A trio of LB 100 firms have posted financial results for the 2013/14 year, with newly combined Penningtons Manches revealing revenue of £46.6m while profit per equity partner (PEP) came in at £268,000.
In what becomes the second multibillion dollar award against Russia in the space of a week, the European Court of Human Rights in Strasburg has ruled that the country must pay 50,000 Yukos shareholders €1.9bn ($2.5bn) for unlawful tax penalties and disproportionate enforcement in the run up to the oil company’s bankruptcy.
Magic Circle firm Clifford Chance continues to overhaul its corporate governance structure and today (31 July) announced that global finance chief Mark Campbell will step down from his leadership position alongside head of the global capital markets practice David Dunnigan, to be replaced by London-based partners Rob Lee and Adrian Cartwright respectively.
Within days of the Serious Fraud Office (SFO) settling the first Tchenguiz case for £3m, the agency has agreed its final pay out of £1.5m to Robert Tchenguiz drawing the case to a close today (31 July).
It is often forgotten that the received wisdom as the 1990s wore on was that restrictive covenants and other restraints on free movement of staff would become a thing of the past for law firm partners and industry in general as the market went the way of the US. However, a High Court ruling this week is a further reminder that employers’ rights to insist on such terms - and how they are used - are still very much a reality.