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  • June 4, 2009 |

    Bar Council calls on firms to fund civil litigation

    City law firms could help fund some civil litigation cases as part of sweeping proposals to overhaul litigation funding mechanisms in the UK. Guy Mansfield QC, acting on behalf of the Bar Council, is considering asking firms to invest in a fund that would be used for cases such as professional negligence, personal injury and employment disputes, which currently come mainly under the 'no win, no fee' banner.

    1 minute read

  • June 4, 2009 |

    Top UK firms engaging in debate as clients push for real ground on billing

    If the general message from hard-pressed clients is that they are expecting real ground on costs this year from advisers, research from Legal Week suggests that the message is getting through to private practice. General information on billing policies from the UK's 10 largest law firms by revenue, reveals that at least half of the group have put in effect blanket freezes in charge-out rates this year with DLA Piper, Herbert Smith, Eversheds and Ashurst all confirming they have put benchmark rates on hold.

    1 minute read

  • June 4, 2009 |

    CC and Ashurst lead on property group's £220m IPO

    Clifford Chance (CC) and Ashurst have won roles on Europe's largest initial public offering (IPO) of 2009 – the £220m listing of Max Property Group. CC took the lead for Max Property Group, which last week listed on London's Alternative Investment Market (AIM) and the Channel Islands stock exchange (CISX). Equity capital markets partner Simon Thomas and corporate partner Adrian Levy led the CC team.

    1 minute read

  • June 1, 2009 |

    K&L Gates hires Ashurst partner for Dubai debut

    K&L Gates has launched an office in Dubai with the hire of Ashurst energy and transport partner Paul de Cordova. Senior dispute resolution partner Neal Brendel will relocate from K&L Gates' Pittsburgh office to co-found the Dubai base, which will focus on corporate and projects work.

    1 minute read

  • May 28, 2009 |

    UK elite bow to clients with plans for rate freeze

    At least half of the UK's top 10 law firms have this year put in place blanket freezes in charge-out rates according to Legal Week research, which shows advisers finally responding to clients' cost concerns.A Legal Week review of billing policies at the UK's largest firms found DLA Piper, Eversheds, Herbert Smith and Ashurst have effectively frozen headline billing rates in response to the recession.

    1 minute read

  • May 28, 2009 |

    Ashurst announces 7% drop in turnover for 2008-09

    Ashurst has posted a 7% drop in turnover for the 2008-09 financial year, with revenue falling to £301m - a £22m drop on last year's value of £323m. The City firm is declining to release a figure for profits per equity partner (PEP) until the figures have been audited; however, sources internally suggest the figure is likely to be substantially down on last year's £1.04m mark. This is in part due to the firm opening up in Hong Kong and its high-profile launch into the US market.

    1 minute read

  • May 27, 2009 |

    Dealmaker: Nick Angel

    With a name like Nick Angel, he should have been a PI - instead, he heads Ashurst's restructuring team

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  • May 27, 2009 |

    Thomson vocal

    A year on from the merger between the Thomson Corporation and Reuters - which created the world's largest information multimedia news agency - and there has still been no review of the new company's fused panel of UK legal advisers. And according to Daragh Fagan, Europe, Middle East and Africa (EMEA) general counsel (GC) for Thomson Reuters Markets division, there are no plans for one.

    1 minute read

  • May 21, 2009 |

    Top 50 set for fee falls but City firms hold steady

    A substantial number of top 50 law firms will this year unveil falls in revenue despite many City practices maintaining fee income at 2008 levels.Initial indications for the 2008-09 financial year are that a slight majority of firms will see falls in revenue - comprising the first fall in legal service demand in recent memory - while profits will fall by more than 10% in many cases.However, a number of major City firms are on course to post broadly static revenues or modest increases, including Herbert Smith, Lovells, Simmons & Simmons and CMS Cameron McKenna. This group is, however, generally expecting falls in profitability.

    1 minute read

  • May 20, 2009 |

    Milan banking team leaves Ashurst to help Pedersoli finance push

    Ashurst has lost a four-lawyer banking team in Milan to Pedersoli, with Ashurst partner Maura Magioncalda set to head the banking practice at the independent firm. Magioncalda, who has left Ashurst after four years as a partner at the UK law firm, joins Pedersoli as an equity partner along with three associates.

    1 minute read