Top pay at US law firms climbs to over £150k for London’s new solicitors July 5, 2021 Legal practice for the elite has thrived in London despite the pandemic, as an increasing number of US law firms have upped their pay for new solicitors. Houston-based firm Vinson & Elkins last month confirmed its new starting pay of £153,400, up four per cent from the year prior. The Texan firm topped the ranks [...]
Legal services company LegalZoom makes $7bn Nasdaq debut June 30, 2021 LegalZoom shares today opened 31 per cent above the company’s offer price in its Nasdaq debut, valuing the online legal services company at $7bn (£5bn). The legal tech giant helps users generate legal documents without lawyers. Shares opened at $36.75 (£26.61), up from the company’s initial public offering (IPO) on Tuesday which saw over 19m shares [...]
City lawyer Neil Gerrard of Dechert denies allegation he was ‘in rape mode’ June 30, 2021 A top City lawyer alleged to have told colleagues that he was going to “screw” his client for millions of pounds in fees has emphatically denied the claim, telling the High Court it was “utterly ridiculous”. Kazakh mining giant Eurasian Natural Resources Corporation (ENRC) is suing its former lawyer Neil Gerrard for allegedly leaking confidential [...]
Teneo boss steps down after drunken misconduct allegations June 29, 2021 The boss of PR firm Teneo has today resigned as chairman and chief executive after claims of drunken misconduct at a star-studded fundraising concert. Declan Kelly, who founded the comms firm back in 2011, today issued a statement confirming he was stepping down with immediate effect. He had already been stripped of his role on [...]
“Some firms don’t get it” – Sir Nigel Knowles on innovation in the legal sector, staying ahead of global competitors & the UK’s competitive advantage June 28, 2021 What Sir Nigel Knowles doesn’t know about legal and business services probably isn’t worth knowing. After a glittering 38-year career at DLA Piper, he is now CEO at London-listed DWF Group. He took the job in May 2020, after three years as Chair. Since then, the firm’s share price has risen around 30 per cent, [...]
UK credit score giant Clearscore heading for unicorn status after $200m Invus injection June 24, 2021 Clearscore, a free-to-use credit check company based in London, has reportedly accepted a $200m (£144m) investment from US-based fund Invus Opportunities. As reported by Sky News, the deal values the company at $700m (£503m), placing it on track for unicorn valuation. The company plans to use the funding to grow its staff numbers, product offerings [...]
Small businesses battered by Covid restrictions see return to pre-pandemic sales June 24, 2021 Small businesses are seeing their sales slowly creep back toward pre-Covid levels, but sectors such as hospitality and arts and recreation still have a way to go. An analysis of the records of hundreds of thousands of companies shows that the health of small businesses has remained steady. However, despite the easing of lockdown restrictions [...]
Record backlog: 60,000 cases waiting to be heard in UK crown courts June 24, 2021 The backlog of criminal cases in the UK’s crown courts has hit almost 60,000 – the highest number since records began. There were 59,532 outstanding crown court cases in the first quarter of 2021, up 45 per cent on the same period last year, according to the latest figures from the Ministry of Justice (MoJ) [...]
KPMG told to expect £250m claim for Carillion collapse June 23, 2021 Accounting giant KPMG is expected to be told to pay £250m for its role in the collapse of outsourcing firm Carillion, its former client, in 2018. On behalf of the Insolvency Service, lawyers have warned KPMG to expect a claim. The expected move is part of an effort to reclaim funds that will be used [...]
Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale June 21, 2021 Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale