Three lessons law firms can learn from rivals’ collapses amid coronavirus April 30, 2020 Law firm collapses are a lot like bank runs. Confidence in the institution crumbles, causing partners to rush for the exits – taking their capital and clients with them. Partner departures reduce the firm’s revenue, profit and capital, leading to further partner exits in a destructive feedback loop. Once firms enter this death spiral it [...]
Housebuilding set to drop 35 per cent in 2020, says report April 27, 2020 Coronavirus lockdown measures will mean 35 per cent fewer houses will be built in the UK in 2020 than originally planned, according to a new report, a fall likely to add to the stresses in the British housing market over the coming years. Property consultant Knight Frank predicted in a new report that around 104,000 [...]
Law firms face ‘bloodbath’ in upcoming coronavirus recession April 23, 2020 Advisers who worked on some of the largest UK law firm collapses predict a “bloodbath” for the legal industry as a result of the coronavirus economic crisis. Andy Hosking of Quantuma, who acted as administrator to King & Wood Mallesons Europe (KWM) and Ince & Co, said: “You are going to see a bloodbath in [...]
Law and accountancy firm coronavirus partner promotions: a poisoned chalice? April 22, 2020 Law and accountancy firms have promoted swathes of new partners in recent days with many firms hailing the strong rounds as a signal of confidence in the future. But with new partners typically required to stump up £50,000 to £100,000 to join partnerships, it is a potentially risky step up for the individual during the [...]
UK house prices dip as coronavirus lockdown makes sales ‘almost impossible’ April 20, 2020 UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions. The latest data from Rightmove showed that the average price of property coming to market dipped 0.2 per cent to £311,950. In April last year UK house prices increased 2.1 per cent. However, Rightmove [...]
Coronavirus: Knight Frank and Rightmove call for stamp duty holiday to reignite market April 20, 2020 Estate agent Knight Frank and property platform Rightmove have both backed a stamp duty holiday as part of a package of measures to reignite the housing market after the coronavirus lockdown is lifted. The companies have separately called for a stamp duty holiday to be among a range of measures designed to stimulate the market, [...]
London hotel market ‘set for strong post-coronavirus recovery’ April 15, 2020 London’s hotel market could make a complete recovery by the end of next year if coronavirus restrictions are lifted by the end of June, according to the latest research. Knight Frank research found that there could be a surge in UK investment volumes in the final months of 2020, and showed that the hotel market [...]
Pressure builds on social media firms to stamp out ‘crazed’ 5G conspiracy theories April 6, 2020 Social media firms are under fierce pressure to stamp out misinformation about 5G amid fears the spread of conspiracy theories is putting lives at risk. Phone masts have been set alight in locations across the UK due to posts circulating online falsely claiming that there is a link between mobile phone technology and the coronavirus [...]
Coronavirus squeezes mutual funds causing record fund outflows April 6, 2020 The coronavirus-induced market slump caused record fund outflows last month, with fixed income funds particularly badly hit. Investors redeemed a record £3.1bn of their fund holdings in March, according to global funds network Calastone. It represents almost three times the outflows recorded in the previous worst month in June 2016 when the UK voted to [...]
UK house prices set to drop as sales plummet during pandemic April 6, 2020 UK house prices are set to fall three per cent this year as market activity grinds to a halt during the coronavirus crisis, forecasts published today revealed. House sales are expected to plunge 38 per cent year on year to 734,000 transactions assuming the current lockdown remains in place until the end of May, according [...]