With the ill-advised Jack Daniels and coke I had forced on me at the back end of the British Legal Awards still making itself felt, the week is rapidly drawing to a close, so it’s time for The Friday Edit, our informal take on the notable legal events that happened since Monday. For subscriber content, click here for full access to Legal Business or email ‘email@example.com’ for more information.
Analysis of the week: ‘Chasing the bear’ and ‘Constructing continents’
This week we highlight hugely contrasting fortunes in two key international markets. It has long been a volatile market but our recent report on the current state of Russia’s legal sector makes it clear that the impact of sanctions is having a brutal effect on the Moscow legal community. Subscribers can click here for the full report.
While the outlook is gloomy for Russia-focused advisers, prospects couldn’t be much brighter for the growing band of law firms focusing on the potentially vast opportunities of the African region. In ‘Constructing continents‘, we report on the rush to fill Africa’s infrastructure deficit and highlight some of the bellwether projects.
Stories of the week:
Litigation has been hogging the attention of our readers of late with our most popular post this week being coverage of a claim against Tesco for the embarrassing £263m mis-statement of profits, a role that has handed a prominent mandate to dispute boutique Stewarts Law. Other popular pieces included this report on a colourful Supreme Court judgment on a dispute involving the Saudi Royal family and this report on the new panel line-up for the Royal Mail.
Quotes of the week:
‘A head of litigation at a bank was saying to me the other day: “I don’t really care about [civil litigation]. If a counterparty has a claim, even a big claim, you instruct your litigators – it’s expensive and you try to control the cost but it’s just a bit of litigation. Worst-case scenario is we may have to write a cheque for £200m. It’s predictable.”‘ A senior litigation counsel at a major bank explains how the risk outlook for major banks has changed post-Lehman. ‘The worst case scenario is £200m‘
‘If ever there was a time as a KM professional to make a difference to your business this is it. And if you’re not, you need to ask why.’ Wragge Lawrence Graham & Co’s Derek Southall says the pressure is on knowledge teams to deliver the goods. ‘The Knowledge Management Report‘
‘The idea that you are all motivated by the pot in the middle when your contribution is 1/450 doesn’t work.’ Incoming Herbert Smith Freehills senior partner James Palmer, says lockstep isn’t working for global law firms. ‘Consumed‘
Most popular posts:
A £263m hole: Stewarts Law to file claim in Tesco shareholder row
Signed, sealed and delivered: 15 firms make it on to Royal Mail’s first post-IPO panel
The cost of a signature: Mishcon loses out as Supreme Court dismisses Saudi Prince’s appeal
4 out of 12: Weil Gotshal makes London-heavy promotion round
Revolving doors: Travers Smith and DWF expand in London; HSF hires from Ashurst in Australia and an in-house resignation at BAT