The fallout from the Forex rigging scandal continues to rumble on with Barclays this week being the latest in a long line of banks to set aside huge sums to deal with the matter. The bank this week announced that it had set aside an additional provision of £750m in the last quarter of 2014 for ongoing investigations and litigation relating to Forex rigging investigations and related litigation.
Continue reading “Rumbling on – Barclays’ profits plunge after £750m Forex provision”
Re-enforcing what is already shaping up to be a robust year for major US-bred advisers, Reed Smith is the latest major law firm to announce robust growth with revenues rising 7% in 2014 to reach $1.15bn. Continue reading “Letter from America – Reed Smith puts in confident 2014 showing with revenues up to $1.15bn”
Enyo Law enjoyed major financial growth for the 2013/14 year, as LLP accounts filed at Companies House reveal revenue jumped 61% to over £14m from £8.8m while profits effectively doubled to £9.6m from £4.8m.
With the government’s current proposal to raise the fee to issue proceedings to 5% of the value for claims worth £10,000 or more, research recently undertaken by the Ministry of Justice shows that 61% of respondents believe the proposals will have a negative impact on the UK’s competitiveness in commercial disputes, according to RPC.
Pinsent Masons has today (3 March) announced the hire of respected Addleshaw Goddard financial regulation head David Heffron.
Continue reading “Lateral hire: Pinsents lures Addleshaws financial regulation head”
It may not be the name most associated with sole adviser mandates in the legal industry but Norton Rose Fulbright (NRF) has still scored a notable win. The global law firm has confirmed this week that it has secured a position as global legal counsel to engineering company IMI following an overhaul of its use of external counsel. Continue reading “Norton Rose Fulbright coup as FTSE company consolidates legal work with global adviser”
DWF, CMS Cameron McKenna, Berwin Leighton Paisner (BLP), and Mayer Brown have all made strategic hires in the last week, bolstering key practice areas in London, Scotland and New York.
Continue reading “Revolving doors: DWF, CMS, BLP and Mayer Brown make key hires”
Having long sought a presence in Canada, DLA Piper has finally struck a merger deal with Vancouver-headquartered firm Davis. The partnership at Davis approved the merger in a vote held last week and the firm will be rebranded as DLA Piper Canada when the deal closes in April.
Continue reading “DLA joins Canadian club at last as it announces Davis deal”
The push among regional players to consolidate continues with news today (2 March) of one of the most notable deals seen outside the City in recent years; Midlands players Shakespeares and SGH Martineau have confirmed they are in talks to merge in a deal that would create a top 50 UK law firm with combined revenues of over £75m.
International heavyweights King & Wood Mallesons (KWM) and Allen & Overy (A&O) have ushered in spring by today (2 March) unveiling notable new recruits to their London operations from Global 100 rivals.
Continue reading “Spring hires: KWM and A&O bolster core City teams with notable recruits”
Having sought to upgrade its finance practice in New York since the 2010 union of Lovells and Hogan & Hartson, Hogan Lovells has made a senior hire to its Manhattan arm with the addition of Ronald Silverman from Bingham McCutchen.
Scottish LB100 firm Shepherd and Wedderburn has revealed a 23% increase in revenue to the third quarter (Q3) of this financial year following its acquisition of Tods Murray in October 2014.
Mishcon de Reya has become the latest firm to acquire an alternative business structure (ABS) licence from the Solicitors Regulation Authority (SRA), a move that was prompted by bringing up to four key employees into the partnership.
‘Innovation’ seems to be on everyone’s lips these days. Among other things, the problems are: many people, lawyers in particular, are stumped when it comes to describing what ‘innovation’ actually is and business history proves to a fare-thee-well that it’s extremely challenging for successful incumbents to actually follow through with anything innovative.
Continue reading “Guest post: Can Big Firms Innovate – and if so how?”
Gibson, Dunn & Crutcher‘s co-chair of its financial institutions Mark Shelton is leaving the US firm to join Barclays Investment Bank as its global general counsel (GC) and the regional GC for the Americas.
There are many so-called ‘hot’ topics in international arbitration that could have been the subject of this article, but ultimately the topic chose itself.
Following a rollercoaster ride over the past few years, Shearman & Sterling has unveiled financial results showing moderate but steady growth in 2014 as profit per equity partner (PEP) rose 5.8% on 3% turnover growth. Meanwhile, Gibson, Dunn & Crutcher had its 19th year of consecutive revenue increases with a 6% lift to $1.47bn.
The Hong Kong office of Debevoise & Plimpton has secured a heavyweight instruction advising Baring Private Equity Asia on the formation of Fund VI, a $4bn fund believed to be the largest private equity fund ever raised by an Asia-based manager and one of the largest targeting the region. Offshore firm Maples and Calder also provided Cayman Islands counsel on the deal.
Debevoise & Plimpton co-head of arbitration David Rivkin has set himself up for a busy two years as the president of the International Bar Association (IBA), the largest legal network in the world with more than 40,000 members, as he seeks to win climate change sufferers refugee status, dent judicial corruption and protect legal independence from government hacking. Rivkin talks to Tom Moore on his plans for the body.
Wragge Lawrence Graham & Co (WLG) has advised new investment trust Gabelli Value Plus on its £100m initial public offering (IPO) on the London Stock Exchange as it targets further work from US fund manager GAMCO Investors.
