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November 21, 2008 |
Field Fisher Waterhouse has launched a second redundancy consultation, with the City firm in talks with more than half of its 300 UK-based support staff. The firm confirmed today (21 November) that it is in talks with 175 support staff, with the consultation expected to lead to around 40 job losses in total. No fee earners will be affected by the latest redundancy talks, which are contained to secretarial and business staff in its City base.
By Charlotte Edmond
1 minute read
November 20, 2008 |
City law firms look set to face greater scrutiny on bills thanks to new accounting rules that mean M&A fees will directly hit clients' bottom line. The new regulations, to be rolled out from next July, will see all deal costs - including legal fees - detailed as separate expenses directly impacting the profit and loss accounts. Currently, these fees sit on the balance sheet.The changes, drawn up by the International Accounting Standards Board and the US Financial Accounting Standards Board, mean that the costs of legal and financial advisory fees racked up on major M&A deals - often amounting to millions of pounds - will be subject to greater scrutiny with shareholders able to see the direct impact of deal costs on profits.
By Charlotte Edmond
1 minute read
November 20, 2008 |
DLA Piper's Nigel Knowles is to offer his own personal style tips and coaching to managing partners across the UK as part of a new initiative to help firms cope with the market downturn. Knowles is teaming up with H4 consultant Alan Hodgart to run sessions for senior management at the UK's leading law firms in a venture launched by the Managing Partners' Forum (MPF). A number of managing partners have already signed up to the project, which will include sessions on presentation and tone when dealing with problems thrown up by the economic crisis.
By Charlotte Edmond
1 minute read
November 20, 2008 |
Freshfields Bruckhaus Deringer is set to transfer private equity partner David Higgins to Dubai, as the magic circle firm continues to boost its presence in the region. City-based Higgins is due to move out to the Dubai office in January, where he will take up a new role as co-head of corporate for the firm's Middle East and North Africa group, alongside partner Bruce Embley, who is also based in Dubai.
By Charlotte Edmond
1 minute read
November 19, 2008 |
Bird & Bird is set to become the latest firm to convert to a limited liability partnership (LLP), leaving fewer than 10 of the UK's top 50 law firms yet to convert. Partners at City IP/IT firm voted to approve the conversion within the last few months, with the firm hoping to formally adopt the new status with effect from 1 December. It registered as an LLP with Companies House at the end of September.
By Charlotte Edmond
1 minute read
November 13, 2008 |
Macfarlanes' links with US firm Paul Weiss Rifkind Wharton & Garrison have gifted the firm a role for new client Mitsubishi Rayon on its $1.6bn (£1.1bn) acquisition of acrylic manufacturer Lucite International. Macfarlanes corporate partners Matthew Blows and John Dodsworth led the team advising Mitsubishi on the acquisition of its UK-based rival. The deal sees Mitsubishi purchase Southampton-based Lucite from buy-out house Charterhouse Capital Partners - the company's principal shareholder - and a group of other sellers, giving it new production facilities in Europe and North America.
By Charlotte Edmond
1 minute read
November 13, 2008 |
Mishcon de Reya has launched claims worth almost £2m against former client ACP Capital, alleging the money is owed in unpaid fees. The firm launched three separate claims totalling £1.83m plus interest and costs against the investment company last month. The claims mainly relate to legal fees incurred between early 2006 and July 2008, when ACP's former directors were running the company.
By Charlotte Edmond
1 minute read
November 6, 2008 |
Olswang is considering bringing its patent attorneys and non-lawyer management into the partnership as part of a package of measures being considered under the Legal Services Act (LSA), it has emerged.The City law firm is considering making use of the measures in the Act allowing multi-disciplinary partnerships, hoping that the lure of partnership will help it recruit high-level non-lawyer professionals.The firm, which has a strong patent attorney-led prosecution practice, is looking at proposals to bring the group within the partnership once the Act comes into full force. It would also like to see some of its senior non-fee earners join the partnership.Chief executive officer Kevin Munslow, who is overseeing discussions, commented: "One of the things we are particularly interested in is multi-disciplinary partnerships. It would allow us to more aggressively develop our patent practice. We also have a number of non-fee earners who operate at partner level in a pseudo-director style management role, which we would like to bring into the partnership as well."The firm is also looking at the types of funding options available under the Act, though Olswang is not interested in pursuing a full public listing. However, less radical forms of securing outside investment are seen as potential options to fund expansion.Olswang, which is credited as being one of the firms at the forefront of discussions under the Act, has made a string of partner hires in the last year, growing its partnership almost 13% in 2007-08.Munslow added: "As traditional debt funding becomes harder to come by, and no doubt more expensive, innovative measures could take the risk out of expansion plans. We are a long way from implementing anything but we are making sure we are aware of the options."
By Charlotte Edmond
1 minute read
November 3, 2008 |
Fee earners at Slaughter and May are set to see their pay packets boosted, with the elite City firm announcing that its lawyers are in line for a bonus of 10% of salary. The magic circle firm has unveiled a new firmwide bonus package, with all fee earners set to see a payout of 10% of their salary. Staff at the firm, meanwhile can expect a windfall of 2.5% of salary.Slaughters first introduced its bonus system for associates and trainees in 2006, with lawyers originally enjoying a 15% payout at Christmas. The firm is one of just a few in the City to not operate billable hours targets.
By Charlotte Edmond
1 minute read
October 31, 2008 |
Secondments are the new black. With the buzzing London deals market a fading memory, and law firms increasingly deploying manpower to more active markets, overseas placements are more a la mode than ever. But how do you secure the placement you want? And more to the point, what can you do to avoid the one you don't want? In the not-too-distant past, taking up a post in-house or overseas was something those keen to avoid career suicide thought long and hard about. However, given the downturn in workload across the UK, placements outside the home territories are coming back on to the agenda.
By Charlotte Edmond
1 minute read
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Consulting Magazine identifies consultants that have the biggest impact on their clients, firms and the profession.
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MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
