The High Court judgment in Essar Oilfields Services Ltd v Norscot Rig Management Pvt Ltd [2016] was brought down by His Honour Judge Waksman QC (sitting as a deputy High Court judge). The report of its delivery on 15 September 2016 had already sparked great interest in the world of litigation finance and for good reason. But its implications go well beyond that as we show. Continue reading “Essar v Norscot – a landmark judgement”
Dividends and directors’ duties – case update
A recent case in the High Court provides a helpful analysis as to the scope of directors’ duties in situations where dividend payments are vulnerable to challenge. It proves a cautionary tale to directors who are considering the payment of intergroup dividends and illustrates how the legal issues surrounding this area are complex and need careful navigation by directors and their advisers. Continue reading “Dividends and directors’ duties – case update”
A tricky course – the delicate business of using FIDIC contracts in offshore projects
The ‘marine renewables’ sector is increasingly of interest to contractors. There are a number of reasons for this. For some, fewer opportunities exist within the oil and gas sector. Other see the increased number of offshore wind projects as an opportunity. In both instances, it is clear that the growth in marine renewables projects will continue to make this an area of interest for those companies who own and operate offshore installation and service vessels. Continue reading “A tricky course – the delicate business of using FIDIC contracts in offshore projects”
The emerging GC – shrouded in the vague
Do you ever get the feeling you’re flying blind as a general counsel? Not in the context of your own business, which will generate reams of numbers and facts to indicate how the legal function is performing within that one company. But in the context of how GCs and legal teams are developing at a wider level, profession-wide and within industry sectors, the question stands.
Significant matters – Winter 2016/17
Energy giant pushes through alt billing
The march away from hourly billing continues as Royal Dutch Shell, one of the world’s largest consumers of legal services, confirmed that all its work must be priced under ‘appropriate’ fee arrangements (AFAs), following its 2016 panel review. AFAs, which include capped, fixed and contingency fees, had been in place for all litigation work since June 2014, but now apply to all legal matters. In addition, every piece of work will be put out to tender to three or more panel firms. The shake-up was overseen by associate general counsel for global litigation, strategy and co-ordination Gordon McCue, who led Shell’s overall panel review.
What do we expect from general counsel?
Paul Gilbert attempts to chart what is so rarely discussed: the core competences and obligations of a general counsel.
At the risk of saying something that sounds unhelpfully like, ‘general counsel means general counsel’, I have spent a lot of time over many years considering how people in this role should define their purpose and articulate their contribution.
‘Crisis accumulates for years’ – a fascinating insight into the roots of risk
Stefan Stern assesses a new book on how institutional weaknesses let corporate risk wreak havoc.
If you found the events of 2016 unsettling you may wish to look away now. For the foreseeable future. Brexit means Brexit, apparently, but no-one seems able to provide much more detail than that as yet. A new US president unlike any most of us have ever seen is starting a four-year term in the White House. World War Three could break out at any moment, on Twitter.
Continue reading “‘Crisis accumulates for years’ – a fascinating insight into the roots of risk”
Profile: Margaret Cole, PwC UK
‘I would never have taken a role where I wasn’t sitting at the top table. I make sure I have influence in how a firm goes about things,’ notes veteran litigator Margaret Cole, PwC’s UK general counsel and chief risk officer. Continue reading “Profile: Margaret Cole, PwC UK”
Profile: Herminia Ibarra, INSEAD
Catherine McGregor: Lawyers get very focused on their professional qualifications, but as they rise through the ranks – particularly to the general counsel position – their role becomes increasingly focused on management. A common concern we hear is that they feel ill-equipped to deal with this shift. There can also be a desire not to let go of being a lawyer. What practical measures would you suggest to help balance these conflicting desires? Continue reading “Profile: Herminia Ibarra, INSEAD”
Profile: Piers Le Marchant, JPMorgan Chase & Co
‘The fantastic, wonderful part about being in-house is working with massively stimulating people. There’s this misconception that you outsource talent. You don’t.’ So says Piers Le Marchant, chief compliance officer for corporate and investment banking at JPMorgan Chase & Co. Continue reading “Profile: Piers Le Marchant, JPMorgan Chase & Co”
A buyers’ market
In-house teams may have grown in size and stature over recent years, but their external adviser panels are definitely shrinking. As a result, law firms find themselves increasingly at the sharp end during adviser reviews (see box ‘Cutting back’, below), with clients pushing for better rates, greater efficiencies and added extras.
A private function
Unlike their private practice counterparts, in-house private equity (PE) lawyers prefer a low profile. Or, as one private practice partner puts it: ‘PE is a murky, sharp-elbowed world. In-house lawyers like to stay out of the limelight.’ Continue reading “A private function”