The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Linklaters is understood to have paid £13m to settle a professional negligence claim brought by former client Levicom, a Baltic telecoms company.
The settlement brings to an end a row over advice given by Linklaters to Levicom on a dispute the client was involved with in 2001.
Mr Justice Smith ordered Linklaters to pay just £5 in damages to Levicom in 2009 after the firm was found to have acted negligently in its advice, albeit without the advice impacting on the loss made by the claimant (The Lawyer, 22 April 2009).
However, a year later the Court of Appeal overturned that ruling, stating that it was up to the firm to show that its advice had not resulted in a major loss for Levicom (The Lawyer, 11 May 2010).
The parties entered into talks to hammer out a deal and arrived at the £13m figure, a source said, adding: “It was seen as a big win for the claimant considering the first judge asked them [Linklaters] to hand over a fiver.”
Levicom claimed that Linklaters had overstated its chances of winning its legal battle with rival telecoms company Tele2 AB. It alleged that, had it not followed Linklaters’ advice, it would have settled on more favourable terms.