Mark Goddard

June 05, 2009 | International Edition

Herbert Smith and Freshfields Bruckhaus Deringer have taken lead roles on a £323m capital raising by UK retailer Debenhams. The share issue is intended to cut the company's debt and improve its ability to refinance in the future.

By Mark Goddard

2 minute read

June 04, 2009 | International Edition

Determining proportionality in litigation has long been a bit of a string-measuring exercise. However, the gap between opposing parties has become wider than ever in recent years as the move from paper to electronic business documents has resulted in an explosion of document volume involved in discovery exercises. Now, it seems, the UK courts are catching up with the issue.

By Mark Goddard

5 minute read

June 04, 2009 | International Edition

The suicide of Kilpatrick Stockton's Mark Levy in April was a tragedy. Susan Beck tries to make sense of the pressures faced by individuals in the legal profession

By Mark Goddard

6 minute read

June 04, 2009 | International Edition

Could it be that the crisis opportunity trope we've heard so often in the past few months ('never let a crisis go to waste') applies to the legal industry too? More and more, large firms are finding ways to align their interests with those of clients, cutting costs by laying off lawyers and staff, slashing associate bonuses, withdrawing or deferring pricey offers to junior lawyers and freezing associate pay (or even rolling it back).

By Mark Goddard

8 minute read

June 04, 2009 | International Edition

Criticising the Government for losing control of public finances has become something of a national sport in recent months. However, the reality is that lawyers in private practice have much to thank Mr Darling for. When James Callaghan introduced capital gains tax (CGT), it was to shore up the income tax base and to deter tax avoidance through the recharacterisation of income as capital gains. He said: "There is no doubt that the present immunity from tax of capital gains has given a powerful incentive to the skilful manipulator to take full advantage to avoid tax by various devices, which turns what is really taxable income into tax-free gains. We shall only make headway against avoidance of this sort when capital gains are also taxed."

By Mark Goddard

4 minute read

June 04, 2009 | International Edition

Clyde & Co has sealed an Indian alliance, signing an agreement with three-office local firm ALMT. Clydes said the two firms will work together to jointly develop Indian business, with an intention of merging when local Indian Bar rules allow it.

By Mark Goddard

2 minute read

June 04, 2009 | International Edition

Denton Wilde Sapte has unveiled a 36% fall in partner profits after a £3.5m restructuring charge contributed to a squeeze on profits. Dentons today (4 June) unveiled its financial results for the 2008-09 year, confirming that its underlying profits per equity partner (PEP) fell annually by 27% from £470,000 to £340,000.

By Mark Goddard

2 minute read

June 04, 2009 | International Edition

Mayer Brown has arranged for nine of its laid-off associates to work full-time for corporate clients at a reduced salary of $60,000 (£37,000), reports the Am Law Daily. The associates are among the 45 lawyers the firm laid off in the US in April

By Mark Goddard

2 minute read

June 04, 2009 | International Edition

City law firms could help fund some civil litigation cases as part of sweeping proposals to overhaul litigation funding mechanisms in the UK. Guy Mansfield QC, acting on behalf of the Bar Council, is considering asking firms to invest in a fund that would be used for cases such as professional negligence, personal injury and employment disputes, which currently come mainly under the 'no win, no fee' banner.

By Mark Goddard

3 minute read

June 04, 2009 | International Edition

Hammonds' equity partners could see their monthly drawings reduced after the firm tightened its policy on paying out anticipated profits. The national law firm overhauled its policy last month (1 May) to take a more conservative approach intended to avoid the need for partners to pay back drawings paid out in advance but estimated too generously.

By Mark Goddard

2 minute read