Morgan Lewis today announced the arrival of a cross-practice team of lawyers—an energy regulatory attorney, a private equity and investment funds attorney, a tax attorney, and a securities and general corporate attorney—who will work together to serve the needs of energy sector participants, private investment funds, and global institutional investors that focus on investments in energy, infrastructure, and other real assets. The group, which joined from Bingham, includes Mark Williams, a partner in the Energy Practice in Washington, D.C.; Daniel Nelson, a partner in the Tax Practice in Boston; Gerald Kehoe, a partner in the Business and Finance Practice’s Private Investment Funds group in Boston; and Ann Chamberlain, of counsel in the Business and Finance Practice in New York.
The team has considerable experience advising clients that concentrate on energy and infrastructure on regulatory matters, fund formation, energy-sector mergers, acquisitions, and divestitures, project finance investments, tax issues and an array of transactional and securities matters. Their arrival deepens Morgan Lewis’s existing energy and infrastructure capabilities across practices.
“This talented group of lawyers will enable us to serve even better our growing list of clients focusing on energy and infrastructure investments around the world,” said Firm Chair Francis M. Milone.
“The ability to leverage knowledge and experience across practices sets us apart and enables us to address the constantly evolving legal demands of our clients investing in energy and infrastructure,” said Kathryn Sutton, co-leader of Morgan Lewis’s Energy Industry Practice. “The addition of this multi-disciplined team deepens our bench in numerous areas of law related to the energy industry,” she added.
Mr. Nelson devotes a significant portion of his practice to advising global institutional investors, including investment managers for some of the world’s largest pension funds, regarding investments in real estate, infrastructure projects, and other real assets. He also advises sponsors regarding fund formation transactions, co-investment arrangements, and joint ventures involving pension funds, sovereign wealth funds, and other institutional investors. In addition to his work with institutional investors and sponsors, Mr. Nelson also maintains a broad-based transactional tax practice. He advises on a wide variety of tax matters in transactional settings, including project finance transactions and other transactions in the energy sector, transactions involving U.S. real estate and REITs, and tax planning for cross-border transactions.
Deloitte has expanded its shared service operations in Wales and has established a new centre of excellence within their tax business which will create up to 100 new jobs in the next three years.
The Cardiff Centre of Excellence will support Deloitte’s International Assignment Services practice, which helps global employers meet complex tax compliance and reporting requirements in multiple jurisdictions for their internationally mobile employees and advises them on structuring these arrangements.
The project, backed by £170,000 business finance from the Welsh Government, involves centralising the administration and support to their clients with internationally mobile staff and the range of services provided by the Centre of Excellence is set to grow rapidly over the next few years.
The expansion follows on from a decision last year when Deloitte had previously established its quality & risk operations hub in Cardiff, providing enhanced risk management capability to support the strategic growth plans of the UK firm and to develop services for Deloitte firms in other countries. They took new premises in Cardiff Central Enterprise Zone – the UK’s first dedicated enterprise zone for the professional and financial services sector.
That initial expansion represented an annual investment in the region of £3m into the Welsh business economy by Deloitte and the operation continues to grow with 85 jobs created to date. The success of the risk hub, supported by the Welsh Government’s workforce development programme, was recognised as something that Deloitte could replicate for other areas of their business.
Deloitte partner, Craig Muir, who leads the UK firm’s International Assignment Services business saw the potential for a new centre of excellence in Cardiff. He said: “This is great news for both Deloitte and the local economy. We had a number of potential locations for our new centre of excellence, but Cardiff was the clear favourite. The support from the Welsh Government throughout the process and the availability of a high quality pool of talent in the local market played an important part in our decision making.”
Clive Dodimead is the director in charge of the new team. He commented: “Our centre of excellence has now been up and running for over two months and our initial experience has more than validated our decision to locate in Cardiff. We already have 17 new staff with another five joining us in November. Recruitment will continue throughout the year as we relocate processes into the centre of excellence. We have been really impressed with the quality of the people available in the local market and are really proud that, as a firm, we are not only creating employment but also working with the Welsh Government to bring new opportunities to Wales and enhance the skill set of our future workforce.”
Speaking at the Deloitte offices in Cardiff today First Minister of Wales Carwyn Jones said: “Deloitte is one of the world’s largest and most respected professional services firms and their expansion plans for Cardiff are warmly welcomed.
“It is great news that the company continues to grow its presence in Wales with support from the Welsh Government. This latest expansion which is set to create 100 jobs in Cardiff sends out a strong message that Wales is becoming the location of choice for companies operating in the professional and financial services sector that are looking to grow their business.
“I am hugely encouraged that Cardiff has been selected and confident this latest project will build on the success of their Quality and Risk Operations team in Cardiff. Wales is the first place in the UK with an enterprise zone dedicated to this sector and Central Cardiff Enterprise Zone is helping to enhance the city’s position as a capital location for professional business services.”
