UK law firms plunged into bankruptcy by soaring insurance premiums January 17, 2023 Dozens of UK law firms have collapsed into bankruptcy over the last year due to being unable to obtain the insurance policies they need to continue operating, new research shows. The rising cost of taking out professional indemnity insurance (PII) policies – that cover any losses arising from negligent services – caused nine UK [...]
PwC steps down from auditing heavily-indebted property developer Evergrande January 17, 2023 PwC has resigned as Evergrande’s auditor following a series of disagreements with the heavily-indebted property developer over its audit of the firm’s 2021 accounts. In a filing to the Hong Kong stock exchange, Evergrande said its board had decided to replace PwC as the company’s auditor after the two parties failed to reach an agreement [...]
Deloitte snaps up London tech consultancy Reformis January 16, 2023 Deloitte has completed its acquisition of London tech consultancy Reformis as it pushes forwards with efforts to bolster its advisory business. The acquisition, for an undisclosed sum, will see Reformis’ 83 staff join the Big Four accounting firm as it seeks to capitalise on booming demand for tech focused advice. Founded in 2003, the consulting [...]
London partners paid 25 per cent more at US law firms, new data shows January 16, 2023 The top US law firms are now paying their London partners significantly more than their British rivals, in another sign of American dominance in the UK legal sector. Partners in the London offices of the top 15 US law firms took away 25 per cent higher payouts than their counterparts in the UK’s top 15 [...]
Pensions: Specialist insurer PIC strikes £400m Amey deal after £600m House of Fraser buy-in January 16, 2023 The specialist insurer that bought out House of Fraser’s pensions fund for £600m last year has completed a £400m deal to take over UK engineering firm Amey’s retirement scheme. Pension Insurance Corporation’s (PIC’s) deal will see the firm take responsibility for paying out 3,473 pensions, covering £400m worth of liabilities. Bulk purchase annuity (BPA) deals [...]
London-listed law firm Knights bolsters business with Meade King acquisition January 16, 2023 Knights today acquired commercial law firm Meade King for £2.1m as the London-listed law firm pushes forwards with plans to bolster its business via mergers and acquisitions. Under the terms of the deal, Knights – one of just six UK listed law firms – will take on 29 of Meade King’s lawyers, including four partners. [...]
US-China tensions, tariff hikes and Russia sanctions force firms to look at ‘onshore’ supply chains January 16, 2023 Logistics executives increasingly believe top companies should look to bring their supply chains closer to home to avoid being impacted by trade wars, sanctions and other global shocks, a new survey has found. Supply chain managers increasingly see ‘onshoring’ and ‘near-shoring’ as a means of hedging against disruption to global trade caused by the Covid-19 [...]
Shell claimed £200m from Ofgem heaping pressure onto household bills January 15, 2023 Shell claimed almost £200m for costs associated with taking on customers whose suppliers had gone bankrupt in 2021, before generating record profits in 2022 on the back of soaring oil and gas prices. Shell’s UK utility business claimed £197m under Ofgem rules for costs linked to picking up 500,000 new customers from five energy suppliers [...]
Legal & General to vote against NewMed’s takeover bid for Capricorn Energy January 15, 2023 A fight over the future of Capricorn Energy is set to come to a head this week on the announcement that one of its top investors is set to vote against the oil and gas firm’s board in a push to veto NewMed Energy’s £3bn takeover deal. Legal & General Investment Management (LGIM) is set [...]
Credit Suisse preparing to cut 10 per cent of European investment bankers – report January 15, 2023 Credit Suisse is preparing to lay off more than 10 per cent of its European investment bankers after issuing redundancies to hundreds of staff last month. The Swiss bank is planning to make widespread layoffs, as it pushes forwards with plans to sack thousands of workers, the Financial Times reported. Credit Suisse declined to comment [...]
