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Profits at U.K.'s Top 50 Law Firms Hit Record Levels
The United Kingdom's top 50 law firms have seen a second year of double-digit revenue growth, with fees rising 14 percent annually to hit �10.5 billion. Legal Week's 2006-07 figures also show average profits per equity partner going up by 13.5 percent. What's more, the four largest firms generated �4.18 billion in fees among them, nearly 40 percent of the top 50's income. Clifford Chance managing partner David Childs said the results vindicated the big four firms' investment in their foreign offices.Congress Unfazed by Retailers' Banks
House lawmakers appear split on whether plans by Wal-Mart Stores Inc., The Home Depot Inc. and other non-financial firms to acquire federally insured lenders pose a threat to the banking system. As a result, it appears unlikely that Congress will throw a roadblock in front of the two retailers' applications with the FDIC for authority to operate industrial loan companies, a controversial type of financial institution permitted by a loophole in federal banking law.Confidence Dips at U.K. Firms as Credit Squeeze Hits, but Partners Predict Growth
The summer's credit market turmoil has put a noticeable dent in business confidence at the top U.K. law firms, but a clear majority of partners believe their businesses will maintain robust growth. Results of a quarterly business confidence poll show that the aftermath of the credit squeeze has left partners tentative over sustained deal flow, with those expecting growth of any kind dropping by 12 percent.Judge rejects Dewey request to fund ongoing operations
"I can finally confirm the worst-kept secret of the year," bankruptcy lawyer Albert Togut said late Tuesday afternoon in a lower Manhattan federal courtroom. "I am counsel for Dewey & LeBoeuf."Latham & Watkins and Ropes & Gray Dose up on Pharma Deals
U.K. Litigation Review Proposes Overhaul of Contingency Fees
The use of contingency fees in U.K. litigation has emerged as one of the key areas for reform in a new review of civil litigation costs, published Thursday. Lord Justice Jackson has proposed that U.K. lawyers will be allowed, for the first time, to take a slice of their client's damages, acknowledging that the "arguments in favour of contingency fees ... outweigh the arguments against." However, he says safeguards should be introduced to protect clients from any negative impact of contingency fees.
Reimbursement Reform Is a Positive Move
The New Jersey Small Employer Health Benefits Program Board is right to be considering a change to a Medicare-based methodology for out-of-network providers.The Churn: Lateral Moves and Promotions in The Am Law 200
Dechert opens a new office in Chicago with the addtion of three partners from Katten Muchin; Greenberg Traurig snags attorneys for its New York and Los Angeles offices; and K&L Gates adds two partners in Moscow and another in Taipei. The Churn is constant. Please send all announcements and news releases to [email protected].Trending Stories
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