London law firm Mishcon de Reya to explore IPO option July 20, 2019 London law firm Mishcon de Reya has begun preparations for a flotation or stake sale valuing the firm at several hundred million pounds, according to Sky News. Mishcon is looking to hire bankers in the coming months to explore its options, although any formal decisions about raising capital are yet to be made. Read more: [...]
Our next Prime Minister should understand how crucial infrastructure projects are to the economy July 18, 2019 Tory members are electing their new leader and the next Prime Minister. Boris Johnson or Jeremy Hunt’s premiership will be dominated by a few issues – solving the Brexit deadlock in parliament, funding public services, and healing the country’s divides. But while it hasn’t featured as prominently as the European issue, infrastructure is of key [...]
Gateley hits new revenue highs as acquisitions pay off July 16, 2019 Listed law firm Gateley last year passed the £100m revenue mark for the first time as a string of acquisitions boosted its top line. Profit before tax at the company jumped 8.9 per cent to £15.9m, on 20.2 per cent revenue growth, to £103.5m. Read more: First listed law firm Gateley delivers strong results as [...]
Auditors ‘should have unlimited access’ to avoid another Carillion July 14, 2019 Companies could reduce the risk of Carillion-style corporate collapses by giving internal auditors “unrestricted access” to the workings of their business, according to an industry group. Furthermore, firms should let auditors attend all executive committee meetings, according to the Chartered Institute of Internal Auditors (IIA). Read more: Should the audit and consultancy arms of the [...]
Begbies Traynor revenues pass £60m for first time as insolvencies rise July 9, 2019 Begbies Traynor shares rose three per cent this morning as it announced revenues passed the £60m milestone for the first time last year. The corporate restructuring specialist enjoyed rising pre-tax profit, amid a year in which it made four acquisitions. The firm benefited from an increase in insolvencies across the UK. Read more: UK company [...]
Inheritance tax faces a shake-up with number of proposed changes July 6, 2019 Under proposed changes to the inheritance tax, the current rules on gift-giving could be cut down from seven years to five. A review of the system ordered by chancellor Philip Hammond claimed the period in which executors are required to account for gifts given within seven years of death should be reduced to five. Read [...]
Almost a third of trainee lawyers at elite Magic Circle law firms educated at Oxbridge July 5, 2019 Almost a third of lawyers at the UK’s elite Magic Circle law firms attended Oxford or Cambridge universities, new data published today shows. The research shows 76 per cent of trainee lawyers at the UK’s leading 139 law firms are Oxbridge and Russell Group graduates. The figures were compiled by the Chambers Student Guide from [...]
Deloitte fined £6.5m for role in Serco tagging scandal July 4, 2019 Big-Four auditor Deloitte was today fined £6.5m and “severely reprimanded” for its role in Serco’s electronic tag scandal. The Financial Reporting Council fine was reduced to £4.2m after the auditor admitted misconduct in connection to the scandal Serco yesterday agreed a deferred prosecution agreement with the Serious Fraud Office over three offences of fraud and [...]
Freshfields increases partner pay to £1.84m July 3, 2019 Freshfields Bruckhaus Deringer has boosted average equity partner pay to £1.839m, it said today. The firm said average profit per equity partner (Pep) grew six per cent in the year to 30 April, putting the firm at the top of the Magic Circle partner pay tree. Revenue grew five per cent to £1.472bn and net [...]
Clifford Chance kicks off Magic Circle reporting season with subdued performance July 2, 2019 Clifford Chance became the first Magic Circle law firm to report its 2018-19 financial results today, announcing modest gains in revenue and profit. The firm said revenue for the year to 30 April grew 4.3 per cent to £1.693bn. Partnership profit rose two per cent to £637m and profit per equity partner (Pep) grew one [...]