News – Page 105
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PEP flat at Allen & Overy amid uncertain climate
Revenues at magic circle firm rose 2.3% to £1.31bn despite mixed markets globally.
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Herbert Smith Freehills delivers 7% profit rise
Profit per equity partner reaches £840,000 at City firm.
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Profits jump 20% at Addleshaw Goddard
Firm says uncertainty following the Brexit vote could make sales growth this year a ‘challenge’.
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Profit growth slows at Pinsent Masons
Profit per equity partner rose by 2.2% in the year ending 30 April 2016, following a 32.8% jump the year before.
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Legal Services Act positive – but more reform needed, says super-regulator
Major study shows ‘overall, the level of innovation is broadly unchanged’ since 2007 reforms.
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India debates further step towards liberalisation
Draft rules propose charging firms $50,000 and individuals $25,000 to practise in India.
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‘No robot lawyers soon,’ Rocket Lawyer chief predicts
Mark Edwards says legal profession is already using AI, such as document automation.
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US firm backs London as it announces transatlantic merger
Haynes and Boone will merge with Curtis Davis Garrard to create a 600-lawyer firm.
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Solicitor slashes insurance costs through bar regulation
David Bowden predicts ‘flood’ of solicitors will opt to set up under the bar regulator.
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Barrister suspended for failing to pay fine
Tiyani Behanzin failed to pay a fine of £750 and costs of £585 imposed for disciplinary offences in 2011.
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Parabis directors blameless as creditor dividend slashed
Total owed to unsecured creditors has soared to £114m – they will get back just 1p in the pound.
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SRA chief laments ‘claims-harvesting’ activities
Suspicion remains that firms continue to flout the spirit – if not the letter – of referral fee ban.
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Barclays hacks back legal panel
Banking giant’s new model will have 140 firms, compared with nearly 400 previously.
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Unregulated legal services providers cheaper and more innovative, says LSB
Super-regulator’s chair says unregulated sector is ‘neither as big nor as problematic’ as some have suggested.
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SRA warns of scammers offering refunds on subs
Law firms are fighting on several fronts to prevent fraudsters getting hold of their bank details.
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Brexit lobby lawyer sets out practice priorities
Clive Thorne of pro-Leave group Lawyers for Britain wants to see urgent action in areas including IP and competition law.
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Costs budgeting success 'depends on the judge', say lawyers
Costs lawyers most concerned about prospect of government reforms, including greater fixed costs.
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Road offences firm cleared of misleading advertising
Advertising Standards Authority rules Patterson Law entitled to claim it had helped thousands of clients to avoid harsher penalties.
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Legal comparison site ready to open with 150 firms on board
Website allows consumers and SMEs to compare firms on quality and cost.
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Paralegals call for looser restrictions on McKenzie friends
The Institute of Paralegals says McKenzie friends should be regulated and given rights of audience and litigation.