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  • August 30, 2013 |

    Aviva appoints eight firms to core panel as CC misses out in review

    Aviva has appointed eight principal firms to its UK and group legal panel, with Clifford Chance (CC) missing out on a place after a review of the insurance giant's core legal panel. Slaughter and May, Allen & Overy (A&O), Latham & Watkins, Ashurst, DLA Piper, Linklaters, Pinsent Masons and Addleshaw Goddard have won spots on the new line-up, following a competitive tender process which began in April.

    1 minute read

  • August 2, 2013 |

    Client demand and intense competition set the agenda as law firm leaders look back on another difficult year

    "This is a rapidly changing market and you cannot afford to stick to one formula. You have to be responsive..." Emerging markets provide source of comfort as law firm leaders lament patchy deal flow...

    1 minute read

  • August 1, 2013 |

    DWF, Kennedys and RPC shine as two thirds of top 50 see PEP fall over five years

    Two thirds of firms in the UK top 50 have seen profits per equity partner (PEP) fall over the past five years, according to research compiled by Legal Week. The figures show that only 16 firms in the top 50 have increased PEP since the 2007-08 financial year, compared with more than 30 that have seen profits slide. More than 20 firms have seen PEP fall by over 10% in the five-year period since the height of the credit crunch, with Field Fisher Waterhouse, Speechly Bircham and Trowers & Hamlins all seeing partner profits tumble by more than 40%.

    1 minute read

  • July 18, 2013 |

    Construction group Costain to review five-firm legal panel

    Construction and engineering company Costain Group is to review its external panel of legal advisers later this year. The listed company is set to launch a review of its current five-firm line-up, in a move that will mark the first formal review of the roster since it was first introduced in 2008. The current line-up sees Slaughter and May act as a primary adviser on major corporate work, alongside Pinsent Masons, Bevan Brittan, Addleshaw Goddard and Clyde & Co. The review will be led by legal director and company secretary Tracey Wood, who first developed the panel system five years ago after joining from legacy Hammonds. She commented: "Working with fewer suppliers has increased benefits and understanding on both sides."

    1 minute read

  • July 15, 2013 |

    DAC's revenue edges up 3% but partner profits down following merger

    DAC Beachcroft has posted a 3% increase in like-for-like turnover and a 12% dip in profits per equity partner (PEP) for the 2012-13 financial year. Income for the 12-month period amounted to £188.2m, up on the combined turnover of £182.2m the previous year in what was firm's first full year trading since the merger between legacy firms Davies Arnold Cooper and Beachcroft in October 2011. Despite the top line increase, PEP is down from £321,000 to £284,000 although the firm states net profit rose to £31.8m from its 2012-11 audited figure of £22.4m.

    1 minute read

  • July 11, 2013 |

    Links, Travers and Shoosmiths come out top in associate satisfaction poll

    Linklaters and Norton Rose Fulbright have been rated as the law firms that associates at rivals would most like to work for, according to new research by Legal Week. Legal Week Intelligence's flagship Employee Satisfaction Report (ESR) this year found the pair ranked ahead of Slaughter and May, Allen & Overy (A&O) and Pinsent Masons as the five most popular firms to work for, as rated by peers at rival law firms. Norton Rose, A&O and Slaughters have been in the top five for the last three years of the survey, while Pinsents and Linklaters are new entrants this year, replacing Berwin Leighton Paisner and Clyde & Co.

    1 minute read

  • July 4, 2013 |

    Waiting for the tide – will the expected flood of financial crisis negligence claims ever surface?

    In the wake of the global credit crisis of 2007 and 2008, there was an expectation among some lawyers that a 'tsunami' of professional negligence work was bound to follow. Their hope was based on the theory that during boom times, companies make more use of professional advice to secure property deals, plan construction projects, and launch mergers and acquisitions, while claims for negligence become far less common. But when the economy flatlines and companies and individuals see the value of portfolios nose dive – thanks to falling or stagnating property prices and market values – they 'reappraise' the quality of that expert advice and seek to claw back their money in the courts.

    1 minute read

  • July 4, 2013 |

    On dangerous ground – negligence cases against lawyers have fallen, but the sums being claimed are soaring

    It remains the case that, following a peak in 2009, the number of claims against solicitors has generally decreased. It has been widely reported that the most marked increase has come from lender litigation. Residential claims are now tailing off to a degree, although commercial property claims continue to come through. Opinions are divided about whether the worst of the lender claims are now over. If interest rates rise (perhaps unlikely while economic troubles continue) we may see something of a resurgence. For larger firms the trend is towards fewer claims, but of markedly increased severity in terms of amounts claimed. This is because the downturn followed a boom period where there were many complex high-value transactions. A significant development has been this April's introduction of the Jackson reforms to litigation procedure and costs, which end the recoverability by a winning party of a success fee under a conditional fee agreement (CFA) or an after-the-event (ATE) insurance premium.

    1 minute read

  • June 27, 2013 |

    Olswang faces multimillion-pound claim over Esporta takeover role

    Olswang is facing a multimillion-pound claim relating to advice it gave on the £460m acquisition of fitness club chain Esporta from private equity firm Duke Street Capital announced in 2006. The case, which has been assigned to the Queen's Bench Division of the Commercial Court, sees Olswang accused of negligence and breach of its duties of care under its client retainer in relation to advice it gave Esporta's acquirers Ironzar III, a trust owned by property investor Simon Halabi. Ironzar claims Olswang breached its retainer duty by failing to alert the trust of the potential pitfalls created by the format of letters of engagement between the trust and Ernst & Young (E&Y), which was conducting due diligence on the acquisition. It also alleges Olswang failed to provide E&Y with the necessary documents it required as part of its due diligence exercise.

    1 minute read

  • June 19, 2013 |

    Clydes recruits partner duo to launch fourth US base in Atlanta

    Clyde & Co has opened a new office in Atlanta, marking the firm's fourth base in the US and 33rd office worldwide. The office will be headed up by civil litigation and dispute resolution partner Bob Fisher and risk partner James Chin, both of whom join from Robins Kaplan Miller & Ciresi, a litigation-focused US firm based in Minneapolis.

    1 minute read