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International Edition

Legal aid at 60

On 30 July, 1949, the Legal Aid and Advice Act received Royal Assent, heralding the creation of the modern legal aid system. Last week, sixty years later, the Legal Action Group (LAG) held its conference to mark the anniversary of what is arguably one of the key components of the welfare state. Given the impact of the recession, both on government spending and on potential litigants looking to enforce their rights, this is an especially important time to reflect on the past, present and future of legal aid.
4 minute read

International Edition

Field Fisher posts 8% turnover rise with profits expected to fall

Field Fisher Waterhouse has become the latest firm to announce its financial results, with turnover growing by 8% but the firm predicting a slump in profits per equity partner (PEP). The UK top 40 firm saw revenues rise to £95m during the 2008-09 financial year, up from £88m the previous year. The firm has yet to finalise its PEP figure, but confirmed that it does not expect profits to reach last year's high of £750,000.
2 minute read

International Edition

UBS appeal rejected in HSH Nordbank dispute

A £275m (£169m) dispute involving UBS and HSH Nordbank - cited as the first true bank-on-bank dispute to hit the UK as a result of the credit crunch - has been refused jurisdiction in the English courts following a Court of Appeal ruling today (18 July). The judgment, handed down by Lord Justice Ward, Lord Collins of Mapesbury and Lord Justice Toulson, will be seen as a blow for UBS after the bank appealed a ruling handed down by Mr Justice Walker last July.
2 minute read

International Edition

In the back of the mind

Family and private client law are usually treated as separate disciplines. At a recent Legal Week panel debate, however, a strong case was made for bringing family and private client teams together when it comes to advising wealthy clients.
3 minute read

International Edition

The same, only different

E-discovery (as it is referred to in the US) or, more accurately, e-disclosure (as it is referred to here, post the Woolf reforms), has received a very negative press, mainly due to the huge costs associated with it. But, when all is said and done, is it really that bad?
9 minute read

International Edition

Tony Allen: Commercial mediation US-style is another country

Returning from the American Bar Association dispute resolution conference I was struck by how simple life seems here by comparison. It came as a shock to hear a mediator in her forties confide that she had done 3,200 mediations. I calculate that this means most days she mediates around eight disputes. That is not commercial mediation as we know it in the UK.
4 minute read

International Edition

Cobbetts records 16% decrease in fee income for financial year

National firm Cobbetts has posted a 16% drop in fee income for the last financial year. The firm saw fee income fall to £48.5m for 2008-09 from £58m the previous year, a dip of 16.3%.
2 minute read

International Edition

Hammonds partners complete sale of debt litigation spin-off Drydens

Hammonds' partnership has completed the multimillion-pound sell-off of debt litigation practice Drydens. Drydens, which was set up in 1984 as a unit within Hammonds and spun off in 2003 as a separate law firm headed up by former Hammonds assistant Rachael Charmbury, has been sold to insolvency practitioner Philip Holden for several millions of pounds. The sale was completed last week (12 June) after the business - which turns over approximately £7m a year - was put up for sale in February.
2 minute read

International Edition

Kennedys set to break into UK top 50 with 30% revenue rise

Commercial litigation specialist firm Kennedys looks set to have propelled itself into the UK's top 50 law firms, posting a 30% increase in revenue for 2008-09. The firm's revenue reached £67.3m during the last financial year compared to the previous year's total of £51.5m. Meanwhile, profits per equity partner increased by almost 17% to £350,000, from a mark of £300,000 in 2007-08. The vast chunk of the firm's revenue came from the firm's litigation practice, which accounted for £58.3m of total revenue. London made up £53.2m of turnover, while Asia contributed £13.4m.
2 minute read

International Edition

Stephenson Harwood records flat turnover and PEP for 2008-09

Stephenson Harwood has held firm against the recession, posting flat turnover of £85.1m for the 2008-09 financial year. Profits per equity partner (PEP) dipped marginally by 1.6% to £610,000 from £620,000. Over the last five years the firm's PEP has grown from £280,000 to £610,000, representing a 54% increase over the period.
2 minute read

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