White & Case Launch Insolvency & Restructuring Practice in Australia

Global law firm White & Case LLP has launched its Global Financial Restructuring and Insolvency (FRI) Practice in Australia by adding partners Timothy Sackar and Jillian McAleese in Sydney.

The move aims to strengthen the firm’s expertise in handling complex restructurings, workouts, and insolvencies across multiple jurisdictions. The addition of the two lawyers marks an important step in White & Case’s commitment to build its insolvency practice. The firm expands its capabilities in the Australian market, following recent launches in antitrust and debt finance practices, and the expansion of mergers and acquisitions capabilities in Sydney.


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White & Case press release –


Global law firm White & Case LLP has established its Global Financial Restructuring and Insolvency (FRI) Practice in Australia with the addition of Timothy Sackar and Jillian McAleese as partners in Sydney.

“In today’s ever shrinking world, large corporate and financial restructuring projects cross multiple jurisdictional boundaries more often than not,” said White & Case partner Tom Lauria, head of the Firm’s Global Financial Restructuring and Insolvency Practice. “As a recognized leader in the space, we have long been focused on building global expertise and capacity, and we regularly advise clients around the world in a wide variety of business and industry sectors on all aspects of complex restructurings, workouts and insolvencies. Turbulent markets are driving an increase in corporate liability management and restructuring activities. The addition of two new members to our restructuring team in Australia, with strong expertise throughout the Pacific Rim, marks an important next step in our continuing commitment to serve our clients across the full spectrum of the distressed continuum.”

White & Case partner Eugene Man, Regional Section Head, Asia-Pacific Banking & Capital Markets, said: “We are launching our FRI practice in Australia with two highly regarded lawyers with stellar market reputations built on strong and successful practices that have exciting synergies with our existing capabilities in Asia-Pacific and globally. Timothy is a recognized restructuring leader with a market leading practice who has advised on some of the most significant matters in Australia and other key global markets. Jillian is a talented senior lawyer and rising star of the Australian restructuring market with a track record of advising on some of the most important recent cross-border and domestic restructurings.”

Timothy’s practice focuses on financial restructuring, distressed investing and insolvency. He has been involved in numerous significant matters in Australia, the wider Asia-Pacific region and in the UK, advising debtors, financial creditors, sponsors, bondholders and directors on all aspects of restructurings, workouts and cross-border insolvencies. Timothy’s extensive experience includes advising on distressed investments and restructuring strategies generally, voluntary and compulsory insolvency regimes and the sale of non-performing loan portfolios. He joins White & Case from Clayton Utz, where he was a partner, national practice group leader for the restructuring & insolvency group as well as leader of the alternate investments funds practice. He brings 25 years of experience.

Jillian’s practice focuses on financial restructuring and insolvency. She has been involved in some of the most significant cross-border and domestic restructuring deals in recent years, advising both debtors and creditors on distressed investment and debt trading, security analysis and contingency planning and debt recovery. Her extensive experience includes formal insolvency administrations and litigation and dispute resolution, and Jillian also advises alternate capital providers on distressed investments and other Australian investment opportunities. She also joins White & Case from Clayton Utz, where she was special counsel, and brings more than ten years of experience.

“The arrival of Timothy and Jillian represents another significant broadening of our capabilities in Australia and a further strengthening of our bench in Sydney, as White & Case continues to invest in the Australian market,” said Kate Perumal, White & Case Office Executive Partner in Sydney. “It follows the recent launch in Sydney of our Australian antitrust practice and our Australian debt finance practice, as well as the expansion in Sydney of our mergers and acquisitions capabilities in Australia.”

White & Case partner Don Baker, a member of the Firm’s global Executive Committee, said: “White & Case continues to develop its impressive presence in Australia, where our leading project development and finance practice is complemented by sophisticated corporate, disputes, antitrust and leveraged finance capabilities. Adding a first class financial restructuring practice is an important extension to our platform as we continue to expand the services we provide to our clients in Australia and the wider Asia-Pacific region.”


UK’s Elite Law Firms Face Profit Flatline amid US Expansion Challenges

London view

The boom days for London’s Big Law firms may be drawing to a close, according to a Financial Times report indicating that profits are stagnating and a combination of intense competition from US-based competitors, rising costs, together with a slowdown in deals is having a bottom-line impact.

London’s “magic circle” law firms, namely Clifford Chance, Allen & Overy, and Linklaters, all witnessed revenue growth in their recent financial years, along with other major UK law firm equity pay, but partner profits remained stagnant due to increased staff expenses and decreased demand.

This deceleration coincides with a pivotal moment for two of the “magic circle” firms as they strive to gain a foothold in the US market. Allen & Overy is planning a $3.4bn merger with Shearman & Sterling, while rival Freshfields Bruckhaus Deringer has invested in new offices, including one in Silicon Valley.

Among the group, Freshfields was the only firm that managed to marginally increase its partner profits by 1 percent, with its equity partners receiving an average of just over £2mn each by the end of April.

In contrast, equity partners at Allen & Overy experienced a nearly 7 percent decline in average profit shares, amounting to £1.82mn each. Their managing partner Gareth Price (left) recently announced his surprise resignation from the firm.

, while Linklaters’ equity partners received an average of £1.78mn each, reflecting an almost 5 percent decrease from the previous year. Clifford Chance’s profit per equity partner remained flat.

The slowdown in growth follows the surge in demand for corporate law firms in 2021, driven by a wave of mergers and acquisitions prompted by pandemic-related financial stimulus, which bolstered their financial positions.

tony williams on lawfuel

Tony Williams, (right) principal at legal consultancy Jomati, attributed the drop-off in M&A work to the increased costs resulting from higher salaries. Law firms faced stiff competition in recruiting junior lawyers last year, leading to significant salary hikes. Allen & Overy stated that its partner ranks had expanded, consequently diluting the profit pool.

Excluding exceptional items, pre-tax profits at Linklaters dipped by 2 per cent compared to the previous year, settling at £854mn, while Allen & Overy’s profits fell from £900mn to £892mn. Clifford Chance’s profits also experienced a slight decline, reaching £781mn, and Freshfields did not disclose its own figure.

The rising costs and the challenging economic climate pose hurdles for the magic circle firms as they strive to gain traction in the lucrative US market. According to Williams, currently, the group generates only about 15 per cent of its revenue from that region. To be considered truly global firms, they need to have a more substantial percentage, preferably between 25 to 40 per cent, generated from the US.

Both Freshfields and Allen & Overy have made notable strides in the US. Allen & Overy aims to hold a vote on its blockbuster transatlantic merger in October, while Freshfields has successfully recruited several partners from leading law firms over the past three years, including launching an office in Silicon Valley to target tech-related work.

However, industry observers caution that expansion in the US market will necessitate significant investments in a challenging economic climate. Chris Clark, founder of legal recruiter Definitum Search, highlighted that inflated salaries and increasing costs are outpacing underlying revenue growth, resulting in lower profits. Consequently, some expansion plans may be put on hold.

Despite the profit stagnation, the magic circle firms managed to achieve revenue increases, with Allen & Overy and Clifford Chance each surpassing £2bn for the first time.

Linklaters’ managing partner, Paul Lewis, acknowledged that higher inflation and pressure on salaries had contributed to increased costs but noted that the pressure had somewhat eased. He anticipated that tougher economic conditions would persist in the current financial year, with demand for certain services remaining robust but falling short of the boom experienced last year.

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