BAKERS’ 2014/15 FINANCIALS SEE FIRM SLIP BEHIND DLA
Baker & McKenzie revealed it generated $2.43bn in the year to 30 June 2015, a 4% fall on last year’s $2.54bn. The firm said a strengthening dollar had hit its top-line and also helped push profit per equity partner down to $1.14m from $1.29m. The firm said it had invested in a new financial and management system and hired 51 lateral partners over the year.
MAGIC CIRCLE FIRMS CONFIRM TRAINEE RETENTION
A string of firms confirmed their trainee retention rates for autumn 2015 qualifiers. Clifford Chance led the way keeping on 45 trainees or 96% of its 47 intake while Freshfields Bruckhaus Deringer retained 40 out of 48 or 83%. Slaughter and May revealed a rate of 89% with 33 from 37 securing jobs.
SFO SECURES HIGH-PROFILE LIBOR CONVICTION
The Serious Fraud Office gained a boost in August as it secured its first conviction in the ongoing Libor scandal. Former UBS and Citigroup derivatives trader Tom Hayes was convicted of eight counts of conspiracy to defraud at Southwark Crown Court and sentenced to 14 years in prison.