Can Freshfields’ young guns retain the Magic Circle firm’s private equity crown? October 27, 2019 Freshfields Bruckhaus Deringer’s youthful private equity team are on the frontline of the struggle between UK and US law firms to control the City legal market. The firm has led the European private equity deal rankings for the last three years, seeing off the challenge of both Magic Circle and US rivals. However, the shock [...]
KPMG could close Mayfair private members’ club in cost-cutting drive October 27, 2019 Big Four audit firm KPMG is reportedly planning on shutting down its five-storey Mayfair private members’ club as part of a cost-cutting drive. KPMG opened the club in a Mayfair townhouse at 20 Grosvenor Street in 2015. Number Twenty offers guests a private restaurant, a rooftop terrace and client meeting rooms. Read more: KPMG launches [...]
Revolving door spins at London litigation funder Augusta Ventures October 27, 2019 Litigation funder Augusta Ventures has launched a new team to back consumer class actions, but has also shed more than 10 per cent of its London workforce in a recent round of cuts. The funder said that despite cutting eight staff in London, it has grown overall, adding 11 new employees in recent months. Its [...]
DEBATE: In the wake of the Woodford scandal, is there enough oversight of fund managers? October 24, 2019 In the wake of the Woodford scandal, is there enough oversight of fund managers? Yes – Darius McDermott is managing director of FundCalibre There were a number of issues I took strong exception to in this week’s BBC Panorama programme on the Woodford saga, but the conclusion that there is very little regulatory oversight of fund [...]
Slater & Gordon boss talks life after Quindell October 23, 2019 Slater & Gordon’s new UK boss is keen to put the past behind him. On Monday the law firm settled a long-running fraud claim against insurer Watchstone, drawing a line under a turbulent period that threatened to consign the world’s first listed law firm to the history books. Slater had accused Watchstone – formerly Quindell [...]
Tech is top priority for UK’s leading law firms October 23, 2019 Technology is the key strategic priority for the UK’s leading law firms, a report published today showed. A survey of the UK’s top 100 law firms found more than four fifths (81 per cent) said technology was the most important area of strategic development for their firm. After technology investment, 41 per cent cited overseas [...]
KPMG in exclusive talks to sell pensions arm to private equity firm for more than £200m October 23, 2019 KPMG today confirmed it is in exclusive talks to sell its pensions advisory arm to private equity firm Exponent. The Big Four firm is in discussions to sell its pensions unit to the former Quorn-owner for more than £200m, Sky News reported. Read more: KPMG launches £100m cost-cutting programme The division has more than 20 [...]
KPMG launches £100m cost-cutting programme October 21, 2019 KPMG has launched a £100m cost cutting exercise called Project Zebra. The accountancy firm has launched the efficiency drive amid a £200m investment in its audit practice. The investment in its audit practice followed a scathing audit quality report from watchdog the Financial Reporting Council in 2018 in addition to its role as auditor to [...]
Accountancy sector lagging behind business on diversity says watchdog October 21, 2019 The accountancy and audit profession is lagging behind business when it comes to the diversity of senior management, new research showed today. A report by audit watchdog the Financial Reporting Council (FRC) found a massive drop off between women at manager level and partner level at accountancy firms. Read more: Auditors slapped with rising fines [...]
Watchstone shares jump 40 per cent after it settles Slater & Gordon fraud claim October 21, 2019 Insurance firm Watchstone and law firm Slater & Gordon have settled a long running fraud claim just hours before a nine-week High Court trial was due to begin. Watchstone’s shares jumped 45 per cent today to 156p after the settlement was announced. The claim dates from listed Australian law firm Slater & Gordon’s acquisition of [...]