Senior partner at Deloitte in Wales, Wayne Harvey, said: “Just over a year ago, we were looking forward to establishing our team of dedicated professionals in our risk management centre. While that operation continues to grow steadily, I am delighted that we are able to deliver even more high quality jobs into the local area with the introduction and rapid growth of the new centre of excellence. This is something that we hadn’t foreseen but were able to deliver very quickly in Wales, with support from the Welsh Government.”
The Lawyer reported today that Shearman & Sterling has formed close links with Italian tax law firm Tremonti Vitali Romagnoli Piccardi e Associati, in order to offer its clients a broader tax service.
Although Shermans has had a presence in Italy since 2002, initially in Rome and then later in Milan, this is the first time the Firm has attempted to access the tax services market. Tremonti has 15 partners, all tax specialists, and was founded by Giulio Tremonti (4 time elected Minister of the Economy).
David H. Schnabel, a tax partner at Debevoise & Plimpton, will assume the chairmanship of the New York State Bar Association’s Tax Section. He will succeed Diana L. Wollman, a partner at Sullivan & Cromwell, who is leaving for a senior role at the Internal Revenue Service.
Mr. Schnabel, a member of the Management Committee at Debevoise, focuses on M&A transactions for corporate clients and private equity, as well as acquisition financing and private fund formation. He is recognized as a leading corporate tax lawyer by Chambers USA (2010-2012), where clients say he is “able to add value to our deals by identifying problems before they arise and providing solutions that do not jeopardize or conflict with the commercial drivers our group is trying to achieve.” He is also recommended by The Legal 500 US (2011-2012), where he is noted for his ability to “integrate technical tax answers with actionable and commercial solutions.”
Mr. Schnabel is the current first vice-chair of the NYSBA’s Tax Section, and is a former co-chair of the Investment Funds Committee, the Consolidated Returns Committee and the Partnership Committee. He is also a fellow of the American College of Tax Counsel and a frequent speaker on the tax aspects of M&A and private equity, including at the NYSBA Annual Meeting.
The NYSBA’s 2,576-member Tax Section engages in many activities, but its primary function is to comment on existing and proposed regulatory guidance and proposed legislation at the federal and New York level, usually in the form of written reports. The reports cover a wide range of areas, including the tax rules applicable to corporations, partnerships, other business entities, and individuals; mergers & acquisitions, spin-offs and restructurings; inbound and outbound investments; debt and equity securities and other financial instruments; tax treaties, FATCA and employee benefits.
Gabe Gartner and David Sotos are joining the San Jose office of PwC.
Gabe Gartner comes to PwC San Jose from Microsoft Corporation where he was a general manager of corporate tax planning. Earlier in his career, Gartner was a partner at Dorsey & Whitney, LLP. He earned his bachelor’s degree from University of Puget Sound, a J.D. from the University of Washington School of Law and a masters of laws (LL.M) from New York University School of Law. He teaches International Mergers & Acquisitions at the University of Washington School of Law LL.M. Tax Program and frequently speaks on mergers & acquisitions and international tax topics. Gartner is a member of the American Bar Association and the Washington State Bar Association.
David Sotos previously served in the Washington National Tax Practice, based in Washington, D.C. Prior to joining PwC, Sotos was a counsel in the Washington, DC office of Skadden, Arps, Slate, Meagher & Flom LLP. He brings private practice and public service experience as an international tax lawyer to the San Jose market, including 10 years of service for the U.S. government through positions at the U.S. Tax Court, the IRS Office of Associate Chief Counsel and the Department of Treasury. Sotos received his bachelor’s degree in business administration from Ohio State University, a J.D. from Capital University School of Law School, and an LL.M. in tax from the University of Florida.
EY has launched a recruitment campaign to attract experienced tax professionals across a number of tax service lines. Opportunities exist within:
More than 150 jobs are to be created from this summer at a new ‘Tax Centre of Excellence’ in Glasgow’s International Financial Services District by professional services firm KPMG. The new specialist centre will further enhance compliance services to clients across the UK. Tax compliance work involves checking for a client – either an individual or a company – that their tax returns are in full compliance with all applicable tax regulations and that the necessary information has been given with required supporting evidence.
The new centre of excellence will open in the summer of this year and will handle tax compliance work from the firm’s 22 UK offices. As well as a significant investment by KPMG, Scottish Enterprise has offered a Regional Selective Assistance grant of up to £1.7m.
A 10-year lease has been signed at 123 St Vincent Street in the city’s financial district.
Jane McCormick, KPMG’s Head of Tax & Pensions in the UK, said: “The new UK tax centre of excellence is a major strategic investment for KPMG which will enhance the level of compliance service we provide to clients across the country.
“Our investment means that we continue to be at the leading edge of compliance delivery to our clients. Our investment in technology will complement our dedicated team of compliance experts to enhance the local relationships we already have with our clients. Creating this dedicated tax compliance team in Glasgow allows our tax professionals across the UK to focus on providing high quality client advice in an ever-changing fiscal environment.”
