Return to form for Queen’s Counsel as 100 advocates take silk

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Latest QC promotions round the largest in three years

In stark contrast with the recent decline in the number of Queen’s Counsel (QC) appointments, the latest round announced in February saw 100 advocates awarded the elite kitemark, up by 19% on last year’s all-time-low figure of just 84.

The number of applicants rose this year to 225, in what may be interpreted as the litmus test of confidence in the wider economy, after queries were raised from within the profession over whether previous drops were a reflection of not just the £2,000 cost of applying to become a QC, but also fears that the associated higher rates would not be supported by cash-strapped clients.

Continue reading “Return to form for Queen’s Counsel as 100 advocates take silk”

Showing its teeth: SFO charges Barclays trio over Libor as watchdog publishes new deferred prosecution code

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In a move emphasising the increasing efforts of the Serious Fraud Office to overhaul its image, the body announced on Monday (18 February) that it had launched proceedings against three former Barclays employees over allegations they ‘conspired to defraud’ over the benchmark interest rate, Libor.

Charges against Peter Johnson, Jonathan Mathew and Stylianos Contogoulas relate to the manipulation of Libor between 1 June 2005 and 31 August 2007. The criminal proceedings began yesterday and all three will be expected to attend at Westminster Magistrates’ Court on 26 February.

Continue reading “Showing its teeth: SFO charges Barclays trio over Libor as watchdog publishes new deferred prosecution code”

Return to form for Queen’s Counsel as 100 barristers take silk

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In stark contrast with the recent decline in the number of Queen’s Counsel (QC) appointments, the latest round announced today (19 February) has seen 100 barristers awarded the elite advocacy kitemark, up by 19% on last year’s all-time-low figure of just 84.

The number of applicants rose this year to 225, in what may be interpreted as the latest litmus test of confidence in the wider economy, after queries were raised from within the profession over whether previous drops were a reflection of not just the circa £2,000 cost of applying to become a QC, but also fears that the associated higher rates would not be supported by cash-strapped clients. Continue reading “Return to form for Queen’s Counsel as 100 barristers take silk”

You’re hired: Irwin Mitchell’s head of regulatory investigations joins Morgan Lewis

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Morgan Lewis has boosted its London white collar crime capability with the hire of Irwin Mitchell’s head of regulatory and criminal investigations practice Kevin Robinson, in a move said to be part of the ‘ongoing transformation’ of its London office.

Robinson, who has over 40 years of experience in advising clients on investigations by regulators into commercial activity and defending prosecutions which arise from those investigations, joins the global top 20 US firm’s London litigation department. Continue reading “You’re hired: Irwin Mitchell’s head of regulatory investigations joins Morgan Lewis”

Morgan Stanley and Deutsche Bank blame litigation for drop in Q4 profits

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Financial institutions report multibillion-dollar effects of post-crisis costs

Morgan Stanley and Deutsche Bank have become the latest major financial institutions to declare that their earnings have been hit hard by litigation costs with Morgan Stanley in January reporting a fourth quarter 78% drop in net income to $192m, compared to $890m in its third quarter, due to legal costs and weak fixed income trading.

Revenue for the period rose from $7bn to $7.8bn since last year but pre-tax legal costs of $1.2bn meant that earnings for the quarter were almost wiped out, the FT reported in January.

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Clyde & Co loses 15-strong US litigation team to LeClairRyan

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Latest exits add to departures of two partners from City headquarters

The expiry of Clyde & Co’s three-year post-merger partner lock-in appeared to pass almost unnoticed last April, but the UK top-20 firm has lost two London partners in recent months as its established US practice was hit in January with a 15-strong team walk out, which included three litigation partners.

London commercial partner Alan Meneghetti, who joined the firm five years ago as a legal director and became an aviation partner in 2010, left the firm on 31 December 2013 for Locke Lord’s corporate practice in London. Meneghetti’s experience within the aviation and aerospace sector includes handling regulatory issues surrounding procurement, data protection and privacy, intellectual property, information technology and the drafting and negotiating of commercial agreements.

Continue reading “Clyde & Co loses 15-strong US litigation team to LeClairRyan”

Regulatory: Embattled SFO requests £19m emergency funding for ‘blockbuster’ litigation

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The Serious Fraud Office’s (SFO’s) somewhat fraught efforts to redefine itself by focusing on higher profile, higher risk complex fraud, bribery and corruption cases yesterday (30 January) led the organisation to ask the Government for emergency funding of £19m.

The request for ‘blockbuster funding’ is to help bankroll large international investigations including Libor, Barclays Qatar and Rolls Royce and in the defence of a multi-million pound damages claim brought by the Tchenguiz brothers. Continue reading “Regulatory: Embattled SFO requests £19m emergency funding for ‘blockbuster’ litigation”

Bank spend – RBS warns of £3bn extra litigation costs ahead of next month’s financial results

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In a statement rushed out late yesterday (27 January) to soften the blow of its official results announcement next month, Royal Bank of Scotland (RBS) has revealed that it is heading for a pre-tax loss of between £7bn-£8bn after setting aside an extra £3bn to cover litigation and compensation costs.

The retail bank, which was rescued from collapse by the Government in 2008 at the height of the financial crisis and continues to be dogged by claims arising out of that era, has set aside £1.9bn to cover ‘various claims and conduct related matters affecting group companies, primarily those related to mortgage-backed securities and securities related to litigation, following recent third party litigation settlement and regulatory decisions.’ Continue reading “Bank spend – RBS warns of £3bn extra litigation costs ahead of next month’s financial results”

Protests and resignations but the High Court says QASA is lawful

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Following months of protests from the criminal Bar including the resignation of a number of barristers from the Bar Standards Board’s (BSB’s) disciplinary panel, the High Court today (20 January) dismissed a formal judicial challenge of the controversial Quality Assurance Scheme for Advocates, ruling that the scheme is lawful.

The court found that the scheme, under which barristers may only accept trials on a par with their assessed and graded advocacy abilities, does not constitute a breach of European law and falls within the legitimate exercise of the powers of the Legal Services Board (LSB) and the three regulatory bodies that submitted it to the LSB for approval. Continue reading “Protests and resignations but the High Court says QASA is lawful”

Breaking: Clyde & Co loses 15-strong US litigation team as two London partners exit

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The expiry of Clyde & Co’s three year post-merger partner lock-in appeared to pass almost unnoticed last April but the top 20 firm has lost two London partners as its established US practice is this month hit with a 15-strong team walk out including three litigation partners.

London commercial partner Alan Meneghetti, who joined the firm five years ago as a legal director and became an aviation partner in 2010, left the firm on 31 December 2013 for Locke Lord’s corporate practice in London. Continue reading “Breaking: Clyde & Co loses 15-strong US litigation team as two London partners exit”