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  • October 31, 2008 |

    It's bonus time

    Since bonuses were introduced by law firms in the late 1990s as a way to limit the long-term effects of salary inflation, amounts paid out - and the hoops that lawyers have to jump through in order to get their hands on the cash - have varied wildly between firms. Some firms give tens of thousands of pounds to lawyers regardless of individual performance, while others require Olympian levels of all-round commitment in return for sums that could probably be more easily obtained through a few after hours' shifts at the local pub.We take a look behind the main bonus systems operating at the major City and regional firms and assess what the future of bonuses in the legal world is likely to be.

    1 minute read

  • October 30, 2008 |

    Another US firm winds up as Thelen calls it a day

    Thelen's partnership council recommended on Tuesday (28 October) that the firm's partnership vote to dissolve, becoming the second major US practice to collapse in as many months. Staff were informed that a dissolution committee had been formed and the firm expected to close on 1 December.Thelen was best known in the UK for setting up an unusual projects and construction focused joint venture with the legacy practice Masons in 2003. The venture was terminated by Thelen and the then Pinsent Masons last year.

    1 minute read

  • October 23, 2008 |

    High-flying insurer and fund manager kick off reviews of UK legal advisers

    Insurance and investment group Liverpool Victoria (LV) and fund manager Aviva Investors Global Services have kicked off reviews of their UK legal advisers.Both panel reviews started earlier this month, with LV's being led by the company's head of legal, Alison Vickers, and Aviva Investors' by head of legal Michelle Sorrell.

    1 minute read

  • October 9, 2008 |

    Strategy updated as Pinsents MP Ryan appointed for another term

    Pinsent Masons managing partner David Ryan has been re-elected to serve another term leading the national firm.Ryan was reappointed last month after an uncontested election process. Ryan, who was initially voted in as managing partner of Pinsent Curtis in 1999, will formally begin his new term on 1 March, 2009. During his time at the law firm's helm he has overseen two mergers - the first, with Biddle in 2001, followed by the Masons merger in 2004. His appointment coincides with the firm starting its new three-year stategy, which was devised by Ryan. The strategy will see the firm's international and London presence forming a key part of its overall development, with practice areas including infrastructure, corporate, technology, outsourcing, property and project finance highlighted for growth internationally.Ryan told Legal Week: "We are in a different place to where we were in 2005. We have made progress and are more confident and ambitious in what we want to do. Our last strategy was concerned with making the merger work whereas the current one is about making us stronger in terms of international reach and client relationships."News of Ryan's re-election comes after Pinsents senior partner Chris Mullen took up his second four-year term in the role in July, also after an uncontested election. He initially took up the post in 2005 when Julian Tonks stood down due to ill health. Mullen also pledged to boost the firm's international growth, targeting the Middle East and the Asia-Pacific region. Earlier this year, the top 20 UK law firm announced double-digit growth in turnover for the third consecutive year. Fee income jumped by 11% over 2007-08 to reach a new high of £213m, while profits per equity partner increased by 6% to hit £500,000.

    1 minute read

  • October 8, 2008 |

    Bank turmoil helps elite firms to tighten grip on M&A market

    Top UK and US law firms dominate the latest European M&A rankings for Q3 2008 - a period in which global deal volume fell by 36% compared with the same quarter the previous year. The latest research from Legal Week's data provider, Mergermarket, shows the magic circle taking the top positions by value and volume for European M&A, with New York leaders also featuring highly.

    1 minute read

  • October 3, 2008 |

    Hammonds set to lose three senior partners

    Hammonds is to lose three of its senior partners, with disputes partner Ann Benzimra, corporate partner Gregg Davison and pensions partner Terry Saeedi all set to step down from the national firm's partnership.The trio handed in their notice earlier this week (30 September) - on one of only two days each year in which equity partners are able to resign.Davison is set to join national rival Pinsent Masons although his departure terms are still being negotiated, while it is unclear what Saeedi's plans are.

    1 minute read

  • October 1, 2008 |

    Media, sport and entertainment: No time for games

    With the Beijing Olympics and Paralympics now just a distant memory, thoughts have turned towards London and 2012. However, amidst all the hype it is easy to forget that there are several other major sporting events due to take place around the world during the next few years. The most high-profile is probably the 2010 FIFA World Cup in South Africa, but there is also the 2010 Commonwealth Games in Delhi, the Asian Games in Guangzhou and the 2010 Winter Olympics in Vancouver. These events are not only about sport; they promote tourism, boost local business and can give cities a whole new lease of life. Of course, the extent of their success depends upon the quality of the preparation undertaken. Whatever the jurisdiction, several commercial and legal issues need to be addressed - and got right - at an early stage.

    1 minute read

  • October 1, 2008 |

    Try and try again

    Pinsent Masons may not have won the Law Society Rugby Sevens tournament at Richmond last month, but The Diary reckons the team deserves some kind of prize for sports reporting for their poetic take on their match-up with White & Case's egg-chasers. The beautifully-worded match report records: "The atmosphere on the sidelines was tense as the match kicked off, and this lasted for the first 45 seconds until our first try. This was quickly followed by another and another until eventually a White & Case supporter was overheard saying "They're just taking the p**s out of us."It seems modesty and lawyers just don't go hand in hand.

    1 minute read

  • October 1, 2008 |

    Pinsent Masons' managing partner Ryan re-elected

    Pinsent Masons' managing partner David Ryan has been re-elected to serve another term leading the national firm.Ryan was re-appointed last month after an un-contested election process. Ryan, who was initially voted in as managing partner of Pinsent Curtis in 1999, will take up his new term at the helm of the firm early next year. During his time in leadership he has overseen two mergers - the first, with Biddle in 2001, followed by the Masons merger in 2004.

    1 minute read

  • September 25, 2008 |

    Pump Court barrister's £22m negligence claim settled

    A £22m negligence claim, thought to have been one of the largest ever cases to be brought against a barrister, has settled after a four-week trial. The claim against tax specialist Adrian Shipwright of Pump Court Tax Chambers and accountancy firm Baker Tilly, brought by about 75 claimants including Terra Firma chief executive Guy Hands, settled over the summer.The parties notified Mr Justice Briggs that they had reached a settlement following confidential talks just before the close of a four-week trial in July, it has emerged.The claim, filed in the High Court in 2006, alleged Shipwright and Baker Tilly were negligent in advice they gave the claimants about the availability of tax relief on investments in film finance schemes. Pinsent Masons litigation partner David Lancaster advised Shipwright. Blackstone Chambers joint head of chambers Ian Mill QC and Brick Court Chambers Tom Adam QC were instructed as counsel. Baker Tilly was advised by Barlows senior partner Simon Konsta, with Four New Square's Justin Fenwick QC and David Turner instructed as counsel.Herbert Smith advised the claimants.

    1 minute read