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.
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Trainee retention rates: Herbert Smith, Weil and Trowers release figures
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%.
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US banking results: Goldman Sachs quadruples annual legal spend as others cutback
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.
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Ashurst hires DLA Piper arbitration head Saunders to boost City practice
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.
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‘Criminal capability’: Cooley makes key appointment with Sullivan & Cromwell litigator Delahunty
Cooley has kicked off 2016 with further hires to its now year-old London office, adding prominent Sullivan & Cromwell litigator Louise Delahunty (pictured).
KWM reviews capital contributions ahead of refreshed global strategy
Partners at King & Wood Mallesons (KWM) could be asked to inject more cash into the business as the firm considers alterations to its capital contributions structure.
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Magic Circle trio and KWM advise on Clydesdale float as owner makes cut-price share offer
Clifford Chance, Allen & Overy (A&O), Linklaters and King & Wood Mallesons (KWM) are advising on Clydesdale and Yorkshire Bank’s proposed initial public offering (IPO) as its owner National Australia Bank (NAB) announced a cut-price share offer ahead of the float – a move which could impact other IPOs in the market.
‘A real achievement’: Pinsent Masons tops Stonewall rankings for LGBT inclusive law firms
UK top 20 firm Pinsent Masons is the top law shop, and fifth best overall UK employer for LGBT staff according to Stonewall’s Workplace Equality Index.
Guest post: Knowing when to reinvent – the Aetna plan for business health
There’s a fascinating article in the December issue of the Harvard Business Review that ought to be required reading for the leaders and owners of the world’s leading law firms. Called ‘Knowing When to Reinvent’, the essay describes what I think of as the Aetna Corporate Health Test, one that managing partners might start taking each year along with an annual physical.
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Arbitration investment: Jones Day construction head Lal departs to join Akin Gump
Akin Gump Strauss Hauer & Feld has made a key hire to enhance its international arbitration offering in London with the appointment of Jones Day construction head Hamish Lal (pictured).
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Fried Frank hires Mayer Brown’s restructuring head to launch City workouts practice
Having launched a trio of practice areas – finance, private equity and funds – in London in just over a year, Fried, Frank, Harris, Shriver & Jacobson has kick-started 2016 with the launch of a restructuring practice, appointing Mayer Brown‘s co-head of restructuring, bankruptcy and insolvency Ashley Katz.
‘An absolute match’: Former Mayor Giuliani to join Greenberg Traurig in New York
Former New York Mayor and the face of Bracewell & Giuliani, Rudolph Giuliani (pictured), is leaving the firm for Greenberg Traurig as the latter firm moves to bolster its crisis management and white collar practices.
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Taylor Wessing taps King & Wood for COO Reid following MP resignation
Just days after the resignation of King & Wood Mallesons (KWM) European practice head William Boss, Taylor Wessing has announced it has hired KWM chief operating officer (COO) Rachel Reid.
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Revolving doors: Reed Smith ups energy offering as Mayer Brown JSM and Ince & Co make Hong Kong hires
Reed Smith, which last week cut 45 jobs across its US, Europe and Middle Eastern offices, has bolstered its energy offering in the United Arab Emirates and China by appointing partners from Pinsent Masons and Norton Rose Fulbright.
‘A common sense decision’: Bar Council moves Pupilage Gateway timetable
Following calls from students and chambers, the Bar Council is moving its Pupillage Gateway timetable so applicants know the outcome of their applications before committing to the Bar Professional Training Course (BPTC). The course can cost up to £18,000 in London.
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‘Continuing growth’: Taylor Wessing makes capital markets play with K&L Gates senior corporate hire
Taylor Wessing has made a key hire in a bid to boost its equity capital markets offering with the appointment of K&L Gates corporate finance partner Jeremy Landau.
Beer bonds: Clifford Chance, Allen & Overy and SullCrom advise on AB InBev’s £46bn issuance
Sullivan & Cromwell, Clifford Chance and Allen & Overy (A&O) have won roles as the world’s largest brewer Anheuser-Busch InBev NV (AB InBev) prepares to issue $46bn worth of bonds, in what may become the largest corporate offering in history.
Former Olswang chief executive Stewart joins arbitrator hub JAMS
David Stewart (pictured), who unexpectedly stepped down as Olswang chief executive at the end of 2014 following a clash with other partners, has taken up a post at freelance arbitrator hub JAMS International.
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‘Necessary adjustments’: 45 lawyers laid off in Reed Smith restructure
Reed Smith has axed 45 lawyers from its US, Europe and Middle Eastern offices as it makes the ‘necessary adjustments to remain competitive’.
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KWM to hold elections as Europe managing partner Boss stands down after less than a year
King & Wood Mallesons (KWM) is to hold managing partner elections for its European practice as William Boss has resigned after less than a year in the post.