The Solicitors Regulation Authority (SRA) board yesterday (21 May) formally approved an overhaul of its training regulations and continuing professional development (CPD) regime in a step towards opening up the pathways to qualification and ongoing self-assessment.
Continue reading “SRA approves plans to broaden qualification route beyond training contracts”
BP has introduced a reverse auction into its latest panel tender process, an announcement which comes in the same week as the energy giant lost an appeal to restrict access to its $20bn compensation fund for the Deepwater Horizon disaster. The FTSE 100 company confirmed this morning (22 May) that it has issued invites to existing and potential panel member firms, and revamped the process with the introduction of an online reverse auction element to make the bidding process more transparent, quicker and efficient. Continue reading “BP brings in reverse auction as it pushes ahead with panel review”
The practice of law has flipped from vocation to business. Law firms and individual lawyers are measured explicitly in predominantly economic terms. Continue reading “Comment: A precarious professionalism – Do City lawyers take ethics for granted?”
Allen & Overy (A&O), Hogan Lovells and Skadden, Arps, Slate, Meagher & Flom are among firms to be awarded mandates on British aerospace and defence supplier Cobham’s all-cash acquisition of US communications equipment maker Aeroflex for $1.46bn. Continue reading “A&O, Hogan Lovells and Skadden line up on $1.46bn acquisition of Aeroflex by UK rival Cobham”
Partners who expose malpractice in their own law firm will now be protected by whistleblower legislation, the Supreme Court ruled today (21 May), in a precedent-setting judgment that follows a claim brought by former Clyde & Co partner Krista Bates van Winkelhof. Continue reading “Clyde & Co whistleblower case sees Supreme Court rule partners are afforded protection”
In a verdict that gives the Ministry of Justice at least a temporary reprieve in its legal aid battle with the Bar, the Court of Appeal today (21 May) reversed the Crown Court’s ruling that the ‘OpCotton’ serious fraud trial should be stayed after the defendants failed to find any barrister prepared to represent them on reduced legal aid rates.
Continue reading “Breathing space for MOJ as Court of Appeal orders OpCotton trial to resume”
Following a conduct review, DLA Piper has opted to stand by Nick West, whose sexist email exchanges with Premier League chief executive Richard Scudamore were leaked last week, after the partner today (21 May) publically apologised for letting down the firm and its clients.
Continue reading “DLA Piper stands by scandal-hit lawyer Nick West as he issues apology”
Freshfields Bruckhaus Deringer has led on the latest major European mandate for Blackstone, advising the New York Stock Exchange-listed private equity group on its acquisition of a €1.8bn portfolio of cross-border loans and swaps from the National Asset Management Agency (NAMA) in Ireland. Continue reading “Deal Watch: Freshfields advises Blackstone on €1.8bn NAMA loan; CC and A&O close €2.8bn offshore wind financing”
In front of the Commons Business committee last week, Ian Read, chairman and chief executive of Pfizer, made two points in relation to Pfizer’s commitments, assuming it were to succeed in acquiring the Anglo-Swedish drug manufacturer AstraZeneca. Continue reading “Guest post: Pfizer’s placebo promises (why AstraZeneca may have been right to reject the ‘final’ takeover bid from Pfizer)”
Undoubtedly some of the most anticipated financial results of the 2013-14 financial reporting season, Berwin Leighton Paisner (BLP) has unveiled its latest figures, with the top 20 firm’s revenue and profit per equity partner (PEP) up by 6% and 35% respectively, to £246m and £542,000. Continue reading “Financial results 2013-14: BLP’s profit up 35% and revenue 6%”
One of the best-known names in the leverage buyout market, Stephen Lucas is set to join Kirkland & Ellis from Weil Gotshal & Manges, where he heads the Wall Street firm’s City banking practice. Continue reading “‘We’ve got 40 finance lawyers left’ – Weil’s City banking head Stephen Lucas joins Kirkland”
A raft of European hires for US and transatlantic firms has seen Skadden, Arps, Slate, Meagher & Flom and K&L Gates bolster their finance and corporate capability on the Continent as Paul Hastings and Squire Sanders draw in strategic senior recruits in the City. Continue reading “Revolving doors: Growth in Europe for Skadden, K&L Gates, Paul Hastings and Squire Sanders”
Taylor Wessing has become the latest of in a procession of international firms to set up in South Korea, establishing an association with South Korean full service firm DR & AJU International Law Group.
Continue reading “Asia-Pacific: Taylor Wessing launches in South Korea with local tie-up”
The latest City firm to announce its 2014 partner promotion round, Travers Smith today (19 May) revealed that it has made up two associates to partner, the lowest number in three years. Continue reading “Partner promotions: Travers makes up two in third consecutive fall”
The Asian market has over the past week seen investment from international law firms including DLA Piper, Fenwick & West and Ashurst, which most recently bolstered its finance practices in both Singapore and Hong Kong. Continue reading “Asia: Ashurst bolsters Singapore with W&C hire; DLA appoints Asia corporate head; Fenwick & West opens in Shanghai”
Allen & Overy’s (A&O’s) senior partner David Morley and global HR director Genevieve Tennant are meeting on Monday (19 May) to consider introducing a 20% female partnership target by 2020 as part of the firm’s long term approach to bolstering its female partner numbers. Continue reading “A&O looks at 20% female partner goal as part of wider strategy to improve ratio”
Clyde & Co has launched two offices in South Africa with the hire of a five-lawyer, four-partner team from Linklaters’ local ally, Webber Wentzel. Continue reading “Clyde & Co to launch in South Africa with hire of five-lawyer team from Linklaters’ ally Webber Wentzel”
Addleshaw Goddard has today (16 May) announced the appointment of business support and restructuring head John Joyce as managing partner for a three-year term after a contested election against real estate head Adrian Collins, following outgoing chief Paul Devitt’s ahead-of-term resignation. Continue reading “New leadership for Addleshaws with election of John Joyce to managing partner”
Ashurst has upped its salaries for London-based trainees and newly-qualified lawyers (NQs) after a two-year freeze on pay.
First-year and second-year trainees will take home £1,000 more, up from £38,000 and £43,000 respectively, from levels set in 2012. Continue reading “Associate pay – Ashurst ups salaries for trainees and NQs”
ITV is taking steps to embed its law firms in the fabric of the organisation by involving them in a new programme of training and development with its lawyers, as it also launches a new, extensive social mobility iniative involving private practice pairings with Microsoft, Yahoo and MTV. Continue reading “ITV pulls in panel firms in new development programme as it launches ‘gold plated’ CSR scheme”
