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Charles Russell unveils 8% PEP rise amid modest revenue growth in year of consolidation

Charles Russell Speechlys (CRS) has revealed 3% revenue growth for the 2016/17 financial year, alongside an 8% jump in profit per equity partner (PEP) in its second full year since the merger of Charles Russell and Speechly Bircham in 2014.

CRS managing partner James Carter said last year was one of consolidation for the merged firm, while dealing with costs associated with several office openings against the backdrop of a largely flat UK market. Continue reading “Charles Russell unveils 8% PEP rise amid modest revenue growth in year of consolidation”

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20% hike at Vinson pushes associate starting pay to £120k as US leaders heat up City talent market

Vinson & Elkins(V&E) has increased its London associate and trainee solicitor salary levels, boosting newly qualified salaries 20% to £120,000 and first-year trainee salaries by 11% to£50,000.

The firm announced the rates this week (20 July), alongside its second-year associates pay. They will receive a pay rise of 15% to £127,000 (from £110,000 previously), while the firm boosted third-year salaries to £140,000, a 17% increase from £120,000 last year. Meanwhile, the firm hiked second-year trainee salaries 17% to £55,000. Continue reading “20% hike at Vinson pushes associate starting pay to £120k as US leaders heat up City talent market”

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Dentons to merge with Scotland’s Maclay Murray & Spens to gain foothold in European oil and gas centre

Dentons is to combine with Scottish firm Maclay Murray & Spens, embarking on the latest phase of its European expansion into Scotland’s oil and gas markets and bringing its total UK lawyers to over 800.

The merger is the latest in a series for the Dentons, the world’s largest law firm by number of fee earners, as it adds three more offices in Aberdeen, Edinburgh and Glasgow. Dentons’ European offices will total 31 on completion of the deal. Continue reading “Dentons to merge with Scotland’s Maclay Murray & Spens to gain foothold in European oil and gas centre”

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Brexit government department spent £3.7m in legal costs in year since EU referendum

The government department for exiting the European Union (DExEU) has spent £3.7m in legal costs since it was set up last summer, the most significant area of expenditure for DExEU after overall staff costs of £14m.

A government report published on Wednesday (19 July) revealed that DExEU cost taxpayers £1.2m in legal fees for the cases brought against the government, including that on triggering of Article 50, which formally started the UK’s withdrawal process from the European Union (EU). Continue reading “Brexit government department spent £3.7m in legal costs in year since EU referendum”

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Court rejects landmark application for £14bn class action against MasterCard in Freshfields win

The Competition Appeal Tribunal (CAT) has today (21 July) ruled against certifying one of the first US-style £14bn opt-out consumer damages antitrust class actions, against payment giant MasterCard, in what would have been the UK’s largest claim.

CAT president Mr Justice Roth ruled against allowing the collective proceedings application on grounds that potentially disparate groups of claimants could not form a single class action for the purposes of this claim, regardless of the means of payments used or the retailer from whom the purchase was made. Continue reading “Court rejects landmark application for £14bn class action against MasterCard in Freshfields win”

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UK’s top court gains first female president as progressive’s darling Hale to lead the Supreme Court

The Supreme Court has gained its first female head with Lady Hale today (21 July) confirmed as its new president alongside three new appointments to the UK’s top court.

The appointment, replacing the outgoing Lord Neuberger, will be welcomed by diversity campaigners and the profession’s liberal wing with the outspoken Hale often regarded as the court’s most progressive judge. Continue reading “UK’s top court gains first female president as progressive’s darling Hale to lead the Supreme Court”

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RPC to retain 82% of trainees to newly-qualified roles as firm performs in Asia

James Miller

City-headquartered professional services firm RPC will retain 82% of its trainees this autumn, a 15% increase from last year’s intake, as the firm sees growth in its Asia business.

The firm said that 14 of its 17 London-based second-year trainees have secured newly-qualified (NQs) roles at the firm, the majority of which will work in its London office while of the remaining two, one will be based in Bristol and the other will permanently transfer to its Hong Kong office in January 2018. Continue reading “RPC to retain 82% of trainees to newly-qualified roles as firm performs in Asia”

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Comment: Magic Circle playbooks in Europe are full of contradictions’

To recap as the UK tiptoes towards banana republic territory in the wake of last month’s inconclusive, prediction-defying general election: City professionals face the prospect of an unsteady government negotiating a logistically-epic exit from the EU with an uncertain agenda against a much larger and better prepared counter-party. That is until the next general election in perhaps the autumn. Continue reading “Comment: Magic Circle playbooks in Europe are full of contradictions’”

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Civil court service fees generate £102m surplus for government as job cuts continue

The civil courts generated a £100m surplus in their most recent year according to new figures that are bound to hike concerns over the use of civil courts to subsidise the justice system.

Over the last year, HM Courts and Tribunal Service (HMCTS) has generated fee income of nearly £800m, £186m from family justice fees and more than £602m from civil justice fees, surpassing its own spend by £102m, while cuts to the service continue. Continue reading “Civil court service fees generate £102m surplus for government as job cuts continue”

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‘GCs are becoming much more discerning’: CPS special crime head Vamos to join Peters & Peters

Disputes and business crime boutique Peters & Peters has today (19 July) announced that the former head of special crime at the Crown Prosecution Service (CPS), Nick Vamos, will become a partner at the firm.

