The system was flawed, says lawyer acting for trader accused of Euribor rigging June 14, 2018 The barrister defending a former Barclays trader accused of taking part in a conspiracy to rig the Euro Interbank Offered Rate (Euribor) has said the system was "flawed" and that his client never acted dishonestly. Sean Larkin QC is defending Carlo Palombo against accusations of rigging the interest rate relied on by a number of [...]
Elite US law firm boosts top City associate pay to $340,000 as pay war rages June 12, 2018 Blue-blooded US law firm Cravath Swaine & Moore has set the pace in the junior lawyer pay war presently raging among the City’s elite US law firms. Cravath, which has offices in New York and London, has unveiled a new pay scale for junior lawyers and promised to dole out thousands in bonuses in order [...]
Deloitte announces reduced UK partner promotions round June 5, 2018 Big four accountant Deloitte has announced a reduced 2018 partner promotions round with the number making the grade in the UK and north west Europe both dipping. Partner promotions in the UK fell five per cent from 57 last year to 54 in 2018. The number and percentage of new female partners in the UK [...]
Euribor developer says it was ‘natural’ for banks to consider their commercial interests in rate submissions June 4, 2018 A senior executive responsible for developing the Euro Interbank Offered Rate (Euribor), which became the centre of a rigging scandal, has said it was "just natural" for traders to take into account their banks' commercial interests when submitting rates into the market. Helmut Konrad, a former president of the ACI in Germany who helped [...]
Who are the City’s best paid lawyers and what are they taking home? June 4, 2018 When private equity partner David Higgins started his new role in the City office of US law firm Kirkland & Ellis in April, he came with the weight of expectation generated by a reported $10m (£7m) salary. Higgins’ salary, which works out at nearly $200,000 per week, is almost unprecedented in the London legal market. [...]
Former Barclays Euribor trader describes losing “a lot of money” in first trade May 29, 2018 A former Barclays trader who stands accused of rigging the European Interbank Offered Rate (Euribor) for commercial gain told a London court she feared losing her job when she lost "a lot of money" on her first trade. Danish national Sisse Bohart, 40, told Southwark crown court that despite being given a target of raising [...]
Legal boss sent sexually explicit messages to woman he approached as part of Christian outreach programme March 22, 2018 The boss of one the world’s largest law firms by revenue resigned this week after engaging in “communications of a sexual nature” with a woman he approached as part of a Christian outreach programme. Bill Voge, the chair of US law firm Latham & Watkins, resigned the from the $3bn (£2.14bn) firm this week as [...]
The $3bn club: Kirkland & Ellis overhauls Latham & Watkins as world’s richest law firm March 22, 2018 US law firm Kirkland & Ellis has overhauled Latham & Watkins as the world's richest law firm, data from US legal media company ALM shows. The firm, which has its City headquarters in the Gherkin, grew its revenue by 19 per cent last year to $3.165bn (£2.24bn). This puts it ahead of rival Latham, currently [...]
Claimants up the stakes against Clydesdale Bank over Tailored Business Loans with second legal letter March 22, 2018 The stakes have been raised in a £1bn dispute against Clydesdale Bank and National Australia Bank (NAB) after lawyers for a group of small businesses sent a second letter threatening legal action. Claim management group RGL Management, which acts for the group, has accused Clydesdale Bank and NAB of acting fraudulently and dishonestly in their [...]
Former Deutsche Bank trader charged with Euribor rigging in SFO probe pleads guilty March 16, 2018 A former star trader who was once considered one of Deutsche Bank’s most successful bankers has pleaded guilty in a Serious Fraud Office (SFO) probe into Euribor manipulation. Christian Bittar, who was among six traders charged in the first SFO case that focused on the Brussels-based benchmark, pleaded guilty to the offence on 2 March. News [...]