Firms attack changes to paternity law January 17, 2011 DEPUTY Prime Minister Nick Clegg was accused of risking a bureaucratic nightmare yesterday, after outlining plans to expand impending paternity leave regulations. Clegg wants to “transform” paternity leave so that fathers can take regular chunks of their wives’ or partners’ maternity leave – yet the policy was attacked as unworkable by business groups and employment [...]
Sacked Renault manager vows to fight his dismissal January 16, 2011 ONE of three Renault managers sacked for allegedly leaking electric vehicle secrets, is planning to fight the company’s decision to dismiss him, his lawyer said yesterday. Michel Balthazard, a member of Renault’s management committee and a leader of its electric vehicle programme, received a letter of dismissal on Saturday, which accused him of receiving money [...]
Tribunals cost firms £8,500 each, says BCC January 5, 2011 EMPLOYERS face costs of thousands of pounds from spurious employment claims, the British Chambers of Commerce (BCC) claimed yesterday. Tribunals are “overwhelmingly weighted in favour of the employee,” causing companies to pay large settlements even for claims with no substance, the BCC’s report said. The average cost for an employer to defend themselves at tribunal [...]
Before bonuses come firings, so watch your back January 4, 2011 STEWARTS LAW The decorations are back in the loft, the shops would be full if it wasn’t for the VAT rise. It must be January. And that also means that it is bonus season, the time when managers start to take a close look at the bonus pot and wonder how to divide it between [...]
Stockholm Syndrome and Dementors rule the law December 21, 2010 A HARD year for the City’s legal market is drawing to a close, and lawyers at those firms that haven’t cancelled their Christmas parties are looking forward to a booze-filled lead up to the New Year. And giving their two cents in RollOnFriday’s annual Firm of the Year survey. There seems to be little festive [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]
Hedge funds play an important role in society December 20, 2010 ONE of the biggest popular misconceptions about the hedge fund industry is that it is unregulated and wishes to stay that way. Not only are managers vigorously and effectively regulated at a UK level, but they will soon also be subject to EU regulation, with the Alternative Investment Fund Managers Directive (AIFMD) soon to be [...]
CITY OF LONDON CHIEF HITS OUT AT PAY RULES December 12, 2010 CITY of London policy chief Stuart Fraser has slammed new EU laws regulating bonus payments as “political point scoring” that will drive business out of Europe and destroy London’s status as a global financial capital. In his column for City A.M. today, Fraser, the chairman of the policy and resources committee at the City of [...]
The head of the world’s largest law firm reveals his plans for expansion December 5, 2010 The new chairman of Baker & McKenzie has a tricky hand to play. Eduardo Leite, who began his three-year term at the beginning of last month, may lead over 10,000 staff (including 4,000 lawyers) spread over 40 countries in 68 offices. And the firm may have produced the biggest revenues in the industry this year [...]
Goldman code theft case starts November 30, 2010 A FORMER Goldman Sachs computer programmer charged with theft of a valuable speed-trading code did not, and could not, harm Wall Street’s most influential bank, his lawyer told a jury yesterday. But a federal prosecutor told jurors Sergey Aleynikov stole critical parts of Goldman’s top-secret high-frequency trading programme because he would earn hundreds of thousands [...]