The future of Carillion Advice Services (CAS) is uncertain after the collapse of its parent, construction giant Carillion, in one of the largest UK insolvencies for years. The Wolverhampton-headquartered company filed for liquidation in January after talks with its creditors and the government failed to reach a deal on Carillion’s £1.5bn liabilities, including £900m of debt. The Official Receiver is now winding down the business, putting CAS, which is not in liquidation, on the block as part of an asset fire sale. CAS, the low-cost legal arm which has more than 70 paralegals providing services to Carillion as well as external clients, was inherited by the construction company in 2011 as part of its £300m acquisition of energy services company Eaga. Carillion’s own in-house legal team had around 30 staff.
Rushad Abadan always knew what he wanted to do with his life. ‘I always fancied the idea of being a lawyer, even at school. I was one of those people who was very clear about their career path early on. Happily for me it worked out.’ [Continue Reading]
The train puns were inevitable, but it took longer than expected. Towards the end of my conversation with the general counsel of online ticket retailer trainline, Neil Murrin, he says: ‘It’s a matter of getting people to join us on that journey.’ And adds: ‘Getting people on the right track and all that.’ [Continue Reading]
My guess is that a law firm partner or general counsel might have the opportunity for around 100 high-value conversations every year in their professional life. That is 100 out of the roughly 10,000 conversations the average adult will have each year. What do I mean by high value? A career-enhancing conversation that transforms a situation or a relationship for the better. It might be with a client, a fellow partner, an associate or someone else.
As Donald Trump once said, ‘real estate is always good’. Nearly $700bn changed hands in the commercial real estate market last year, proving that in times of uncertainty the safe money is on bricks and mortar. Brexit aside, London was seen as the safest bet of all, attracting over $23bn of new investment – $10bn more than New York. [Continue Reading]
What are some of the main market trends which are influencing the work flow of your real estate practice in the UK? Don Rowlands, Head of Real Estate, UK & EMEA
The real estate market in the UK and in other key investment hotspots around the world is proving resilient in the face of economic and political uncertainties. An ever increasing range of organisations from across the globe are looking to participate – from US private equity funds, to Australian superannuation schemes, to Asian pension funds and Hong Kong investors. Global capital is particularly attracted to the UK because of the strong legal and regulatory framework, transaction transparency and the relative ease of doing business – as well as the reputation of UK real estate for holding value, and just a bit of post-Brexit currency arbitrage!
For UK business, 2018 will be dominated by one question: when do we push the button on Brexit? Months of scenario planning have given a sense of the possible outcomes, but there is little confidence that a decision will be taken in full possession of the facts.
Late last year, The In-House Lawyer ventured north of the border to highlight the community of commercial counsel flourishing in Scotland in an extended feature. To follow up, this autumn we teamed up with Addleshaw Goddard to gather a panel of senior general counsel at Edinburgh’s Signet Library in Parliament Square to debate a range of related issues to an audience of over 60 in-house counsel. With Brexit on the agenda, a changing legal profession and Scotland’s economy striving to reinvent itself for an increasingly-globalised age, there was plenty to talk about.