Quindell suspends shares as financial watchdog launches probe into company accounts

Quindell suspends shares as financial watchdog launches probe into company accounts

The Financial Conduct Authority (FCA) has confirmed it has launched an investigation into professional services company Quindell, looking at public statements made regarding the company’s 2013/14 financial accounts – covering the period it owned a raft of legal brands.

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NRF unveils rise in bank loans to £55m but drop in net debt as South African partner appointed as global chair

NRF unveils rise in bank loans to £55m but drop in net debt as South African partner appointed as global chair

Norton Rose’s last pre-Fulbright & Jaworski merger limited liability partnership accounts reveal that the top 10 LB100 firm’s bank loans rose from £47m to £55m during 2013, with the amount repayable within one year up from £3.3m to £16m, although its net debt has been cut by over two thirds.

The firm, which this week named South African chairman Sbu Gule as its new global chairman, was in 2013 due to repay £34m of bank loans in between two and five years, up on a figure of £4,830 in 2012. Continue reading “NRF unveils rise in bank loans to £55m but drop in net debt as South African partner appointed as global chair”

LLP latest: Speechly points to owed client fees for fall in profits as Ashurst and Hill Dicks also post profit drop

LLP latest: Speechly points to owed client fees for fall in profits as Ashurst and Hill Dicks also post profit drop

Private-client focused Speechly Bircham has become one of the latest LB100 firm to post its limited liability partnership (LLP) accounts at Companies House, blaming its near-double digit drop in profits on fees due from one client despite overall cash collection having improved.

The top 60 firm, which revealed a broadly flat revenue, down 0.9% to £57m from £57.6m for the 2012/13 financial year, saw a 9% pre-tax profit slide to £18.4m from £20.1m. Continue reading “LLP latest: Speechly points to owed client fees for fall in profits as Ashurst and Hill Dicks also post profit drop”

LLP latest: Mayer Brown sees revenue dip by 9.5% as Pinsents gains £20m from McGrigors merger

LLP latest: Mayer Brown sees revenue dip by 9.5% as Pinsents gains £20m from McGrigors merger

Mayer Brown has released its LLP results for the year ending 2012/13 for the UK business, reporting a 9.5% loss in revenues while profits are down by 5.5%.

The top 30 Global100 firm’s UK results filed with Companies House on 3 February show its turnover dropped from £105.9m in 2012 to £95.8m last year. Profits also dropped from £22m to £20.8m over the same period, while its operating profits fell from just under £31m in 2012 to £29.1m in 2013.

The firm’s net debt however, also fell to £25.6m in 2013 from nearly £34m in the previous year. Continue reading “LLP latest: Mayer Brown sees revenue dip by 9.5% as Pinsents gains £20m from McGrigors merger”

USP: PwC to expand legal services with ‘under one roof’ pitch as LLP results show legal revenue up

USP: PwC to expand legal services with ‘under one roof’ pitch as LLP results show legal revenue up

PwC has plans to grow its legal services capability and promote to clients the obvious advantages of providing business and legal advice under one roof, after the Big Four accounting giant last week became the first of its direct competitors to secure alternative business structure (ABS) status from the Solicitors Regulation Authority (SRA).

The firm announced on 31 January that it had received authorisation from the SRA to convert to an ABS, enabling it to own PwC Legal and consolidate its global network of over 2,000 lawyers, working in a far more joined up fashion with its legal arm. Continue reading “USP: PwC to expand legal services with ‘under one roof’ pitch as LLP results show legal revenue up”

Latest LLP filings show increased borrowing

BLP bank debt up sharply as 2012/13 annual reports filter through

Growing debt was a recurring theme in the limited liability partnership (LLP) accounts filed in January, led by Legal Business 100 top-20 UK firm Berwin Leighton Paisner, which, after a year of partner departures and a significant drop in profit per equity partner, revealed a 223.7% increase in bank borrowing in the 2012/13 financial year.

The 790-lawyer firm’s borrowing ballooned to £45m from £13.9m in the previous year, on the back of new bank loans totalling £31.1m.

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LLP latest – Herbert Smith Freehills sees its overdraft rise by 140% as borrowing totals £111m

Significantly increased debt has been a recurring theme for many of the latest limited liability partnership (LLP) accounts filed at Companies House and Herbert Smith Freehills is no exception, with its overdraft up over 140% from £26m to £62.7m and total bank borrowing up by 28% to £110.7m.

In the first accounts filed since Herbert Smith’s June 2012 merger with Australia’s Freehills, the global LLP accounts reveal that revenue is slightly down on last summer’s unaudited figure of £471.2m, standing at £469m. The accounts, which do not include the Australian side of the business, further show a LLP cash position of £29m. Continue reading “LLP latest – Herbert Smith Freehills sees its overdraft rise by 140% as borrowing totals £111m”