman was mentioned for his medium to large insurance litigation work Mallesons’ Sarah Harrison was a “specialist” in general insurance.

NEW ZEALAND The only criticism from clients was that Kiwi firms tended to take a “bit too long” to provide their advice.

Chapman Tripp’s insurance advice on claims and contract negotiation left clients with a positive experience.

Most clients felt it was an “excellent” law firm that provided very practical and pragmatic advice, even on rather complex matters that required careful interpretation of legislation and regulatory framework.

One client said that the firm offered “sensible and informed advice, displaying sound judgment in difficult matters”.

John Knight had a good knowledge of his clients and relevant Acts. He was personable, professional and analytical, and able to find a range of wellresearched and considered options. He worked well within set timeframes and responded quickly to urgent matters.

Nick Lough was often turned to for advice on regulatory laws and “out-of-territory” insurance. His advice was well-structured and articulate with detailed reasoning, and he had an open and friendly approach.

Adam Ross was smart and analytical, and had a strong ability to sum up the situation ‘concisely’.

Bruce Scott was practical and easy to deal with, and the one to go to for “hard and complex litigious fights”.

Michael Arthur was respectable, careful and considered, and “always thoroughly prepared”.

Bell Gully was mentioned for its corporate insurance and litigation work. Mark O’Brien and Ralph Simpson were singled out for praise for their claims and litigation expertise, while Clive Taylor was mentioned for insurance transaction matters.

Russell McVeagh’s Hamish McIntosh was a top pick for fire and general insurance matters, Sarah Armstrong was chosen for litigation work, while Chris Bargery was “the man” for transactional insurance matters.

Simpson Grierson’s Stephen Ward was mentioned for his life insurance work, while Robert Gapes was singled out for praise in general insurance, product liability and litigation. Duncan Laing was also mentioned.

Global firm Kennedys’ Tracy Stewart was praised for her statutory liability and also for her professional indemnity work.

Gary Wadsworth was mentioned for his professional indemnity and “contentious” litigation, while Mark Dennett was “the man” for construction-related liability.

Kensington Swan’s Catriona Grover and David Ireland were chosen for commercial policy and drafting, while John Land and David Campbell were the ones to turn to for insurance litigation matters.

DLA Phillips Fox was also considered a key Kiwi player, with Neil Beadle and Grant Macdonald other popular choices.

Buddle Findlay’s Graeme Hall, Jonathan Coates and Scott Barker were mentioned.

Among the boutique firms, Jones Fee’s Greg Jones, Pauline Barratt and Philippa Fee were mentioned.

Harkness Henry & Co’s Christine Grice was mentioned.

McElroys’ Peter Hunt was also mentioned.

Australasian Legal Business ISSUE 7.4

Magazine/Event/Conference: Final Deadline: ___________________________________________ _ Issue No.: 23/04/2009 10:32:48 AM

featured firm

featured firm

Gilchrist Connell

Cooper Grace Ward Lawyers

Specialising In:

Cooper Grace Ward’s insurance specialists provide insurance law advice, litigation services and legal solutions to Australian Insurers.

Professional Indemnity, Product Liability, Public Liability, Construction risk, Directors and Officers, Specialist Risk, General Insurance, Life and TPD, Policy issues, State and Commonwealth Workers’ Compensation, Subrogated Recoveries In mid 2008 Gilchrist Connell opened as “Australia’s freshest insurance law firm” in Adelaide and Sydney with a highly accredited and experienced legal team. The firm offers a complete package of insurance services to insurers, self insurers, risk managers, brokers and corporates.

In less than twelve months, Gilchrist Connell has expanded both offices, adding a new Principal, Senior Associate and several professional staff. It now offers the expertise of over 140 partner years and a team of 32 top insurance specialists.

As part of its ongoing commitment to industry and professional development, Gilchrist Connell is again sponsoring the AILA national conference being held in Melbourne 14-16 October 2009.

Gilchrist Connell is led in Adelaide by Managing Principal Richard Wood along with principals Kevin Gilchrist and Fiona Errington who will be joined in early May by Jane Schammer. The SA practice currently acts for all but one of the major Australian insurers in addition to a number of overseas-based clients and receives instructions across all areas of general insurance and workers’ compensation.

In NSW the firm has 3 principals – Stephen Connell, Paul Kozub and Nick Maley – who currently act for a large number of specialist insurers across areas of Professional Indemnity, Product Liability, D&O and Construction.

Gilchrist Connell is thrilled to be listed as a top tier firm in this feature, building on its nomination as the leading insurance practice in South Australia in the Australasian Legal Business 2008 Survey.

Kevin Gilchrist Principal, Adelaide Office t: +61 8 8215 7002 e: kgilchrist@gclegal.com.au

Paul Kozub Principal, Sydney Office t: +61 2 8240 8002 e: pkozub@gclegal.com.au

Stephen Connell Principal, Sydney Office t: +61 2 8240 8001 e: sconnell@gclegal.com.au

Fiona Errington Principal, Adelaide Office t: +61 8 8215 7003 e: ferrington@gclegal.com.au

Richard Wood Principal, Adelaide Office t: +61 8 8215 7001 e: rwood@gclegal.com.au

Nicholas Maley Principal, Sydney Office t: +61 2 8240 8003 e: nmaley@gclegal.com.au

Adelaide Level 4 11-19 Grenfell St Adelaide SA 5000 Telephone: +618 8215 7000 Facsimile: +618 231 1255 Gilchrist Connell www.gclegal.com.au www.legalbusinessonline.com

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Sydney Level 26 Norwich House 6-10 O’Connell Street Sydney NSW 2000 Telephone: +612 8240 8000 Facsimile: +612 9221 1799

They understand the importance of both identifying and managing business and operational risks, ensuring you have the appropriate knowledge and procedures in place to limit your liability and run your business effectively. The team has expert knowledge of the relevant statutes, common law and industry concepts.

Cooper Grace Ward’s major services in the insurance sector include:

• • • • • • •

General & Self Insurance Products Liability Arson/Fraud Contract Works Environmental Liability Compulsory Third Party Insurance Public Liability

• • • • •

Professional Liability Carrier Liability Directors and Officers Aviation, Aerospace and Marine Workers’ Compensation (Federal & State)

KEY INSURANCE SPECIALISTS Heads of practice Tony Park Expertise: Workers’ Compensation, Self Insurance, Dust Diseases, Statutory Appeals. t: 07 3231 2460 e: tony.park@cgw.com.au Quentin Lanyon-Owen Expertise: CTP, Indemnity, Public & Product Liability, Arson/Fraud, Federal Workers’ Compensation, t: 07 3231 2910 e: quentin.owen@cgw.com.au Kevin Bartlett Expertise: Commercial & Insurance Litigation, Property Litigation, Marine, Aviation &Aerospace, Planning & Environment, Building & Construction. t: 07 3231 2496 e: kevin.bartlett@cgw.com.au

Key team members Brady Cockburn Expertise: Workers’ Compensation, CTP, Self-Insurance. t: 07 3231 2539 e: brady.cockburn@cgw.com.au Andrew Blandford Expertise: Medical Negligence, Professional Indemnity, Product Liability. t: 07 3231 2467 e: andrew.blandford@cgw.com.au Fiona Meara Expertise: Insurance Litigation, CTP, Public Liability Claims. t: 07 3231 2448 e: fiona.meara@cgw.com.au Mark Sainsbury Expertise: Medical Negligence, Aviation Insurance. t: 07 3231 2590 e: mark.sainsbury@cgw.com.au Cooper Grace Ward Lawyers www.cgw.com.au

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alb guide: insurance law 2009

featured firm Monahan + Rowell Lawyers Monahan + Rowell (M+R) is a mid size boutique firm based in Melbourne, with strong connections in Sydney and Brisbane. The firm commenced practice in 1987, renaming itself in 2004. M+R is a leader in the area of insurance law, delivering innovative solutions for its clients. We listen to our clients and provide responsive and expert advice based on a thorough understanding of their unique business requirements.

M+R has developed a strong specialist practice in the areas of insurance, construction, health law, transport, self-insurance, employment law and commercial litigation. The firm’s emphasis on leading the field in specific areas, its attention to clients and their requirements and its focus on innovative outcomes to complex problems has earned it an excellent reputation and has seen it dubbed “The Thinking Client’s Law Firm”. Understanding the insurance industry, both locally and internationally, is the key to its success.

The firm also has a preeminent practice in the area of asbestos litigation and, based on its history, continues to receive work from the London insurance market and other captive insurers of financial institutions.

Monahan + Rowell Lawyers Team Key team members

Patrick Monahan, the senior partner, heads a team of eight insurance partners. Patrick specialises in the areas of dispute resolution and litigation, in particular involving financial services, professional negligence, insurance litigation, commercial litigation and defamation. His practice also includes acting as Counsel assisting the Dental Practice Board and he represents various church bodies against sexual abuse claims.

Bruce Butler provides expert advice in the areas of self insurance, employment law, workplace relations and OH&S issues.

Mark Attard specialises in the areas of professional indemnity insurance, building and construction law and commercial litigation.

Andrew Probert has a particular interest in dispute resolution and litigation, insurance and financial services, captive insurance and reinsurance and specialises in transport law.

Allison Grice practises in the areas of dispute relation, professional indemnity insurance and insurance law.

Justin Griffin specialises in the areas of insurance law, personal injuries litigation, asbestos litigation and employment law.

Rita Zammit has a particular interest in health law, personal injuries litigation, asbestos litigation and insurance law.

Vanessa Kemp has expertise in the areas of professional indemnity insurance and public and product liability.

Monahan + Rowell Level 31, Rialto Towers, 525 Collins Street Melbourne www.mrlaw.com.au

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COMING UP ALB Issue 7.5 (May) Banking & finance ALB Issue 7.6 (June) TMT law

Australasian Legal Business ISSUE 7.4

Magazine/Event/Conference: Final Deadline: ___________________________________________ _ Issue No.: 23/04/2009 10:32:59 AM

Firm Profile

Moray & Agnew

MORAY & AGNEW ACHIEVES SIGNIFICANT GROWTH DESPITE ECONOMIC DOWNTURN The last twelve months saw Moray & Agnew cement its position as Australia’s premier specialist insurance firm.

registering in Australia as an overseas foreign insurer • Drafting new policies for an Australian insurer in innovative risk areas.

oray & Agnew differentiates itself by providing full east coast coverage with genuine insurance specialisation.

Over 80% of the firm’s 170 lawyers practise exclusively in insurance advice and litigation.

This specialisation, combined with large offices in Sydney, Melbourne, Brisbane, Canberra and Newcastle, sets Moray & Agnew apart from all its competitors.

Moray & Agnew receives instructions from Australia’s major general insurers together with numerous Australian boutique insurers, brokers and underwriting agencies.

