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International Edition

Magic circle partner promotions fall 17% as female promotions see 60% drop-off

The number of new partners promoted across the magic circle has fallen by 17% this year, with three of the five elite UK firms making up fewer partners in 2013 than they did in 2012. Clifford Chance (CC) and Linklaters this week became the last of the group to announce their new partner promotions for 2013, with CC's 20-strong haul marking a decrease of more than 25% on the 27 the firm made up last year. In total, 79 partners have been made up across the five-firm group this year, down from 95 in 2012. Freshfields Bruckhaus Deringer saw the biggest decline in new partners at 30%, ahead of CC, while A&O made up 17% fewer partners this year than last.
3 minute read

International Edition

Bakers, BLP, CMS among contenders as RBS reviews EMEA panel

The Royal Bank of Scotland (RBS) has kicked off a review of its EMEA legal panel, with the tender process for places on the new roster opening last month. Allen & Overy (A&O), Ashurst, Eversheds, Baker & McKenzie, Berwin Leighton Paisner (BLP), Clifford Chance (CC), CMS Cameron McKenna, Linklaters, SJ Berwin, Travers Smith and White & Case are all understood to be among the firms pitching for a place on the panel, which covers 24 countries.
3 minute read

International Edition

A&O lands key role as BA orders $6bn Airbus fleet

Allen & Overy (A&O) has taken the lead role on British Airways' $6bn (£3.9bn) order of 18 new Airbus A350 aircraft. International Airlines Group (IAG), the parent company of BA and Iberia, has signed the agreement with French manufacturer Airbus as part of a fleet renewal and modernisation strategy. IAG said the deal included the option to buy a further 18, and will be used to replace 30 Boeing 747-400 aircraft between 2017 and 2023.
2 minute read

International Edition

Getting your house in order – the burden of self-reporting

Internal investigations are nothing new, but in the wake of banking scandals, growing regulatory pressure and a raft of legislation tightening and criminalising corporate law, investigations have become as burdensome for general counsel as they are burgeoning for their external legal advisers. Many corporates have gone to great and costly lengths to improve their internal processes, not least in light of the Bribery Act 2010, which forces UK and foreign companies with a UK operation to ensure they have adequate procedures in place to minimise the risk of bribery and corruption.
9 minute read

International Edition

A push in the right direction - encouraging firms to plan for partners' retirement

The major asset for most law firms is the partners working in the business. It is therefore surprising that, when it comes to providing retirement income, most firms take the view that it is the individual partner's responsibility to organise this and make the appropriate arrangements. However, unless law firms actively encourage – or even oblige – partners to make full provisions for their retirement, this could make succession planning difficult. Partners who have not made adequate retirement provision could end up in a situation where they cannot afford to retire. The Leslie Seldon case highlights some of the problems around this issue and the difficulties for all parties.
8 minute read

International Edition

Risk and compliance

With risk and compliance policies on the forefront of companies' minds, many are taking steps to make sure they comply with new rules or face penalties. Helen Mooney and Caroline Hill look at the steps many businesses are taking
1 minute read

International Edition

Caught in two minds – firms split on whether to stick or twist in tough market

Recent weeks have presented a somewhat divided picture of the upper echelons of the legal market. On the one hand, against the backdrop of a relentlessly tough market, many of the UK's largest law firms have announced predictably reduced partner promotion rounds – with the magic circle, for example, making up nearly 20% fewer new partners this year than last. On the other, Slaughter and May this week played a strong hand in terms of salaries, with the firm's across-the-board rises for junior lawyers likely to set the bar for its City peers.
3 minute read

International Edition

BPP to offer free qualifications to its LPC grads without law jobs

BPP Law School is to take the unusual step of offering a free qualification worth up to £16,500 to any of its Legal Practice Course (LPC) graduates failing to secure a job in the legal sector within six months of graduating. The offer - which will apply to any students starting the LPC from September 2013 - will see free qualifications available in a number of areas, including subjects outside the law.
3 minute read

International Edition

Slaughters becomes first magic circle firm to announce 2013 pay increases

Slaughter and May has become the first magic circle firm to announce associate salary rates for 2013, confirming small increases in pay for junior lawyers across the board. The increases, which will take effect from 1 May, see the firm raise rates for newly-qualified lawyers by 2.4% to £63,000, with lawyers with between one year and three years' post qualification experience (PQE)gaining increases of between 0.7% and 2%. Trainee salaries will also rise and, in addition, lawyers will progress through the pay bands as normal.
3 minute read

International Edition

Legal Week Law - quarterly peer review

A round-up of the best legal briefings in Legal Week Law from the past three months
1 minute read

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