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.
US firm Kirkpatrick & Lockhart has written a sensational report that paves the way for WorldCom to sue its auditors KPMG.
The report says KPMG gave improper tax advice to WorldCom, which will result in the bankrupt telecoms company repaying hundreds of millions of pounds in taxes, penalties and interest.
It could also land KPMG in hot water with the Securities and Exchange Commission, which is investigating whether this conduct raises auditor independence issues.
KPMG will fight to clear its name. “The examiner’s conclusions are simply wrong. Independent reviews of the tax position taken by WorldCom conclude that it’s fully supported by the tax laws,” it said in a statement.
Kirkpatrick partner Michael Missal wrote the report for the bankruptcy court on the recommendation of the Department of Justice.
KPMG has appointed niche Washington DC firm Zoorhees & Satyr to defend it. Paul Curnin of Simpson Thacher & Bartlett is advising WorldCom on litigation and corporate governance issues.