Tough on dirty money? The UK has a way to go October 28, 2020 In 2016, the National Crime Agency estimated that £90bn is laundered via London each year. The UK government’s response was swift, with a commitment to “block dirty money flowing into Canada”. It unveiled radical plans to “overhaul the approach to tackling economic crime, with greater partnering between the government, law enforcement and [...]
Top lawyer at City firm attacks £100,000 starting salaries October 23, 2020 The senior partner of a top law firm has criticised starting salaries soaring to six figures for some newly qualified solicitors saying they are “unsustainable”. “The levels of pay in major private practice law firms are completely unsustainable”, Richard Foley, senior partner at Pinsent Masons told the Innovative Lawyers Summit on Thursday. “You see stuff [...]
KPMG considering sale of UK restructuring business October 22, 2020 KPMG is considering selling its UK restructuring business as the accounting giant looks to shore up its finances after delaying its annual results amid the disruption caused by Covid-19. The firm is exploring options for the division including a possible sale as the Big Four accountants prepare for extensive reforms of their business to comply [...]
City law firms enjoy bumper year for revenues October 22, 2020 London’s legal market has solidified its position as one of the City’s most resilient sectors after a year of strong financials and high pay packets. Despite the double whammy of Brexit and pandemic uncertainty, UK and US firms have managed to secure some of the most remunerative work and solidify London as a leading global [...]
Women make up over half of new partners at UK law firms for first time October 21, 2020 The proportion of women becoming partners at British law firms has topped 50 per cent for the first time, according to an influential ranking of the UK’s legal industry. Almost 52 per cent of newly-ranked lawyers attaining partner level over the past year were female, according to legal ranking firm Chambers’ annual report on the [...]
Boohoo kicks off search for new auditor as PwC steps down October 19, 2020 Controversial fast fashion retailer Boohoo (BOO) has launched a search for a new auditor, with PwC stepping down in the wake of a report into abuses in the clothes company’s supply chain. Boohoo said in a statement that it had “recently launched a competitive tender process for the group’s audit”. It said that PwC – [...]
Government paying test and trace consultants equivalent of £1.5m salary October 14, 2020 The UK government is paying some management consultants the equivalent of more than a million pounds a year to work on the coronavirus test and trace system that its own scientists have criticised. Some senior-ranking consultants at Boston Consulting Group (BCG) are being paid around £7,000 a day, Sky News reported. That would amount to [...]
City law firms repay furlough cash following strong business during pandemic October 14, 2020 Several large British law firms have handed back government furlough cash after seeing stronger-than-expected business during the pandemic. Square Mile-based firms Norton Rose Fulbright, Osborne Clarke and Herbert Smith Freehills have all paid back wage subsidies handed out by the chancellor, following strong demand for their legal services during the coronavirus crisis. Chancellor Rishi Sunak [...]
BDO becomes largest auditor of listed UK firms October 13, 2020 Challenger firm BDO now audits the highest number of listed UK companies as attempts to reform the sector sees companies move away from the Big Four. BDO, the UK’s fifth-largest accounting firm by revenue, gained 36 listed clients in the 12 months to October, according to Adviser Rankings, which collects auditor data. It now audits [...]
More than 1,000 Deloitte consultants working on Test and Trace programme October 8, 2020 More than a thousand Deloitte consultants are reportedly working on the NHS Test and Trace programme, further highlighting the government’s reliance on the private sector through the pandemic. Department of Health documents released under a Freedom of Information request by Sky News reveal there are currently 1,114 consultants working on the scheme, equivalent to the [...]