The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Deutsche Bank has reported a significant drop in its third-quarter profits after setting aside €1.2bn (£1bn) to cover legal costs.
Today’s results follow investigations into allegations that employees at the bank may have played a role in the manipulation of the London interbank offered rate (Libor) to boost its trading position. Profit for the last quarter fell to €51m (£43.7m), from €754m the year before.
Like many of Deutsche’s rivals, the legal costs surrounding scandals such as Libor have led to a significant dip in profits. US banking giant JP Morgan reported a $400m (£248.7m) quarterly loss earlier this month after taking a $9.2bn hit in legal fees to cover a series of regulatory problems, including a trading fine over the reporting of losses from a trader nicknamed the “London Whale” (11 October 2013).
The €1.2bn set aside by the German banking giant brings Deutsche’s total reserves for litigation to €4.1bn.
“In the third quarter we met several challenges,” said co-CEOs Jürgen Fitschen and Anshu Jain in a statement. “We took substantial litigation charges and saw reduced profits in investment banking, leading to a lower quarterly result. Notwithstanding this, we made progress in key areas.”
The Frankfurt-headquartered bank completed a rejig of its legal roster at the end of September last year. White & Case was among a raft of firms to be reappointed to the global legal panel, along with Allen & Overy (A&O), Clifford Chance, Latham & Watkins and Linklaters (1 October 2012).
Clifford Chance corporate partner Daniela Weber-Rey was appointed as chief governance officer and deputy global head of compliance at the bank in April (17 April 2013). She was the second partner from a magic circle firm’s German office to quit for a role in a financial institution in a week, following the news that former Freshfields Bruckhaus Deringer senior partner Konstantin Mettenheimer was to become German chair of the Edmond de Rothschild Group (15 April 2013).