The Solicitors Regulation Authority (SRA) has confirmed 12 law firms have been forced to close for failing to secure professional indemnity insurance (PII) while the status of a further 37 has yet to be determined.
US revenues 2014: Weil Gotshal & Manges bounces back with 16.5% PEP increase
US firm revenues for 2014 have kicked off with Weil, Gotshal & Manges showing a comeback in its results after profits and turnover plummeted in 2013.
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Change management: CC appoints new COO and innovation chief as Layton unveils new strategy
Clifford Chance (CC) managing partner Matthew Layton has laid out the firm’s international strategy, aiming at becoming the ‘global law firm of choice for the world’s leading businesses’; a vision that includes introducing fresh key performance indicators, making new leadership appointments, and increasing US and Asia revenues to approximately 20% and 25% respectively over five years.
Job openings: Vacancies at real estate legal teams expand quickest in the City in 2014 as legal job market grows
In an indication of the legal job market’s growing strength, research analysing vacancy rates at law firms has shown that job openings across England and Wales were up by 48% in 2014 compared to a year earlier, while real estate teams grew fastest in the City.
US-Russia relations: A&O, Skadden and V&E win roles as oil company EDC delists and sells $1.7bn stake
Despite the volatile economic conditions in Russia, Allen & Overy (A&O), Skadden, Arps, Slate, Meagher & Flom and Vinson & Elkins (V&E) remain active in the region after having scored roles on Eurasia Drilling Company’s (EDC) delisting and subsequent minority stake sale.
Paying the tab: Mishcon defeated as firm loses celebrity chef Ramsay’s High Court pub rent battle
Mishcon de Reya client and celebrity chef Gordon Ramsay has lost a High Court battle over the £640,000 annual rent of a London pub.
Revolving doors: Clydes and Hunton & Williams make local hires while Squire Patton Boggs brings a team into its Paris office
Last week saw Clyde & Co expand its employment and personal injury practices with hires from DWF and Hill Dickinson, while Hunton & Williams grew its City energy and infrastructure practice. In Paris, Squire Patton Boggs expanded its international disputes practice with a double partner hire as well as a team of associates.
Judicial diversity: First female senior presiding judge appointed
The senior judiciary has gone further towards increasing diversity in its ranks as it names its first female senior presiding judge (SPJ) in the latest round of appointments.
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‘The first step’: Osborne Clarke restarts private client practice with double partner hire
Osborne Clarke (OC) has relaunched a dedicated private wealth practice, following the departures of partners Sandra Brown, Robert Drewett and Mark Woodward in 2013.
Aiming for 80 jurisdictions: EY law launches in Sweden with Stockholm office
Ernst & Young’s (EY) legal team has launched in Sweden with the hire of a six member team in Stockholm, including two partners from Swedish commercial law firm Delphi, completing its coverage of Scandinavia.
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Leaving Asia: Fried Frank closes down in Hong Kong and Shanghai
Fried, Frank, Harris, Shriver & Jacobson has decided to close its Hong Kong and Shanghai offices, leaving the US firm without an outpost in Asia.
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Significant mandates: CC client and Autonomy founder Lynch welcomes SFO closure of investigation
The UK’s Serious Fraud Office (SFO) has today (19 January) announced it has closed its high profile investigation into the $11bn sale of British software firm Autonomy to US computer giant Hewlett-Packard in 2011 due to lack of evidence, a move that brings some closure for Autonomy founder and Clifford Chance client Mike Lynch.
‘Our headline achievement’: Telefonica UK reduces external legal spend by 66% over two years
Reducing legal spend is an arduous task for many in-house counsel that face increasing pressure to manage cost efficiency. But, in a demonstration of the increasing cost pressures facing firms, such a feat has been substantially achieved by the UK arm of telecoms giant Telefonica which has reduced its external legal spend by 66% since 2012.
Financials 2013/14: Bird & Bird LLP accounts show fall in profits as firm ramps up headcount
Bird & Bird’s latest limited liability partnership (LLP) accounts show turnover at the firm grew 5% from €293m to just under €309m in the year to 30 April 2014, but that profit at the LLP was down 5% from €60.3m to €57.1m as staffing costs rose.
Asia expansion: Hogan Lovells hires Gide Vietnam chief as it targets SE Asia
In keeping with its continued expansion in Asia, Hogan Lovells has today (16 January) announced the hire of Gide Loyrette Nouel‘s Vietnam head, Samantha Campbell, to its Southeast Asia practice where she will lead the firm’s offices in Hanoi and Ho Chi Minh City.
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An ‘exemplary’ presented case: Freshfields-advised Sotheby’s prevails against claim it mistook a Caravaggio for a copy
Freshfields Bruckhaus Deringer has successfully had dismissed a multimillion pound lawsuit against auction house Sotheby’s concerning whether a painting of The Cardsharps was properly analysed and catalogued.
Selling the NEC: Eversheds, Wragge Lawrence Graham and Gateley on Birmingham’s £307m deal
In-house: William Hill GC cashes out and moves to Travelport
One of the UK’s biggest bookmakers, William Hill, has promoted Michael Leadbeater to group director of legal services, replacing general counsel (GC) and head of business systems Thomas Murphy, who has left for Travelport.
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Dealwatch: Kirkland, Travers, and Freshfields advise on Cinven’s £462m purchase of PCL
Kirkland & Ellis, Travers Smith and Freshfields Bruckhaus Deringer have all won roles advising as private equity firm GTCR agrees to sell British financial services company Premium Credit Limited (PCL) to buyout group Cinven for £462m.
‘Proving their worth’: Eleven firms win places on local government pension scheme legal framework
The National Local Government Pension Scheme (LGPS) Frameworks group has launched a new legal services framework with eleven law firms including Osborne Clarke, Pinsent Masons and Eversheds, winning places to provide specialist pensions and investment expertise.