Claire Ruckin

June 23, 2022 | Daily Business Review

With the Federal Reserve rushing to hike interest rates at the fastest pace in decades, credit risk premiums are surging far beyond levels banks had negotiated with private equity firms during the halcyon days of cheap money.

By Davide Scigliuzzo and Claire Ruckin

5 minute read

February 16, 2011 | International Edition

Tensions are rising among former Halliwells partners after a decision was made to limit the number of ex-partners eligible to seek a tax rebate from HM Revenue & Customs (HMRC). Former members of the defunct firm are in negotiations with HMRC about the taxable profits and losses of Halliwells during the financial year ending 30 April 2010 and for the period up to its collapse on 20 July that year. Some partners are seeking to offset the law firm's losses against tax either owed or paid on their earnings.

By Claire Ruckin

2 minute read

February 16, 2011 | International Edition

Irwin Mitchell looks set to become one of the first leading UK law firms to take advantage of the Legal Services Act (LSA), with the firm already restructuring its business to make it more attractive to outside investment. The top 25 firm is seeking advice from accountants about restructuring in a more tax-efficient way as a corporate vehicle rather than as a partnership. The corporate member model would allow the firm to avoid the maximum 50% individual tax rate for a portion of its profits in exchange for a 28% corporate tax rate - a structure that would be more attractive to external investors.

By Claire Ruckin

2 minute read

February 16, 2011 | International Edition

Barclays Wealth has appointed Morgan Stanley's David Hart to the newly-created role of head of litigation, as the bank continues the restructuring of its in-house litigation functions. Hart, who joined the bank last month (17 January), will work closely with Barclays Wealth general counsel Duncan Perry. He joined directly from Morgan Stanley, where he served as an executive director in the in-house litigation team. Before that he was an associate in the litigation team at magic circle firm Allen & Overy, before joining Morgan Stanley in 2004.

By Claire Ruckin

2 minute read

February 15, 2011 | International Edition

Defunct law firm Halliwells owes unsecured creditors more than £190m, according to the latest report from administrators BDO. To date BDO has received claims worth £191.5m from unsecured creditors. Landlord and lease creditors account for £182.2m of claims received to date, with HM Revenue & Customs the next largest creditor with some £4.3m in taxes and £1.1m in VAT.

By Claire Ruckin

2 minute read

February 15, 2011 | International Edition

Eversheds has taken a lead role on the £82m purchase of Sugar Puffs parent company Big Bear Group by a Finnish food business. The top 10 UK firm advised Raisio, an existing client of the firm, on its purchase of the Big Bear, which owns well-known brands including Honey Monster, Sugar Puffs and Fox's Confectionery. Eversheds head of food Robin Skelton took the lead role on the deal, which closed earlier this month (4 February).

By Claire Ruckin

2 minute read

February 15, 2011 | International Edition

The Bar Standards Board (BSB) has come a long way since its inception in 2006 when the Bar Council split off its regulatory arm from its representative function. But with the profession entering its most challenging period yet, as Government spending cuts take their toll and the Legal Services Act (LSA) comes into effect, the BSB is facing its most crucial test to date. After the watchdog celebrated its fifth birthday last month, the question being asked is how the BSB will cope with the changes ahead to regulate the profession successfully. As the regulator for barristers in England and Wales, the BSB takes responsibility for setting the education and training standards of barristers throughout their careers as well as monitoring their quality and conduct. With the LSA bringing about fundamental changes to the profession, not least to its culture, by allowing barristers to form partnerships and join forces with solicitors, it is clear that the regulator must evolve once more.

By Claire Ruckin

13 minute read

February 14, 2011 | International Edition

Olswang has bolstered its insolvency and restructuring group with the hire of Julian Turner from Reed Smith. Turner joined the UK top 50 firm's London office this month as a partner in the finance group and will work closely with Olswang's head of restructuring and insolvency Alicia Videon.

By Claire Ruckin

2 minute read

February 14, 2011 | International Edition

Societe Generale Private Banking Hambros (SGPB Hambros) has launched a group to advise the legal sector with the hire of two private bankers. Mark Dean and Dominic Peyton, who joined SGPB Hambros at the end of last year as senior private bankers, will provide wealth management advice to lawyers in private practice and at the Bar. Prior to joining SGPB Hambros, Dean was a director at Citi Private Bank, acting as a client relationship manager to UK and international law firms based in London. Peyton was formerly a partner at Coutts & Co in the professional client group, managing a private banking team acting for clients including high-earning solicitors and barristers.

By Claire Ruckin

2 minute read

February 14, 2011 | International Edition

Eversheds' Spanish alliance partner is set to break away from the firm's international network, citing differing strategies as the reason for the move. Eversheds Lupicinio will split from Eversheds International later this year after six years as a member of the network. Eversheds said that it remains committed to the region and that the firm is now assessing its position in the country, with the creation of its own Spain office or the introduction of a new alliance member both under consideration.

By Claire Ruckin

2 minute read