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news in brief >> FoxMandal Little becomes a little bigger Indian firm FoxMandal Little (FML) has announced that it will open two new offices in India. FML is set to open in Lucknow and in the northern city of Allahabad, the latter being in association with Bhatia & Co. As part of the FML’s Allahabad venture, the firm will take on board Bhatia & Co’s sole partner, Gaurav Bhatia, and all seven of the firm’s associates. Gaurav Bhatia said: “I am positive that my existing client base will benefit tremendously from the wide areas of practice given FML’s established [network] of offices and practice areas.” Three-quarters of US law firms to change billing practices Most large US firms believe they will change their billing practices over the next 10 years, a recent survey revealed. The annual Am Law 200 survey received about 140 responses, 84 of which were from firms with revenues of US$1bn or more. When asked whether firms would change their billing practices, about 75% of them said they would over the next 10 years, and 66% of them agreed that fixed-fee deals are likely. A similar survey prepared by social networking web site Legal OnRamp revealed that 84% of lawyers working for firms with revenues of at least US$1bn thought there would be more “value billing.” Respondents were divided when quizzed about whether fees would represent more than 10% of total transaction costs. However, collectively they agreed that billable hours would be diminished.
and UK clearances, which suggests that MOFCOM will consider the approach being adopted in other jurisdictions but will reach its decision in a manner that reflects its understanding of the relevant circumstances in China,” he said. Nevertheless, some observers have felt that M&A activity is likely to be subdued as a result of the ruling by MOFCOM. The limitations imposed on the InBev transaction have led to discussion as to whether the ruling will likely affect the attitudes of foreign companies looking to invest in China, including the giant M&A deal currently under review before MOFCOM – Coca Cola’s bid for local juice maker Huiyan Group. www.legalbusinessonline.com
Despite these sentiments, inbound M&A is looking healthy. A recent investigation commissioned by MOFCOM to counter fears of a foreign corporate invasion of local companies found that, as yet, no overseas M&A case has threatened the security of Chinese industry. And according to Lim, China’s importance in the global economy will likely counter any potential decline caused by fears in the InBev decision. “While no doubt this decision will have an impact, the fact remains that the Chinese economy is a key market and firms cannot afford to bypass this market simply due to regulatory scrutiny by the Chinese authorities,” said Lim. ALB
Allens, Blakes, Mallesons on board for BA-Qantas merger proposal Allens Arthur Robinson, Blake Dawson, Mallesons Stephen Jaques and Sullivan & Cromwell have confirmed they are acting on British Airway’s (BA) proposal to merge with Qantas Airways. If the A$10bn merger were to take place it would proceed via a dual-listed company structure and Allens partner Andrew Finch, Blakes’ John Field, Mallesons’ David Friedlander and Sullivan & Cromwell’s Daryl Libow would at the very least receive some due diligence and compliance work. BA would be limited to acquiring a 49% stake in Qantas since Australian federal transport minister Anthony Albanese announced that Qantas would remain a majority Australian-owned company. Slaughter & May is acting for BA, while SJ Berwin is acting for Qantas in the UK.
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