As Gemany and France exit recession, UK law firms are nibbling on a few more deals…

The sale of Friends Reunited for £25m represents a significant loss to ITV having paid £175m for it but Macfarlanes and Lovells have benefited from the instruction. Macfarlanes’ partner, Nicola Richards, advised the buyer, Brightsolid and its owner, publishing company DC Thomson & Co. Lovells’ partner, Tom Whelan, advised the firm’s longstanding client ITV.

Recently Lovells has also been advising a syndicate of senior lenders in a landmark High Court case relating to the restructuring of IMO Car Wash, the largest car wash company in the world. A dispute arose during the company’s restructuring and the subsequent judgement was made in the senior lenders’ favour. US firm Latham & Watkins and French firm Gide Loyrette Nouel were also involved in the restructuring process.

Meanwhile embattled banks are still providing plenty of work for law firms. Allen & Overy has scooped the lead role for Lloyds Banking Group on the sale of its Insight Investment Management subsidiary to Bank of New York Mellon for £235m. And the continued avalanche of legal fees arising from the havoc in the financial sector has led commentators in the US to suggest that there’s a new bull market on Wall Street – not for investors, but for a handful of elite lawyers…

Dubbed the "Golden Receivers" the professionals appointed by courts to deal with the fallout from some of the large scale frauds that have been uncovered are raking it in – some almost to the tune of $2 million a week!