All articles by James Dean – Page 31
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News
Law firms may be forced to disclose lobbying clients
Law firms are a step closer to being forced to disclose the clients on behalf of whom they lobby as the parliamentary debate on lobbying continued this week. Responding to a question last week at prime minister’s question time, Gordon Brown said the government had ...
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Tax specialists dismiss MP's clampdown motion
City tax lawyers have dismissed as unworkable a parliamentary motion urging the government to clamp down on firms that design tax avoidance schemes. Thirty-two MPs have so far signed an early day motion urging the government to ‘investigate and regulate’ the activities of banks, law firms ...
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UK unfairly burdened by money laundering regulations
UK solicitors are unfairly burdened by anti-money laundering regulations compared with many of their European counterparts, the Law Society has warned. In its submission to the House of Lords Inquiry into Money Laundering and the Financing of Terrorism, Chancery Lane also calls for a Europe-wide ...
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Axe falls at A&O
Magic circle firm Allen & Overy is to cut up to 82 partners and up to 200 lawyers and freeze pay for all employees as part of a wide-ranging, £44m restructuring programme. In total more than 240 A&O jobs in London could go.
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Claims companies warned on misleading advertising
Claims management firms that mislead consumers by claiming they can arrange for debts to be written off have been warned that they face enforcement action by the Ministry of Justice. Justice minister Bridget Prentice delivered the warning as the MoJ issued new guidance on misleading advertising which sets out ...
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Firms face lobbying scrutiny
UK law firms of all sizes risk being dragged into the debate surrounding parliamentary lobbying, as pressure to make consultancy agreements more transparent was stepped up this week. UK law firms engage 15 Lords and four MPs as consultants a Gazette investigation has found. A number ...
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Concern as magic circle firm culls partners
The head of an influential alliance of corporate general counsel has expressed concern at the soaring tally of City firm redundancies, as Clifford Chance became the first magic circle firm to announce it will cut partners. Peter Maynard, legal director and company secretary at Prudential and chair of GC100, which ...
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Only four firms apply to become LDPs
Hopes that the legal profession would eagerly embrace new business structures created by the Legal Services Act have received a blow with the news that only a handful of firms have applied to be part of the first wave of reforms. With only three weeks ...
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Watchdog wins appeal over ‘boiler room’ scam
The Financial Services Authority today (17 February) won an appeal against Leeds legal firm Fox Hayes over its failure to take reasonable steps to prevent a $21m (£14.7m) ‘boiler room’ fraud that hit 670 UK investors.
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LDPs to go live on 31 March
The ‘go live’ date for legal disciplinary practices (LDPs) has been put back a month, to 31 March, at the instigation of justice minister Bridget Prentice. In a statement today, the Solicitors Regulation Authority (SRA) said it will be able to regulate the new business ...
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MP condemns government on libel reform
Justice minister Bridget Prentice has come under fire for ‘dismissing’ arguments made by MPs in a debate on libel laws. In a letter to Prentice (pictured), seen by the Gazette, Rotherham MP Denis MacShane, who led the adjournment debate in December, said: ‘I regret deeply you ...
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SRA may face challenge over in-house code anomaly
The Solicitors Regulation Authority may face a judicial review challenge over claims that it unfairly penalises in-house lawyers, the Gazette has learned.
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Practising fees for in-house lawyers could be cut
In-house lawyers could pay less for practising certificates once the Solicitors Regulation Authority decides how it will fund itself in the new era ushered in by the Legal Services Act. The Gazette has learned that the SRA is about to consult the entire profession ...
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Chair of 'supercase' review clarifies precedence rule
The chair of a judicial working party on ‘supercases’ has clarified the status of the list of issues submitted to a judge at the start of Commercial Court cases. The list does not take legal precedence over the full pleadings, despite consensus among many City ...
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Linklaters announces London job cuts
Magic circle firm Linklaters will cut between 100 and 120 lawyers and 130 to 150 business services employees as it enters into a redundancy consultation with all UK staff. In a statement today (29 January), Simon Davies, Linklaters managing partner, said: ‘There have been significant changes ...
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Firms 'lose out' in fighting crime
The burden of complying with new anti-money laundering (AML) regulations is not proportionate to the funds recovered from launderers, according to new research. For every suspicious activity report submitted, an estimated £618 is recovered from criminals, according to the Home Office and Serious Organised Crime Agency. ...
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Indian 'best friends' criticised
An Indian ‘magic circle’ firm has criticised the formation of ‘best friend’ relationships in the country, saying they do not follow the spirit of rules on foreign lawyers. Rajiv Luthra, managing partner at Luthra & Luthra, told the Gazette that his firm has turned down ...
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Legislation mooted on client bank accounts
The British Bankers’ Association and the Law Society may seek legislation to clear up confusion over compensation payable when solicitors’ client accounts are held in collapsed banks. The two bodies are considering asking the government to amend the Banking Bill, currently passing ...
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Firms looking abroad
Expansion into foreign markets has been pushed to the top of the agenda for commercial law firms looking to grow their business, according to new research. More firms (38% of the total polled) would rather expand into a foreign jurisdiction over the next one to three ...
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Transfer request
Banks have begun asking top law firms to transfer their client accounts to them from other banks in order to secure lending facilities, as some partners move their private accounts abroad to gain full protection from bank collapses.