General insurers from the United Kingdom, United States and continental Europe also regularly instruct Moray & Agnew on matters arising in Australia or throughout the South Pacific.

Moray & Agnew's continued specialisaton in insurance law and litigation saw the firm grow substantially against market trends. The insurance market is highly regulated and price sensitive, resulting in many large firms reducing or eliminating their insurance divisions.

By contrast, Moray & Agnew has strengthened its insurance practice, resulting in growth and profitability across the firm as a whole.

Highlights include: • Securing insurance industry leader: The firm developed its capability in corporate governance and compliance with the appointment of new partner, Mikaela Reynoldson, in its Melbourne office, effective 1 May 2009. Mikaela has previously held senior roles at leading insurers, and is a former nominee for the Telstra Business Woman of the Year Award.

Her dynamic and highly experienced approach will enable Moray & Agnew to provide comprehensive services to its clients across all key areas including compliance, risk management, claims management and litigation.

• Strengthening insurance practice in Brisbane: The firm appointed Britishborn Charles Hartley as a special counsel. Charles joined the firm in March 2009. With 12 years’ experience he specialises in medical negligence claims on behalf of public and private hospitals, medical practitioners and allied health care providers in both England and Australia • Bolstering insurance practice in Sydney: The firm appointed new partner Alex Bolton who brought with him a team of six. Alex has over 31 years’ experience, and specialises in product and public liability, directors and officers liability, catastrophic injury and compulsory third party claims. Alex and his team added further depth to the firm’s thriving insurance practice.

M

Significant client work The firm lived up to its promise that 2008 would be a year of consolidation and ‘getting down to work’.

Moray & Agnew finalised in excess of 4,500 litigated matters on behalf of general, life, government and statutory insurer clients, totalling over $500 million.

Highlights include: • Acting in a $150 million Federal Court class action arising from the suspension of the manufacturing licence of Pan Pharmaceuticals • Providing insurance coverage policy advice to the directors and officers insurer of large corporate collapses including Lehman Bros (Aust) Ltd, Lift Capital and Opes Prime • Successfully defending a $2.4 million complex mortgage fraud claim on behalf of a finance broker • Advising a large Australian insurer on compliance requirements in writing risk in a specific line of medical negligence insurance • Assisting a European insurer on www.legalbusinessonline.com

Profile - moray 2.indd 49

Substantial expansion

Areas of expertise • Regulatory compliance and risk • Policy advice, drafting and interpretation • Directors and officers liability • Class actions • Medical negligence • Marine insurance • Life and disability insurance • Product liability • Professional indemnity • Reinsurance • Construction and all risk • Builders warranty • Coronial inquests and inquiries • Catastrophic accident claims • Compulsory third party • Workers compensation • Captive insurers / self insurers • Dust and toxic tort litigation • Property damage • Public liability • Sports insurance • Travel insurance • Bloodstock insurance National Contacts Geoff Connellan, Partner Office – Sydney Ph: (02) 9234 4506 E: gconnellan@moray.com.au Suzanne Wallace, Partner Office – Sydney Ph: (02) 9234 4536 E: swallace@moray.com.au Bill Papastergiadis, Partner Office – Melbourne Ph: (03) 8687 7358 E: bpapastergiadis@moray.com.au David Flint, Partner Office – Brisbane Ph: (07) 3225 5905 E: dflint@moray.com.au Andrew Muller, Partner Office – Canberra Ph: (02) 6210 4205 E: amuller@moray.com.au Peter Utiger, Partner Office – Newcastle Ph: (02) 4911 5412 E: putiger@moray.com.au

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FEATURE | ALB Law Awards >>

09

australasian law awards

ALB is proud to announce the finalists for this year’s Macquarie Bank Australasian Law Awards 2009, which will be presented at the Westin Hotel in Sydney on 21 May.

A

s we move into 2009, again the time has come to recognise the firms, teams and individuals in the Australian and New Zealand legal industry who have excelled in their profession.

On 21 May, the best of the two legal communities will come together at the fifth annual Macquarie Bank ALB Australasian Law Awards and ALB magazine is delighted to announce the official list of finalists for 2009.

All 31 award categories cover work carried out in the calendar year 2008 and aim to recognise the key transactions in Australia and New Zealand during that time, and the firms that acted on them.

The finalists in all the deal categories were assessed against a range of criteria; namely, deal ►► Book your table now!

To be there, in the fabulous Westin Hotel in Sydney on 21 May, book a table at the Macquarie Bank ALB Australasian Law Awards 2009 online at www.albawards.com or contact Jess Lee by phone, +61 2 8437 4784; fax, +61 2 8437 4599 or e-mail: jessica.lee@keymedia.com.au

►►ALB Law Awards Series

The ALB Australasian Law Awards 2009 is the second in a series of award ceremonies hosted

by ALB around the Asia-Pacific region that seek to reward the largest, most innovative and most complex legal work carried out by lawyers during 2008. ALB Law Awards for the China region were held in Shanghai on 24 April, while awards for the Japan region will be held in Tokyo on 28 May, for the SE Asia region, in Singapore on 5 June and for the NE Asia region, in Hong Kong on 18 September.

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value, complexity, number of parties involved, innovative deal structure, timeframe for completion and significance to the market. Finalists in the firm categories, meanwhile, were recognised for their outstanding client service as well as their ability to combine rigorous analysis with astute judgment and advice.

What follows is the direct result of ALB research, aided by literally hundreds of legal professionals, who assisted our teams with months of research into the industry, and whom we thank sincerely. The omission of a firm from a transaction does not mean it did not play a role in it. ALB would like to congratulate all the finalists for the 2009 Macquarie Bank ALB Australasian Law Awards and we look forward to seeing you at the Westin Hotel in Sydney on 21 May.

Deal Award categories Debt Market Deal of the Year Energy & Resources Deal of the Year Equity Market Deal of the Year Insolvency & Restructuring Deal of the Year M&A Deal of the Year Project Finance Deal of the Year New Zealand Dealmaker of the Year New Zealand Deal Team of the Year Australian Dealmaker of the Year Australian Deal Team of the Year Deal of the Year

In-house Award categories Banking & Financial Services In-house Team of the Year Insurance In-house Team of the Year Investment Bank In-house Team of the Year New Zealand In-house Team of the Year Australian In-house Team of the Year In-house Lawyer of the Year

Firm Award categories Employment Specialist Firm of the Year Insurance Specialist Firm of the Year IP Specialist Firm of the Year Corporate Citizen Firm of the Year CSR Firm of the Year Innovative Use of Technology Award International Law Firm of the Year Adelaide Law Firm of the Year

►► Assessment of deals

The transactions short-listed must have reached financial close during the calendar year 2008 to be eligible for consideration. While many transactions involve multiple legal jurisdictions, all deals will be allocated to a specific ALB event – governed by where most of the legal work was completed.

The ALB editorial and management team define four criteria for judging the overall excellence of any given deal. These are as follows: • Size – the financial value of the deal and the amount of legal work involved • Complexity – the degree to which advanced legal and financial techniques and structures were applied in the deal • Breadth – the degree to which the deal spanned jurisdictions, practice areas, parties and industries • Innovation – the degree to which the deal involved groundbreaking original legal techniques and structures

Brisbane Law Firm of the Year Perth Law Firm of the Year Melbourne Law Firm of the Year Sydney Law Firm of the Year Outstanding Contribution to the Legal Profession Managing Partner of the Year

Macquarie Bank Macquarie Bank's Relationship Banking division has been providing banking and lending products and services to the legal industry since 1985. With 24 years of experience working with the legal industry, Macquarie Relationship Banking's specialist legal segment team focuses on working closely with clients to understand the challenges and opportunities for their businesses, developing tailored banking solutions to help legal firms achieve their business goals.

Australasian Legal Business ISSUE 7.4

23/04/2009 12:26:00 PM

FEATURE | ALB Law Awards >>

09

deals of the year DEBT MARKET DEAL OF THE YEAR ►► Ozcar - Auto dealers Securitisation Firms: Allens Arthur Robinson, Mallesons Stephen Jaques, Blake Dawson, Commonwealth Attorney General’s Department Banks: Credit Suisse, ANZ, CBA, Westpac, NAB, Perpetual Trustee Accountants: N/A • Establishment of Special Purpose Vehicle to provide funding of up to A$1.3bn to financiers of Australian car dealerships following the withdrawal of major financiers to that sector“ • First Commonwealth Government guaranteed securitisation in Australia • “Uniquely complex deal’ which needed to accommodate up to seven sellers and servicers, each with its own operating and reporting systems and approval and documentation processes

►► Primary Health Care - Symbion Health Acquisition Financing Firms: Minter Ellison, Clayton Utz, Mallesons Stephen Jaques, Baker & McKenzie Banks: Caliburn Accountants: Deloitte Why : • Debt financing negotiated, underwritten, funded and syndicated over 12 months against backdrop of hostile takeover battle, deteriorating global financial and share markets, and looming credit crisis • Successful syndication at the sub-underwriting phase of the A$2.3bn acquisition debt showed accuracy of lead banks’ modelling and strength of innovative finance package • Complex and large-scale deal conducted against hostile takeover background

►► Apex Minerals Convertible Notes Firms: Mallesons Stephen Jaques, Salter Power, Wright Legal Banks: Goldman Sachs JBWere Accountants: N/A Why : • Apex Minerals NL raised A$60.5m by issuance of a package of senior secured notes together with detachable warrants and detachable gold upside participation notes www.legalbusinessonline.com

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• Innovative capital markets product, the first of its type and issued in challenging market circumstances

►► Incitec Pivot - Dyno Nobel Acquisition Financing Firms: Freehills, Mallesons Stephen Jaques, Allens Arthur Robinson, Sullivan & Cromwell Banks: Macquarie Capital Advisers Accountants: N/A Why : • A$2.4bn debt facilities provided to Incitec Pivot to finance acquisition of explosives manufacturer Dyno Nobel by way of scheme of arrangement • Financing was one of largest acquisition debt financings in Australian market in 2008 and was completed in context of increasing illiquid debt markets • Negotiation of A$1.68bn syndicated facility agreement for the partial refinance of the A$2.4bn acquisition facilities was undertaken as financial markets became increasingly tight and volatile in last part of 2008

►► Project Apple Firms: Russell McVeagh, Bell Gully Banks: Credit Suisse, BOS International, ANZ, Calyon Australia Accountants: Deloitte Why : • US$1.6bn financing of Rank Group’s acquisition of the packaging assets of Alcoa Inc • Transaction completed in tight timeframe during height of credit crunch, and successfully syndicated to more than 15 banks • Complicated and large transaction requiring security to be taken in 18 jurisdictions

