The UK legal arm of French insurer AXA is set to look at its relationships with Magic Circle and international firms and how they can work more effectively for the company. It follows a review of the UK specific ‘business-as-usual’ panel which has been cut from seven to two and now comprises Pinsent Masons and DAC Beachcroft.
Significant departures: DWF loses four-partner team to Scottish firm MacRoberts
MacRoberts has defied the depressed Scottish legal market by expanding to 49 partners, the highest in its history, after poaching four partners from DWF.
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Sticking with your leaders: Norton Rose Fulbright LLP re-elects Stephen Parish as chairman
Having carried out the high profile re-election of its global chief executive Peter Martyr in autumn, Norton Rose Fulbright (NRF) has decided to stay the course with its LLP chair position and has re-appointed longstanding partner Stephen Parish as chair of Norton Rose Fulbright LLP.
Guest post: Meaning in your career – or how to keep lawyers satisfied
Here at Adam Smith, Esq, we cover the array of law firm management issues from strategy and finance to compensation and cultural issues – ‘an inquiry into the economics of law firms,’ to coin a phrase. But there’s much more to life.
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The importance of a ‘disclaimer’: High Court finds in favour of Grant Thornton in Barclays negligence dispute
The High Court has this morning (18 February) found in favour of Grant Thornton in relation to its high profile auditors’ negligence dispute brought against it by Barclays Bank.
‘Terrible news for society and for our profession’: High Court dismisses judicial review to legal aid
The Law Society received a blow today (18 February) as its challenge to the government’s controversial plans to overhaul criminal legal aid was dismissed in the High Court.
Targeting 50 clients by year end: DLA Piper develops e-learning tool in quality drive and to sell
Not wanting to be outdone by their US colleagues, who recently launched DLA Piper’s first non-legal entity selling cybersecurity software subscriptions for $25,000 a year, the firm’s London office is preparing to rollout an e-learning product for both associates and clients.
‘A more comprehensive solution’: Bird & Bird creates IT consultancy
Partners at Bird & Bird have joined the rush to expand into consultancy work, launching an IT project consultancy Baseline in a joint venture with Lancashire-based ASE Consulting.
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A £1.2bn deal: Shearman, Slaughters and Paul Weiss advise on Fairfax’s takeover of Brit
Shearman & Sterling and Slaughter and May are among firms to have landed roles advising on Canadian insurance group Fairfax’s £1.2bn takeover of specialty insurer Brit as the group looks to boost its presence in the City.
Accounts: NRF shows 4% profit bump as borrowings fall while Fieldfisher’s profit slides
Norton Rose Fulbright’s UK registered limited liability partnership (LLP) has recorded a near 4% increase in profit for the 2013/14 financial year alongside a 6.3% reduction in total borrowings while Fieldfisher’s net debt nearly doubled as the firm saw its profits decline.
US revenue round-up: Paul Weiss and Davis Polk surpass the billion-dollar mark
US firms’ financials are continuing their positive trend, with recent releases showing revenue spikes and profit boosts including for Davis Polk & Wardwell and Paul, Weiss, Rifkind, Wharton & Garrison which both broke the billion-dollar mark in gross revenues last year.
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‘Aggressive financial engineering’: Baker & McKenzie sued for £11.7m by company seeking to avoid tax in Mexico
German food flavourings maker Symrise and its Mexican subsidiary are suing Baker & McKenzie for £11.7m at the High Court, arguing that the law firm’s advice on ‘aggressive financial engineering’ to avoid tax in Mexico failed when the company paid out £11.2m.
Revolving Doors: DLA Piper continues Asia rebuild as Eversheds bulks up its Swiss offering
Matthew Elliott’s long-mooted arrival at Kirkland & Ellis from Linklaters stole headlines last week, but LB 100 firms including DLA Piper, Eversheds and DWF also all made hires.
Bringing lawyers and consultants ‘under the same roof’: Eversheds launches financial services consulting arm
Eversheds has expanded its consulting services business, Eversheds Consulting, with the launch of a financial services regulatory compliance offering, and recruited six senior consultants and a team of compliance contractors, including Jean-Paul Simoes and Jonathan Steward from EY and KPMG respectively.
Hunting Titans: RPC fails to convince judge to order BNY Mellon to release Argentinian bondholders
The battle between Argentinian bondholders and the South American government rattles on after RPC failed to convince a High Court judge to order the trustee, The Bank of New York Mellon (BNY Mellon), to release $257m to four holdout investors.
Trainee retention: BLP’s rate slips to 70% while Orrick keeps on all four of its cohort
Berwin Leighton Paisner (BLP) and Orrick, Herrington & Sutcliffe have become the latest firms to announce how many of their spring 2015 qualifiers they are set to retain, with BLP seeing its rate slip from 89% in 2014 to 70% this year.
Accounts revealed: Pinsent Masons’ headcount and net debt jumps as turnover rises
Pinsent Masons’ latest accounts, filed at Companies House, reveal a 3.7% profit increase alongside a 5.9% rise in headcount in the financial year to 30 April 2014, while the firm’s net debt nearly tripled.
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Grand designs: DLA Piper to move City operation to Cameron McKenna’s old office
Seeking to expand its office space in the City, DLA Piper has signed a lease to move into CMS Cameron McKenna’s old London base at Mitre House.
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Referred to the SDT: Fieldfisher partner pursued by SRA after criminal conviction
Fieldfisher partner Michael Harte has been referred to the Solicitors Disciplinary Tribunal (SDT) by the Solicitors Regulation Authority (SRA) which alleges he broke multiple aspects of the SRA Principles 2011.
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‘We have renewed momentum’: Hogan Lovells sees PEP edge up 0.8% after 3.6% revenue increase
As Hogan Lovells prepares to celebrate its fifth anniversary in May, there may be mixed reaction from the partnership today (13 February) over its 2014 financial results, as revenue for the calendar year modestly increased by 3.6% to $1.779bn from $1.718bn in 2013, while revenue per lawyer (RPL) rose 1.5% to $753,974 from $742,613 in 2013.