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.
Earlier this year, Ireland’s prime minister (An Taoiseach) Enda Kenny made an appeal to emigrants who had departed the country in the aftermath of the economic crash to return home. Speaking at the launch of an official government policy paper, ‘Global Irish: Ireland’s Diaspora Policy’, the appeal was aimed at encouraging educated Irish people to return, as the government ramps up efforts to entice international investment and capitalise on the fragile Irish economic recovery.
Identifying around 200,000 people, Kenny said: ‘Emigration has a devastating impact on our economy as we lose the input of people, of talent and energy. We need these people at home. And we will welcome them. I believe that, after seven years of emigration, 2016 will be the year when the number of our people coming home will be greater than the numbers who leave.’
Continue reading “Roaring back – Corporate activity has soared in Ireland”
One of the absurdities of this year’s ‘silly season’ has been another of Britain’s periodic bouts of Chilcot-bashing. When there’s a period of slow news, it seems, journalists remember that Sir John Chilcot was tasked six years ago with inquiring into what we all call simply ‘Iraq’; and that his report is not published yet. There follows a chorus of disapproval, and demands that something be done.
Sophisticated criminals are increasingly targeting firms of solicitors with so-called ‘Friday afternoon’ frauds.
The Solicitors Regulation Authority (SRA) reported in March that it is receiving four reports a month of solicitors falling victim to these scams, which tend to involve a combination of identity fraud and cyber techniques, such as hacking and spear phishing.
The term Friday afternoon fraud has helped raise the profile of these types of scam – but it is important to note that they are certainly not confined to Friday afternoons, so firms and their employees must be vigilant at all times. Continue reading “Beating ‘Friday afternoon’ fraud”
Carter Perry Bailey’s Mark Aizlewood and Simon Thomas highlight the threat to law firms.
At the time of writing, news arrived that car owners in the US have filed a federal class-action lawsuit against Fiat Chrysler and a dashboard computer manufacturer after hackers used a laptop computer to take control of a Jeep being driven on a St Louis highway, thus also precipitating a product recall and illustrating why cyber risk is widely considered to be the fastest-growing threat to businesses.
A leading global insurer reports that it presents the ‘biggest, most systemic risk’ faced by the market in over 40 years. Law firms are not immune. Continue reading “Hacked off with cyber risk? You may be…”
PwC Legal has performed solidly for the financial year ending 30 June 2015 with revenue rising 15% to £41m, while the firm has set itself an audacious target of £100m to reach by the end of 2018.
Continue reading “PwC Legal targets £100m turnover by 2018 as revenues rise 15%”
Having endured a spate of high profile departures from its corporate offering in recent years, Clifford Chance (CC) has made a notable recruit with disputes lawyer Jessica Gladstone joining as a partner from the City office of US firm Debevoise & Plimpton.
In a move designed to open up different routes into the legal profession, the Department for Business, Innovation and Skills has today published the assessment plans and standards for legal apprenticeships, including solicitors.
The Civil Justice Council has recommended a raft of changes in a bid to increase the number of law firms willing to take litigation on a damages-based agreement (DBA).
Allen & Overy’s (A&O) New York office and Debevoise & Plimpton have won roles advising IT company CSC on its combination with US public sector tech outfit SRA to create a company with $5.5bn in revenues and billed as the ‘largest pure-play IT services provider serving the US government sector’.
Olswang has had its fair share of departures these last 12 months with its former head of corporate Fabrizio Carpanini the latest to quit the firm, leaving after 15 years of serving the firm to ‘pursue new opportunities’. However, the firm has announced four management appointments in ‘a first and crucial step’ to boost growth.
For the third time this year and dealing a blow to Linklaters‘ Asian objectives, Kirkland & Ellis has recruited from the Magic Circle firm’s ranks and hired Hong Kong debt finance partner David Irvine.
McClure Naismith appointed joint administrators on Friday (28 August) just twelve days after the firm’s executive chairman Robin Shannan told the Sunday Herald the firm ‘had not been enjoying the easiest of times.’ Market views agree, putting the failure of one of Scotland’s oldest law firms down to a loss in momentum that led to ‘a game of jenga’.
DAC Beachcroft is the latest firm to enter the alternative business structure (ABS) market gaining a licence for its Claims Ltd as it seeks to future-proof its offering in the sector.
As Jenner & Block ramps up its City presence, the US litigation firm has hired White & Case partner Charlie Lightfoot to lead its charge on the London litigation market.
Continue reading “Jenner & Block hires White & Case’s Charlie Lightfoot to front London launch”
Eight elite City firms have adopted a contextual recruitment tool designed to boost social mobility in their ranks after a government report criticised professional services firms for ‘systematically excluding bright working-class applicants’ from their workforce.
The Co-operative Bank has appointed 11 firms to form its legal supplier panel with firms including Clifford Chance (CC) and Pinsent Masons winning places after a ‘competitive tender and detailed interview process.’
Having taken early retirement from the bench in April after just four years of service, former High Court judge Sir Bernard Eder has returned to private practice at his former set, Essex Court Chambers, where he will serve as an arbitrator or mediator in disputes.
Continue reading “Justice Eder returns to Essex Court after early retirement from the bench”
Scottish firms have started dividing up partners and staff at McClure Naismith after the nearly 200-year old firm appointed partners from FRP Advisory as joint administrators on Friday (28 August), though some staff have been made redundant.
Continue reading “Firms divide up McClure Naismith as Scottish stalwart goes into administration”
