Boardrooms and ethnic diversity: finally, momentum? October 16, 2020 Britain’s largest companies’ progress towards having more ethnically diverse management has been sluggish. But are things about to speed up? The Confederation of British Industry (CBI) began the month by revealing plans for a campaign aimed at boosting racial and ethnic participation in senior leadership. Alongside companies including Aviva and Microsoft, the CBI is preparing [...]
Former Arsenal shareholder settles lawsuit with Deloitte and Linklaters August 22, 2018 Former major Arsenal Football Club shareholder Lady Nina Bracewell-Smith, has settled a lawsuit with her advisers over the sale of her shares in the club in 2011 to US businessman Stan Kroenke. Bracewell-Smith accused magic circle law firm Linklaters and Big Four accountant Deloitte of negligence in relation to the sale of her 15.9 per cent stake [...]
At the height of coronavirus, corporate insolvencies are falling April 30, 2020 Corporate insolvencies fell in the first quarter despite the economic impact of coronavirus, figures released today show. Office for National Statistics data showed there were 3,883 company insolvencies in the first quarter, a decrease of 8.5 per cent from both the previous quarter and the same quarter in 2019. Duncan Swift, past president of insolvency [...]
Half of top law firms had less than one month’s cash pre-coronavirus crisis May 4, 2020 More than half of the UK’s top law firms have insufficient cash on their balance sheets to cover one month’s operating expenses, according to new research. Analysis of the limited liability partnerships (LLP) accounts of 40 law firms with a combined revenue in excess of £15bn by litigation funder Augusta Ventures found 55 per cent [...]
EY UK to cut partner profit 20 per cent in coronavirus response April 15, 2020 EY UK said today it will cut partner profit 20 per cent in response to the coronavirus pandemic. The firm said in a statement that “its partners will do everything possible to navigate through the covid-19 situation with no redundancies amongst its 17,000 UK employees, no people furloughed and no reduction in employee salaries.” The [...]
Deloitte UK cuts partner profits 20 per cent and freezes salaries in response to coronavirus slowdown April 15, 2020 Deloitte UK will cut partner profits 20 per cent profit this year and staff across the business will have their salaries frozen in response to the coronavirus slowdown, the firm’s senior partner said today. The firm is also delaying the distribution of profits to partners to try and conserve cash. Senior partner and chief executive [...]
Law firms face ‘bloodbath’ in upcoming coronavirus recession April 23, 2020 Advisers who worked on some of the largest UK law firm collapses predict a “bloodbath” for the legal industry as a result of the coronavirus economic crisis. Andy Hosking of Quantuma, who acted as administrator to King & Wood Mallesons Europe (KWM) and Ince & Co, said: “You are going to see a bloodbath in [...]
Freshfields suspends partner profit distribution and freezes pay April 6, 2020 Magic Circle law firm Freshfields Bruckhaus Deringer has suspended partner profit share for the fourth quarter and frozen pay across the firm to help weather the economic crisis triggered by coronavirus. The firm has also deferred decisions on staff bonuses until later in the year. A Freshfields spokesperson said: “We are focused on supporting our [...]
Aggressive hiring by US law firms in London winning market share March 5, 2020 The aggressive hiring pursued by US law firms in London is winning them market share at the expense of their UK rivals, research published today said. US law firms operating in the UK averaged 5.8 per cent lawyer headcount growth last year, according to the report from Thomson Reuters and Acritas. Demand for American law [...]
PwC UK freezes pay as partners told they will shoulder financial burden of crisis April 5, 2020 PwC UK froze promotions, pay rises and bonuses for staff last week and told partners they will shoulder the financial burden of the economic crisis triggered by the coronavirus lockdown. The Big Four firm has delayed its staff appraisal programme that normally kicks off after 31 March, meaning bonuses, pay rises and promotions will not [...]