ENERGY & RESOURCES DEAL OF THE YEAR ►► Origin Energy-ConocoPhillips Joint Venture Firms: Clayton Utz, Allens Arthur Robinson Banks: Macquarie Capital Accountants: N/A Why : • Very significant turning point in one of major takeover sagas of 2008

• Origin Energy’s A$9.6bn deal with US liquefied natural gas operator ConocoPhillips to jointly develop Origin’s vast coal seam gas resources in Queensland • Origin was subject of approximately A$13.8bn non-recommended takeover bid at the time

►► Sinosteel Acquisition of Midwest Corporation Firms: Deacons, Hardy Bowen, Minter Ellison Banks: JP Morgan, Morgan Stanley Accountants: RBC Capital Markets, Gresham Partners Why : • First successful hostile takeover by Chinese stateowned-enterprise anywhere in world • Deal demonstrated extent to which Chinese companies are now fundamentally driven by commercial imperatives, and set stage for deals that followed in 2009 • Landmark deal which heralded new era for M&A in Australia

►► Santos - PETRONAS Gladstone LNG Partnership Firms: Freehills, Vinson & Elkins Banks: N/A Accountants: N/A Why : • Santos partnered with PETRONAS to develop, operate and market its proposed A$7.7 billion Gladstone LNG project • Raised pricing levels for eastern Australian gas resources to unprecedented levels and had industry-wide ramifications, particularly for BGOrigin bid • Got the ball rolling in coal seam methane and LNG sector and had significant impact across the industry

►► BG Group - Queensland Gas Company Acquisition Firms: Gilbert + Tobin, McCullough Robertson, Mallesons Stephen Jaques, Corrs Chambers Westgarth, Baker & McKenzie Banks: ABN AMRO Morgans, Austock Accountants: N/A Why : • Had several components including QGC shareholder AGL disposing of its 22% shareholding • Was structured by way of on-market bid which is rarity in Australia, particularly for transaction of this size • One of largest on-market bids in Australia’s history and also one of quickest in consumation

►► Chinalco/Alcoa Acquisition of Stake in Rio Tinto Firms: Mallesons Stephen Jaques, Clifford Chance, Allens Arthur Robinson Banks: N/A Accountants: N/A Why :

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FEATURE | ALB Law Awards >>

• Chinalco acquired 12% of Rio Tinto for US$14bn • Acquisition was one of largest market raids, was executed outside market trading hours, and involved complex UK and Australian legal and regulatory issues arising out of Rio Tinto’s DLC structure • 600 pages of executed agreements (lodged with ASIC) by 12 Feb, being less than 6 weeks from start to finish for a very complex arrangement involving no less than 9 joint ventures

►► Aceh Province Carbon - Deforestation Avoidance Deal Firms: Baker & McKenzie, Blake Dawson, Bell Gully Banks: Merrill Lynch Commodities (Europe) Limited Accountants: N/A Why : • World’s first carbon deal for avoided deforestation • Will prevent logging and conversion of 750,000 hectare Ulu Masen forest and reduce carbon dioxide emissions by 100 million tonnes over 30 years • Innovative risk management buffer incorporated into project design

EQUITY MARKET DEAL OF THE YEAR ►► Commonwealth Bank of Australia Equity Placement Firms: Baker & McKenzie, Freehills, Sullivan & Cromwell, Sidley Austin Banks: Credit Suisse, Citi, JP Morgan, CommSec Accountants: N/A Why : • A$2bn placement was largest placement in history of Australian market at time • Capital raising took place during a week of unprecedented global market volatility and just after ‘horror run’ of losses on markets

►► Wesfarmers AREO Firms: Blake Dawson, Allens Arthur Robinson, Sidley Austin, Sullivan & Cromwell Banks: ABN Amro, UBS, Goldman Sachs JBWere, Macquarie, Deutsche Bank, JP Morgan Accountants: Ernst & Young Why : • Second-largest secondary equity raising in Australian history and largest secondary raising of 2008 • Accelerated renounceable entitlement offer to raise A$2.5bn • Entitlement offer was made on 1 for 8 basis by way of RAPIDs structure while purpose of raising was to assist in refinancing A$4bn bridge facility drawndown to fund Coles acquisition

►► National Australia Bank Capital Raising Firms: Allens Arthur Robinson, Mallesons

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Stephen Jaques, Skadden Arps, Sullivan & Cromwell Banks: Goldman Sachs JBWere, UBS, Merrill Lynch Accountants: N/A Why : • A$3bn capital raising was one of the largest and most successful raisings in recent times, and was conducted through a fully underwritten placement, to be followed by a Share Purchase Plan • Initially intended to raise A$2bn but due to significant oversubscription was increased to A$3bn

►► GPT Group Accelerated Nonrenounceable Entitlement Offer Firms: Freehills, Allens Arthur Robinson, Sidley Austin, Skadden Arps Banks: UBS AG, Australia Branch, Deutsche Bank AG, Sydney Branch, Goldman Sachs JBWere Accountants: PwC Why : • A$1.6bn deal was largest accelerated entitlement offer conducted by Australian listed property group in 2008 • Concurrently with entitlement offer, GPT Group secured increased investment from existing securityholder, GIC Real Estate, via participation in entitlement offer and sub-underwriting of portion of retail entitlement offer

►► Maui Capital Indigo Fund Limited Partnership Firms: Chapman Tripp, Minter Ellison, Minter Ellison Rudd Watts Banks: N/A Accountants: PwC Why : • NZ$250m Maui deal was first Limited Partnership under New Zealand Law • New Zealand’s Limited Partnership legislation is seen as mechanism to help NZ retain and attract private equity and venture capital funds and Maui was first test of that legislation • First LP agreement of its kind and required drafting of industry templates from scratch in order to win over institutional investors

►► Primary Health Care Capital Raising Firms: Baker & McKenzie, Mallesons Stephen Jaques Banks: Deutsche Bank, Credit Suisse, ABN Amro Rothschild Accountants: N/A Why: • US$1.2bn deal was innovative in that it occurred in the very unusual context of hostile takeover bid • Primary secured both debt and equity funding in order to implement takeover of Symbion Health Limited

INSOLVENCY & RESTRUCTURING DEAL OF THE YEAR Ansarada Ansarada is a privately owned, fast growing data room specialist that provides simple to use virtual data room facilities protected by the highest levels of security.

As a young, dynamic company, Ansarada has ambitious plans to expand while keeping the feel of a privately-owned business founded on excellent service. Ansarada’s team of experienced consultants deliver electronic data room solutions - virtual deal rooms, if you like - that meet the specific and varied needs of our clients.

Ansarada aims to be the virtual data room supplier to the world’s leading legal, accounting, investment banking, private equity, consultancy firms and public companies.

Sam Riley P: +61 2 8090 8400 F: + 61 2 8090 8401

►► Allco Finance Group Restructuring and Receivership Firms: Allens Arthur Robinson, Blake Dawson, Corrs Chambers Westgarth, Deacons, Henry Davis York, Gilbert + Tobin Banks: Citi Accountants: McGrath Nichol, Ferrier Hodgson Why: • One of the three largest restructurings undertaken in Australia during 2008 • Extremely complex involving restructuring, refinancing and enforcing against group comprising over 850 companies • Involved myriad of on- and off-balance sheet tax structures in jurisdictions across globe

►► Centro Property Group Restructuring Firms: Allens Arthur Robinson, Arnold Bloch Leibler, Blake Dawson, Bracewell & Giuliani, Cadwalader, Wickersham & Taft, Clayton Utz, Corrs Chambers Westgarth, Freehills, Henry Davis York, Minter Ellison, Skadden, Stroock & Stroock & Lavan Banks: JP Morgan Accountants: McGrathNicol, KPMG, Capstone Advisory Group, Houlihan Lokey Why: • US$3.45bn restructuring and workout • Most significant work-out to have occurred in Australia for some time and has attracted considerable press attention • Included advising on facility extensions, new liquidity facilities, inter-creditor issues, asset stabilisation, strategic planning, recapitalisation Australasian Legal Business ISSUE 7.4

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and asset sale processes

►► Hanover Group Debt Restructuring Firms: Chapman Tripp, Buddle Findlay, Russell McVeagh Banks: KordaMentha Accountants: PricewaterhouseCoopers Why: • NZ$554m debt restructure of Hanover Finance and its related companies was ‘most high-profile and complicated business restructuring transaction undertaken in New Zealand in 2008’ • With over 17,500 investors affected, debt restructure was most high-profile of recent New Zealand finance company collapses • Investor meetings to approve restructure on 9 December 2008 attended by more than 1,000 investors and followed nationwide roadshows explaining deal

►► Retravision Deed of Company Arrangement Firms: Clayton Utz, Corrs Chambers Westgarth, Deacons, Henry Davis York, Maddocks Banks: Westpac, Perpetual Trustee Accountants: Grant Thornton, Deloitte Why: • Deed of Company arrangement saw continuation of company’s retail store network through existing owner-operators • Complex deal involving high number of stakeholders (over 120 retail outlets) across several jurisdictions • Took place in difficult circumstances - business not readily saleable, and immediate prospect of largescale defections of existing Retravision outlets to competitor chains

M&A DEAL OF THE YEAR Ansarada Ansarada is a privately owned, fast growing data room specialist that provides simple to use virtual data room facilities protected by the highest levels of security.

As a young, dynamic company, Ansarada has ambitious plans to expand while keeping the feel of a privately-owned business founded on excellent service. Ansarada’s team of experienced consultants deliver electronic data room solutions - virtual deal rooms, if you like - that meet the specific and varied needs of our clients.

Ansarada aims to be the virtual data room supplier to the world’s leading legal, accounting, investment banking, private equity, consultancy firms and public companies.

