UK law firm mergers rose last year as ‘growing by acquisition’ becomes more attractive May 22, 2023 New data reveals the number of law firm mergers in the UK has risen by nearly a quarter in the past year – from 99 in 2021 to 122 in 2022. New research from accountancy firm Hazlewoods shows merger and acquisition (M&A) activity in the sector has rebounded following a pandemic slump. According to Hazlewoods, [...]
Allen & Overy and Shearman & Sterling merger to forge £2.7bn law firm May 22, 2023 Law firms Allen & Overy and Shearman & Sterling announced plans to merge late last night, in a move which would create a firm with approximately $3.4bn (£2.7bn) in combined revenues. The tie up marks one of the biggest legal mergers in recent history, forging a firm with 3,900 lawyers across 49 offices around the [...]
Number of Russians using London Commercial Court reaches new record despite sanctions May 4, 2023 A record number of Russian litigants have used the London Commercial Court in the past year despite sanctions imposed in the wake of the war in Ukraine, new research has revealed. The number of Russian litigants appearing in the Commercial Court, part of the Business and Property Courts of the High Court, rose by 41 [...]
‘Bomb like’ devices planted in England’s legal heartland amid £1m court wrangle with a top lawyer April 24, 2023 Two bomb-like devices were planted in England’s legal heartland as part of a grudge campaign against a senior lawyer involved in a £1 million legal wrangle, a court has heard. Andrew Sutcliffe KC was targeted at his chambers in Gray’s Inn in central London as part of a plot to cause him and another lawyer [...]
Russian tycoon’s ex criticised by London judge for ‘costly and destructive’ divorce fight with £9m bill April 5, 2023 A wealthy Russian businesswoman’s ex-husband has come under fire from a London judge who oversaw a “costly and destructive” divorce fight. Sir Jonathan Cohen said Alla Rakshina, 42, and ex-husband Lazaros Xanthopoulos, 43, ran up lawyers’ bills of nearly £9 million as disputes over jurisdiction, money and children featured in more than 60 hearings in [...]
‘Bitcoin inventor’ court proceedings dropped in London as judge says it’s no longer in public interest April 5, 2023 Contempt of court proceedings involving a computer expert who claims to be the inventor of Bitcoin have been dropped after judges ruled it was no longer in the public interest to continue. Dr Craig Wright, who says he is Bitcoin creator “Satoshi Nakamoto”, was facing allegations that he may have deliberately leaked details of a [...]
No firms charged with ‘failure to prevent’ tax evasion in 6 years – here’s why April 3, 2023 The UK taxman has not charged any British firm with the ‘failure to prevent tax evasion’ offence since it was introduced six years ago, HMRC has confirmed. Under the offence, introduced in 2017, a British company can be criminally prosecuted if it was found to have not put adequate checks and systems to prevent its [...]
Who has been hit hardest by £21bn of pandemic fraud, and will the taxpayer EVER get it back? March 30, 2023 The UK Government has lost £21bn worth of taxpayers money due to fraud since the start of the pandemic, that is “very unlikely” to be unrecovered, according to the National Audit Office (NAO). The NAO said that many public bodies are unaware of the amount of fraud they face, as it revealed that levels of [...]
End of the road: Why More Than will no longer sell car insurance as insurer RSA quits market March 29, 2023 RSA has set out its plans to exit the car insurance business in the face of “extremely competitive” market conditions. In a statement, RSA said it had struck an agreement to “introduce” car insurance customers held through its More Than business to UK rival Swinton, with a view to boosting its business, home and [...]
Could fixing workplace stress save the UK £28bn a year? Axa warns burnout is burning a hole the economy March 29, 2023 People taking sick days because of work-related stress or burnout is costing the UK economy £28 billion a year, according to new research which highlights the financial toll of poor mental wellbeing. More people said they were struggling in the UK than in any other nation, the survey of 30,000 adults across 16 European, Asian [...]