All articles by James Dean – Page 12
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News
Government announces consultation on Jackson’s CFA reforms
No-win no-fee agreements will be the focus of a government consultation on Lord Justice Jackson’s proposals for reforming civil litigation costs, the government announced today. In a written ministerial statement laid before parliament this morning, justice minister Jonathan Djanogly said that the reform of conditional fee ...
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Corporate and securities law falls short on human rights
Corporate and securities law recognises human rights, but only to a limited extent, a UN report compiled with input from two magic circle firms has found. There is ‘limited to non-existent’ coordination between corporate regulators and government agencies tasked with protecting human rights, and a lack ...
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Do corporate law and human rights mix?
‘Corporate and securities law directly shapes what companies do and how they do it. Yet its implications for human rights remain poorly understood. The two are often viewed as distinct legal and policy spheres, populated by different communities of practice.’ Discuss.
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EC plans could mean greater protection for client money
Client money held in solicitors’ bank accounts could be given far greater protection in the event of a bank collapse, under European Commission proposals unveiled last week. The commission proposed an EU-wide €100,000 (£83,200) cap on the compensation available for deposits that are lost in the ...
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Zurich to cut new PII business ‘significantly’
One of the top three solicitors’ professional indemnity insurers will ‘significantly’ cut the number of new law firms it takes on this year, the Gazette can reveal. Zurich, which had a 13% share of the solicitors’ professional indemnity insurance (PII) market last year, said that it ...
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Appeal court indemnity blow for insurers
Insurance companies cannot enter the ‘circle of confidence’ between solicitors and clients in the hope of unearthing evidence from seized documents that would enable them to refuse indemnity, the Court of Appeal confirmed last week.
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KBP taken over by financial services mutual Wesleyan
The company that rose from the ashes of legal lender Key Business Finance (KBF), which collapsed amid the 2008 banking crisis, has been taken over by financial services mutual Wesleyan. KBF supplied nearly 15% of law firms in England and Wales with short-term loans before it ...
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Profits up, income down at Shoosmiths and MMS
National firm Shoosmiths today reported a 70% jump in average profits per equity partner (PEP), despite a 9% fall in revenues. PEP rose to £256,000 in 2009/10, up from £150,000 in the previous 12 months, but still well down on the £372,000 recorded in 2007/08. ...
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Identity theft victim warns solicitors of conveyancing scam
A solicitor whose firm has been the victim of identity theft has warned lawyers not to be caught out by a scam in which a bogus conveyancer has been using her firm’s name to carry out property transactions. Saydia Iqbal, a partner at Bolton firm SK ...
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Big four buoy partner profits in face of declining revenues
The UK’s quartet of billion-pound law firms have maintained healthy profits per equity partner (PEP) in the face of declining revenues, their financial results have shown. Industry observers said the firms had adopted a sensible strategy of cutting partners to bolster average partner earnings, enabling them ...
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Companies ‘complacent’ on anti-corruption measures
Companies have failed to invest in anti-corruption schemes ahead of legislation that will punish domestic and foreign bribery, research has shown. More than three-quarters of companies have not invested any money in anti-corruption strategies, and only 12% have spent more than £500 on preparing for the ...
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ABI demands tougher indemnity terms
Insurers must be given better access to solicitors’ disciplinary histories before granting them indemnity cover, the Association of British Insurers (ABI) said this week. Outlining proposals for reform of the professional indemnity insurance (PII) market submitted to the Solicitors Regulation Authority, the ABI said insurers want ...
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European Commission seeks to increase client account protection
The European Commission has scuppered plans by the Financial Services Authority to vastly improve protection for client money held in solicitors’ bank accounts. The commission has announced that it wants to increase to €100,000 (£83,200) the maximum level of compensation available for deposits that are lost ...
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DLA profits hit by Middle East losses
National firm DLA Piper today reported partner profits down 18%, and blamed the fall on losses incurred by its hard-hit Middle East practice. For the year ending 31 December 2009, revenues at the firm fell to £581m from £585m in 2008, while average profits per equity ...
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What are the government’s real plans for the financial regulators?
After the big bang, the silence. George Osborne may have wowed the City with his promise to smash the Financial Services Authority (FSA) at Mansion House a couple of weeks ago, but what on earth have we leant since then about our new financial regulators?
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News
Insurers planning professional indemnity 'surcharge'
A number of insurers intend to include a ‘surcharge’ in their professional indemnity insurance (PII) premiums this year, partly to highlight the soaring cost of the assigned risks pool, the Gazette has learned. It is understood that Travelers, among other insurers, is considering adding the charge ...
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News
Freshfields reports fall in turnover
Magic circle firm Freshfields Bruckhaus Deringer today reported an 11% fall in turnover as it became the final magic circle firm to unveil its annual financial results. Revenues at the firm fell to £1.14bn in 2009/10 from £1.29bn in 2008/09, while average profits per equity partner ...
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Law firm 'conservatism’ slowing LPO market growth
Market hype and law firm conservatism have hindered the growth of the legal process outsourcing (LPO) market, according to a report by data analyst Ovum seen exclusively by the Gazette. While the LPO industry is ‘set for significant growth over the next few years’, it is ...
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Clifford Chance regains status as biggest firm by revenues
Clifford Chance has retaken its place as the biggest law firm in the UK by revenues, pipping fellow magic circle firm Linklaters to the post. Clifford Chance also reported a strong resurgence in average profits per equity partner (PEP), which jumped by a quarter to £933,000 ...
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Linklaters reports fall in turnover
Linklaters, the biggest law firm in the UK by revenues, has reported falls in turnover and average profits per equity partner (PEP) as it became the second of the magic circle to unveil full-year financial results. Turnover at the firm fell by 8.8% to £1.18bn in ...