US-China tensions, tariff hikes and Russia sanctions force firms to look at ‘onshore’ supply chains January 16, 2023 Logistics executives increasingly believe top companies should look to bring their supply chains closer to home to avoid being impacted by trade wars, sanctions and other global shocks, a new survey has found. Supply chain managers increasingly see ‘onshoring’ and ‘near-shoring’ as a means of hedging against disruption to global trade caused by the Covid-19 [...]
Legal & General to vote against NewMed’s takeover bid for Capricorn Energy January 15, 2023 A fight over the future of Capricorn Energy is set to come to a head this week on the announcement that one of its top investors is set to vote against the oil and gas firm’s board in a push to veto NewMed Energy’s £3bn takeover deal. Legal & General Investment Management (LGIM) is set [...]
City law firms risk losing talent unless they reduce swelling workloads, research shows January 15, 2023 British law firms could struggle to retain talent if they do not ease workloads that are pushing burnout rates higher, new research reveals. Nearly two in three of UK legal professionals have experienced burnout as a result of their work despite the sector stepping mental health support, a new survey out earlier this week of [...]
Direct Line chief rushes to calm investors after shares collapse January 15, 2023 Direct Line’s share price “doesn’t reflect the intrinsic value of the company,” the insurer’s chief executive Penny James has said, after shares in the firm plummeted last week. In an interview with The Times, James instead said Direct Line still has “huge earnings potential” as she said she feels “very positive about the future prospects”. [...]
Recession to end City’s legal sector pay war, recruiters warn January 15, 2023 A drop in legal sector revenues is likely see the end of the pay war that has played out between the City’s top law firms over the past two years, legal sector recruiters have said. Falling revenues off the back of a slowdown in new business will likely see lawyers’ salaries plateau or even go [...]
Wedlake Bell’s rising star on how tech is changing they way City law firms work January 13, 2023 Technology is increasingly changing the way we work, and law firms are no exception. Innovation and new technical solutions are rapidly penetrating the City’s legal powerhouses. At the same time, barristers and other lawyers feel they are not compensated sufficiently for the hard work they put in, prompting thousands to strike earlier this year. To [...]
PPI scandal: Supreme Court case could ‘open door’ for hundreds-of-thousands of new claims for UK banks January 12, 2023 British banks could face a new wave of payment protection insurance (PPI) claims following a hearing at the UK’s Supreme Court. The Supreme Court will decide whether to expand the reach of a six-year time limit to let thousands more PPI claims be heard in UK courts. PPI policies cover the costs of debt repayments [...]
City Exclusive: How rising legal star Natasha Harrison is taking on London’s Magic Circle firms January 12, 2023 As 2022 has come to a close, City lawyers undoubtedly remember last year as the time the pay war among London’s biggest firms heated up in earnest, as the war for talent reached new highs. But away from the Square Mile’s biggest legal teams, 2022 will also go down as an incredibly exciting year for [...]
Bain & Co snaps up London tech consultancy Enterprise Blueprints January 12, 2023 Bain & Co has acquired London consultancy Enterprise Blueprints as pushes forwards with efforts to bolster its tech advice offerings, Morning Wire can exclusively reveal. The Boston consultancy’s deal for an undisclosed sum comes as the world’s top professional firms have sought to profit on the global push to digitalise the economy by selling advice [...]
FCA to expand guidance for insurers on protecting cash-strapped customers January 11, 2023 The City watchdog has vowed to update guidance for insurers on protecting customers amid the UK’s cost-of-living crisis. The UK’s Financial Conduct Authority (FCA) today set out plans to expand guidance, which was first introduced during the pandemic, to ensure all struggling customers are protected. Under the FCA’s proposed new guidance, insurers will be [...]