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International Edition

Underperforming law firms must take action if they are to survive today's turbulent market

The unfortunate demise of law firms such as Cobbetts, Brooke North and Rowlands Field Cunningham highlights the significant challenges that many in the sector, particularly mid-tier practices, are facing. For some time, the market has been experiencing the perfect storm: a combination of sluggish trading conditions in a difficult economic climate, alongside significant regulatory change, including the Legal Services Act, which allows new players with deep pockets to enter the sector.
6 minute read

International Edition

SRA calls on largest law firms to publish diversity data in push to improve access to legal profession

The Solicitors Regulation Authority (SRA) has called on more of the UK's largest law firms to get involved in its efforts to collate comprehensive diversity statistics following the publication of a major report on the make-up of the legal profession. The regulator last month published its first report, 'Diversity in the legal profession: workforce data for solicitors firms 2012', on the back of the Legal Services Board's (LSB's) controversial plans to force law firms and barristers' chambers to publish internal diversity and social mobility statistics on their websites. The initiative is part of the LSB's push to open up the profession to prospective lawyers from non-traditional backgrounds. The body hopes that by making the information – which is collated by approved regulators such as the SRA – available to clients, pressure will be placed on firms to further improve access to the profession.
3 minute read

International Edition

Trio advise as Sainsbury's takes full control of its banking arm

Linklaters, Milbank Tweed Hadley & McCoy and Hogan Lovells have taken roles as Sainsbury's takes full control of its banking arm from Lloyds Banking Group. The deal, announced yesterday (8 May), has seen Linklaters and Milbank advise for the supermarket on its purchase of the remaining 50% of shares from the bank for £248m. Linklaters TMT partner Richard Cumbley and corporate managing associate Michael Honan took the lead for the magic circle firm, which is a long-standing adviser to Sainsbury's.
2 minute read

International Edition

Leveson counsel Jay among trio appointed to High Court Bench

Lead counsel to the Leveson Inquiry Robert Jay QC has been appointed a High Court Judge. Jay joins the Queen's Bench Division alongside two other new appointees Sue Carr QC and Judge Andrew Gilbart. Jay is replacing the retiring Mr Justice Roderick Evans and will take up the role from 4 June. In July 2011 he was appointed to join Lord Justice Leveson on the public inquiry into cases of phone-hacking and other wrongdoing at now-defunct Sunday tabloid, the News of the World.
2 minute read

International Edition

Hill Dickinson and Bond Dickinson unveil partnership promotions rounds

Hill Dickinson has promoted five lawyers to the partnership as part of the firm's latest partner promotion round, three more than the previous year. Liverpool based trio Matt Noon (corporate), Jonathan Anslow (professional risk) and Stuart Kempson (shipping) have all joined the firm's partnership. In addition, City-based yacht advisory duo Pawel Wysocki and Ian McLean complete the all-male promoted quintet.
2 minute read

International Edition

Osborne Clarke confirms partner promotions with eight-strong round

Osborne Clarke (OC) has promoted three lawyers to partner in the UK as part of an eight-strong global haul. The three UK promotions, which take immediate effect, see London real estate lawyer William Gay and Bristol-based technology and IP lawyer Emily Jones and commercial disputes lawyer Charlie Wedin joining the partnership.
2 minute read

International Edition

Fear of cyber crime rise as nearly 80% believe their firm could be hit by web hack

Law firm managers are becoming increasingly concerned about the likelihood of their firm being subject to a cyber attack, according to new research from Legal Week. A Legal Week Benchmarker survey – which canvassed the views of more than 370 partners, IT directors, chief information officers (CIOs) and other senior managers – found almost 80% of respondents believed that their firm is likely to be the subject of cyber attacks, while nearly two fifths (38%) believe that the number of cyber attacks is on the rise.
3 minute read

International Edition

RPC and Dentons lead on £225m Greenwich Square regeneration

RPC and Dentons have taken roles on a major London regeneration deal that will see the development of 645 flats in Greenwich. Hadley Mace, a joint venture (JV) between construction company Mace and developer Hadley Property Group, has been instructed to deliver the £225m revamp of Greenwich Square in south London under the Government's Public Land Initiative (PLI) model. The PLI is a new scheme designed to get homes built on land owned by public bodies. Under the scheme, developers will be given Government land to develop, with payment deferred until the project is complete and the units are sold.
2 minute read

International Edition

Newly merged Bond Dickinson to combine partnerships with two-tier structure

Newly merged Bond Dickinson is planning to revamp its partnership into a single two-tier structure as the firm's management pushes ahead with the integration of legacy firms Bond Pearce and Dickinson Dees. The union, which went live on Wednesday (1 May), will see the firm adopt Dickinson Dees' two-tier partnership rather than Bond Pearce's three-tier structure, with the merged firm to operate a full equity and junior equity rank with a modified lockstep. A final decision on the move is expected later this year, but it is likely to see Bond Pearce's 25 fixed-share members, who are effectively salaried partners, join either the junior or full equity rank.
3 minute read

International Edition

CC and Eversheds say cheese as Dairy Crest protects pension fund with cheddar

Clifford Chance (CC) and Eversheds have landed roles on an unusual deal that has seen Dairy Crest protect its pension fund with maturing cheese. The UK dairy company has granted a floating charge of £60m worth of cheddar cheese to the trustee of its pension fund, in what is thought to be the first deal of its kind involving cheese. Dairy Crest's cheese stock was valued at £150m at the end of March. CC is advising trustees of the fund with a team including finance partner Karen Hodson, pensions partner Clare Hoxey and associate Katie Hicks.
2 minute read

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