ABS News and Analysis
Mishcon de Reya is to vote next month on converting to an LLP and bringing all of its salaried partners into the equity.
It has taken just over two years, but for those standing patiently at the ABS bus stop for a local authority to gain a licence the wait is finally over. And predictably, two have come along at once.
Irwin Mitchell grew revenue by 1.2 per cent from £200.3m to £202.7m and saw profit before tax drop by 8.5 per cent from £18.7m to £17.1m last year, according to audited figures.
The Institute of Chartered Accountants (ICAEW) has become the first non-legal entity with powers to regulate probate services and license alternative business structures (ABSs).
The London boroughs of Harrow and Barnet, which recently merged their legal groups, have become the second local authority in-house team to be awarded an alternative business structure (ABS) licence, following Buckinghamshire County Council last week.
Slater & Gordon’s UK revenues have smashed through the £100m barrier, with an 119 per cent increase in turnover from £46.1m to £101m (A$182.5m) for the 2013/14 financial year.
Buckinghamshire County Council has become the first local authority to form an alternative business structure (ABS), after the Solicitors Regulatory Authority (SRA) granted it a licence.
Parabis has begun a consultation affecting some 41 staff over the future of its Bristol and Colchester offices.
QualitySolicitors’ owner Palamon Capital Partners has acquired an undisclosed majority shareholding in Simplify Legal Group.
Cheshire-based industrial disease specialists Roberts Jackson has received a £15m cash injection from private equity firm NorthEdge Capital.
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AIM-listed consumer financial services business Fairpoint Group has stated its commitment to expanding Simpson Millar after it completed its acquisition of the firm earlier this week for an £8m consideration.
Third sector specialists Bates Wells Braithwaite (BWB) has become the latest firm to be granted an ABS licence, paving the way for its first non-lawyer partner.
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Accountancy and consulting giant EY has made another foray into the legal sector, hiring Freshfields Bruckhaus Deringer partner Richard Norbruis to lead its global transaction law practice.
Slaughter and May has appointed a second diversity chief, Susannah Macknay, to assist the firm’s inclusion efforts.
Clifford Chance’s new managing partner and corporate head are turning around the firm’s conservative reputation by taking an axe to the leadership team and getting tough on partners’ remits.
Chester firm Aaron & Partners boosted its turnover by 7.4 per cent from £6.76m to £7.26m during the 2013/14 financial year.
King & Wood Mallesons (KWM) and Baker & McKenzie have topped a survey of Asia-Pacific general counsel aimed at identifying the firms with the strongest brands in the region.
Cheltenham-headquartered media boutique Wiggin has posted a 22.3 per cent increase in revenue for the 2013/14 financial year, from £13m to £15.9m.
Baker & McKenzie has posted its highest-ever revenue, recording a total turnover of $2.54bn (£1.51bn) for the 2013/14 financial year to 30 June.
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