All articles by James Dean – Page 33
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News
Mixed half-year results picture
Big UK firms have endured mixed fortunes so far this year, with the half-year revenue estimates released so far showing large variations in growth. At the top end of growth, City firm Trowers & Hamlins estimated fee income up 16% to £42m for the first half ...
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News
Societies seek united front
The City of London Law Society and the Law Society have begun meeting formally to discuss potential areas of co-operation, the Gazette has learned. David McIntosh (pictured), City of London Law Society chairman, said the two societies were developing a ‘sensible liaison’ to present a ...
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News
HMRC warned over barristers
HM Revenue & Customs prosecutors have relied too heavily on too small a pool of barristers to fight cases, the House of Commons Committee of Public Accounts said this week. According to its report on the Revenue and Customs Prosecution Office (RCPO), one set of chambers, ...
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News
KBF back in business soon?
Troubled legal lender Key Business Finance (KBF) could be back in business within weeks – but money already paid to KBF would remain in the hands of its administrators. Gazette sources said KBF’s management team is looking to buy ...
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News
Mixed half-year results picture
Big UK firms have endured mixed fortunes so far this year, with the half-year revenue estimates released so far showing large variations in growth. At the top end of growth, City firm Trowers & Hamlins estimated fee income up 16% to £42m for the first half ...
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News
Lawyers warned of individual fines
Solicitors responsible for their firms’ anti-money laundering systems will now risk being personally fined if they do not have adequate procedures in place, experts have warned. The Financial Services Authority (FSA) last week levied its first fine on a business money laundering reporting officer (MLRO). If ...
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News
Boris rapped over legal snub
The Mayor of London’s decision not to invite City lawyers on to his high-level economic crisis group has drawn criticism from the City of London Law Society. The new group, which is tasked with helping London through the downturn, will meet regularly to discuss the effects ...
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News
Solicitor poised to sue broker as Society takes action
A two-partner firm is set to sue its broker after its professional indemnity insurance (PII) premium quadrupled, the Gazette has learned – while in a parallel development, the Law Society has created a PII crisis group and hinted it could launch its own action. Joe Golstein ...
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News
Sharp rise in stressed lawyers
Stressed solicitors have been phoning support groups in record numbers following the worst weeks of the financial crisis, the Gazette has learned. The three biggest groups – LawCare, the Solicitors Assistance Scheme (SAS) and Solicitors Benevolent Association (SBA) – all reported a huge spike in calls ...
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News
Lawyer guidance on money laundering
Special guidance to help lawyers avoid money launderers was agreed by international organisations last week. The Financial Action Task Force (FATF), the inter-governmental body charged with combating money laundering and terrorist financing, agreed to publish new guidance in conjunction with the International Bar Association (IBA), American ...
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News
Tories probe client rules
The government will be put under political pressure to clarify what would happen if a bank’s collapse wiped out client money held in law firms’ accounts, the Gazette has learned. Jonathan Djanogly, the Conservative shadow Solicitor General, told the Gazette he would press the Treasury for ...
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News
Cash hitch for KBF suitors
The search by Key Business Finance (KBF) for a new backer could be hampered because potential buyers will struggle to find cash in the current climate, accountants have warned. However, solicitors who have taken out KBF loans are unlikely to be forced to repay them if ...
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News
Market regulation overhaul call
Stricter regulation, broader regulatory powers and effective global cooperation are needed to ensure financial regulators can manage markets better in the future, markets watchdog the US Securities and Exchange Commission (SEC) warned lawyers in London last week. Companies and individuals responsible for the recent fall-out should ...
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News
Solicitors fret over KBF
Solicitors have voiced concerns over the safety of money paid to a specialist lending arm of collapsed Icelandic bank Landsbanki as rescue talks failed to produce a new financial backer. As the Gazette went to press, Key Business Finance (KBF) – a subsidiary of Landsbanki’s ...
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News
Firms make virtual lawyer hires
‘Virtual’ legal practices that allow employees to work from home are looking to mop up redundant City solicitors or those worried about losing jobs. A number of such practices – which employ freelance lawyers and pool their expertise – said this week that they are ...
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News
Concern mounts over justice budget cuts
The Law Society has entered the row over revelations that the government may be planning swingeing budget cuts to the justice system. President Paul Marsh voiced fears over the future of the Courts Service and warned justice secretary Jack Straw that legal aid is ‘already ...
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News
Magic circle target $1bn Indian market
A number of magic circle, ‘top 50’ and specialist boutique firms are on the brink of signing deals to outsource legal work to India, according to legal process outsourcing (LPO) company CPA Global. Chris Veator, executive vice president at CPA North America, told the Gazette that the company plans to ...
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News
Litigation claims 'wishful thinking'
Widespread expectations of a litigation frenzy following the financial markets meltdown are ‘wishful thinking and unrealistic’, according to the head of litigation practice Bivonas. Tony Brown, chief executive of the London firm, said that while increases in fraud, corporate restructuring and insolvency work could be expected, ...
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News
Fraud chief in prevention pledge
The Serious Fraud Office (SFO) is planning to clamp down on fraudulent activity before cases reach the courts, its director Richard Alderman said this week. In one of his first public speeches since taking the reins of the office earlier this year, Alderman said the SFO ...
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News
Market chaos leaves firms trading without insurance
Solicitors have been trading without professional indemnity insurance (PII) amid the market meltdown, while the number of law firms in the assigned risks pool (ARP) has increased six-fold, the Gazette has been told. Shortly after the 1 October deadline, the Solicitors Regulation Authority said 150 firms ...