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 [...]
UK’s top 100 law firms report strong year despite final quarter slump July 1, 2019 The UK’s top 100 law firms grew fee income seven per cent in the year to 30 April, according to data published today. The strong performance is a slight dip on last year’s average fee income increase of 7.7 per cent, according to audit firm Deloitte’s quarterly legal sector survey. Jeremy Black, partner in Deloitte’s [...]
Staffline seeks to raise £41m to ease debt fears June 27, 2019 Recruitment firm Staffline has this morning announced plans to raise up to £41m by selling off shares to private investors and current shareholders. The UK-based company is seeking to make £34m through a placing, with a further £7m to come from an open offer. Read more: PwC fined £4.5m for ‘lack of competence’ in Redcentric [...]
Through the smoke: The legal path to Britain’s cannabis market June 26, 2019 The great and the good of the global cannabis industry (which, for those behind the curve on such things, is no longer a contradiction in terms), are assembling in London for a dazzling set of events under the banner of European Cannabis Week. Even those who follow the headlines about the industry’s rapidly escalating size [...]