City watchdog FCA looking to hire hundreds of new staff to get grip on consumer credit market February 21, 2022 The financial services watchdog is recruiting for a number of senior roles in a push to expand its oversight and supervision of the City’s credit space. The Financial Conduct Authority, based in Stratford, is looking for a lead supervisor for credit and debt as well as a director for consumer finance. In the publicly available [...]
Dechert and Fried Frank up new lawyers pay as salary battle rages on February 21, 2022 Dechert and Fried Frank have both upped the salaries they pay out to newly qualified lawyers, as the pay battle continues. Dechert confirmed to City A.M. that it has increased pay for newly qualified associates in its London office from £125,000 to £140,000. The Philadelphia firm’s 12 per cent pay rise for newly qualified associates [...]
Hogan Lovells to leave its London HQ for new development opposite its current premises February 21, 2022 British-American law firm Hogan Lovells has said it will leave its City of London headquarters, to move to new premises opposite its current building, after London firm PLP Architecture got the go ahead for plans to build 36,000 square metres of office space on Holborn Viaduct. Hogan Lovells said it will move to other side [...]
Prince Harry vs the Home Office: First hearing over police protection row this morning February 18, 2022 The Duke of Sussex’s High Court claim against a Home Office decision not to allow him to pay for police protection for himself and his family while in the UK will have its first hearing on Friday. Harry wants to bring his children to visit from the US, but he and his family are “unable [...]
Mining giant Vale accused of knowing ‘something wrong’ in Guinea iron ore deal February 18, 2022 BRAZILIAN mining giant Vale withdrew a $1.85bn High Court claim against billionaire Beny Steinmetz over an iron ore venture in Guinea just days before Steinmetz’s lawyers were due to present evidence which alleges that the Vale board knew there was “something dodgy” in a deal to procure mining licences in the country, City A.M. understands. [...]
Hogan Lovells poaches two of Linklaters M&A lawyers as M&A boom continues February 17, 2022 City of London law firm Hogan Lovells has poached two of Linklaters’ M&A lawyers, as the surge in M&A activity continues. Anglo-American law firm Hogan Lovells, which has headquarters in London and Washington, D.C., said it has hired Peter Cohen-Millstein and Megan Ridley-Kaye to join its New York M&A practice, as it pushes forwards with [...]
Allianz sets aside €3.7bn to pay for collapsed fund lawsuits, following talks with US authorities February 17, 2022 German insurer and asset manager Allianz has set aside €3.7bn (£3.1bn) to settle lawsuits arising from the collapse of its Structured Alpha funds, following talks with US authorities. Allianz, the world’s largest insurance company, said it had set aside €3.7bn in “anticipation of settlements with major investors.” The comments come after the US Department of [...]
Barrister fined £500 for calling female lawyer ‘hysterical woman’ February 17, 2022 A 66-year-old barrister has been fined £500 after calling a female lawyer an “hysterical woman” at Worthing County Court. London lawyer Feliks Kwiatkowski was fined after he said a witness statement – that had been drafted and signed by a female lawyer – was the work of an “hysterical woman”. After being challenged over his [...]
Ex-Goldman banker says he became a ‘hero’ for 1MDB deals, after embezzling billions from Malaysian government February 17, 2022 A Goldman Sachs banker, who made almost $700m (£515m) through his involvement in the 1MDB scandal, has said “greed and ambition” motivated him to embezzle billions from the Malaysian government, while testifying against Roger Ng, his former Goldman Sachs colleague. Speaking at a Brooklyn Court, Tim Leissner, the former head of Goldman’s Southeast Asia division, [...]
New York firm offers new lawyers unprecedented $235,000 salaries – $20,000 more than closest rivals February 17, 2022 Brewer, Attorneys & Counselors is set to pay its newly qualified lawyers an unprecedented $235,000 (~£172,500) a year, in offering $20,000 more than rival US firms. The firm’s decision to up pay for its first-year associates to $235,000 a year comes after New York firm Milbank sparked a fresh bidding war in January, after raising [...]