Sam Riley P: +61 2 8090 8400 F: + 61 2 8090 8401

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►► Primary Health Care takeover of Symbion Health Firms: Clayton Utz, Mallesons Stephen Jaques, Minter Ellison, Baker & McKenzie Banks: UBS, Goldman Sachs JBWere, Caliburn Partnership, Deutsche Bank, National Australia Bank, Credit Suisse, ABN Amro, Calyon Australia Accountants: N/A Why: • Initial stages saw competing takeover proposals by Healthscope and Primary Health Care • Symbion Health became subject of off-market takeover bid by Primary Health Care, which was ultimately successful • Sophisticated transaction involving number of legal complexities which were worked through and ultimately upheld by Federal Court

►► Sinosteel acquisition of Midwest Corporation Firms: Deacons, Hardy Bowen, Minter Ellison Banks: JP Morgan, Morgan Stanley Accountants: RBC Capital Markets, Gresham Partners Why: • First successful hostile takeover by Chinese stateowned-enterprise anywhere in world • Deal demonstrated extent to which Chinese companies are now fundamentally driven by commercial imperatives, and set stage for deals that followed in 2009 • Landmark deal which heralded new era for M&A in Australia

►► BG Group - Queensland Gas Company Acquisition Firms: Gilbert + Tobin, McCullough Robertson, Mallesons Stephen Jaques, Corrs Chambers Westgarth, Baker & McKenzie Banks: Austock, ABN AMRO Morgans Accountants: N/A Why:

organisation and one of largest companies in Australia

►► Crown Acquisition of Toll NZ Rail and Ferry Operations Firms: Russell McVeagh, Simpson Grierson Banks: Cameron Partners Accountants: PricewaterhouseCoopers Why: • Extremely high profile and politically sensitive deal in NZ • Repurchase by the Crown of NZ national rail business, following earlier privatisation of rail network • Complexity arose from cross-border issues and controversial political environment arising from such a transaction

►► Commonwealth Bank of Australia BankWest Acquisition Firms: Freehills, Baker & McKenzie, Clayton Utz, Cochrane Lishman, Minter Ellison Banks: CBA, BankWest, HBOS, Credit Suisse, JP Morgan, Commsec, Credit Suisse Accountants: N/A Why: • Commonwealth Bank of Australia (CBA) made A$2.1bn acquisition of BankWest from British bank HBOS • Price of acquisition was 0.8 x book value compared with 2.7 x book value for St George Westpac acquisition • One of largest private M&A deals in Australian history navigating complex issues of separating BankWest from HBOS’ other Australian operations in short timeframe

PROJECT FINANCE DEAL OF THE YEAR ►► Royal North Shore Hospital Redevelopment

• Was structured by way of on-market bid which is rarity in Australia, particularly for transaction of this size

Firms: Clayton Utz, Mallesons Stephen Jaques, Herbert Geer, Blake Dawson Banks: ABN Amro Accountants: PricewaterhouseCoopers Why:

• One of largest on-market bids in Australia’s history and also one of quickest in consumation

• Biggest social infrastructure PPP project ever carried out in NSW

►► Westpac - St George Merger

• Included two other transactions of ‘economic’ infrastructure nature - long-term concession for car parking and retail precinct concession

• Had several components including QGC shareholder AGL disposing of its 22% shareholding

Firms: Allens Arthur Robinson, Gilbert + Tobin, Skadden Arps Banks: UBS, Caliburn Partnership, Grant Samuel Accountants: KPMG, PricewaterhouseCoopers Why: • Largest corporate merger in Australia’s history • Regulatory clearance for this merger also particularly complex because of government’s ‘Four Pillars’ policy which regulates competition in banking industry • Merger created Australia’s largest financial services

• Two sub-projects led to significant increase in legal complexities, particularly in relation to distinct economic risk allocation models required

►► Brisbane Airport Link PPP Firms: Clayton Utz, Corrs Chambers Westgarth, Minter Ellison Banks: Macquarie Bank Accountants: Ernst & Young Why: Australasian Legal Business ISSUE 7.4

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• Largest construction contract for an Australian PPP • Australia’s largest tollroad project, involving 6.7km multi-lane electronic free-flow tollroad with dual 5.25km tunnels; includes publicly-financed and owned busway and privately financed and owned tollroad • Delivered amidst deteriorating finance conditions, raising structural challenges to deal

►► AGL Sale and Management of Hallett 2 Wind Farm Firms: Minter Ellison, Freehills, Gilbert + Tobin Banks: Macquarie Bank Accountants: N/A Why: • Sale and long-term off-take and management of AGL Energy’s 71MW Hallett 2 wind farm project to subsidiary of Energy Infrastructure Trust • Novel deal structure means that electricity and Renewable Energy Credits generated from wind farm are able to be credited to AGL • Complex transaction involving multiparty negotiations because debt structure and risk negotiated in advance of equity involvement

►► Energy Infrastructure Investments Group Asset Sale Firms: Allens Arthur Robinson, Chang Pistilli & Simmons, Gadens, Mallesons Stephen Jaques, Minter Ellison, Freehills Banks: N/A Accountants: Deloitte Why: • Transaction involved spin out by APA of various energy infrastructure assets, including Bonaparte and Telfer pipelines, and DirectLink and MurrayLink interconnecters, into separate unlisted fund • Novel structuring techniques employed to ensure equity investors into fund receive annuity-style return • Various structured financing solutions also employed to maximise debt sizing

►► Worsley Steam Plant Project Financing Firms: Allens Arthur Robinson, Blake Dawson, Freehills Banks: N/A Accountants: Corpac Partners Why: • A$700m construction and term facilities for Griffin Group’s construction of greenfield coal fired cogeneration plant in WA • Uniquely constructed similar to a PPP with Worsley Aluminium refinery which is undergoing a A$2.5bn expansion contracting to purchase electricity and steam under long-term tolling arrangement • Deal was negotiated to mitigate risk to the financiers by passing through fuel supply and a degree of operational risk to Worsley

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NZ DEALMAKER OF THE YEAR John Strowger, Chapman Tripp Why: • A previous winner in this category (2006 and 2007), Strowger has advised on some highly complex and sensitive deals including Ironbridge Capital’s sale of Qualcare Group Holdings to Retirement Care (NZ) • Also acted for Australia’s QIC Infrastructure on the NZ$423 million acquisition of a 58% interest in Powerco, New Zealand’s second largest electricity and gas distribution business.

Pat Bowler, Russell McVeagh Why: • Acted for the New Zealand Government on one of the landmark deals of 2008, namely the purchase of Toll Holdings’ rail and shipping businesses in New Zealand, and other associated deals including the selldown of Toll’s trucking business.

• Was an original member of the team advising on deal structure and negotiations, including competition law, access contracts, property restructure, public law, corporate governance, due diligence and the specific requirements of New Zealand Railways legisl Kevin Jaffe, Simpson Grierson Why: • Under Jaffe’s leadership, the Simpson Grierson M&A team accumulated deals totalling A$17bn in 2008 and Simpson Grierson was the only New Zealand firm to feature on the mergermarket legal advisory table for Australasian M&A transactions in 2008 • Jaffe was another adviser on Toll’s high-profile sale of the national rail business to the Crown and also advised on other significant deals such as the Eden Park’s 2011 Rugby World Cup development.

Chris Gordon, Bell Gully Why: • Led Bell Gully’s involvement in some highly noteworthy deals in 2008 including the purchase of certain Swift Energy oil and gas assets and associated underground gas storage arrangements between Origin and Contact Energy companies.

• Currently continuing his work on major transactions including advising Contact Energy in relation to its US$148 million bond offering and its US$123 million gas storage project; Origin Energy as operator of the US$500 million Kupe gas field development

NZ DEAL TEAM OF THE YEAR Caseflow Caseflow, a full featured Case and Matter Management System that produces documents, manages workflow and ensures that deadlines are accurately tracked and achieved. It is scalable from a five person department to several hundred users over multiple locations and integrates seamlessly with your e-mail, practice management and document management systems.

Brian Smith Director - Technology & Development P: (03) 9017 0511 F: (03) 9813 4035 E: brian@caseflow.com.au W: www.caseflow.com.au Simpson Grierson Commercial/Corporate Why: • Only New Zealand firm to appear in the mergermarket legal advisory table for Australasian M&A Top 15 advisers • involved in a slew of headline deals in 2008, including the New Zealand Crown-Toll NZ rail business purchase and Kiwi aspects of the BG-Origin Energy takeover bid as well as the Matariki Forests sale Bell Gully Corporate/ M&A Why: • Team advised on Cheung Kong Infrastructure and Contact Energy/Origin Energy deals as well as the first investment into New Zealand by associates of the Abu Dhabi Investment Authority (ADIA) – the world’s largest sovereign wealth fund.

• Also advised AMP Capital Investors (New Zealand) Limited on the purchase and subsequent sale of units in AMP NZ Office Trust to entities associated with ADIA – a complex two-leg transaction with a combined value of approximately US$248 million.

Chapman Tripp Restructuring/ Insolvency Why: • dominated the restructuring and insolvency legal work in the finance sector in 2008, acting on eight of the 12 largest finance company moratoriums • also acted for the receivers in seven of the 10 largest finance company receiverships and for the administrators of the two NZX listed finance companies that entered voluntary administration.

Kensington Swan Corporate Advisory Why: • Has advised on some highly innovative transactions such as the Michael Hill International restructure, which required great technical focus and the undertaking of unprecedented commercial endeavours • Has worked towards providing a more integrated service through measures such as combining corporate services with intellectual property portfolios, financing, and outsourcing and working towards development of a global services provision model.

Russell McVeagh Finance team Why: • Involved in several major deals in 2008 including the attempted takeover of Origin by BG Group and Telecom New Zealand’s NZ$800 million standby and swingline facilities.

• Also advised ANZ National Bank on the NZ$830 million listed retail offer of upper tier two perpetual subordinated bonds - the second largest corporate bond offering in New Zealand and the first upper tier two capital issued by a New Zealand bank.

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AUSTRALIAN DEALMAKER OF THE YEAR Ewen Crouch, Allens Arthur Robinson Why: • Crouch, a previous winner in this category, returns to the nominations list in 2009 having advised on the successful A$67bn St George -Westpac merger.

• Crouch also advised Macquarie Advanced Investments Group in relation to the $836 million take private proposal for the Macquarie Capital Alliance Group, a deal which represents the first use of ‘stub equity’ in the Australian market.

Tony Damian, Freehills Why: • Damian added an impressive string of deals to his CV in 2008, including the US$2.508bn Santos partnership with PETRONAS to develop the Gladstone LNG project, a deal which transformed the coal seam methane gas sector and allowed Origin to then contest the • Damian also advised on CBA’s A$2.1billion acquisition of BankWest, CBA’s stake in Aussie House Loans and BUPA Australia’s A$2.4billion merger with MBF Philippa Stone, Freehills Why: • Another familiar name returns to ALB’s dealmaker shortlist for 2009. Stone has also advised on some major deals in 2008, including Bupa’s innovative A$2.4billion acquisition and demutualisation of MBF through a guarantee company scheme of arrangement • Stone also advised on CBA’s opportunistic A$2.1billion acquisition of BankWest, CBA’s A$2bn capital raising and AQBE’s $8bn merger proposal for IAG. Gary Lawler, Gilbert + Tobin Why: • Was the lead corporate partner for Westpac on the A$47 billion merger between Westpac and St.George Bank, the largest bank merger in Australia’s history • Advised Tenix on the sale of its defence contracting services business to BAE Systems Australia Limited for an aggregate purchase price of A$775 million.

• Advised AGL in relation to the disposal of its 22% shareholding in Queensland Gas Company Limited (value A$5billion) and the acquisition of Sydney Gas Limited (value A$250 million).

