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  • November 11, 2009 |

    More than just price

    "A typical energy project is complex, unpredictable and chaotic," says Peter Roberts, general counsel of Centrica Energy, the upstream business of Centrica. "So attempting to tie a law firm to a fixed fee is an unintelligent way of proceeding." Still, Roberts expects any law firm advising on one of the oil and gas, wind or early phase nuclear power projects Centrica is currently developing to be able to at least provide a cost estimate - even if they end up straying from it: "It's like asking a cabbie how much he reckons it will cost to get to King's Cross," he says. "If he can't at least give you a rough estimate then there is a strong suggestion that he doesn't know what he is doing."

    1 minute read

  • November 4, 2009 |

    Lawyers predict competition to drive bank shake-ups

    City competition partners are predicting a surge in financial services work as banks handed state aid during the financial crisis move to bring themselves in line with European Commission (EC) demands for asset sales. The EC last week approved a package of restructuring measures for Northern Rock, which will effectively see the bank split into two, with 'good' assets likely to be sold on.

    1 minute read

  • November 4, 2009 |

    Partners seek new models but wary of LPOs

    City partners increasingly believe the law firm model will have to be overhauled but remain sceptical that legal process outsourcing (LPO) will be a major part of the revolution. The latest Legal Week Big Question survey shows that partners are currently divided over the ability of LPO businesses to expand in commercial legal services, with only 13% of respondents seeing major prospects for growth. A further 34% predicted 'considerable' expansion while 53% expected little or no growth from LPO firms in the legal industry.

    1 minute read

  • November 3, 2009 |

    Magic circle trio advise Lloyds and RBS on £54.5bn banking shake-up

    Slaughter and May, Linklaters and Freshfields Bruckhaus Deringer have landed advisory roles on Royal Bank of Scotland and Lloyds Banking Group's plan to sell off branches and raise £54.5bn. The Treasury announced today (3 November) that it had concluded discussions with both banks about their participation in the Government's Asset Protection Scheme (APS), with Linklaters picking up the mandate to advise both RBS and Lloyds.

    1 minute read

  • November 3, 2009 |

    Cravath kicks off US bonus season with reduced awards

    Cravath Swaine & Moore has drastically cut back associate bonuses for its most junior lawyers as the firm this week became the first major US practice to reveal its hand, writes the New York Law Journal. Second-year associates will receive a $7,500 (£4,600) bonus, down from $17,500 (£10,700) last year, according to a memorandum obtained by the New York Law Journal. Senior associates at the leading Wall Street law firm will earn $30,000 (£18,400), the same as in 2008, but first-year associates, who earn $160,000 (£98,000) a year, will not receive a bonus.

    1 minute read

  • October 30, 2009 |

    Lovells and Herbert Smith join Slaughters on new Treasury panel

    Lovells and Herbert Smith have won sought-after roles to advise HM Treasury on the stability of the financial markets. The Treasury's new three-firm panel, which also includes regular adviser Slaughter and May, has been set up to focus on legal work arising from the financial crisis.

    1 minute read

  • October 30, 2009 |

    Slaughters opts to cut bonus in half and continue salary freeze

    Slaughter and May has halved its flat rate bonus for all fee earners and confirmed that its salary freeze will continue for the remainder of the financial year. The magic circle firm announced yesterday (29 October) that all fee earners, associates and trainees will receive a bonus equating to 5% of salary in December - half of the 10% paid out last year. Support staff will not see any reduction to their bonus of 2.5% of salary.

    1 minute read

  • October 29, 2009 |

    Treasury aims to spread risk with new roster for credit crunch work

    The Treasury and UK Financial Investments (UKFI) have asked City firms to tender for legal work related to the financial crisis - a relationship historically held by Slaughter and May.

    1 minute read

  • October 28, 2009 | International Edition

    A competitive revolution

    After years of stalemate and resentment, the debate regarding the regulation of the profession has been thrust into a brave new world. Georgina Stanley talks to the key players and assesses the potential outcome

    1 minute read

  • October 28, 2009 |

    A competitive revolution

    After years of stalemate and resentment, the debate regarding the regulation of the profession has been thrust into a brave new world. Georgina Stanley talks to the key players and assesses the potential outcome

    1 minute read