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International Edition

Gender pay gap remains as female salaries lag male counterparts

Male lawyers are earning roughly a third more than their female counterparts despite a growing focus by law firms on gender diversity, according to a new Law Society study of 2012 pay levels. The research, which analysed pay data from 633 individuals working full-time in private practice, found the average salary for a qualified male lawyer of any level stood at £60,000 compared with £44,000 for women. The disparity increased with pay grade, with the top-earning quartile of all male lawyers surveyed paid at least £95,000 – 46% more than their female counterparts, who took home a minimum of £65,000.
4 minute read

International Edition

New 'twin peaks' regulatory system faces questions as post-FSA era gets underway

On April Fools' Day, with the banks closed and the public scanning the news for prank stories, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) officially launched amid promises of tougher regulation and enforcement for the UK financial services sector. Given the long run-up to the Financial Services Authority's (FSA's) demise and the numerous announcements about its successors, the new bodies are not joking about their ambitions. But just how seriously they will go about addressing the failings of the FSA remains to be seen. Charged with regulating financial firms providing services to consumers and maintaining the integrity of the UK's financial markets, the FCA has already targeted a renewed focus on consumers, as well as continuing to address issues of misconduct (including those such as the recent Libor scandal), market abuse and competitiveness.
5 minute read

International Edition

RPC and Bates Wells bet on success with Betfair's Blue Square takeover

City firms RPC and Bates Wells & Braithwaite have played roles on Betfair Group's takeover of online sports bookmaker Blue Square Bet from Rank Group. The acquisition, which has a value of £5m, has seen Blue Square's customer database transfer over to Betfair.
2 minute read

International Edition

Sexism and the City - why female lawyers are afraid to speak out against discrimination

In her new book of feminist advice for women in the workplace, Sheryl Sandberg, the chief operating officer of Facebook and the first woman on the social networking giant's board, acknowledges what many are afraid to admit publicly: "Women face real obstacles in the professional world, including blatant and subtle sexism, discrimination and sexual harassment." Readers of Lean In: Women, Work and the Will to Lead will know that Sandberg, a 43-year-old American mother of two, has fought for and won priority parking for pregnant women and picked lice out of her children's hair on a company jet.
14 minute read

International Edition

Simmons strengthens City fraud team with Kingsley Napley hire

Simmons & Simmons is boosting its crime, fraud and investigations team with the hire of Kingsley Napley criminal litigation partner Stephen Gentle. Gentle, who is top-ranked in Chambers and Partners for both UK cartel defence and corporate crime, joined Kingsley Napley in 1993, becoming a partner in 2001. He will join Simmons' nine-partner crime, fraud and investigations team, which is headed by Nick Benwell, in June.
2 minute read

International Edition

Bird & Bird, Herbert Smith advise as RBS investors launch £4bn claim

Bird & Bird is representing a group of former Royal Bank of Scotland (RBS) shareholders who today issued an estimated £4bn claim against the bank and a group of its former directors over a 2008 rights issue. Bird & Bird partner Steven Baker is leading the team acting for the shareholders, having taken the work with him in a lateral move from Olswang last year. Baker has instructed Serle Court barrister Philip Marshall QC to pursue the claim in court.
2 minute read

International Edition

Parabis launches second Scotland base with five-strong Brodies team

Parabis has opened its second office in Scotland after securing a five-strong defendant insurance team from Brodies to launch an Edinburgh base. The new office, which opened yesterday (2 April), will be headed up by new partner Laurie Traynor alongside associates Stuart Mackie, Julie Fisher, Sarah Crewes and solicitor advocate James Peden.
2 minute read

International Edition

Stephenson Harwood and Freshfields advise on Prudential's £30m FSA fine

Stephenson Harwood and Freshfields Bruckhaus Deringer picked up lead advisory roles as Prudential was last week fined £30m by the Financial Services Authority (FSA) over its attempt to take over Asian rival AIA in 2010. The FSA, which was this week replaced by the Financial Conduct Authority and the Prudential Regulation Authority, fined Prudential and censured its chief executive Tidjane Thiam, for failing to inform the FSA at the appropriate time about its $35.5bn (£23.5bn) bid - breaching FSA principles and UKLA listing principles.
3 minute read

International Edition

CMS to reduce scope of Integreon back office outsourcing deal

CMS Cameron McKenna is scaling back its controversial back office outsourcing agreement with Integreon, with the news coming days after Osborne Clarke confirmed it was reducing the scope of its own agreement with the outsourcer. CMS managing partner Duncan Weston said the firm was looking for an alternative third-party provider to take one part of the facilities services agreement it signed with Integreon in May 2010.
2 minute read

International Edition

Wragges, Field Fisher and Shoosmiths announce partner promotion rounds

Wragge & Co and Shoosmiths have announced their new partner promotions, with both regional firms confirming slightly smaller rounds than last year. News of their promotions came as Field Fisher Waterhouse today (28 March) confirmed a six-strong haul split between London, Munich and Brussels. Wragges is making up two directors to partner from 1 May - compared with a trio of new partners last year. The promotions will see Birmingham intellectual property lawyer Kate Swaine and construction specialist Daniel Wood joining the partnership.
3 minute read

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