Panama papers law firm founders begin damage limitation April 5, 2016 The founders of the law firm at the centre of the Panama papers tax evasion scandal have begun damage limitation, calling the investigation a "media witch hunt". In an interview with the Financial Times, Mossack Fonseca founder Ramon Fonseca said the disclosure was undermining legitimacy of offshore companies. Fonseca blamed hackers, and adding that in the [...]
HM Revenue & Customs heaves deep sigh, promises it’s looking into the Panama Papers April 4, 2016 HM Revenue and Customs (HMRC) has said it will "closely examine" data it receives from the so-called Panama Papers leak, and vowed to act on it "swiftly and appropriately". In a statement following a massive leak last night of papers from Panama-based law firm Mossack Fonseca, which purport to reveal how some of the world's [...]
Want to find out what your salary will be like when you enter corporate law? These are the City’s best-paying law firms April 4, 2016 Lawyers: we all know they're better paid than the rest of us, but just how much can you expect to earn if you join one of London's big-hitting firms? What's surprising is that new research suggests firms in the so-called Magic Circle – the group of London's most elite law firms – aren't necessarily the [...]
Libor scandal round 3: It’s crunch time for the UK’s fraud squad as it heads to court for the third UK Libor trial April 3, 2016 The Serious Fraud Office is gearing up for a crunch trial today as it heads to court in the latest instalment of the Libor rigging saga. The under-pressure fraud squad's war on financial misconduct will continue at Southwark Crown Court, with the trial of five former Barclays bankers accused of US-dollar pegged Libor rigging. The SFO will [...]
Bar Standards Board gains approval to license Alternative Business Structures March 30, 2016 Legal eagles, here's an acronym game to entertain you on your commute home: LSB BSB ABS OMG! For those who require a more detailed explanation, the Legal Services Board (LSB) has today approved the Bar Standards Board's (BSB) application to become a licensing authority for alternative business structures (ABS). An ABS, which were introduced under the Legal Services [...]
Barclays sued by Syrian billionaire Wafic Saïd over blacklisting after 40 year relationship March 23, 2016 Barclays is being sued by one of its oldest and richest customers, Syrian-born billionaire businessman and philanthropist Wafic Saïd after the bank cut ties with him after a 40 year relationship. Saïd, a 76-year-old Monaco resident and Conservative-party donor, today instructed his lawyers to file proceedings at the High Court in London according to a statement released by public [...]
Burford Capital share price closes up after financial services company reveals revenues over $100m for the first time in its history March 23, 2016 Share price in Burford Capital closed up today after the financial services company reveals a boost to both its profits and revenues for the year ended December 2015. The company, which specialises in providing finance for litigation, announced profits before tax of $67.9m (£48.2m), up 19 per cent from $57.1m the year before, while revenues [...]
Law firm Ashurst launches Ashurst Advance to boost its research and development and innovation March 22, 2016 Law firm Ashurst has today launched Ashurst Advance, a new team which will be focused on developing legal services innovations for clients. In particular, Ashurst Advance will be performing research and development (R&D) activities and examining how lawyers can improve client service through factors like better use of technology and more efficient processes. "What is really [...]
Every one per cent of growth in the UK’s legal sector adds another £379m and 8,000 jobs to the economy, finds report March 22, 2016 Legal eagles are adding a substantial chunk to the UK's bottom line, as the legal sector is now valued at over £25bn, a report out today has found. The study published today by the Law Society discovered that every one per cent of growth in the UK's legal services sector adds an additional £379m to the economy and [...]
Old Bailey and Southwark Crown Court among list of eight crown courts to take part in a not-for-broadcast filming pilot scheme for three months March 20, 2016 Television cameras will be allowed into eight crown courts across England and Wales, including London's the Old Bailey and Southwark Crown Court, for the first time under a new pilot plan, Ministry of Justice and the Lord Chief Justice announced today. Under the not-for-broadcast scheme, the sentencing remarks of various nominated senior judges can be [...]