Latest news – Page 869
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News
Shoosmiths profits fall by more than half
National firm Shoosmiths today reported profits down by more than half, with a slight reduction in turnover. Profits at the firm tumbled to £5.6m in 2008/09, down 54% on 2007/08. Profits per equity partner dropped from £318,000 to £150,000 over the same period. Turnover fell 4% ...
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Pro bono costs win
Pro bono lawyers have saved a family from eviction and secured a £20,000 donation to the Access to Justice Foundation (AJF) charity. Shelter solicitors John Gallagher and Marie Burton, and barrister Andrew Walker of Maitland Chambers, acted for a family facing eviction from their home of ...
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Taylor Wessing hit by 14% profits fall
City firm Taylor Wessing today reported global profits down by almost 14% despite a small rise in turnover, with its UK business hit hard by the economic downturn. The firm estimated that profitability in the UK was down 30% on 2007/08, with UK turnover falling by ...
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Lawyers invited to get on board diversity charter
Law firms, in-house lawyers and purchasers of legal services have signed up to the Law Society’s Diversity and Inclusion Charter, launched this week. The charter, initiated by the Society of Asian Lawyers (SAL) and supported by telecoms giant BT, aims to encourage FTSE 250 companies only ...
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Diversity seminar backs joint action on judicial appointments
New measures to increase diversity in the judiciary have been jointly agreed by the Law Society, Judicial Appointments Commission (JAC) and Bar Council. Key new initiatives include a Law Society mentoring programme to support solicitors applying for judicial office, and an extension of the Bar Council’s ...
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Ashurst partner pay falls below £1m
Partner pay at City firm Ashurst has plunged below the £1m mark, after the firm today reported a 35% fall in profits. Profits per equity partner fell from £1.04m in 2007/08 to £673,000 in the year to 30 April 2009. Revenues fell 7%, from £323m to ...
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Profits down by a third at City outfit Nabarro
City firm Nabarro today reported profits down by 35% and revenues down by 10%, describing the result as ‘disappointing’ but ‘not surprising’. Profits per equity partner declined from £574,000 in 2007/08 to £375,000 in the year ended 30 April. Revenues fell by 9.7%, from £140m to ...
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Veale Wasbrough poised to merge with Vizards Tweedie
Veale Wasbrough and Vizards Tweedie today announced that they are engaged in advanced merger talks. The combined firm would have about 330 members of staff and 46 partners, operating from offices in central Bristol and Fetter Lane in London and generating a combined turnover of £22m. ...
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Society proposes conveyancing shake-up
A chain matrix-style online portal and an updated conveyancing protocol are among measures outlined in a Law Society consultation published today to improve the home-buying and selling process. The electronic conveyancing portal will enable parties to track the progress of their transaction. Unlike the scheme trialled ...
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Society backs FSA move on high deposits
The Law Society has welcomed the Financial Services Authority’s proposal to provide extra protection for holders of temporary high deposit balances in the event of a failure of a UK bank. The current maximum deposit protected by the Financial Services Compensation Scheme is £50,000 per individual, ...
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LSC makes adjustments to civil contract proposals following concerns
The Legal Services Commission said it had ‘taken on board’ concerns from the profession in amendments it announced yesterday to its final proposals for the new civil contract and bid round. The tendering process for the three-year contracts will begin in September. It will be run ...
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MoJ to crack down on contingency fees
The government is seeking a new power to regulate contingency fees – which is likely to include a percentage cap - in a bill tabled today. A new clause in the Coroners and Justice Bill introduced into the House of Lords today will provide the statutory ...
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Clifford Chance posts sharp drop in profits
Magic circle firm Clifford Chance today reported a sharp fall in profit per equity partner (PEP) on top of declining revenues. PEP for the year to 30 April 2009 was down 37% on 2007/08, falling from £1.15m to £733,000. Revenues fell 5%, from £1.33bn in 2008 ...
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HIP search myth
While applauding the caution that Mark Williams advocates regarding ‘cut-price HIPs’ (see [2009] Gazette, 18 June, 13), it is important that the old but popular myth about personal search is reviewed.
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BVT – we’re listening
I would like to reassure Rodney Warren (see [2009] Gazette, 11 June, 11) that we are actively engaging with representative bodies to ensure providers are prepared for change, should best value tendering (BVT) progress.
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Bad scheme based on poor evidence
In 1984 the Law Society Children Panel was set up to provide quality assurance of children’s representation in care proceedings. The tandem approach has developed into a world-recognised model of good practice. Solicitors became expert negotiators and advocates appearing at all levels of court, and mutual respect grew between solicitors ...
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Straw vows corruption bill will become law
Justice secretary Jack Straw has told parliament that he is determined to ensure that the draft bribery bill becomes legislation before a general election. He was responding last week to a joint committee’s concerns about the parliamentary time available for the new measure, which would create two new offences.
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In-house counsel lobby for trade secrets protection
A coalition of major international corporations is to lobby the European Parliament and commission in an attempt to secure better protection for trade secrets, the Gazette has learned. In-house counsel from the 10-strong coalition of companies assert that trade secrets do not receive adequate protection in ...
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Barclays sale, TomTom share offering and company takeover
Barclays sale: Magic circle firm Clifford Chance, alongside US firm Sullivan & Cromwell, advised Barclays (pictured) on the $13.5bn (£8.2bn) sale of its global investment arm. The buyer, US investment manager BlackRock, was advised by magic circle firm Linklaters and US firm Skadden.
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Tributes paid to solicitor-judge Henry Hodge
The lord chief justice has led tributes to Sir Henry Hodge, one of the first solicitors to become a High Court judge, who died last week aged 65. Lord Judge said that Hodge had been ‘an outstanding president of the Asylum and Immigration Tribunal, a ...