News in brief

A round up of stories from the UK and around the world

Clifford Chance has finalised its annual figures and reviewed them upwards on original estimates. The firm's turnover to April 2001 was £937m, up from an initial prediction of £915m. That means partners at the top of lockstep will take home £855,000, £10,000 more than first thought. Average profits per partner are £721,000, with bottom-of-equity partners taking home £340,000. Fees per fee-earner for the firm have risen dramatically from last year's £270,000 to £327,000.
Monckton Chambers has made competition and tax silks Kenneth Parker QC and Paul Lasok QC the new joint heads of chambers, succeeding John Swift QC (left). Swift has stepped down but continues to practise at the chambers, having spent two and a half years at the helm.
McDermott Will & Emery, the Chicago firm, has hired two intellectual property (IP) partners to launch a practice in its Los Angeles office. Jorge Arciniega and Rami Yanni join from Squire Sanders & Dempsey along with one of their associates. They add to McDermotts' 140-lawyer IP practice, which is spread across the Washington DC, California and London offices.
Sidley Austin Brown & Wood corporate securities partner Joseph McLaughlin has been asked to participate in a newly-formed Congressional Review Board, set up to look at recent Wall Street industry association proposals governing the standards and practices of research analysts. Other members include the chairman of the New York Stock Exchange.
Wragge & Co is in merger talks with City firm Tarlo Lyons in a bid to add a targeted IT and outsourcing practice in London. The Birmingham firm has small offices in Brussels and London, and has until now focused its attention on its home office. Tarlo Lyons has 26 partners and is understood to be considering offers from a number of other suitors.
Nabarro Nathanson has a newly structured management board, which comes into play this month. The board consists of Nabarro's executive board plus three other partners. Its members are Nicole Paradise (managing partner), Simon Johnston (senior partner), Andrew Inkester (corporate finance), Mike Renger (Sheffield head), Iain Travers (property litigation), Iain Newman (corporate), Robert Bell (EU and competition), Andrew Scholefield (finance director), Kevin Stimpson (property). The practice has also announced a turnover of £87.3m for the last financial year, up 13 per cent from 1999-2000. Average profits per partner stand at £363,000. Corporate has seen particularly strong growth, with an aggregate deal value of £8.5bn for the year.
Crutes has expanded its employment unit with the appointment of new partner Tim Smith and Emma Cross as assistant solicitors. Additional support for the unit will come with the move of partner Kevin McKernan (right) from the litigation office to the employment unit.
Lord Chief Justice Woolf has ruled in the long-awaited Court of Appeal case Callery Gray that all costs, including insurance premiums, are recoverable and that a claimant can take out an after-the-event (ATE) policy straight after a solicitor has been instructed. The decision goes against the hopes of insurers and defencesolicitors that there should be limited recoverability of success fees and ATE premiums in cases that settle out of court.