Threat of ‘catastrophic’ cyber attack requires new approach from insurers, new report says November 7, 2022 The potential for a state-backed cyberattack to have a “catastrophic” impact on society requires a new approach to cyber insurance, reinsurance giant Swiss Re has said. The digitalization of critical infrastructure has created a situation in which a large scale cyberattack could have a “devastating” effect on society in having the potential to interrupt the [...]
Insurance broker Arthur J. Gallagher subpoenaed by US authorities over business with Ecuadorian firms November 7, 2022 US insurance giant Arthur J. Gallagher has become the latest multinational to find itself embroiled in a far-reaching investigation into corruption in Ecuador, after being asked by US authorities to hand over information relating to its business with Ecuadorian state-owned firms. Arthur J. Gallagher received a subpoena from the DoJ’s Foreign Corrupt Practices Act (FCPA) [...]
Adrian Biles: “I’m delighted” to be back building a legal business November 7, 2022 The former Ince boss Adrian Biles is back at the helm of a London legal firm, having acquired Child & Child. He tells Andy Silvester why he believes in the firm’s potential. “I’M NOT sure I had a day off,” a cheery Adrian Biles tells me when he’s asked what he’s been doing since he [...]
Law firm DWF pushes into Canadian market with latest buyout November 7, 2022 Law firm DWF has stepped into the Canadian legal market with a £27.7m deal bringing Vancouver-based Whitelaw Training under its wing. The deal marks the next step in DWF’s North American strategy and will unlock legal and business potential in Canada. The London-listed firm will hand over up to £16.9m in shares and cash, and [...]
Ping An chairman makes first public call for break up of HSBC November 5, 2022 The chairman of HSBC’s largest shareholder Ping An has said the Chinese insurer would support plans to spin off HSBC’s Asian business in warning the bank’s global business mode is “no long competitive”. Ping An Asset Management chairman Huang Yong warned HSBC is lagging behind its peers, as he called on the bank to “reallocate [...]
US law firms get their money’s worth by working lawyers almost 14 hours a day November 5, 2022 London trainee lawyers at top US law firms are working nearly 14 hours a day, new research shows. Junior and trainee lawyers at Chicago headquartered firm Kirkland & Ellis work the longest hours, in starting at 9:19am and clocking off at 11:11pm, research from Legal Cheek shows. The rankings show all ten of the law [...]
UK’s new government should simply ‘get on’ with audit reform, letter to Rishi Sunak says November 4, 2022 The UK’s new government should simply “get on” with plans to overhaul the audit sector, to ensure the long-term stability and resilience of Britain’s economy, the head of one of the country’s largest accountancy sector trade bodies has said. In three separate letters to prime minister Rishi Sunak, business secretary Grant Shapps and chancellor [...]
Exclusive: Former Ince boss Adrian Biles acquires Child & Child November 3, 2022 Adrian Biles, the former boss of law firm Ince, has acquired Child & Child after just two months on the sidelines. Biles took the reins of the Belgravia firm yesterday afternoon, hosting a town hall meeting with staff this morning. It marks a swift comeback to the business world for the man who built Gordon [...]
British companies are failing to keep up with criminals, in-house lawyers warn November 3, 2022 In-house lawyers working in major British companies are becoming increasingly concerned that the firms they work for are failing to keep up with the methods being used by criminals to carry out financial crime. More than two-thirds of in-house lawyers surveyed by law firm Ashurst said they have concerns about their companies’ abilities to keep [...]
Glencore told to pay £281m over international bribery scandal November 3, 2022 A London judge today told a UK subsidiary of Glencore to pay a total sum of £281m over an international bribery scandal that saw its staff pay almost $29m (£25.6m) in bribes to officials in Africa. At a sentencing hearing today, Judge Peter Fraser said a “culture” of bribery was “endemic” within Glencore’s West Africa [...]