Tim Bednall, Mallesons Why: • Acted on the largest on-market takeover bid ever conducted in Australia - BG Group’s takeover of QGC (A$5.6 billion) which was notable for is speedy resolution, with BG gaining control of QGC within a week after the bid announcement • Also advised BG Group on its A$13 billion bid for Origin Energy, and was chosen to act for Xstrata on its bids for Jubilee Mines and Resource Pacific

advisory roles for NAB on its A$3 billion capital raising - the first large scale capital raising by an Australian bank since the market crash in September last year • Semple also advised Avexa on its merger with Progen Pharmaceuticals and Adelaide Managed Funds Trust under the proposed acquisition by Bendigo and Adelaide Bank.

AUSTRALIAN DEAL TEAM OF THE YEAR Deacons M&A Why: • The Deacons team successfully guided the first successful hostile takeover by a Chinese stateowned-enterprise anywhere in the world.

• In an intensely fought competition a ‘reverse takeover’ proposal by a rival suitor was ultimately defeated by Deacons’ ground breaking arguments to Australia’s Takeovers Panel, with that decision restricted the rival’s shareholder from continuing to buy s Freehills M&A Why: • Major $1bn + deals the Freehills M&A Team have worked on in 2008 include Bupa Australia’s merger with MBF , the Santos – PETRONAS partnership to develop the Gladstone LNG project, Mitsubishi Development’s joint acquisition of the New Saraji Project in Que • The team has been recognised by benchmark industry M&A information services as a leader in the field.

Mallesons Corporate/ M&A Why: • Headline deals the Mallesons team worked on in 2008 include Chinalco’s and Alcoa’s acquisition of a 12% interest in Rio Tinto, BG’s alliance with Queensland Gas Company (QGC) and BG Group’s $5.6 bn takeover of QGC from AGL. The team is currently acting on • The team has been recognised by benchmark industry M&A information services as a leader in the field.

Mallesons Capital Markets Why: • Mallesons has been involved in more equity raisings this financial year than any other Australian firm.

• 2008 deals include the innovative Primary Health Care capital raising, Incitec Pivot’s equity capital funding of the Dyno Nobel acquisition, National Australia Bank’s A$3 bn capital raising and the placement and accelerated non-renounceable entitlement o

DEAL OF THE YEAR To be announced on the night

Craig Semple, Mallesons Why: • Key transactions during 2008 included lead

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Australasian Legal Business ISSUE 7.4

23/04/2009 12:26:22 PM

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in-house awards Banking & Financial Services InHouse Team of the Year

APA Why: • Experts in M&A, regulatory and gas and electricity industries Commonwealth Bank Why: • Handled the $2bn BankWest acquisition with contemporaneous $2bn capital raising • Acted in the acquisition of a stake in Aussie Home Loans • Acted in the acquisition of the Wizard loan book from GE Westpac Why: • Senior team members have specifically relevant high level experience • The team has served the bank well over many years, becoming even more important recently with banks under pressure to raise funds • Paddy Rennie has led the team in setting high standards HSBC Bank Australia Why: • Negotiated and launched HSBC’s first broad market credit card “white label” facility with Woolworths and Mastercard, resulting in HSBC being only one of two banks issuing chip cards in the Australian market • Advised on third party agreements like ATM sharing agreement with Westpac • Advised on a revised AML/CTF program which required compliance with the jurisidictions four major regimes (UK/AUST/Hong Kong/US).

Insurance In-House Team of the Year Moray & Agnew Moray & Agnew is a national law firm specialising in insurance, commercial and workplace legal services.

The firm comprises 300 people, including 52 partners. Moray & Agnew’s client base includes

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Australia’s major insurers and self-insurers, large corporates, as well as federal and state government agencies.

Moray & Agnew was established in 1948 and has offices in Sydney, Melbourne, Brisbane, Canberra and Newcastle.

Michael Pitt National Chairman M: 0419 388 100 IAG Why: • Managed acquisition of a 26% stake in a new GI business in India, partnering State Bank of India ($170m) • Worked on approximately $550m capital raising • Handled acquisition of 49% of IAG’s Malaysian GI joint venture Suncorp -Metway Why: • Awarded the 2008 General Insurance Company of the Year by the Australian and New Zealand Institute of Insurance and Finance • Managed numerous transactions including institutional placements and the public issue of convertible preference shares • Worked on bond issuances, securitisations and the underwriting of the company’s DRP Legal Practitioners Liability Committee Melbourne Why: • Acted for the insurer for all national law firms (and law firms in Victoria) • Set the benchmark for effective claims management amongst in house legal departments Introduced a risk management component which culminates in an annual Risk Seminar for their national law firm clients

Investment Bank In-House Team of the Year Gilbert + Tobin Gilbert + Tobin is a leading corporate law firm and a key player in the Australian legal market. We work on transactions and cases that define and direct the market. The firm’s reputation for expert advice extends across: Mergers and Acquisitions; Private Equity, Capital Markets, Banking and Finance, Real Estate and Projects, Tax, Competition and Regulation; Communications and Technology; Intellectual Property and Litigation.

Danny Gilbert Managing Partner P: +61 2 9263 4000 E: email@gtlaw.com.au W: www.gtlaw.com.au UBS Why: • Supports the leading investment banking franchise in Australia • Worked on some of the largest most complex capital market transactions in Australia • Provided legal support and advice for a wide variety of innovative products including warrants, prime broking, custody and the UBS Global Access Fund Goldman Sachs JB Were Why: • Ccommercial and knowledgeable • Hard-working • Pleasure to work with Deutsche Bank Why: • An innovative and high quality team • Highly committed to transaction execution and delivery • Kim Perry has worked to develop and lead a strong and stable insurance group • Involved in many highly strategic and diverse transactions for Comminsure and the CBA generally • Distinguished levels of experience, sense of commerciality and knowledge of their business

Colonial First State Investments and Comminsure Why: • Kim Perry has worked to develop and lead a strong and stable insurance group • Involved in many highly strategic and diverse transactions for Comminsure and the CBA generally • Distinguished levels of experience, sense of commerciality and knowledge of their business

Australasian Legal Business ISSUE 7.4

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FEATURE | ALB Law Awards >>

New Zealand In-House Team of the Year Hudson Gavin Martin To get your show on the road, it’s our job to know.

Building your idea into a business, building a business around your idea, requires experience. We help you establish intellectual property, exploit intellectual property and secure the appropriate rights to intellectual property. We help uncover the value by understanding the opportunities presented by that intellectual property and how it could be part of your business.

Wayne Hudson, Mark Gavin, Simon Martin and our team, have a passion for advising you on your business. It’s what we do, because we like doing it.

P: +64 9 308 7300 F: +64 9 308 7301 E: info@hgmlegal.com Fonterra Why: • The team works tirelessly, providing support that covers many jurisdictions and timezones • Managed issues including the recent San Lu experience • Worked on significant debt raisings including a $800 m retail debt issue Toll NZ Why: • Worked on repurchase by the Crown of the NZ national rail business following earlier privatisation of the rail network • Team with strong technical skills and a very high level of cooperation internally • Able to build bridges in what has been an extremely high profile and politically sensitive deal in NZ Rank Why: • Worked on the financing of the acquisition of the packaging assets of Alcoa Inc • Credit Suisse, BOS International (Australia) Limited, Calyon Australia Limited and ANZ were joint lead arrangers and underwriters on the US$1.6 billion financing • Managed the transaction which required security to be taken in 18 jurisdictions within a tight timeframe Maui Capital Why: • First Limited Partnership under New Zealand Law • Involved in capital raising for the Maui Indigo Fund totalling $250m • Being innovative in structuring and selling something which a NZ LP has not been done before

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Australian In-House Team of the Year

Mallesons Stephen Jaques Mallesons Stephen Jaques is Australia’s most successful commercial law firm. We focus on advising major corporations and financial institutions in Australia and Asia, resourced by approximately 2000 employees, including over 1000 legal staff. The firm is recognised for its ability to combine consistently rigorous analysis with astute judgement, giving clients a competitive edge.

Mallesons is a fully integrated national and international partnership. We have offices in Australia’s main business centres, Hong Kong, Beijing, Shanghai and London, as well as an associated office in Port Moresby.

P: +61 2 9296 2000 F: +61 2 9296 3999 Telstra Why: • Advised on Telstra’s continuing $12B, 5 year transformation, which saw more than 7 million customers moved to new billing systems • Advised on the $300M Sydney-Hawaii Endeavour cable – the largest submarine cable ever built and owned by an Australian company • Won a Federal Court case challenging the ACCC’s decision in an access dispute brought by Optus Commonwealth Bank Why: • Worked on the A$2bn BankWest acquisition • Managed A$2bn capital raising during a week also of unprecedented global market volatility • Worked on the acquisition of a stake in Aussie Home Loans Primary Health Why: • Complex and large scale deal conducted against hostile takeover background • Primary in-house team is an extremely effective team to work with due to speed of decisionmaking • Highly knowledgeable in the M&A and governance area, ability to assess risk pragmatically and methodically • Great rapport with the external team Wesfarmers Why: • Achieved second-largest secondary equity raising in Australian history and largest secondary raising of 2008 • Vicki Krause’s team been outstanding in their focus on combining good, responsive legal skills and attention to detail with real commercial savvy and adding value in a difficult financing environment.

In-House Lawyer of the Year Hays Legal Hays Legal recruits lawyers at all levels from paralegals and first year solicitors to senior partners and in-house counsels and compliance. We operate across six offices in Australia and New Zealand, and are supported by a global network including offices in Hong Kong, Europe and the UK. Hays legal is part of Hays an international leader in specialist recruitment with 32 offices in Australia nad New Zealand and 352 offices in 25 countries.

Steve Coles Manager P: 02 8226 9626 E: steve.cole@hays.com.au W: www.hays.com.au/legal/ David Simpson - United Why: • Joined United Group Limited as Group General Counsel in June 2006 and was appointed as joint Company Secretary in August 2006 • Displays a frank and fearless approach to the role in managing external legal providers Sandra Dureau - APA Why: • Manages diverse engineering, operational and commercial activities of APA, a major national pipeline operator and energy player • Provides external lawyers with very clear guidance on their reporting obligations, on when they are at liberty to use their own discretion in advising business units • Guided APA through several major restructures, asset sales and asset acquisitions Ursula Hogben - Merrill Lynch Why: • Worked on 50 highly complex, innovative deals in 2008, many involving Asia, the UK and the US • Worked on Westfield’s US$1.1bn debt issue which won best international bond awards • Assisted on CSL’s US$3.1 bn acquisition of USbased Talecris, which remains the largest ever underwriting commitment by a single bank David Cohen - Commonwealth Bank of Australia Why: • Joined Commonwealth Bank from AMP in the middle of the year and was immediately thrust in the global financial crisis • Had lead legal responsibility for negotiating on behalf of CBA its acquisition of BankWest and St. James Kerry Gleeson - Incitec Pivot Limited Why: • Managed the major acquisition of Dyno Nobel • Coordinated the restructuring of Incitec Pivot’s financing arrangements with various lenders

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firm awards Employment Specialist Firm of the Year Legal Jobs Centre Legal Jobs Centre offers a wide range of employment opportunities for interested jobseekers in the legal sector and aims to provide legal professionals with a specialised portal within which to find new employment avenues.

