‘Obviously unsustainable’: High Court intervenes to cut £900-an-hour Weil Gotshal fees

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Lord Justice Leggatt of the High Court has been forced to scale back legal costs after US firm Weil, Gotshal & Manges racked up £1.5m in fees representing client BlackRock.

Investment management company BlackRock defended a case against energy firm Dana Gas last year and in November BlackRock was deemed successful on a preliminary issue. As a result, BlackRock produced an estimate of costs amounting to £408,000 and asked the court to order Dana Gas pay 60%. After Dana made seven further unsuccessful applications to the court, BlackRock again demanded 60% of its costs to be paid. Overall, it estimated its costs to be £1.47m. Continue reading “‘Obviously unsustainable’: High Court intervenes to cut £900-an-hour Weil Gotshal fees”

Disputes Eye: Enyo goes to ground – what next for the pioneering disputes shop?

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Disputes Eye: Enyo goes to ground – what next for the pioneering disputes shop?

It has been the question raised over wine by many seasoned litigators for months now: what’s going on at Enyo Law? At the beginning of last year, the litigation boutique hit the headlines thanks to surprise merger talks with fellow disputes specialist Stewarts Law, but since the discussion was abandoned the influential outfit has gone to ground.

Formed by ex-Addleshaw Goddard partners Simon Twigden (pictured), Pietro Marino and Michael Green, Enyo was launched in 2010 with a post-Lehman preoccupation of litigating against banks. The concept was simple: pick up the big-ticket work that larger firms were conflicted out of. Continue reading “Disputes Eye: Enyo goes to ground – what next for the pioneering disputes shop?”

Disputes Eye: Enyo goes to ground – what next for the pioneering disputes shop?

Posted on |
Disputes Eye: Enyo goes to ground – what next for the pioneering disputes shop?

It has been the question raised over wine by many seasoned litigators for months now: what’s going on at Enyo Law? At the beginning of last year, the litigation boutique hit the headlines thanks to surprise merger talks with fellow disputes specialist Stewarts Law, but since the discussion was abandoned the influential outfit has gone to ground.

Formed by ex-Addleshaw Goddard partners Simon Twigden (pictured), Pietro Marino and Michael Green, Enyo was launched in 2010 with a post-Lehman preoccupation of litigating against banks. The concept was simple: pick up the big-ticket work that larger firms were conflicted out of. Continue reading “Disputes Eye: Enyo goes to ground – what next for the pioneering disputes shop?”

Ex-Sidley partner cleared in tax case as CPS admits ‘wholesale failures’ while Dentons partner leaves following harassment inquiry

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Ex-Sidley partner cleared in tax case as CPS admits ‘wholesale failures’ while Dentons partner leaves following harassment inquiry

Former Sidley Austin partner Matthew Cahill, who was accused of tax offences, has had all charges against him dropped after the Crown Prosecution Service (CPS) admitted to ‘wholesale failures’ in its disclosure process. Meanwhile, a Dentons partner accused of sexual harassment has left the firm following an internal investigation.

Cahill’s charges related to investments he made in Zeus Partners, a film scheme setup by HSBC, which HMRC deemed to be fraudulent in December 2015. Continue reading “Ex-Sidley partner cleared in tax case as CPS admits ‘wholesale failures’ while Dentons partner leaves following harassment inquiry”

A Day of contrasts: SRA formally files appeal in misconduct claim as Leigh Day launches unequal pay case against Tesco

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A Day of contrasts: SRA formally files appeal in misconduct claim as Leigh Day launches unequal pay case against Tesco

There was good news and bad news yesterday (7 Feb) for disputes shop Leigh Day, first announcing an ambitious equal pay claim against Tesco, that could see the supermarket giant pay out £4bn in compensation to its workers. But the firm was later brought back down to earth by the Solicitors Regulation Authority (SRA), which revealed it would formally appeal a decision that acquitted three of Leigh Day’s lawyers of misconduct.

The Tesco pay controversy relates to an alleged discrepancy in hourly rates between the retailer’s male and female staff. Leigh Day argues that in the company’s predominantly male-dominated distribution centres, staff can earn in excess of £11 an hour, while workers in more female-dominated Tesco stores are paid around £8 an hour. Continue reading “A Day of contrasts: SRA formally files appeal in misconduct claim as Leigh Day launches unequal pay case against Tesco”

‘It’s just excruciating’: Tesco fraud trial abandoned as one defendant suffers heart attack

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‘It’s just excruciating’: Tesco fraud trial abandoned as one defendant suffers heart attack

The trial of three Tesco executives charged with fraud by the Serious Fraud Office (SFO) has been abandoned after one of the co-defendants,  former UK finance chief Carl Rogberg, suffered a heart attack last week.

Norton Rose Fulbright (NRF) partner Neil O’May, who is representing Rogberg, said in a statement: ‘Mr Rogberg is devastated at the news that the trial has been aborted. He waived his right to attend these last stages after he had given evidence himself for many days, and had participated in the last four-and-a-half-months of the trial. Continue reading “‘It’s just excruciating’: Tesco fraud trial abandoned as one defendant suffers heart attack”

UK banks’ £14.6bn legal costs account for over half of FTSE 100 litigation liabilities

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In the post-Lehman landscape, banking and litigation have become common bedfellows, and research published by Thomson Reuters this week shows that the UK’s four biggest banks’ litigation and regulatory provisions make up over half of the FTSE 100’s litigation costs.

The research showed that overall the FTSE 100 set aside £26.2bn during 2016 to tackle litigation and regulatory investigation expenses (including fines), with £14.6bn of that figure being spent exclusively by the four biggest banks in the UK: Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS). However this is down on 2015, when FTSE 100 litigation provisions hit a record £31.1bn, with money set aside by banks also hitting a record £17.3bn. Continue reading “UK banks’ £14.6bn legal costs account for over half of FTSE 100 litigation liabilities”

‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo

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‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo

The march of US advisers into the City’s disputes scene continues with Latham & Watkins today (16 January) announcing the hire of two litigation partners from Hogan Lovells.

The London-based partners, Jon Holland and Andrea Monks, focus on financial services litigation and related regulatory work, two of the most in-demand practices areas currently. Continue reading “‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo”

Burness Paull draws line under legacy conflict saga as it settles £160m dispute

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Burness Paull draws line under legacy conflict saga as it settles £160m dispute

Scottish independent Burness Paull has reached a confidential settlement in a £160m dispute relating to its legacy business Paull & Williamsons, which came to light in late 2016.

The former chairman and principal shareholder of oil service firm International Tubular Services (ITS), Robert Kidd, filed the claim against Paull & Williamsons alleging it acted for both sides in a private equity investment by Lime Rock into ITS. Continue reading “Burness Paull draws line under legacy conflict saga as it settles £160m dispute”

Essex Court forced to clarify position after local Bar outcry over its Singapore play

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Essex Court forced to clarify position after local Bar outcry over its Singapore play

Allied branch will act independently to chambers

Essex Court Chambers strengthened its Singapore ties in November by bringing in four advocates to become overseas members, but was later asked by Singapore’s Ministry of Law to explain itself after initial media reports implied the set had formally opened a Singapore law branch. Continue reading “Essex Court forced to clarify position after local Bar outcry over its Singapore play”