Biggest UK law firms pocket almost £30bn revenue as sector grows December 9, 2021 Revenue of the 100 biggest UK law firms grew by four per cent to £28.8bn in 2021, according to a new report by a professional body for financial and professional services. The news comes as City law firms battle it out in a bidding war for junior lawyers. Last week ‘silver circle’ law firm Herbert [...]
Visa rolls out crypto advisory service for banks and retailers December 8, 2021 Visa has today launched a global crypto advisory service for banks and merchants, as digital currencies gain traction. The world’s largest payment processor will educate financial institutions, which are keen to attract and retain customers, about cryptocurrencies as demand for such services has rocketed. Their new offering is also aimed at merchants exploring non-fungible tokens, [...]
Exclusive: Deal-making to surge due to ‘perfect storm of returning optimism, loosening restrictions and undervalued firms’ December 7, 2021 The market for mergers, acquisitions and other deals has, in the past two years, weathered periods of quiet during lockdowns and periods of boom as the economy reopened and optimism returned. This high demand looks set to continue well into 2022 with a new survey indicating that 90 per cent of dealmakers expect stronger activity [...]
Army of virtual lawyers in UK growing rapidly as pandemic launches new era of hybrid working December 6, 2021 There has been a 38 per cent rise in the number of lawyers at ‘virtual’ law firms in the past year as the pandemic leads to a dramatic shift towards hybrid and flexible working arrangements, There are now 1,875 lawyers working for ‘virtual’ law firms, up from 1,355 a year earlier. This increase is even [...]
Forced Covid quarantine in hotel breaches human rights, argues returning London couple as they launch legal challenge December 6, 2021 Coronavirus hotel quarantine is a “fundamental breach of human rights”, according to a London couple returning from South Africa. Today, Owen Hancock, 35, and Emily Mennie, 30, were due to enter hotel quarantine on their return from a break in South Africa. They say they were left stranded when the country was added to the [...]
D-Day for Priti Patel and Boris Johnson as High Court will rule today on Home Secretary bullying claims December 6, 2021 Scrutiny of Boris Johnson’s decision to back Priti Patel following accusations of bullying will reach its climax today as the High Court in London will rule on the matter later today. The FDA union brought a judicial review over the Prime Minister deciding last year to go against the findings of his then adviser on [...]
Exclusive: BDO’s managing partner on audit reforms, staffing issues and the company Christmas party December 3, 2021 This week accounting giant BDO saw its profits jump to over three quarters of a million pounds per partner, putting them ahead of their peers at rival firms EY and KPMG. At £760,000 per BDO partner, the firm leads the payout battle as EY partners were paid an average of £749,000 this year and KPMG [...]
FCA wants stricter rules after Greensill scandal December 3, 2021 The Financial Conduct Authority (FCA) has today announced proposals to make changes to its appointed representative regime (AR) – a scheme which allowed the now collapsed Greensill to run in the UK without a license to conduct millions of pounds’ worth of business. The AR regime, which was first conceived four decades ago, lets an [...]
City law pay war: Herbert Smith Freehills throws £105k at junior lawyers December 3, 2021 The ‘silver circle’ law firm has waded into the ongoing bidding battle for junior lawyers in the City by raising newly qualified lawyer salaries to £105,000, according to reports. Although their current “total compensation package” is £107,000, this includes both base salary and their bonus. But with the new announcement, Herbert Smith Freehills (HSF) lawyers [...]
Partner pay of £760m puts BDO ahead of Big Four rivals EY and KPMG as challenger firm sees revenue surge December 2, 2021 Partners at BDO saw their profits increase to over three quarters of a million pounds, putting them ahead of their peers at rival firms EY and KPMG. Profit per equity partner before tax increased to £760,000 at BDO following a 14 per cent drop last year, while EY partners were paid an average of £749,000 [...]