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Norton Rose Fulbright advises Cooper Pharma on contract

Global law firm Norton Rose Fulbright has advised Cooper Pharma on its granted license with United PPE to develop and manufacture COVID-19 diagnostic tests using Sherlock’s CRISPR technology. The contract has been granted under The 221b Foundation, a non-profit organisation established by Sherlock Biosciences to address the global COVID-19 pandemic while promoting diverse representation in STEM.

CRISPR technology called SHERLOCK (Specific High-sensitivity Enzymatic Reporter unlocking) and the diagnostic platform can achieve single molecule detection of nucleic acid targets. SHERLOCK utilises CRISPR activity for “smart amplicon detection” and can be adapted for use with existing diagnostic instruments, improving time to result due to its significant multiplexing capacity. When a specific sequence of DNA or RNA is present, a CRISPR enzyme is activated and, much like a pair of scissors, starts cutting nearby genetic material, releasing a fluorescent signal that indicates a positive result.

Morocco-based Cooper Pharma is a leading laboratory of the national pharmaceutical industry, which has supported health professionals and aims to increase access to medicines.

Adjou Ait Ben Idir, Dubai-based corporate partner who led on the deal, commented: “This contract will enable increased access to COVID-19 testing in Asia and the Middle East. The design will be able to cover new and emerging variants, which remains of the upmost importance as we navigate through the pandemic.”

Mr Ayman Cheikh-Lahlou, shareholder and CEO of Cooper Pharma, commented: “CRISPR technology is opening massive avenues in the healthcare products application industry. Cooper International is well positioned with its expert team in Dubai to attract CRISPR Companies from around the world to participate in co-development projects and to deploy them mainly across the Europe, Middle East and Africa region.”

The Norton Rose Fulbright Dubai team also included senior associate Zaid Al-Rizzo and counsel Jonathan Burton.

Chambers Global 2021 highlights our cross-border strengths

Norton Rose Fulbright ranked first among all law firms with 18 ranked lawyers in the Chambers Global 2021 global-wide practice rankings, as well as standing in the top 10 for total number of global-wide departmental practice rankings, practice rankings across all categories and lawyers ranked overall.

The firm earned 22 global-wide practice rankings, and was ranked in 185 practice areas across all categories, including global-wide and country-specific. The 185 practice area rankings include 16 top tier rankings in China, Greece, Malaysia, Morocco, Myanmar, the United Kingdom, the United Arab Emirates and the United States.

A total of 234 Norton Rose Fulbright lawyers were individually ranked as leaders in their field. The firm also picked up six new departmental rankings in Africa, Latin America, Russia, the United Kingdom and United States.

In its analysis, Chambers cited clients who provided feedback on the firm’s work, praising its extensive global reach.

“The (Norton Rose Fulbright) international network has become an increasingly important component of their service delivery as cross-border business grows,” one client told Chambers. Another praised the firm’s “ability to function seamlessly with team members in different offices and across time zones.”

A full list of our rankings is available online.

Baker McKenzie announces global revenues of $2.9 billion

Baker McKenzie has announced revenues for the fiscal year ended 30 June 2020 (FY20) of $2.9 billion. In terms of constant currency revenues were up 1.2% compared to the previous year. In US dollar terms, the Firm’s reporting currency, this translates into a flat year (FY19 $2.92 billion), after the effect of adverse currency movements during the year.

All of our regions recorded growth in constant currency terms – Asia Pacific up 1%, EMEA higher by 2%, Latin America rose 2% and North America increased 1%. In US dollar terms, three out of our four regions – Asia-Pacific, EMEA and North America – each experienced slight growth. Latin America revenues, however, fell by 12% in U.S. dollar terms, highlighting the weakness of currencies in that region during FY20. The first quarter of FY21 has continued that growth with revenues and profitability up in all four of our regions.

Our PPP for FY20 is down 12% year-on-year as compared with FY19, reflecting the significant investments we made in new technology, infrastructure and laterals and other talent, as well as the negative impact of FX. Over the last decade the Firm has grown by 37% in terms of revenue and 31% in terms of PPP.

We saw revenue growth in our two largest markets – the United States and the UK. Some of our markets that saw high single-digit or double-digit growth include: Thailand, Singapore, South Korea, Netherlands, Belgium, Sweden, Luxembourg, Hungary, Egypt, Kazakhstan and Morocco.

Milton Cheng, Global Chair, Baker McKenzie says, “I am proud of how our Firm has stepped up this past year to record a reasonable set of results, given the economic and logistical headwinds we have faced since January and the softening of demand we saw in the final quarter of FY20. It is a strong demonstration of our collective resilience.

“We continue to look to the future. Despite the ongoing challenges of COVID-19 and the decline in economic activity in many parts of the world, Baker McKenzie is heading into FY21 with confidence, bolstered by our client base, resilient team, and exciting investments in the future of our industry and communities. The Firm has appointed new leaders, including our first Chief Sustainability Officer, as well as announcing our innovation arm Reinvent.

“A record number of lateral hires these past 12 months combined with our continued commitment to developing home- grown talent, as well as our significant investments in technology and our new services centres ensure that we are well prepared for a new set of challenges over the next decade.

“We have also learnt how to collaborate, work and socialise together in new and innovative ways that bring out the very best of Baker McKenzie. We transitioned smoothly to working remotely, with nearly all of the teams in our offices across the world working from home for significant periods of time over the past months.”