Legal Business

News in brief – December 2016

PARTNERSHIPS AT RISK IN AUTUMN STATEMENT

Chancellor Philip Hammond signalled a change to partnership taxation in November’s Autumn Statement, which is expected to impact law firm pay. Hammond said he will shake up profit-sharing arrangements, and according to UHY Hacker Young tax partner Roy Maugham, the government will propose that partnerships must decide their profit-sharing arrangements at the beginning of the tax year rather than at the end, regardless of how individuals perform.


FRESHFIELDS TO BID FAREWELL TO FLEET STREET

Freshfields Bruckhaus Deringer has picked 100 Bishopsgate as its new headquarters, after having been at Fleet Street for almost 30 years. The firm will sign a lease for its new premises, which is currently under construction to be built by 2018.


NABARRO ADDRESSES PENSIONS LIABILITY

Ahead of its three-way merger with CMS Cameron McKenna and Olswang, Nabarro has slashed its pension deficit from almost £31.9m to £12.2m. The firm has set up a pension recovery scheme, through which it plans to eliminate the deficit within 19 years.


FIELDFISHER OPENS IN BIRMINGHAM

Fieldfisher has merged with 18-partner Midlands firm Hill Hofstetter in a deal that will add £6m to its top line. The merged entity will move to a new Birmingham location in April 2017.