SJ Berwin pays out delayed partner profits

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Salaries King & Wood Mallesons

As partnerships continue to take a cautious approach to profit distribution, SJ Berwin has confirmed that it has released profits that it withheld in February.

The firm’s profit per equity partner (PEP) increased by 1% between 2011 and 2012 to £635,000 with revenues up 1% to £180.1m. According to the firm, the February distribution was held back as a matter of caution in light of a large tax bill in January.

The practice is becoming increasingly commonplace – in March, Field Fisher Waterhouse withheld their partner distribution, citing the firm’s investment plans as the reason for the delay. The firm saw its PEP drop by 16% in 2011/12 to £434,000 against a revenue increase of 4% to £97.6m.

TLT beats heavyweight players to win BBC property role

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Property TLT

TLT has been named as the BBC’s sole provider advising on property legal services across its estate in England and Wales.

Legal Business understands that the tender saw TLT up against heavyweight property firms including Hogan Lovells and Nabarro. The broadcaster’s incumbent property adviser was Bond Pearce.

TLT’s 17-strong real estate team, which operates across the firm’s Bristol and City offices, includes head of real estate Andrew Glynn, property litigation partner Mark Routley, and partner Stephen Elliott who joined TLT’s City office from Hogan Lovells in 2011.

Hill Dickinson to review its business to maintain profitability

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Restructuring Hill Dickinson

Unusually for a firm that has averaged 10% growth over the last five years and posted a 22% leap in profit per lawyer in 2011/12, national firm Hill Dickinson has announced a review of its UK business today (30 April), which could lead to redundancies.

The firm, which employs more than 1,400 people including 190 partners, confirmed it would be reviewing its range of services and geographical reach, which it anticipates will lead to the restructuring of a number of unspecified teams.

Clifford Chance and Linklaters make most of their partner promotions in Europe

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Partnership promotions Clifford ChanceLinklaters

Partner promotions continue apace with Magic Circle firms Clifford Chance (CC) and Linklaters the latest to announce their numbers, the majority of which are in Europe.

CC welcomed 20 new lawyers to its partnership, with three-quarters of those promotions spread across Europe, while Linklaters promoted 24 partners, of which 19 were in Europe.

Taylor Wessing boosts partnership by 16 in latest promotion round

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Partnership promotions Taylor Wessing

Taylor Wessing has more than doubled its partner promotions this year to 16, of which only one is in its City office.

City private client lawyer Kirstie McGuigan was made up to partner while the firm’s other promotions were spread across Munich (four), Berlin (two), Frankfurt (one), Dusseldorf (two), Hamburg (one), Budapest (one), Vienna (one), and Prague (two), Bratislava (one).

Commerzbank loses bankers’ bonuses appeal

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Litigation CommerzbankLinklaters

Commerzbank has today (26 April) lost its appeal in its high-profile four-year battle over unpaid bankers’ bonuses – one of the largest cases against a bank to run since the credit crunch.

Represented by Linklaters, Germany’s second largest bank will have to pay €52m to 104 London-based bankers, unless it obtains leave to appeal to the Supreme Court.

Libel law to be overhauled as Defamation Bill gets royal assent

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Legal affairs

A three-year battle to bring libel law into the 21st century came to a close yesterday (25 April) as the Defamation Bill received Royal Assent.

The Defamation Act 2013 will mean that companies and individuals bringing a libel claim are now required to show serious harm – including serious financial loss for a company – to establish a claim.

Harbour Litigation funds claimant in dispute with Barclays

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Litigation BarclaysCF PartnersHarbour Litigation

Third party financier Harbour Litigation Funding is to bankroll a claim against Barclays alleging the bank mis-used confidential information in its 2010 takeover of Tricorona.

The £164m claim is being brought by UK trading and investments firm CF Partners, which alleges that Barclays used confidential information it supplied to the bank when requesting funding for its own bid for Tricorona.

A&O introduces first trainee salary increase since 2010

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Salaries Allen & Overy

Allen & Overy has increased trainee pay rates bringing to an end a three-year freeze and has promoted 24 lawyers to the role of counsel.

The Magic Circle firm is the first to raise the stakes amongst its peers this year, with second-year trainee rates increasing by £800 to £44,000 – £200 less than the previous increase in May 2010, where pay packets grew from £42,200 to £43,200.

Former Dewey chairman to pay $500k mismanagement settlement

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Steve Davis, former chairman of Dewey & LeBoeuf, has offered to pay over half a million dollars to settle claims against him following the firm’s collapse last year.

Davis has agreed to pay $511,145 in the form of a promissory note to the firm’s liquidation trust, after Dewey became the largest law firm in US history to file for Chapter 11 bankruptcy last May.