Law firms face four month payment delay as cash flow fears raised if economy tanks August 9, 2023 UK law firms are being forced to wait over four months to get paid by clients, new data reveals, spotlighting potential cash flow issues firms could face if the economy nosedives. The average time the UK’s top 100 law firms are waiting to get paid is 124 days, according to research from accountancy firm Lubbock [...]
Recruiters Page hit by lower confidence as firms batten down hiring hatches August 7, 2023 “Lower levels of confidence” in the market have proved difficult to overcome for specialist recruiter Page Group, which reported a 45 per cent fall in half-year profits this morning. London-listed Page posted an operating profit of £63.9m for the six months ending 30 June, down 47.5 per cent in constant currencies from £115.3m in the [...]
Parity shares surge 13 per cent after gloomy update and job cuts mooted August 4, 2023 Shares in data and technology recruitment company Parity rallied on Friday morning after it announced it was chopping revenue guidance for its upcoming trading update. Parity group’s shares spiked over 13 per cent on Friday morning even after it said it expects revenue in the first half of 2023 to decline 10 per cent from the [...]
Capita shares plummet 11 per cent as contractor reveals cyber attack cost £25m August 4, 2023 Capita shares slumped 11.4 per cent on Friday morning after it said a recent data breach could cost it up to £25m. The government contractor, which provides data and IT outsourcing processes, said this morning it expects a major cyber attack in March could cost it £20-25m, as an investigation nears its close. This figure is [...]
UK audit watchdog picks former aviation regulator as new chief July 31, 2023 Richard Moriarty has been appointed chief executive of the audit regulator, the Financial Reporting Council (FRC), as it undergoes major reforms. Moriarty, who most recently served as chief executive of the Civil Aviation Authority for five years, will take up his role at the beginning of October. Sarah Rapson will take the role of acting [...]
New SFO director has ‘a massive mountain to climb’ as the anti-fraud agency looks to rebuild July 26, 2023 The new director of the Serious Fraud Office (SFO) faces a herculean task in rebuilding the agency’s reputation after a number of failures over the last few years, top City lawyers have warned. Earlier this month Nick Ephgrave, the former assistant commissioner of the Metropolitan Police, was appointed as the next director of the agency [...]
HMRC recovers a ‘remarkable’ £34bn from investigations into tax evasion and avoidance July 23, 2023 Investigations into tax evasion and avoidance have yielded £34bn in extra tax revenue over the past year, according to HMRC’s annual report. Although the total this year was higher than the £30.8bn gained last year, it was still lower than the £36bn targeted by HMRC. Tax evasion, which is illegal, is when someone conceals information [...]
Insurance chiefs back new Solvency II investment forum to help deliver £100bn in investment July 19, 2023 The heads of the UK’s major insurance firms have written in support of a new Investment Delivery Forum to help drive investment following the reforms to Solvency II. Established by the Association of British Insurers (ABI) earlier in July, the forum is designed to tackle the investment gap preventing investment from the insurance and long-term [...]
Law firms filed over 1,000 legal tech patents globally – but only 1 was filed in the UK July 13, 2023 Law firms around the world are increasingly investing in technology to remain competitive, new data shared with City A.M. reveals. Exactly 1,184 patent applications for legal services technology were filed globally in the year ending September 2022, according to data obtained by Thomson Reuters from the World Intellectual Property Organisation. China filed the most with [...]
Football’s data wars takes another turn, but can players really protect their information? July 11, 2023 A former Leyton Orient, Scarborough and Yeovil Town manager may seem an unlikely figure to be at the forefront of football’s data wars, but a landmark announcement in the Netherlands this week can be traced back to Russell Slade. Fifpro, the international union for professional footballers, on Tuesday announced the creation of a new database [...]