PARTNERS FACE PROCEEDINGS
Former partners at Halliwells, which collapsed this summer, could face legal action. Joint administrators Dermot Power and Shay Bannon sent what has been dubbed a “letter of death” to ex-partners, saying that they could face proceedings related to claims including unpaid capital contributions and breach of duty. The administrators are investigating various aspects of the way Halliwells was run, including capital payments made by members of the LLP, and decisions the board made about refinancing and potential mergers.
CHILDCARE AT FRESHFIELDS
Magic Circle firm Freshfields Bruckhaus Deringer has launched a new employee benefits scheme for City staff with private provider My Family Care. The firm can help with caring for children, elderly relatives or other dependents, as well as school holiday cover. Global HR partner Caroline Stroud said: “The pace of modern life’s putting ever more strain on professionals who try to juggle a successful and rewarding career with spending quality time with family and friends.” Employees are entitled to 10 sessions a year.
PII CHANGES URGED
The private indemnity insurance (PII) system should be reformed, says a report commissioned by the Solicitors Regulation Authority (SRA). The single renewal date for all law firms to renew their PII should be scrapped, said the report, which went on to say that there should be a review of conveyancing practices, as it accounts for 50 per cent of PII claims. The report, which was carried out by consultant Charles River Associates, recommended that the assigned risks pool and open market model are retained.
CONTROVERSY AT SJ BERWIN
City firm SJ Berwin is facing problems following a divisive election for managing partner. The eventual winner, Rob Day, took over the position on Monday, but his supporters stand accused of aggressive tactics in drumming up votes when it emerged that his rival Perry Yam had more supporters than they expected. SJ Berwin is currently in the process of negotiating a merger with American firm Proskauer Rose which is thought to have proved unpopular with some partners in the British firm.