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.
St Philips Chambers is raising £700,000 from its 140-plus tenants to fund the set's continuing expansion.
The Birmingham mega set is hiking the investment required from each tenant by £5,000 to £18,250 to help pay for the purchase of 13,500sq ft of office space, linked to its existing city centre premises by a bridge.
The remainder of the £3.4m purchase price is being met by £2m in borrowings and an existing cash surplus of over £600,000.
St Philips chief executive Paul Wilson said buying the property enables the set to pass on considerable savings to its barristers. Premium rented city centre space costs around £35-£36 per sq ft including service charges, compared with total occupation costs on St Philips' new building of £21 per sq ft.
"We're aware of the potential for financial tension from differing income levels across our practitioners," Wilson told The Lawyer. "We balance maintaining a competitive pricing structure against the essential investment in property, technology and staff.
"Over the next five years the bar faces massive challenges. Preparing business foundations enables us to adapt quickly to market and legislative demands.
"Our entry investment of £18,250, fully repayable on departure and creatively funded through the Royal Bank of Scotland, is a long-term commitment to our collective future."