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  • February 14, 2013 |

    Firms tackle debt conundrum as LLP accounts expose borrowing burden

    Half of the UK's 20 largest law firms are carrying some degree of bank borrowing, limited liability partnership (LLP) accounts have revealed, as law firm debt comes increasingly into focus in the wake of the recent collapse of Cobbetts. Accounts filed with Companies House for the 2011-12 financial year show that 10 of the UK top 20 are carrying debts, with seven seeing their debt increase since the 2010-11 financial year: DLA Piper, Herbert Smith Freehills, Clyde & Co, Simmons & Simmons, Berwin Leighton Paisner, Irwin Mitchell and SJ Berwin.

    1 minute read

  • February 14, 2013 |

    Media lawyers greet Tory royal charter for press regulation with mixed response

    The Conservative Party's proposals for press regulation – released this week in the form of a draft royal charter – have met with a mixed reaction from media lawyers. The plans, which were drawn up independently of coalition partners the Liberal Democrats, come two months after the publication of Lord Justice Leveson's long-awaited report into the culture and ethics of the British media. Among the Tories' proposals is the creation of a 'recognition panel' to oversee, audit and approve a new independent press complaints regulator, with current and former editors and publishers not permitted to act as board members.

    1 minute read

  • February 13, 2013 |

    Cleary, Linklaters and DLA advise as Republic joins high-street casualty list

    Cleary Gottlieb Steen & Hamilton has taken the lead advisory role on the administration of fashion retailer Republic, the latest in a string of UK high street collapses this year. London partners David Billington and Simon Jay are leading a team advising private equity firm TPG, which acquired Republic for £300m from Change Capital Partners in 2010. Jay also acted as the lead adviser to long-term client TPG on that deal.

    1 minute read

  • February 4, 2013 |

    Travers sees H1 revenues rise 1.5% to £40.5m

    Travers Smith saw revenues climb by 1.5% during the first half of the 2012-13 financial year, with turnover hitting £40.5m. The growth in fee income in the six month period leading to the end of December took turnover up from an equivalent figure of £39.9m for the same period in 2011.

    1 minute read

  • January 31, 2013 |

    K&L Gates set to unveil 8% London turnover hike as City rise continues

    K&L Gates saw London turnover increase by 8% in 2012 after a busy year for the US firm, with City growth coming against static revenues across the firm as a whole. Provisional figures for the firm's London office show revenues rose to £35.6m during the year, up from 2011's total of £33m, despite a slight fall in partner headcount to 60. The results mean the law firm has increased City revenues by almost 20% over the past two years, after seeing a 10% hike in the UK last year.

    1 minute read

  • January 31, 2013 |

    Growing list of top UK law firms move to cut staff in 2013

    With three major law firms announcing sizeable job cuts before the end of January, 2013 already looks near certain to be marked by a fresh run of legal redundancies as the UK economy flirts with a triple-dip recession. As Legal Week went to press, Clyde & Co and Olswang had also indicated that they may make a small number of redundancies, potentially adding to the roll call of major law firms making cuts in the past three months. Ominously, news also emerged on Wednesday (30 January) that Manchester firm Cobbetts was set to enter administration.

    1 minute read

  • January 31, 2013 |

    Addleshaws and BLP confirm spring NQ retention rates

    Addleshaw Goddard and Berwin Leighton Paisner (BLP) have become the latest firms to announce retention rates for their March qualifying trainees, with the latter seeing a significant drop on the equivalent round last year. BLP has offered 14 of its 22 newly-qualified trainees (NQs) a position at the firm. All have accepted, giving it a retention rate of 64%.

    1 minute read

  • January 31, 2013 |

    Burges Salmon, FFW and magic circle trio named on 48-strong Govt panel

    Allen & Overy, Freshfields Bruckhaus Deringer and Slaughter and May are among a raft of firms to have secured roles on the finalised 48-firm Government Procurement Service panel. The magic circle firms have all been named on the long-awaited roster after firms received final confirmation of their appointments following a ten-day stand still period.

    1 minute read

  • January 28, 2013 |

    Pinsents adds City partner with Addleshaws bank litigation hire

    Pinsent Masons has strengthened its City financial services practice with the hire of banking litigation partner Michael Isaacs from Addleshaw Goddard. Isaacs, who is currently based in Addleshaws' Manchester office, is set to move to Pinsents' London base, bringing the total number of partners at the firm's City headquarters to around 150. His start date is yet to be confirmed.

    1 minute read

  • January 28, 2013 |

    Capita moves into legal process outsourcing after Pinsents deal

    Business process outsourcer Capita has moved into the legal process outsourcing (LPO) market after sealing a deal with Pinsent Masons to handle document review work in Poland. Pinsents last November instructed Capita to review documents in relation to a large dispute case, with the work sent to the company's 550-seat operation in Krakow.

    1 minute read