The Royal Bank of Scotland (RBS) has warned it will report its eighth successive full-year loss this year as it sets aside £2bn for past scandals including claims relating to mortgage-backed securities and payment protection insurance.
Continue reading “RBS plans ‘clean up’ and sets aside £2bn for PPI claims and US litigation”
Three of the nation’s most senior civil judges appeared before the justice committee of the House of Commons yesterday and condemned government plans to raise court fees.
Continue reading “‘Grave concerns’: Senior judges blast government over court fees”
As pension, sovereign and private equity funds rush to invest in prime London real estate, Linklaters has picked up a major client as Australia’s largest pension fund purchased a 42% stake in the £5bn redevelopment of King’s Cross.
US firm Latham & Watkins has hired Linklaters‘ German head of private equity Rainer Traugott as it continues its aggressive push into the European private equity market.
Rupert Murdoch-owned media giant News UK has recruited high-profile Kingsley Napley partner Angus McBride as its general counsel (GC), just months after its decision to re-hire former Sun editor Rebekah Brooks as chief executive.
Continue reading “News UK recruits Kingsley Napley partner McBride as general counsel”
Months after the UK government announced unexpected personal injury reforms, Slater & Gordon is consulting on the closure of two its UK offices, a move which could affect 51 staff.
Continue reading “Slater & Gordon plans closure of two UK offices”
Simpson Thacher & Bartlett, Wachtell, Lipton, Rosen & Katz, A&L Goodbody and Arthur Cox have all landed roles advising on the $16.5bn merger of industrial company Johnson Controls and security provider Tyco – a deal that will lower the new company’s tax bill.
Continue reading “US and Irish firms act on $16.5bn Tyco-Johnson Controls merger”
Colt Group’s longstanding group general counsel Robin Saphra (pictured) has left the company following an internal structural review. He is succeeded by Caroline Griffin Pain, who becomes company secretary and legal counsel.
Continue reading “Colt Group legal chief Saphra departs following structural review”
LB25 firm Irwin Mitchell has slashed the amount given to its highest paid earner by 30% from £1.22m to £849,000, despite a lift in profits, the firm’s accounts show.
Continue reading “Irwin Mitchell top earner pay falls as employee costs up 7%, accounts reveal”
In a busy week for lateral hires, Withers and Watson Farley & Williams (WFW) have made appointments in the City while Allen & Overy (A&O) has boosted its German and US offices.
The post-financial crisis wave of professional negligence suits against law firms appears to have passed, as RPC figures show a 47% drop in High Court cases against law firms last year.
Continue reading “High Court cases against law firms down 47% in a year”
The ongoing dispute between the Law Society and the Solicitors Regulation Authority (SRA) has escalated after a row broke out over whether the regulator should formally split from the representative at Chancery Lane.
Insurance giant RSA’s longstanding group general counsel and company secretary Derek Walsh (pictured) is to leave the company at the end of February after nearly six years, with Charlotte Heiss to succeed him in the new role of chief legal officer and company secretary.
Continue reading “RSA group GC Walsh to depart as rising star Heiss appointed legal chief”
Addleshaw Goddard‘s staff costs rose 12% from £57,000 to £63,600 in the 2014/15 financial year, the firm’s filings at Companies House show, after it paid larger bonuses and salaries to its employees.
Continue reading “Addleshaws staff costs rise as firm ups partner rewards, accounts reveal”
Italian firm BonelliErede, the European best friend of Slaughter and May, has made a key hire with Allen & Overy‘s Italy senior partner, Massimiliano Danusso. Meanwhile, Berwin Leighton Paisner (BLP) has invested in its Dubai team with a double hire.
In a conspicuously early move demonstrating confidence in its leadership, the partnership at Macfarlanes has re-appointed Charles Martin (pictured) and Julian Howard to the roles of senior partner and managing partner respectively for another three years.
Continue reading “Macfarlanes sticks by management duo, reappointing Martin and Howard until 2020”
National law firm DAC Beachcroft took a £4.39m hit on a failed IT project as it tried to change its case management system internally, accounts reveal.
Continue reading “DAC Beachcroft takes £4m hit on failed IT project, LLP accounts reveal”
Herbert Smith Freehills (HSF), Weil, Gotshal & Manges, and Trowers & Hamlins are the latest firms to publish their trainee retention rates, with HSF recording its third straight score over 90%.
Continue reading “Trainee retention rates: Herbert Smith, Weil and Trowers release figures”
The major US banks released fourth quarter 2015 results this week, with Goldman Sachs blaming poor profits on legal costs, as other lenders benefited from declining legal spends.
Continue reading “US banking results: Goldman Sachs quadruples annual legal spend as others cutback”
After a slow churn of lateral partner hires in Ashurst‘s London office, the Anglo-Australian firm has kick-started 2016 by recruiting DLA Piper‘s high-profile international arbitration head Matthew Saunders.
Continue reading “Ashurst hires DLA Piper arbitration head Saunders to boost City practice”
