Lawyers must work 2,400 hours a year to get coveted partner promotions, Hogan Lovells chief says May 25, 2022 The head of City of London law firm Hogan Lovells has told staff they are expected to work at least 2,400 hours a year if they expect to rise to partner level. In a memo sent out to staff, chief executive Miguel Zaldivar said “success typically means” making an “all in commitment” to the firm, [...]
Ex-Clyde & Co partner ‘rebuked’ after putting arm around female colleague at a strip club May 25, 2022 An ex-Clyde & Co lawyer has been “rebuked” by the solicitors’ watchdog for putting his arm around a female trainee solicitor at a strip club. The former personal injury lawyer, who was fired from the City law firm in 2018, was also told to pay £600 to the solicitors’ watchdog to cover the costs of [...]
Glencore pays $1bn settlement to US authorities after admitting bribery in UK court May 24, 2022 Commodity trader Glencore has agreed to pay more than $1bn to US and Brazilian authorities to settle corruption investigations, after indicating it will plea guilty to bribery charges in the UK. Glencore said it will pay a combined sum of $1.06bn to the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC), and [...]
Accountancy firms ask for exemptions from ban on providing services to Russia May 24, 2022 Accountancy firms have asked the UK government to offer exemptions to professional services firms from rules blocking them from working with Russian clients. The calls come after the government this month set out plans to block British accountants, business consultants, and PR managers from providing their services to Russians, in response to the country’s invasion [...]
Magic Circle law firm Clifford Chance ups pay for junior lawyers to £125,000 a year May 24, 2022 Magic Circle law firm Clifford Chance has upped pay for its newly qualified (NQ) lawyers to £125,000 a year, in a sign the UK’s most prestigious law firms are facing continued pressure to offer huge salaries to their most junior solicitors in order to recruit and retain top talent. The firm told City A.M. its [...]
SRA to increase fining powers after pushing forwards with plans for £25,000 penalties May 24, 2022 The UK’s solicitor’s watchdog is set to increase its fining powers 12 and half times over, by upping its maximum fining threshold to £25,000. The Solicitor’s Regulation Authority (SRA) said it is pushing forwards with plans to increase its maximum fines from £2,000 to £25,000, after the plans came under fire from law firms. The [...]
KPMG fined £3.4m over Rolls Royce audit failings May 24, 2022 Big four firm KPMG has been fined £3.4m over its audit of Rolls Royce. The company was slapped with the penalty by the financial regulator over its failings to address problems at the company in a 2010 audit. This is the fourth fine imposed on KPMG in 2022 according to the FT. The Financial Reporting [...]
US lawyer pulls out of Hong Kong government forum after activists brand it a ‘propaganda event’ May 23, 2022 The head of US law firm Davis Polk’s Asia division has pulled out of speaking at a Hong Kong government forum commemorating the coming into force of the city-state’s controversial national security laws, after pro-democracy activists branded it a “propaganda event”. In a post on Linkedin, Martin Rogers, the chair of Davis Polk’s Asia business, [...]
G4S to face legal battle after judge approves triple killer’s negligence lawsuit May 23, 2022 A psychiatric patient, who killed three elderly men in Exeter, is suing security contractor G4S for negligence after the firm’s staff said he should be released from police custody. The London firm will now face a High Court trial after a judge rejected G4S’s argument that Alexander Lewis-Ranwell should not be able to bring forward [...]
Hong Kong stock exchange to open US and Europe offices May 23, 2022 The Hong Kong stock exchange is planning to set up two new international offices in the US and Europe, in an effort to draw overseas investors back to the City state. Speaking to the South China Morning Post (SCMP) at Davos, Nicolas Aguzin, the head of Asia’s third largest stock market, said the new offices [...]