Bank spend – RBS warns of £3bn extra litigation costs ahead of next month’s financial results

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In a statement rushed out late yesterday (27 January) to soften the blow of its official results announcement next month, Royal Bank of Scotland (RBS) has revealed that it is heading for a pre-tax loss of between £7bn-£8bn after setting aside an extra £3bn to cover litigation and compensation costs.

The retail bank, which was rescued from collapse by the Government in 2008 at the height of the financial crisis and continues to be dogged by claims arising out of that era, has set aside £1.9bn to cover ‘various claims and conduct related matters affecting group companies, primarily those related to mortgage-backed securities and securities related to litigation, following recent third party litigation settlement and regulatory decisions.’ Continue reading “Bank spend – RBS warns of £3bn extra litigation costs ahead of next month’s financial results”

Protests and resignations but the High Court says QASA is lawful

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Following months of protests from the criminal Bar including the resignation of a number of barristers from the Bar Standards Board’s (BSB’s) disciplinary panel, the High Court today (20 January) dismissed a formal judicial challenge of the controversial Quality Assurance Scheme for Advocates, ruling that the scheme is lawful.

The court found that the scheme, under which barristers may only accept trials on a par with their assessed and graded advocacy abilities, does not constitute a breach of European law and falls within the legitimate exercise of the powers of the Legal Services Board (LSB) and the three regulatory bodies that submitted it to the LSB for approval. Continue reading “Protests and resignations but the High Court says QASA is lawful”

Breaking: Clyde & Co loses 15-strong US litigation team as two London partners exit

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The expiry of Clyde & Co’s three year post-merger partner lock-in appeared to pass almost unnoticed last April but the top 20 firm has lost two London partners as its established US practice is this month hit with a 15-strong team walk out including three litigation partners.

London commercial partner Alan Meneghetti, who joined the firm five years ago as a legal director and became an aviation partner in 2010, left the firm on 31 December 2013 for Locke Lord’s corporate practice in London. Continue reading “Breaking: Clyde & Co loses 15-strong US litigation team as two London partners exit”

Former Stewarts Law pair to return to SDT after High Court upholds one finding of dishonesty

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Former Stewarts Law partner Andrew Shaw has failed to entirely clear his name in the High Court, which has ordered that the struck-off solicitor return to the Solicitors Disciplinary Tribunal (SDT) to argue over whether one finding of dishonesty against him means he should be re-struck off the solicitors Roll.

Litigator Shaw and associate Craig Turnbull were both struck off by the SDT in February last year, after a private application alleged they misled the court when securing a freezing injunction against businessman Geoffrey Logue.

The case dates back to April 2010, when Shaw obtained a freezing order against Logue for US company The Complete Retreats Liquidating Trust.

The SDT found that the pair’s failure to give full and frank disclosure that the application was funded by a property tycoon with whom Logue was in dispute was dishonest. Continue reading “Former Stewarts Law pair to return to SDT after High Court upholds one finding of dishonesty”

Herbert Smith Freehills announces hire of Maitland Chambers Tom Leech QC as Murray Rosen QC retires

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Herbert Smith Freehills has today (9 January) announced the hire of Tom Leech QC, who has left Maitland Chambers to join the top 10 LB100 firm as a partner in its advocacy group in London.

Having joined the Bar in 1988 and taken silk in 2010, Leech has spent his entire career at Maitland Chambers. He is experienced in commercial litigation, professional negligence, company and property litigation, as well as offshore jurisdictions, while his portfolio includes high profile cases in the High Court, Court of Appeal and the House of Lords.

Continue reading “Herbert Smith Freehills announces hire of Maitland Chambers Tom Leech QC as Murray Rosen QC retires”

International markets – Addleshaw hires third partner in Hong Kong and rebrands to Francis & Co

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Having launched in Hong Kong last summer, Addleshaw Goddard has forged ahead with a number of developments in the region including adding a third partner, Daniel Wan, and rebranding following the arrival of Nigel Francis at the end of 2013.

Wan, who joins from Jun He and previously worked at Herbert Smith Freehills, specialises in M&A and equity capital markets, particularly pre-initial public offering (IPO) investment and restructuring and post-IPO regulatory and compliance matters.

Continue reading “International markets – Addleshaw hires third partner in Hong Kong and rebrands to Francis & Co”

Unsettled forecast for 2014 as MoJ unveils court fee consultation and CBA announces legal aid strike

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Following a year of protests over legal aid cuts and court reforms from a profession better known for its quiet conservatism, 2014 promises more of the same after the government this month launched a consultation over the levying of sizeable court fees in commercial claims and the Criminal Bar Association (CBA) announced a half-day strike of its members on 6 January.

The Ministry of Justice’s (MoJ’s) consultation on fees includes a proposal for imposing percentage-based court fees that could see the cost of a £400,000 piece of commercial litigation increase by £20,000, with around five percent added on top of the total running costs. Continue reading “Unsettled forecast for 2014 as MoJ unveils court fee consultation and CBA announces legal aid strike”

How to win cases and influence people – litigation funding strives to go mainstream

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As third-party funders enjoy robust growth within a buoyant disputes climate, Legal Business assesses current attitudes towards litigation’s controversial bankrollers.

Third-party litigation funders have suffered bad PR for more than 40 years. Often depicted as lurking in the shadows of the courtroom, waiting to collect their share of damages, lawyers have historically been curiously wary of funders since their inception.

Continue reading “How to win cases and influence people – litigation funding strives to go mainstream”

Enhancing the brand: US IP specialist launches in London

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One of the strongest intellectual property firms in the US, Washington DC-based Finnegan Henderson Farabow Garrett & Dunner, has launched an office in the highly competitive London market in a bid to strengthen its European patent practice.

The launch follows the closure of the firm’s Brussels practice announced in August, which will officially shut down early next year once the logistics of transferring to London have been finalised.

Two partners have relocated from Brussels to London to set up shop at 16 Old Bailey – previously home to litigation shop Quinn Emanuel, while a further lateral hire is set to join in January 2014.

Continue reading “Enhancing the brand: US IP specialist launches in London”

Redundancy watch: Lyons Davidson blames litigation market for letting go of 50 post AA and Admiral deals

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Having secured not one but two successive major joint ventures with Admiral and then the AA, Lyons Davidson is undoubtedly the envy of many of its personal injury (PI) peers, but the South West firm has blamed the post-Jackson reforms litigation market for the latest news that it is having to make around 50 redundancies.

Just last week (5 November) the AA – touted as one of the potential game changers likely to enter the post Legal Services Act arena – announced it had secured alternative business structure (ABS) status and entered into a joint venture with Bristol-based Lyons Davidson. Continue reading “Redundancy watch: Lyons Davidson blames litigation market for letting go of 50 post AA and Admiral deals”