Travers Smith partner profits soar 21 per cent to £1.2m August 10, 2021 Travers Smith partner profits have soared by over a fifth to £1.2m, following investment in asset management, M&A and dispute resolution. Profit per equity partner rose by 21.5 per cent to £1.2m while turnover was up 15 per cent at £186m according to provisional figures for the year ended 30 June 2021. “None of us [...]
Half a million UK partners in law firms and accountancies face tax hike in 2022 August 9, 2021 Over half a million sole traders and partners may face higher tax bills than expected next year if a government proposal to change the date businesses report their profits is approved. Experts have said it would generate billions of pounds for the Treasury years ahead of the existing schedule for payments, according to a report [...]
London law firms launch first global crypto fraud network August 9, 2021 A network for crypto-related fraud has been launched by a group of law firms, including Grant Thornton, in a bid to make the UK a global centre for crypto dispute resolution, amid a rise in scams. The ‘Crypto Fraud and Asset Recovery’ (CFAAR) network has been created with the aim of becoming a “known body [...]
Former Bain consultant hired by Pope to evaluate a Vatican administrative office August 6, 2021 Pope Francis has reportedly brought on a former Bain & Company consultant to help execute a new reform package in the Vatican. Pier Francesco Pinelli, now a partner at an Italian consulting firm, spent seven years as a senior manager at the big three firm’s Italian wing. Chicago’s Cardinal Blase Cupich was asked by the [...]
FRC begins hunt for new chair after its governance dubbed a ‘grave risk’ August 6, 2021 The government has launched its recruitment drive for a new chair and non-executive directors for the Financial Reporting Council, after its governance was criticised. Although the watchdog has started the search for a permanent chair and six new non-executive directors, it will still be without a chair when Skeoch steps down in October. Just two [...]
Law firms brace as chancellor mulls over new tax on legal sector August 5, 2021 Rishi Sunak may be considering imposing a tax levy on the revenues of large commercial law firms, to help to prop up the ailing legal aid system, according to reports. The chancellor may be contemplating reviving the idea of a bespoke levy on commercial legal practices, an idea first suggested five years ago by then [...]
KPMG fined £13m over Silentnight sale misconduct August 5, 2021 The accounting firm has been fined and ordered to pay over £2.75m in costs, for serious misconduct in its role in the 2011 sale of bed retailer Silentnight to a private equity group. An independent tribunal found that KPMG and one of its partners did not comply with the UK professional accounting principles of objectivity [...]
Racial injustice more of a professional barrier than caregiving, says two thirds of lawyers August 5, 2021 Racial injustice is the biggest professional barrier for over two thirds of lawyers of colour, a report, published today, finds. In the study by Thomson Reuters, 68 per cent of black lawyers said racially related injustice was a key barrier to climbing up the legal ladder – the study found it was considered to be [...]
Fertility benefits – for lawyers or for law firms? August 4, 2021 More law firms in the City are offering paid leave or paying towards the costs of fertility treatments for their employees in a bid to stay up to date, and keep their lawyers. Last week law firm Ashurst announced what it called “landmark” changes to its global parental leave policy. Alongside offering a reduction in [...]
Judge dismisses lawyer’s harassment claim warning against ‘a culture of hyper-sensitivity’ August 3, 2021 A lawyer, who claimed she was unfairly dismissed from her £100,000-a-year job after being sexually harassed, has lost her case after a judge warned against “encouraging a culture of hyper-sensitivity”. Nirosha Sithirapathy, who worked as legal counsel at pharmaceutical research company PSI CRO UK, claimed that she was discriminated against because of her age and [...]