Featuring employment opportunities from a range of experienced and well-known recruiters and firms, plus a CV database to search for the perfect candidate, Legal Jobs Centre will help match employers with qualified employees in the Australian legal sector.

Benn Sykes Sales Manager - Legal Products P: (02) 8437 4745 E: benn.sykes@keymedia.com.au W: www.legaljobscentre.com Australian Business Lawyers Why: • Contributed to federal government Award Modernisation Project which is set to fundamentally reform Australian employment law • Producers of HR Advance, the market-leading online document assembly tool kit for HR managers • Provision of practical advice, resource material and training to HR professionals for over 9 years Harmers Workplace Lawyers Why: • Acted for Christina Rich against PricewaterhouseCoopers in the largest sex discrimination claim in Australia • Represented several blue chip companies including James Hardie, Telstra, Roche, Sydney Airport Corporation, Cochlear • Selected for the government legal panels of DEEWR and the Workplace Ombudsman FCB - Workplace Lawyers and Consultants Why: • Played an active role in liaising with the AIRC on behalf of clients in the Award Moderinsation process • Wide range of clients from large health care organisations, government authorities through to major companies from infrastructure and FMCG sectors • Has specialised in workplace relations for over 15 years”

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Kiely Thompson Caisley Why: • Acts for some of New Zealand’s largest employers, including Air New Zealand and the Auckland District Health Board • Acted for Transportation Auckland Corporation Ltd in the leading Employment Court case on four weeks annual leave • As adjunct professor of Law to Victoria University, Peter Kiely authored law textbooks on collective bargaining, best practice in termination and holidays and leave Shanahan Tudhope Lawyers Why: • Assisted clients from broad cross-section of industry sectors in transitioning to new Fair Work workplace laws.

Insurance Specialist Firm of the Year DLA Phillips Fox Why: • Over 40 partners and 200 fee earners across eight Australian states and two cities in New Zealand within insurance practice • Advised clients on insurance and risk for over 100 years • Clients include Australian listed insurers, international insurers and reinsurers, underwriting agencies, state and federal worker’s compensation insurers and specialist insurers Moray & Agnew Solicitors Why: • Over 80% of the firm’s 150 lawyers practise exclusively in insurance • Appointed to new panels including Allianz Australia Insurance, Westpac Banking, RailCorp, City of Sydney and City of Melbourne • Finalised some 4,500 litigated cases, with a total estimated value of over $500M across all lines of insurance (life, general, statutory and government) Wotton & Kearney Why: • The firm specialises exclusively in insurance law and recently expanded to Melbourne with a onepartner branch office • Has a strong client base, including US-based insurers AIG and Liberty International in Australia • Experienced over 50% growth in revenue in 2008 TurksLegal Why:

• Over 17 lawyers (nine partners) across two offices within insurance and related practices • Full range of insurance services, including general, life, claims litigationa and workers compensation • Consistently provides excellent specialized advice on arson Lander & Rogers Why: • Consistently rated highly by clients in surveys conducted by ALB and by other industry commentators.

• New commercial litigation team in its Sydney office and has made some shrewd lateral hires which will place the firm on a strong footing.

• Impressive revenue growth, while the firm is also noteworthy for its commitment to diversity in its partnership ranks.

IP Specialist Firm of the Year Davies Collison Cave Why: • Des Ryan, Trevor Stevens, Marion Heathcote and Ian Pascarl were all recognised in the Australian Financial Review survey of Australia’s 100 Best Lawyers • Acted for Black & Decker in a successful patent infringement claim against rival power tool company GMC • Acting for Hansen, successfully appealed to the Full Federal Court of Australia against Bickfords FB Rice & Co Why: • Australia’s largest independent Patent & Trade Mark firm • John Hogan, senior associate was appointed to the IP Review Panel for the University of Western Sydney • Advised a range of major Australian institutions including the Garvan Institute, CSIRO, The Children’s Hospital at Westmead, as well as global companies like Colgate and Siemens Griffith Hack Why: • The firm is currently the most active before the Federal Court’s IP panel • First specialist IP firm to launch Clean and Sustainable Technologies Group headed by team of technical attorneys and legal experts • In 2008, acted for LED Technologies and successfully prosecuted on all counts of a design infringement and breach of TPA Truman Hoyle Why: • Finalist in the 2008 BRW Client Choice Awards • Finalist in the 2008 Telecommunications Industry Awards for Excellence • Specialised in enforcement and commercialisation of IP Hudson Gavin Martin Why: • Market leader in providing innovative advice on Australasian Legal Business ISSUE 7.4

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FEATURE | ALB Law Awards >>

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establishing and exploiting IP rights • Consistently praised for offering advice at competitive rates • ALB research shows the firm was consistently praised by clients for its commitment to excellence

Corporate Citizen Firm of the Year Lit Support One of the largest contributors to global warming is deforestation. Law firms should switch to recycled paper if they are serious about corporate social responsibility and want to minimise their impact on the environment. LitSupport is certified

by Good Environmental Choice Australia and is the only copying company that uses recycled paper as standard.

Val Pitt Director P: 03 9621 1333 F: 03 9621 1033 E: Val_pitt@lisupport.com.au W: www.litsupport.com.au Gilbert + Tobin Why: • In 2008, nearly 80% of staff participated in pro bono practice • Became an Organisational Stakeholder of the globally recognised Global Reporting Initiative (GRI) • Launched a Reconciliation Action Plan premised on an Indigenous Employment Strategy to recruit and retain more Aboriginal & Torres Strait Islander law students, lawyers and operational staff Henry Davis York Why: • First Australian law firm to produce an independently assured sustainability report in compliance with Global Reporting Initiative (GRI) guidelines • The firm’s electricity usage includes 25% GreenPower sourced from renewable sources • Sourced 100% recycled paper for the firm’s offices Blake Dawson Why: • In the 2008, the firm provided more than 26,000 hours of pro bono work, acted pro bono for 489 people and organisations • Involved clients in long term volunteering programs including LEAPS, a mentoring program aimed at Year 9 students at risk of disengaging from school • Received a “”Special Appreciation”” award in 2008 in recognition of the legal review of the Code of Conduct for the Australian Council for International Development (ACFID), an umbrella body for NGOs Mallesons Stephen Jaques Why: • In 2008, over 900 legal staff provided pro bono

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assistance on over 220 matters for charities and non-profit organisations.

• Donated over A$1m to over 30 charity partners supported through the Workplace Giving Program • Over 650 staff and partners participated in volunteer activities in support of the firm’s charity partners Minter Ellison Why: • Received Gold Star ranking in the Australian Corporate Responsibility Index (CRI) in 2008 • Participated in Australia’s Greenhouse Challenge which involves publicly disclosing its environmental performance • Provided pro bono services amounting to a commercial value of $3.33m – an increase of $2.56m from the previous year Russell McVeagh Why: • Continued to assist numerous pro bono clients, including organistions such as World Vision • Funded a program offering university scholarships for law students, offering significant financial benefits, mentoring and practical experience opportunities • Implemented numerous resource efficiency measures at offices including automated lighting, reducing staff air travel, and waste minimisation

CSR Firm of the Year Lit Support One of the largest contributors to global warming is deforestation. Law firms should switch to recycled paper if they are serious about corporate social responsibility and want to minimise their impact on the environment. LitSupport is certified

by Good Environmental Choice Australia and is the only copying company that uses recycled paper as standard.

Val Pitt Director P: 03 9621 1333 F: 03 9621 1033 E: Val_pitt@lisupport.com.au W: www.litsupport.com.au Mallesons Stephen Jacques Why: • The firm recently opened a sustainability enterprises practice to advise on climate change, sustainable development, and carbon financing • Specialise in climate change advice including carbon abatement and emission reduction strategies, carbon funds, carbon derivatives • The firm has a Human Rights Law Group to ensure that lawyers at the firm can effectively advise clients when human rights issues arise DLA Phillips Fox Why:

• The firm specialises in CSR advice including environmental law, corporate governance and workplace relations and related risk management • Ana-Mari Martinez, a lawyer at the firm is one of few Australian lawyers to be a certified Green Star Accredited Professional, advising on sustainability, risks and liabilities relating to green construction projects • Partner Louise Hicks recently advised major corporates on the establishment and implementation of a waste minimisation and management scheme Baker & McKenzie Why: • Worked with TZ1 to create the world’s first registry for listing biodiversity rights • Worked with the Swedish Energy Agency to train companies in developing countries to implement climate change projects • Founding sponsor of the ANU Centre for Climate Law and Policy, which opened in June 2008 Blake Dawson Why: • The firm’s employment team specialises in assisting clients to set CSR-friendly employment related policies relating to volunteering and parental leave • The employment team also facilitate OHS Workplace training • Advised a significant number of ASX-listed and public sector clients in reviewing and implementing their CSR policies Freehills Why: • Specialised climate change practice advising on legal and commercial implications of upcoming Carbon Pollution Reduction Scheme (CPRS) • Recently advised BHP Billiton in relation to proposed legislation and policies concerning onshore carbon capture and storage (CCS) and the proposed Commonwealth offshore CCS regime • Partner Tim Power advised clients including Transurban, National Australia Bank and Santos on climate change and environmental practices

Innovative Use of Technology Award Aderant ADERANT, headquartered in Atlanta, North America, is a leading provider of integrated business management software for law firms and other services organisations. The global company offers a comprehensive suite of solutions, consisting of financial, resource and practice management software that enables services organisations of all sizes to maximise operational efficiencies.

ADERANT provides solutions to the largest and most prominent firms in the world, including Clifford Chance, Greenberg Traurig, Clayton Utz, Deloitte Consulting, Macleod Dixon LLP, Mayer Brown, Australasian Legal Business ISSUE 7.4

23/04/2009 12:26:43 PM

FEATURE | ALB Law Awards >>

Skadden Arps, and Winston & Strawn. ADERANT has major offices in Asia Pacific and across Europe.

Within Asia Pacific, Aderant partners with the regions most respected firms with more than 90 law firm clients.