Recruitment for the new centre will start in mid-April with the firm looking to fill a variety of positions, many of which will be available with flexible working hours, from a variety of groups such as graduates, new parents returning to work, or more mature professionals looking for a different career path.
Lena Wilson, Chief Executive of Scottish Enterprise, said: “We’re delighted that KPMG have chosen to base their Tax Centre of Excellence in Scotland.
“It’s a testament to the quality of the Scottish workforce, and the strength of our business community, that this major new investment is coming to Glasgow. We look forward to working in partnership with KPMG as the project continues to develop.”
Craig Anderson, Senior Partner at KPMG in Scotland, said the new centre would be a very welcome addition to the firm’s existing presence in Scotland:
“Glasgow faced stern competition from a number of other locations. What won it was a combination of a high quality resource pool and accommodation coupled with enthusiastic and tangible support from local Universities and Scottish Enterprise.
“In what remains a challenging economic time for many businesses and individuals, we are delighted to be able to welcome this fresh investment and offer many people the prospect of an exciting and rewarding career at KPMG.”
This is an article submitted to Tax Grotto by Pro-Tax.
Social Media Recruitment
The statistics are that Linked-In has over 200 million members and that the have a new member every two seconds. They certainly claim they are the future of the recruitment market. True, they are an exceptional ‘live’ database and many members will update their Linked-In profile far quicker than their CV. We have even heard that one recruitment agency has stopped using their own in-house candidate database in favour of Linked-In. This, I sense, is quite extreme especially if you consider that Linked-In may have a limited shelf life. We are now in a market place where pretty much everyone can be found online, including Linked-In, Facebook and Twitter, no matter what generation you are from. If you want to get recruited, you need to get social!
Less published adverts
There has definitely been a decrease in hard copy advertising; this is due to social media recruitment, better networks and online advertising, so jobs are not always published in magazines. Companies are also pushing their own internal recruitment teams to hire directly and furthermore they are offering mouth watering referral fees to employees who can refer ex-work colleagues or friends. Lastly, in an austere economy one of the first casualties of cost cutting is advertising. When the market recovers fully, we will certainly see more magazine adverts appear.
Where are all the jobs?
This is a common cry from candidates who are searching for a new role. As specialist tax recruiters we have our ear firmly to the ground when it comes to the volume of tax vacancies in the market place. What many candidates do not realise is that the volume of jobs is still out there; in fact the trend is that there is 12% more jobs now than this time last year, they are just not in the usual places. By that I mean historically you could contact two or three market leaders in tax recruitment and get all of the live roles in the market place. Now the landscape has changed. Yes, you will still speak to the market’s tax recruitment specialists but you also need be ‘social media’ aware. This comes in the form of being on Linked-In, having a Facebook account and following tweets.
Employers recruiting directly
There is no secret that employers are attempting to directly recruit tax professionals. It’s probably never been easier for them with access to job boards, Linked-In and Facebook. Again, the economy dictates that some HR and Recruitment functions now have more capacity to focus recruiting directly, especially if they only have a low number of live vacancies. The recruitment agencies just have to work closer with their clients and not see this as an affront on their business. It is therefore essential as a candidate that you work in partnership with one of the industry’s preferred tax recruitment agencies. Clients are cutting down on the number of recruitment agencies they use, so it’s paramount that you opt for an established brand.
Market more fragmented than ever
The major tax recruitment specialist agents in the UK market have on average between 25 – 40 employees but their market share has dipped slightly with the advent of these ‘one man band’ outfits. The truth of the matter is that candidates should never put their eggs in one basket and registering with two agencies is better practice, especially if you are looking for a role in Commerce & Industry. Recruitment agents that tell you otherwise are fearful of their competitors. But it’s not simply how many recruitment agencies you register with, but which ones. You need to select your agency carefully and consider their brand image, are they recognised as a market leader, do they have a sufficient coverage for the market you want to work on? Do they have good testimonials, this is always proof they are respected by their clients and candidates alike.
The future of tax recruitment
There will always be a significant place for the ‘old fashioned tax recruiter’ who has strong client relationships and networks – social media recruitment is not a client’s ‘silver bullet’ to replace them. Tax Recruiters just need to change to a shifting market, embrace social media and realise the fact that clients will try and recruit directly. What does this mean for candidates? Well, firstly your first port of call would be to still speak to your recruitment agent(s) but also to be available online, even if you are not actively looking. Statistics show that over 30% of new hires simply were headhunted or were approached and decided to move. As the economy picks up we will see more tax recruitment via the traditional methods such as agency or hard copy advertising, but for now candidates need to think of all the various channels that they may be recruited by, and ensure they are visible and social.
Pro-Tax is one of the UK’s leading tax recruitment agents and are preferred suppliers to the Big 4, Top 100 accountancy practices, the FTSE 100 and 250 and leading Investment and Retail Banks. For further market commentary or to discuss your next move or hire, call Pat Keogh, Managing Director on 020 7269 6311 or email firstname.lastname@example.org