EY says it does not owe ‘duty of care’ to taxman in fight over property magnate’s tax affairs Tax EY has said it is under no obligation to help HMRC collect more taxes in defending itself against a High Court lawsuit over a British property magnate’s tax affairs. The Big Four accounting firm said it owed no “duty of care” to HMRC to have given it information that could have helped it collect more [...]
London’s litigation financiers primed to profit on global downturn, Therium chief says Legal sector London’s litigation funders are in a prime position to capitalise on the global economic downturn, the founder of one the UK’s top lawsuit financiers told City A.M. The economic slump threatens to stretch in-house legal budgets and drive an uptick in legal battles, Therium founder Neil Purslow said, which could force companies and litigants turn [...]
UK to ‘use all tools’ available to crack down on thousands of firms that missed property register deadline Companies House The UK government has vowed to “use all the tools” at its disposal to crack down on the thousands of overseas companies that have failed to report their beneficial owners with Companies House’s new property register. The government pledged to fine and prosecute the “oligarchs and non-compliant organisations” that missed yesterday’s deadline to declare their [...]
Baker McKenzie launches ‘thorough review’ into ex-lawyer’s racism allegations February 1, 2023 US law giant Baker McKenzie has vowed to immediately conduct a “thorough review” into claims a mixed-race lawyer was subject to multiple instances of discrimination in one of its European offices. The Chicago firm’s review comes after one of its former lawyers claimed she felt forced to leave her job due to facing poor mental [...]
Law firms face fines or closure over ‘incompetent’ solicitors as watchdog renews crackdown February 1, 2023 The UK’s solicitors’ watchdog has warned that law firms could be fined or shut down if they fail to deal with incompetent solicitors, as it looks to take tougher action against firms and lawyers that fail to meet the regulator’s expectations. The Solicitors Regulation Authority (SRA) said yesterday that it intends to “broaden the ways” [...]
Size matters: Womble Bond Dickinson merger with BDB Pitmans canned as it ‘would be more like a takeover acquisition’ February 1, 2023 Womble Bond Dickinson and BDB Pitmans have scrapped plans for a merger, the firms confirmed today, as analysts suggested the relative size of the former would mean a merger would, in reality, be more like a takeover. The law firms, who first entered talks in Autumn 2022, said in a joint statement they had “decided [...]
Ex-PwC partner denies leaking info to City banker to help Slater & Gordon’s £637m deal January 31, 2023 The former head of PwC’s restructuring business has denied leaking confidential information to a London investment banker that allegedly helped City law firm Slater & Gordon get a better price in a £637m acquisition, a London court heard today. Ex-PwC partner Ian Green is accused of disclosing commercially sensitive information about software developer Quindell’s financial [...]
RBG Holdings shares plummet after professional services firm fires chief executive January 31, 2023 Shares in RBG Holdings today plummeted by more than nine per cent after the troubled professional services group said it had fired its chief executive. The AIM-listed professional services conglomerate said in a statement that its board has “lost confidence” in chief executive Nicola Foulston as it stated her “employment contract has been terminated with [...]
Is this the end of law firm IPOs? January 30, 2023 British law firms have traditionally stayed away from public markets. Yet following a series of IPOs over the past eight years, there are now six UK law firms listed on the stock exchange. Gateley became the first UK law firm to launch an IPO in 2015 after floating on London’s alternative investment market (AIM). In [...]
Serious Fraud Office: Osofsky backs government’s plan for new ‘failure to prevent’ fraud offence January 25, 2023 The director of the UK’s Serious Fraud Office (SFO) has backed plans for a new ‘failure to prevent’ fraud offence, after government ministers today confirmed the offence would make its way on the statute books. SFO chief Lisa Osofsky said government plans to introduce a failure to prevent offence for fraud has the “potential to [...]