P: 02 8507 1600 F: 02 8507 1601 W: www.aderant.com Minter Ellison Why: • Launched www.constructionlawmadeeasy. com – a free, membership-based, online portal to construction law concepts, real life case studies and current cases • Developed liift – an award-winning technology platform developed by a multi-disciplinary team of lawyers and business analysts at the Adelaide office Mallesons Why: • Developed products in various functional areas, including virtual deal and data rooms, dispute resolution solutions, including forensic services, and compliance training • Developed PeopleFinder – an innovative system which helps external clients directly contact internal Mallesons people, without having to leave voice messages

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• Offer litigation clients secure online access to documents relevant to a dispute Freehills Why: • Released Intranet – a major knowledge management initiative • Has consistently used leading-edge technology to assist clients and increase efficiency of transactions. Eg. World-first data room to seal the deal on Australia’s largest commercial property transaction - Queensland Investment Corp (QIC) on the sale of its Central Plaza complex • Recently introduced the use of BigHand a digital dictation workflow system across its offices as part of a strategic initiative to create a national document production service

International Law Firm of the Year Baker & McKenzie Why: • Advised on global M&A transactions such as a Korean acquisition of a mining project in Madagascar and the US acquisition by, and NYSE listing of, a large Australian corporate in the scrap metal industry • Advised the federal government on the proposed emissions trading scheme, based on the firm’s

international links to the European scheme • Advised on the establishment of carbon credit registries in several developing countries Skadden, Arps, Slate, Meagher & Flom Why: • Represented clients on 14 cross-border equity capital raisings worth a combined amount of over A$11.25bn • Avised St.George Bank on U.S. legal issues linked to its acquisition by Westpac • Acted for BHP Billiton in connection with its withdrawn US$192 billion takeover approach of Rio Tinto.

Sidley Austin Why: • Specialised in complex US and cross-border financing transactions • Acted for investment banks and issuers making the firm a leader in innovative transactions and structures • Leading practice in both equity capital markets and debt capital markets Sullivan & Cromwell Why: • Specialised support for clients including regular updates on US securites law and other US market developments • Advised ABC Learning Centres Limited in the acquisitions of Learning Care Group, Inc. (U.S.),

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Busy Bees Group Limited (U.K.) and La Petite Academy (U.S.) • Advised on the award-winning Fortescue Iron Ore project and the high-yield bond offering by Fortescue Metals Group

Adelaide Law Firm of the Year Finlaysons Why: • Added four new partners to the property, construction, insurance and environment teams • Secured new clients including Santos, one of Australia’s largest oil and gas exploration companies • Achieved revenue growth in key practice areas particularly in property (21%) and workplace (33%)” Thomson Playford Cutlers Why: • Acted for the Catholic Church Endowment Society in relation to the development and construction of the A$140m VS1 Building tenanted by SA Water • Acted for ANZ Capital on its management buy out of RideOn! Entertainment • • Acted for SA’s largest IVF specialist Repromed in relation to a share sale investment to facilitate the equity for further developments and expansion” Wallmans Lawyers Why: • Achieved financial growth of 18% and staff growth of 17% in 2008 • In both 2008 & 2009 two of the firm’s lawyers were named in the Financial Review’s ‘Best Lawyers Australia List’ • Offers part-time Partnership, paid maternity leave, flexible work hours (including working from home), paid volunteer/charity leave, paid birthday leave and study assistance Piper Alderman Why: • The firm received commendation for its strength in the energy and resources field • Expanded in 2008 through acquisition of propertyfocused Lyons Solicitors in Brisbane

Brisbane Law Firm of the Year Speech Recognition Australia Our unique and revolutionary WordScribe®/ Dataworxs and ELPedium “Server Based and, Auto Updating” (Dragon 9 engine) Speech Recognition integration: has initial installs; having 70% of authors’ work ready for typist and/or “self editing” after only a few days. ELPedium works in the background processing the voice files without the text going to the secretaries in the initial part of the install.

ELPedium sites (having replaced – in UK – major competitors’ digital systems) have – once up and

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running for a while – consistently attained an average of 98% accuracy for the vast majority of authors; allowing self editing by authors and, of course, “typist editing”, with no great strain on typists and/or secretaries. This technological – “Invisible Miracle” – advancement: allows authors – to… “maintain their traditional ways of working”!

Howard Hutchins Managing Director P: 03 9347 5555 F: 03 9347 7706 E: hutchinsh@divsys.com.au W: www.elpedium.com Carter Newell Lawyers Why: • Revenue continued to grow at over 10% p.a. with a client base of top 100 ASX listed companies • Acted in a number of Queensland’s major infrastructure claims • Awarded the Queensland Law Society’s Employer of Choice 2008 McCullough Robertson Why: • Provided employment advice to the major players in the health sector including Queensland Health, Principal Aged Care and Suncorp • Expanded team through opening up Newcastle office and taking on 14 new graduates • Acted for Queensland Gas Company Limited in Australia’s largest on-market bid, as well as for Whitehaven HopgoodGanim Lawyers Why: • Named as the fastest growing law firm in Australia in 2008 by BRW magazine • Maintained the lowest billable hour targets in the country at 5.5hrs per day • Experienced a very low professional staff turnover rate for 2008 of 11% compared to an industry average of 25-30% MacDonnells Law Why: • Invited to join Meritas, an international alliance of more than 170 independent commercial law firms across 60 countries • The firm’s agribusiness practice grew with the appointment of Partner Brian Healey, director of the Queensland Branch of the Agribusiness Association of Australia • Played a key role in the Chinese Consulate’s tour of Central Queensland in a bid to build and strengthen social and economic ties between local government and China Thynne & Macartney Why: • Achieved 53% revenue growth • Named by ALB as a 2009 Employer of Choice • Ranked in the Queensland Business Review Q400 for 2008, which recognises the top 400 privately owned Queensland companies and provides public recognition of the achievements of Queensland’s

local business heroes – the owners of the state’s leading home-grown enterprises.

Perth Law Firm of the Year Murdoch University Murdoch Law School provides a rigorous and intellectually challenging legal education. It seeks to develop the research, writing and advocacy skills of its students and combines a tradition of excellence in legal education with new innovative programs which prepare students for the practice of law in a rapidly changing world.

Professor Gabriel Moens Dean of Murdoch University Law School Murdoch University 90 South Street Murdoch WA 6150 P: 08 9360 6064 E: G.Moens@murdoch.edu.au Jackson McDonald Why: • Delivered fee growth of 13% in 2008 despite a slowing market • Implemented a new “”best practice”” parental leave policy in 2008 developed by the firm’s female practitioners • Established a green energy practice which assisted a wind farm to negotiate grid connection, advised a new market entrant with an innovative solar photovoltaic service and advised on a bio sequestration and a mini hydro project Pullinger Readhead Lucas Why: • Specialised practice in the resources, property and technology sectors • Acted in Heron Resources Inco Joint Venture – Kalgoorlie Nickel Project valued at A$3bn • Provided personalised service whereby principals at the firm are personally involved in all transactions Cochrane Lishman Why: • Received over A$4bn in transactions for 2008 • Industry benchmarked as one of the most active boutique firms in the M&A area • Acted for the Board of HBOS Australia on the sale of BankWest and St Andrews to the Commonwealth Bank Blackiston & Crabb Why: • Nominated by clients as one of the top Perth firms in the energy and resources area in ALB surveys • Produced a corporate governance manual to assist public companies in implementing effective corporate governance practices

Australasian Legal Business ISSUE 7.4

23/04/2009 12:26:49 PM

FEATURE | ALB Law Awards >>

Melbourne Law Firm of the Year

David Talalla & Associates David Talalla & Associates is a niche recruitment company offering a unique alternative to candidates, law firms, corporations and government.

With agents based in Asia, Australia and the United Kingdom, we are uniquely placed to service candidates and clients in matching the requirements of a law firm with the most suitable candidate for a vacancy.

David Talalla P: + 613 9607 8261 F: + 613 9607 8282 M: + 61 439 887 288 E: david@dtassociates.com.au Hall & Wilcox Why: • Named as 2nd Fastest Growing Law Firm by ALB and equal 1st Fastest Growing Law Firm by BRW • The firm’s tax and FB&WM practice grew 49% in revenue with 31% growth in number of staff • The employment practice achieved an increase of 45% in revenue

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Mills Oakley Lawyers Why: • In 2008, the firm’s fee income grew by 38% • By operating according to a “transparent meritocracy”, the firm has attracted and retained key talent • Melbourne Partner James Price acted for institutional investors and listed property trusts in the purchase of major office buildings including 565 and 569 Collins Street, 200 Queen Street, 436 St Kilda Road, and the Telstra Office portfolio, valued at over $570 million Herbert Geer Why: • Expanded through merger with Nicol Robinson Halletts in Brisbane • Merged with boutique construction firm RDK in Sydney • Advised on landmark Royal North Shore Hospital PPP project” Maddocks Why: • Named one of ALB’s fastest growing firms in 2008 • The Sydney practice has grown into a full service practice

Sydney Law Firm of the Year Naiman Clarke Naiman Clarke was established in 1999, and since that time has grown to become the leading legal recruitment firm in Australia.

We seek to become a valued and trusted partner of our clients and candidates by continually striving to achieve excellence through continuous improvement, teamwork and fairness. Our high ethical standards also ensure that integrity and respect are never sacrificed for short term gain.

Elvira Naiman P: 02 9233 7977 W: www.naimanclarke.com.au Chang, Pistili & Simmons Why: • Named by ALB as the leading Sydney M&A firm • Acted in the creation of the $700million energy infrastructure fund comprising energy and infrastructure in most states • Acted in the restructuring of the Babcock & Brown corporate debt and relationship with each of its satellite funds” Gilbert & Tobin

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Why: • In 2008 the firm’s partnership grew by 29%, its market share went up by 20% and revenue increased by 18% • Acted as sole legal adviser to Westpac on its $47 billion merger with St.George Bank, the largest ever corporate merger in Australia • Advised Sanofi-aventis on its $560 million acquisition of Symbion CP Holdings” Henry Davis York Why: • Worked with syndicate of major banks, receivers, and administrators on the collapse of Commander, ABC Learning, Destra Corporation, Raptis Group and the CrossCity Tunnel.

• Partner Ian Enright won the 2008 British Insurance Law Association (BILA) Prize for the most notable contribution to literature in the field of insurance law • Represented a former director of James Hardie in civil penalty proceedings commenced by ASIC involving 13 parties and three months of trial hearing.

Truman Hoyle Lawyers Why: • In 2008, both partner numbers and revenue grew by about 25% • Lawyers at the firm served in executive positions for Communications and Media Law Association, New South Wales Business Council, and St James Ethics Centre • Acted for new clients including Accenture, Sun Microsystems, Sydney City Council and the NSW and Australian Business Councils”

Outstanding Contribution to the Legal Profession Law Society NSW The Law Society is the professional organisation for solicitors in NSW with two primary areas of responsibility, namely that occupied by its statutory obligations to regulate solicitors and that which comprises its representative functions under its Memorandum of Association, the objectives of which include: the promotion of law reform, representation on the views of the profession; preservation of its integrity and status and suppression of dishonourable conduct or practices.