Vamos, a qualified barrister, will join the firm as a partner on 4 September. He has significant criminal law experience, specialising in international criminal investigations, corporate manslaughter cases and political and police corruption. Continue reading “‘GCs are becoming much more discerning’: CPS special crime head Vamos to join Peters & Peters”

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‘Work in an agile way’: Ince & Co revenues rebound with 16% growth after three-year decline

Ince & Co’s revenue has grown 16% to £88.5m this year, signalling recovery from a three-year decline, in what Ince’s international senior partner Jan Heuvels described as a ‘good year of investment and growth.’

Heuvels (pictured) told Legal Business that, ‘if you strip out the FX effect, as we do have significant non-sterling earnings, we still have a significant 10% increase in real terms.’ Continue reading “‘Work in an agile way’: Ince & Co revenues rebound with 16% growth after three-year decline”

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‘A game changer’: Fieldfisher invests in digital platform for start-up funding rounds

Fieldfisher has invested in a digital platform offering an automated way to generate and update documents required during funding rounds, allowing start-ups and investors to negotiate and close deals remotely and more quickly, which could also offer the firm new clients.

European firm Fieldfisher was part of a £1m investment round in SeedLegals, launched three months ago, along with another law firm, investment fund Seedcamp and several other companies. Fieldfisher has a particular technology, finance and energy focus and is growing its network of European offices. Continue reading “‘A game changer’: Fieldfisher invests in digital platform for start-up funding rounds”

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‘Acted recklessly’: White & Case fined record sum by SDT for conflict of interest breach

White & Case has been fined £250,000 in the largest-ever sanction imposed by the Solicitors Disciplinary Tribunal (SDT) against a firm, as it said today (19 July) that the firm had breached conduct rules by acting recklessly in failing to identify a conflict of interest and failure to protect confidential information regarding a $2bn Ukrainian commercial dispute.

The Solicitors Regulation Authority (SRA) referred the case to the SDT after the High Court found in 2014 that the firm had failed to identify a conflict of interest and barred it from acting on the case. Continue reading “‘Acted recklessly’: White & Case fined record sum by SDT for conflict of interest breach”

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Brexit saves Chancery Lane’s bacon as Government backs off proposals to split SRA from Law Society

The hopes of the UK’s largest legal watchdog of being separated from the Law Society appear to have been dashed, according to a Government paper that backs away from a full split of lawyers’ trade union and regulatory bodies.

The Ministry of Justice review, published today (19 July), indicates that the government is backing off earlier proposals to fully separate the Solicitors Regulation Authority (SRA), the profession’s primary front-line regulator, from the Law Society. Continue reading “Brexit saves Chancery Lane’s bacon as Government backs off proposals to split SRA from Law Society”

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Matrix Chambers CEO Lindsay Scott to head up 39 Essex Chambers later this year

Long-serving Matrix Chambers CEO Lindsay Scott (pictured) is to join 39 Essex Chambers as its new chief executive officer, later in the year.

Scott, who has been the CEO of Matrix for 11 years, is responsible for its overall management, including developing client relationships, marketing strategy and human resources. Continue reading “Matrix Chambers CEO Lindsay Scott to head up 39 Essex Chambers later this year”

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Comment: The answer to law firms’ social ills is not another league table

Have we reached peak aspirational employer league table yet? From the perspective of the legal industry we certainly should have, given the trend in recent years for the profession to turn up with improbably high rankings in a proliferating range of ‘best employers for…’ tables.

Were an alien to descend to earth and judge the industry on the basis of these rankings they would conclude that the profession had cracked social mobility, gender diversity, gay-empowerment and quality of life… all the while generating a tonne of money. Continue reading “Comment: The answer to law firms’ social ills is not another league table”

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Linklaters to recruit first chief information security officer as DLA breach pushes security up firms’ agenda

Linklaters is seeking to recruit a chief information security officer (CISO) to establish, shape and deliver its global IT security strategy and management programme, a new position for the Magic Circle firm.

The recruitment drive follows swiftly after a major cyber attack on DLA Piper on 27 June, which knocked down the firm’s communication system, temporarily putting its phones and computers out of action.  Continue reading “Linklaters to recruit first chief information security officer as DLA breach pushes security up firms’ agenda”

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Revolving doors: CC partner seconded to Takeover Panel, 2Birds, PwC and Farrer hire in London, while K&E adds to Germany

game of hoopla with lawyers

Law firms are strengthening their European practices, with Bird & Bird, PwC and Farrer & Co all hiring in London, Kirkland & Ellis in Germany, while a Clifford Chance (CC) partner was appointed to a high-profile panel role.

James Bole, promoted to CC’s M&A partner two months ago, has been named as the new secretary of the Takeover Panel, on a two-year secondment from September. Bole is CC’s first Takeover Panel appointment for a decade. He will replace Addleshaw Goddard partner Simon Woodin the role. Continue reading “Revolving doors: CC partner seconded to Takeover Panel, 2Birds, PwC and Farrer hire in London, while K&E adds to Germany”

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‘No plans to stand still’: Morgan Lewis’ revenue surges to £34m in London

Morgan Lewis & Bockius’ London office revenue grew 17% in the year ended September 2016, increasing its London revenue last year to £33.9m, up from £29.1m in 2015.

The figures were revealed in limited liability partnership (LLP) documents filed in respect of its London and Paris offices. Continue reading “‘No plans to stand still’: Morgan Lewis’ revenue surges to £34m in London”