Auditor ranking race narrows as FTSE 100 firms spread out September 2, 2019 Prized FTSE 100 clients are now more evenly spread out among the Big Four accountancy giants than at any time in almost 15 years, with some of the UK’s top auditors losing out to their rivals after an intense year of scrutiny and high-profile failures. The blue-chip client league table for auditors has “never been [...]
Law firms moving away from traditional partnership model September 1, 2019 Law firms are moving away from the traditional partnership structure with 47 per cent now incorporated businesses, according to new research. Forty seven per cent (4,890) of the 10,400 law firms in the UK are now incorporated businesses, up from 32 per cent five years ago, according to analysis from accountancy firm Hazlewoods. The increase [...]
Watchstone accuses Slater and Gordon of using ‘illicit back channel’ during disputed Quindell deal August 29, 2019 Insurance outsourcer Watchstone struck back in its High Court scrap with Slater & Gordon today after it was granted permission to file a counter-claim against the personal injury law firm. Watchstone said it recently discovered an “illicit back channel” Slater and Gordon’s corporate finance adviser Greenhill & Co allegedly used to access confidential information about [...]
Baker Mckenzie boosts revenue and profit despite testing year August 29, 2019 Global legal giant Baker Mckenzie said today its revenue grew 1.2 per cent to $2.92bn (£2.39bn) in the last financial year. Baker Mckenzie has suffered a tough year with the shock death of global managing partner and former London chief Paul Rawlinson in April. Read more: Law firm Baker McKenzie confirms death of global chair [...]
Does Hargreaves Lansdown’s strategy cause too much money to pour into too few funds? August 28, 2019 Given that diversification is one of the most important principles of investing, we should question why the UK’s largest investment platform Hargreaves Lansdown doesn’t seem to be following this basic idea. This became apparent in the wake of the scandal around Britain’s most famous fund manager, as £1.6bn was funnelled into Neil Woodford’s still-suspended fund [...]
Muddy Waters accuses Burford Capital of deceiving investors August 27, 2019 Shortseller Muddy Waters blasted litigation funder Burford Capital again today, saying the company “is not worthy of an Aim listing, let alone a US one”. The shortseller’s first attack on Burford earlier this month wiped 40 per cent from the company’s share price. Today Muddy Waters reiterated its criticism of Burford’s conduct in relation to [...]
Deloitte boosts partner pay as profits jump August 27, 2019 Deloitte partners are in line for a pay hike this year, despite the current controversy surrounding the future of the Big Four accounting firms. Average profit per equity partner rose six per cent to £882,000 for the year ended 31 May. Profit available for distribution rose to £617m, up from £584m in the prior year. Deloitte [...]
Crunch time: How would City law fare in another downturn? August 27, 2019 The last recession hit the City legal market hard. The top firms launched unprecedented restructurings, slashing thousands of jobs as credit dried up and deals ground to a halt. Magic Circle firm Allen & Overy cut nearly ten per cent of its workforce worldwide, ditching 47 partners, 200 junior lawyers and 250 support staff. One [...]
It’s a bittersweet apology from Hargreaves Lansdown August 21, 2019 With a hat-trick of senior figures set to leave Hargreaves Lansdown, one can’t help wondering how the investment company is going to revive its reputation. Prolific analyst and commentator Laith Khalaf started the trend last week, and yesterday saw the firm’s proposition manager and chair of its investment committee reveal that they were also stepping [...]
Debunking four common myths around temporary workers August 19, 2019 Work is the hub around which the spokes of society revolve: we depend on our labour to make a living. But one big thing has changed over recent years, as work today is less about the perceived value of the job and more about the level of control and choice that the worker has. The human [...]