The second of the Magic Circle firms to disclose its 2013/14 financial results, Allen & Overy (A&O) has reported an increase in profit per equity partner (PEP) of 7% to £1.12m from £1.05m, with global revenues up by a more conservative 2% to £1.23bn. Continue reading “Financial results 2013/14: A&O’s PEP up by 7% to £1.12m as turnover rises 2% to £1.23bn”
GC Power List – Summer Reception 2014
The GC Power List Summer Reception was held on the evening of 11 June, with RPC as lead sponsor. The event comprised a relaxed debate chaired by veteran City columnist Anthony Hilton followed by an evening of food and drink at the renowned private members’ club at The Ivy. The debate included senior lawyers sharing their experiences from companies including Land Securities, ITV, Royal Bank of Scotland, Shire and Vodafone.
Norton Rose Fulbright hires CMS Cameron McKenna DCM partner
Norton Rose Fulbright (NRF) has hired CMS Cameron McKenna banking and finance partner Nigel Dickinson to its debt capital markets team. Continue reading “Norton Rose Fulbright hires CMS Cameron McKenna DCM partner”
Law Society asks Met Police to investigate Wonga for fake solicitor letters
The Law Society has asked the Metropolitan Police to investigate Wonga after it emerged that the UK’s biggest payday lender had sent letters to customers in arrears from non-existent law firms, threatening legal action. Continue reading “Law Society asks Met Police to investigate Wonga for fake solicitor letters”
Squire Patton Boggs brings in former Dundas partner to head UK real estate litigation team
Squire Patton Boggs has made its first UK partner hire since the May announcement that Squire Sanders would unite with Patton Boggs, recruiting former Dundas & Wilson partner Andrew Walker to head its burgeoning UK real estate litigation team. Continue reading “Squire Patton Boggs brings in former Dundas partner to head UK real estate litigation team”
RPC in talks with breakaway Edwards Wildman partners alongside Cooley and Foley & Lardner
RPC is in talks with a potential breakaway group of Edwards Wildman City partners – made up of corporate partners Niall McAlister, Eero Rautalahti, Stuart Blythe, and insurance and reinsurance partner David Kendall – alongside California-headquartered Cooley and top 55 Global 100 US firm Foley & Lardner. Continue reading “RPC in talks with breakaway Edwards Wildman partners alongside Cooley and Foley & Lardner”
Partner promotions: Baker & McKenzie makes up 65, Withers 7
In the annual eye-watering reminder of just how large Baker & McKenzie really is, the top ten LB100 firm this week made up 65 new partners across 22 countries in its worldwide promotions round, including four in the City, bringing the partnership to 1,480. Withers, meanwhile, maintained last year’s tally of seven, with just one in London and six internationally. Continue reading “Partner promotions: Baker & McKenzie makes up 65, Withers 7”
Bird & Bird secures dual Indonesia tie-up in continued Asia push
Bird & Bird has signed strategic cooperation agreements with two Indonesian law firms, intellectual property specialists K&K Advocates and business law firm Nurjadin Sumono Mulyadi & Partners (NSMP). Continue reading “Bird & Bird secures dual Indonesia tie-up in continued Asia push”
Guest post: The hollow middle since 2008
I call it the hollow middle, but Knowledge@Wharton prefers ‘disappearing middle.’ Here’s what, writing in their pages, the CEO of the Cambridge Group, identified as ‘a growth strategy consulting firm that is part of Nielsen,’ has to say about it. Continue reading “Guest post: The hollow middle since 2008”
Deutsche Bank appoints new global head of regulatory affairs
Following the departure of Deutsche Bank’s compliance and regulatory affairs chief Andrew Procter to Herbert Smith Freehills (HSF) in March, the investment bank has hired Banque de France’s Sylvie Matherat as its new global head of regulatory affairs, taking over some of Procter’s former responsibilities. Continue reading “Deutsche Bank appoints new global head of regulatory affairs”
Wonga to pay £2.6m for ‘unfair and misleading’ debt collection practices
Wonga, the UK’s biggest payday lender, has entered an agreement with the Financial Conduct Authority (FCA) which will see it pay compensation of over £2.6m to around 45,000 customers for unfair and misleading debt collection practices. Continue reading “Wonga to pay £2.6m for ‘unfair and misleading’ debt collection practices”
Lawyers on Demand launches in Manchester
Berwin Leighton Paisner’s (BLP’s) spin-off lawyer contracting service Lawyers on Demand (LoD) is set to launch its first hub outside of London in Manchester, after BLP in March announced it will open an office in the UK’s second largest legal market. Continue reading “Lawyers on Demand launches in Manchester”
Comment: A self-deceiving return to business as usual
In 2010, Georgetown University, under the direction of Professor Milton Regan, held a conference of academics, practitioners and leading thinkers on the profession. To delegates, the atmosphere was heady; change was palpable in the room. Continue reading “Comment: A self-deceiving return to business as usual”
Law Society proposes significant cuts to practising certificate fee and compensation fund
The Law Society Group has put plans in place to slash lawyers’ practising certificate fees by almost 17% from the 12 months beginning 1 November 2014. Continue reading “Law Society proposes significant cuts to practising certificate fee and compensation fund”
SRA announces replacement for outgoing chair Charles Plant
The Solicitors Regulation Authority (SRA) has today (24 June) announced that one of its board members, Enid Rowlands, will succeed outgoing chair Charles Plant from 1 January 2015. Continue reading “SRA announces replacement for outgoing chair Charles Plant”
Guest post: Snake Hall – the games tax lawyers have played
I recently finished Wolf Hall by Hilary Mantel, a truly brilliant novel about the ascent of Thomas Cromwell to political and legal power in Tudor England. There is something of the intrigue and drama of that in Confidence Games: Lawyers, Accountants, and the Tax Shelter Industry by Tanina Rostain and Milton C. Regan. The book is a detailed investigation of a series of abusive tax shelters in the US between 1994 and 2004 whereby Rostain and Regan say, ‘law firms, accounting firms, and financial institutions involved in the shelter industry… perpetrated fraud not only on the government but also on their own clients.’ Continue reading “Guest post: Snake Hall – the games tax lawyers have played”
Taylor Wessing launches US rep offices in Palo Alto and New York
Taylor Wessing has today (23 June) announced the opening of two representative offices in the US to facilitate access to its European network. Located in tech-focused Palo Alto and New York, both offices are set to open in September this year. Continue reading “Taylor Wessing launches US rep offices in Palo Alto and New York”
Mishcon turns to former DPP Keir Starmer to bolster business crime unit
Mishcon de Reya has recruited heavyweight former director of public prosecutions (DPP) Sir Keir Starmer QC as a part-time consultant in its business crime unit. Continue reading “Mishcon turns to former DPP Keir Starmer to bolster business crime unit”
Growth for Stephenson Harwood with revenue up 8% and 19% hike in PEP
Revenue at UK top 40 firm Stephenson Harwood rose by 8% to £121m in the 12 months to 30 April 2014, marking the firm’s sixth successive year of growth, coupled with an 19% increase in its profit per equity partner (PEP). Continue reading “Growth for Stephenson Harwood with revenue up 8% and 19% hike in PEP”
Clifford Chance’s Australia office leads on Shell’s $5.7bn Woodside disposal
Clifford Chance’s (CC’s) Sydney office has been given a vote of confidence in taking the lead on Royal Dutch Shell’s $5.7bn sale of a majority stake in Woodside Petroleum as the energy major moves to develop its own gas assets in Australia. Continue reading “Clifford Chance’s Australia office leads on Shell’s $5.7bn Woodside disposal”