Why PwC’s head of people wants firms to try harder with recruitment September 4, 2016 It’s 2016. The UK has its second female Prime Minister running the country, the US could potentially get its first female President later in the year, and there’s no shortage of positive role models for working women looking for inspiration. This makes the revelation of Laura Hinton, head of people and an executive board member [...]
Look away, legal eagles: Revenue and staff numbers slipped at the UK’s 100 largest law firms in 2016 September 2, 2016 This year has not been kind to those with a head for all things legal, as both revenue and staff numbers dropped at the UK's 100 largest law firms. The firms raked in a combined turnover of £20.2bn this year, a slip of two per cent compared with the £20.6bn reported last year. Meanwhile, the number [...]
PwC pays largest ever uncontested fine to Financial Reporting Council over Cattles audit sign-off August 31, 2016 The Financial Reporting Council (FRC) today fined PwC £2.3m in relation to the 2007 audit of failed sub-prime lender Cattles. The fines are the highest ever imposed by the FRC for an uncontested disciplinary hearing and only surpassed by the £3m of penalties accepted on appeal by Deloitte in connection with the failure of MG Rover. Total fines of £3.5m were reduced [...]
Slater and Gordon swings to a AU$1bn loss August 30, 2016 Shares in Slater and Gordon (S&G) fell 15 per cent on the ASX 200 after the Australian law firm posted a chunky net loss today. The figures The group, which is based in Sydney, announced a net loss of AU$1.02bn (£590m) in the 12 months to June – down from a profit of AU$62.4m last year. The results – which S&G's managing director Andrew Grech [...]
Legal eagles not impressed with average price suggestions August 25, 2016 The professional body for solicitors has today slammed calls for firms to publish their average costs. Last week, the Legal Services Consumer Panel (LSCP) responded to the interim Competition and Markets Authority (CMA) report into the legal services market and suggested red tape should be introduced to make publishing average fees mandatory. Although noting the Society wanted to improve [...]
HM Revenue & Customs (HMRC) proposes new ways to crack down on offshore tax evasion August 24, 2016 The taxman today laid down the law, announcing plans for tougher new sanctions for offshore tax evasion. Under the proposals announced by HM Revenue & Customs (HMRC), those who do not volunteer to pay outstanding taxes from offshore investments and accounts could be slapped with penalties up to three times the tax they were trying to evade. The [...]
Cheers! High court rules SABMiller shareholder vote over Megabrew can be split August 23, 2016 Megabrew is still fizzing along. The High Court has ruled that SABMiller shareholders can be treated as two classes when they vote on the takeover by Anheuser Busch InBev – dubbed Megabrew. SAB requested the split as the £79bn deal requires 75 percent approval by SAB shareholders – with the largest two stakeholders controlling 40 per cent of the shares. Read more: [...]
Brexit boost not here to stay, warns outgoing Baker & McKenzie chairman, as firm reveals profits and revenue growth August 22, 2016 It will be business as usual for lawyers before too long, warned the outgoing chairman of legal giant Baker & McKenzie, despite an uptick in work following the Brexit vote. The figures The firm, which also announced its results today, has reported revenue of $2.62bn (£2bn) for its year to June, up eight per cent on [...]
Deliveroo chief says employment laws are behind the times August 21, 2016 Deliveroo boss William Shu has said the UK's employment laws need updating, after the food delivery startup tried to temper an ongoing dispute with its riders over a new trial pay structure. Shu says he hasn't had contact with government yet over the issue – although it has issued a warning that the firm needs to [...]
Watch out, big banks: The claims are coming, and here’s the lawyer who’s bringing them August 21, 2016 Before the rigging scandals started to rock the City, most people would have been wholly unfamiliar with the idea of a 4pm fix or the Libor question. Then, in 2012, Barclays’ chief executive Bob Diamond sent shockwaves through the financial centre, as he stepped down from his role. Just days before, the bank had been [...]