Bridget Sordo Large law firm relationship manager P: 9926 0344 E: bts@lawsocnsw.asn.au The winner of this category will be announced on the evening

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Managing Partner of the Year Cicero Cicero is an Australian owned specialist legal executive search, selection and training firm with a reputation for honesty and responsiveness. Our focus is assisting lawyers progress their careers and working closely and strategically with clients to build their businesses. Cicero has national reach within Australia, and with associated offices internationally Jonathan Gill Managing Director P: 02 9222 2922 F: 02 9222 1911 E: jgill@cicero.com.au W: www.cicero.com.au John Denton - Corrs Chambers Westgarth Why: • Headed strategic change through “Corrs 2010” program, increasing total revenue in 2008 by over 16% • One of Prime Minister Rudd’s three personal representatives to the APEC Business Advisory Council (ABAC) • Australian Chair of the United Nations High Commission on Refugees

Margaret Fitzsimons – Thynne & Macartney Why: • General Manager of Thynne & Macartney, led the firm to achieve 53% revenue growth last financial year, making it Australia’s fastest growing firm • Steered firm through merger with Brisbane firm Biggs & Biggs • Headed business transformation project implementing a profitability methodology and renewed business focus • Named a Queensland finalist in the Telstra Business Women’s Awards in the Hudson Private and Corporate Sector award category Bill Fazio – Herbert Geer Why: • Headed the growth strategy that led to the firm becoming one of Australia’s fastest growing in 2008 • Expanded the firm through merger with Nicol Robinson Halletts in Brisbane • Joined forces with boutique construction firm RDK in Sydney

Robert Milliner - Mallesons Stephen Jaques Why: • Led the firm to achieve the highest revenue of any Australian law firm again in 2008 • Board membership at the Business Council of Australia (BCA), chairing the BCA’s Business Reform Task Force • Chairs the Large Law Firm Group (LLFG) as a leading advocate of national legal uniformity Gary McDiarmid - Russell McVeagh Why: • The only non-lawyer Managing Partner/CEO in a top tier firm in Australasia • In 2008, led the firm to have its best year ever in share of deals, revenue and per Partner profit • Winner of the ALB Employer of Choice New Zealand Danny Gilbert - Gilbert + Tobin Why: • Danny Gilbert’s leadership has long been renowned for its unique mix of commercial acumen and sense of social responsibility.

• Recent achievements by Gibert + Tobin under Gilbert’s leadership in the social justice area include the launching of a Reconciliation Action Plan and the continuation of the firm’s Indigenous Cadet Program.

• The firm also recently demonstrated its depth when it advised Westpac on its A$47 billion merger with St. George Bank.

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FEATURE | ALB Law Awards >>

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Australasian Legal Business ISSUE 7.4

23/04/2009 10:28:08 AM

FEATURE | interview >>

in-house perspective

The buck stops here ING Australia Holdings Limited general counsel Karen Den-Toll tells ALB about the pressures in her role amid the mists of the global financial crisis.

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he Australian subsidiary of ING Holdings Ltd’s general counsel, Karen Den-Toll, is a huge fan of LA Law, the popular American television drama series from the 80s. In fact, at the risk of appearing flippant, she reveals that it was this show – and not the pursuit of justice in society – that inspired her to pursue what has turned out to be a stellar legal career.

“I thought Jimmy Smits was quite the spunk,” she admits. “I think LA Law inspired a lot of people going through high school then.” But, unlike the characters she so admired on the screen, she realised she was better suited for in-house work than private practice after getting her first taste of corporate culture in the legal department at American Express as a university student.

“I was very lucky to be at American Express in that company’s ‘sweet spot’ during the early ’90s. Corporate culture made sense to me. I understood it; I understood the hierarchy and you are part of something more alive and vibrant in the way you practise law,” she says. “It’s much less pure, if you like. You’re not giving advice and sending it out – you have to follow through with the issues and understand their implications.” www.legalbusinessonline.com

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Challenges

As a result of the global financial crisis, the consequences of the advice provided by her team of 21 lawyers – particularly in the funds-management side of the business – may never have been more serious.

“You are operating in an environment where funds are dealing with liquidity issues and large swathes of funds are currently suspended. People are losing their superannuation, organisations are collapsing and you just don’t know where it’s all going to end,” she states.

“Everyone is in the same position, I know, but in financial services, you’re dealing with people’s futures.”

Furthermore, the rapid pace at which the financial system has unravelled has added fuel to the flame.

“You’re having to make calls without much time and you don’t have the luxury of considering everything, so the challenge is making decisions in a fast-paced situation where the law is not certain. At the same time, however, the business wants certainty – and it is inherently impossible to deliver,” she adds. As a result, Den-Toll’s role as general counsel has required her to find the right balance between leading her team and providing legal advice.

►► fact file

ING is an international financial services company and one of the world’s largest savings banks.

The company operates in more than 50 countries worldwide, including Australia, and has a retail operation active in banking, investments, life insurance and retirement services. The company’s business model centres on collecting retail savings and pensions, and investing them across a conservative selection of well-diversified assets.

Risk management is embedded at every level of the business.

“I find myself doing a lot more legal work because of the complexity of the issues – and because people are nervous,” she says.

Individual or firm

However, notwithstanding the complexity of the legal challenges facing Den-Toll’s team, and the pressure under which they are expected to deliver cutting-edge legal advice, like most corporations operating in the current economic circumstances, she is also under pressure to reduce the company’s legal spend. “I think everyone is pressured in that regard – all the firms are feeling it. We ran a tender last year and there’s a lot of talent in the midlevel firms that you would be crazy 69

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FEATURE | interview >>

“Don’t bother telling us that a partner we will never see has worked on XYZ if he’s not going to be working on our matter, because – frankly – that doesn’t help us”

to overlook. Also, there are a lot of matters for which you don’t need the top tier – and the top tier don’t want to do that work either,” she adds.

According to Den-Toll, selecting a panel can be a complex process, but one thing is certain – not only is she looking for talented individuals as external advisors but she expects to see this reflected in the tendering documentation.

“It’s absolutely the individual. Where firms have a strong bench you have to use it in your selection process. One of ours was put on three specialist panels and the person who was integral to two out of three of them has moved, so we have to make the decision as to whether we take the work elsewhere or stick with the original firm,” she explains. “In one of the cases, he was clearly the reason we’d gone to that firm – and in the others, he was half the reason. It’s very difficult because now, that firm doesn’t have the depth that attracted us to it in the first place.”

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requirements. “Sometimes law firms list their experience in their tendering responses and say how crash-hot their team is … while we simply want to know about the experience of the people who are going to be working on our matters. Don’t bother telling us that a partner we will never see has worked on XYZ if he’s not going to be working on our matter, because – frankly – that doesn’t help us,” she states.

Lawyers as gatekeepers

So, what level of responsibility is DenToll willing to attribute to lawyers for causing the global financial crisis?

“The business is making the calls and it’s our job to document it and do the best we can to tighten up what they are doing. But, those decisions are not being made by the lawyers. By the same token, lawyers profited from it just as everyone else did, so – if there’s blame to be had – everybody stands shoulder to shoulder,” she admits.

But some stakeholders must have been more complicit than others?

“We know there is a massive issue with regulation and we know there

are inherent issues that allowed credit default swap to take place. We also know mums and pops were sold products they shouldn’t have been – and this is part of the problem as well,” she replies. “I think there were a lot of people who were ‘part of the problem’, but I’m not sure that if you had to name the top 10 of those responsible that lawyers would be on that list,” she adds. She concedes, however, that the major challenge for in-house counsel in aiding the restoration of confidence in the financial system is of a due diligence nature.

“The lawyer role in-house can sometimes be impossible because there are so many things that fit into the ‘grey’ area,” Den-Toll says. “There are some days you have to ask yourself, ‘should I let this through?’. Then there are other days when you know you need to stop something or you know you need to escalate it – and sometimes you can escalate something which, in everyone else’s judgment, wasn’t a big deal! I don’t think it’s ever possible to get it right 100 per cent of the time.” ALB Australasian Legal Business ISSUE 7.4

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Sign off >> Mix of announced Asia-Pacific M&A deals by country – Q1 2009 – Volume

Blake Dawson Wiki-peed off after web revelations Other

Hong Kong

Japan

South Korea

China

Indonesia

Australia India

Philippines Malaysia

Source: mergermarket

Coffee/cost cuts hit McDermott Will & Emery

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t’s a matter of opinion of course, but most lawyers at McDermott Will & Emery would agree that the US firm’s cost-cutting measures have finally crossed the line from frugal to just plain cheap.

Reports are rife that the head of the firm’s Chicago office (private client partner Quentin ‘George’ Heisler Jr.) recently announced via e-mail that the firm would no longer provide free coffee in its 45th-floor lobby and the evening food service would be suspended.

However, free coffee, it seems, is still to be provided on all the firm’s attorney floors and to McDermott clients in the 44th-floor reception area – for now.

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T

op-tier firm Blake Dawson recently discovered that its Wikipedia page had been hijacked by an unknown contributor, liberally disclosing details of the firm’s alleged job and cost cuts on the online encyclopedia.

The additions to the reader-written webpage included information on alleged staff cuts to come, mentioned

Allens Arthur Robinson and Freehills, and even disclosed details about partners’ salaries. “The firm’s partners receive an average of A$850,000 each per annum,” the mystery scribe reported.

The firm had not yet confirmed the accuracy of the reports at the time of going to press.

Weil Gotshal cancels NY jaunt G

raduates of Weil Gotshal & Manges hoping to tour the Big Apple this year are set to be disappointed after the US firm confirmed recently that it will be scrapping its New York vacation scheme in light of the economic crisis.

The firm launched the scheme just a year ago and it now joins a string of

others – including Norton Rose and Field Fisher Waterhouse – that also cut back their summer vacation scheme programmes recently, due to the economic downturn.

Hill Dickinson, however, has bucked the trend by reportedly almost doubling its vacation schemes.

Now everyone can own a law firm D

ifferent types of lawyers and non-lawyers will now be able to own legal firms jointly, thanks to the introduction of Legal Disciplinary Practices (LDPs) in the UK – an effort

by The Solicitors Regulation Authority to encourage more effective competition and increase access to justice.

The introduction of LDPs will allow law firms to be owned by different types of lawyers and a proportion of non-lawyers – a milestone along the road to alternative business structures, that would afford full non-lawyer ownership and allow law firms to be listed on the stock exchange.

Australasian Legal Business ISSUE 7.4

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