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  • December 11, 2008 |

    Managing/senior partner of the year

    Running a modern law firm is a complex challenge, and many a talented lawyer has been burnt by the experience. The judges agreed that all six finalists showed they have what it takes to deliver outstanding performance. David Gray is stepping down as Eversheds' chief executive after five years, having notched up a litany of achievements. These include a £10m investment in the project management skills of its lawyers as well as the Global Account Management System. Gray has led from the front - partners can rate his performance on an intranet page. But he can be tough too, introducing a yellow and red card scheme to improve partners' approach to cash management.

    1 minute read

  • December 10, 2008 |

    City firms still getting support from banks despite credit squeeze

    Ailing banks may be squeezing swathes of corporate Britain, but leading commercial law firms seem to be escaping the worst of the credit crunch, according to new research.The latest Legal Week Big Question survey underlines the extent to which banks are continuing to cultivate links with large law firms, despite the ongoing credit squeeze. Sixty-two percent of partners said their firm's commercial banks had been 'supportive', including 16% who said the banks had been 'extremely supportive'.A further 29% of respondents said their bank's stance had been 'OK', though 8% said their lender was 'not very supportive'. Only 1% viewed their banks as 'not at all supportive' in light of the current downturn. Likewise, only 13% of partners said banks had put pressure on their firm to improve performance.

    1 minute read

  • December 4, 2008 |

    Addleshaws in £12m payout amid bank safety fears

    Addleshaw Goddard has handed £12m of its profits back to partners early because of concerns that it may not be safe leaving the money in the bank. The national firm paid all equity partners their last two drawings from the 2007-08 financial year in October - even though they were not due to be paid until November 2008 and February 2009. Addleshaws made the payments with two provisions. Firstly, that the firm retains the right to call the profits back if the LLP needs the money for cash flow purposes. Secondly, partners must put no more than £50,000 into a single savings account - the individual amount protected by Government guarantees in the event of a bank collapse.

    1 minute read

  • December 3, 2008 |

    Hammonds profits dispute with ex-partners set for more delays

    The long-awaited decision on Hammonds' high-profile dispute with a group of former partners has been delayed after Mr Justice Warren reserved judgment following a three-day preliminary hearing last week in the Royal Courts of Justice.The outcome is set to emerge during the next few weeks with Mr Justice Warren expected to make a decision before Christmas. However, the court reading could be delayed until next session depending on the judge's timetable.

    1 minute read

  • December 3, 2008 |

    Burges Salmon and BPE leave Wolseley panel

    Wolseley has cut back its panel of UK legal advisers. The building company has appointed Addleshaw Goddard, Eversheds and Freshfields Bruckhaus Deringer in the UK, while Norton Rose will continue to be instructed on employment matters as part of the company's global panel. Burges Salmon and BPE Solicitors, who advised on regional and employment respectively, leave the panel.

    1 minute read

  • November 27, 2008 |

    ITV switches off billable hour after panel review

    ITV has become one of the first major British companies to entirely phase out the billable hour as the broadcasting giant unveils its new roster of legal advisers. Group legal director and general counsel Andrew Garard has cut ITV's advisers from almost 50 to nine, with each firm agreeing to use alterative billing methods.Slaughter and May, Lovells, Addleshaw Goddard, DLA Piper, Olswang, Charles Russell and Goodman Derrick have all landed roles on the panel, with US law firm Dewey & LeBoeuf and media boutique Wiggin also on the roster.

    1 minute read

  • November 26, 2008 |

    Managing a law firm: Survival of the fittest

    With many major professional services firms reporting impressive half-year revenue increases we could be forgiven for thinking that those in the legal profession will escape the worst effects of the economic downturn. However, this would be a naive and dangerous approach. Those recording increases of revenue in the first half have benefited from three factors: a flight to quality in a crisis to magic circle and other top firms, an international presence (as most overseas markets have slowed down later than in the UK) and sterling's devaluation against the euro and the US dollar. Some UK-based firms have also benefited from having a practice that is not dependent on property, M&A or finance work. But even for these firms the outlook is uncertain, to say the least.

    1 minute read

  • November 26, 2008 |

    City partners call for genuine split between the Law Society and SRA

    Leading lawyers have expressed deep unease about the Law Society's continuing role in regulation and perceived attempts to influence the Solicitors Regulation Authority (SRA), according to new research.Thirty-nine percent of City partners responding to Legal Week's Big Question survey said that the two bodies should be "100% separate" to maintain effective regulation. A further 17% believed they should only be linked providing there were "strong barriers between the two".

    1 minute read

  • November 25, 2008 |

    Hammonds partner dispute gets underway in court

    Hammond's high-profile dispute with a group of the firm's former partners hit the courts today (25 November). The three-day preliminary hearing, being heard in the Royal Courts of Justice before Mr Justice Warren, sees Hammonds face off against a group of ex-partners over an alleged breach of the firm's partnership agreement, with the ex-partners refusing to pay back anticipated profits over a two-year period to 2005.The hearing will be crucial in the long-running dispute, as the outcome will determine whether managing partner Peter Crossley and the estate of former senior partner Richard Burns will become involved in the case.

    1 minute read

  • November 19, 2008 |

    Redundancy consultations start as Nabarro feels the economic pinch

    Nabarro has become the latest firm to feel the effects of the downturn, with the firm this week launching a redundancy consultation with 13 fee earners and nine business support staff. The consultancy started on Monday (17 November) and will last for one month, with the resulting cuts expected to be made across a number of practice in the firm's Sheffield and London offices.

    1 minute read