M6931 Legal Services

Law firms ‘sleepwalking towards a disaster’

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 31 : 17-Jun-16

Law firms should prepare themselves for the challenge posed to them by artificial intelligence. Ted Dwyer, of Dwyer Consulting, says the impact of artificial intelligence will be severe and law firms have only around five years to rearrange their services. Not only junior lawyers but also their older colleagues will be affected, particularly in areas such as electronic discovery, document automation, compliance and contract analysis.

CORPORATES
DWYER CONSULTING PTY LTD, DLA PIPER, IBM CORPORATION, GOOGLE INCORPORATED

King & Wood Mallesons tops M&A table for first quarter

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 3 : 8-Apr-16

King & Wood Mallesons has appeared at the top of the list of Australian law firms in terms of the value of mergers and acquisitions (M&A) in the first quarter of 2016, with about $US18.6 billion ($A24.5 billion) worth of deals. Other firms that handled a significant number of M&A deals included Gilbert + Tobin ($US17.3 billion), Allens ($US17.1 billion) and Herbert Smith Freehills ($US11.2 billion).

CORPORATES
KING AND WOOD MALLESONS, GILBERT AND TOBIN LAWYERS, ALLENS, HERBERT SMITH FREEHILLS PTY LTD

Banks give Slaters two months

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1 & 8 : 1-Mar-16

Australian-listed law firm Slater & Gordon has posted a 2015-16 interim loss of $A958m. The result was marred by write-downs associated with the purchase of the professional services division of UK-based Quindell in 2015. The firm’s debt has blown out to $A740m, and its lenders have set a deadline of 30 April 2016 to secure a refinancing deal. Slater & Gordon could face the prospect of bankruptcy within 12 months if it cannot renegotiate its loans.

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, QUINDELL PLC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, MAURICE BLACKBURN PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, VGI PARTNERS PTY LTD

Contingency fees allow more billing alternatives, firms say

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 35 : 5-Feb-16

Some Australian law firms are introducing alternative billing options due to pressure from clients, although most firms still use billable hours. The bi-annual law partnership survey of "The Australian Financial Review" indicates that firms such as Gadens, Clayton Utz, Gilbert + Tobin and Baker & McKenzie have billable targets of between six and seven hours a day. Johnson Winter & Slattery does not have billable hours targets because of the risk of compromising the quality of legal work.

CORPORATES
JOHNSON WINTER AND SLATTERY, GADENS LAWYERS, CLAYTON UTZ, GILBERT AND TOBIN LAWYERS, CORRS CHAMBERS WESTGARTH, BAKER AND McKENZIE, QUINN EMANUEL URQUHART AND SULLIVAN LP, HWL EBSWORTH PTY LTD, PIPER ALDERMAN

Law firms in hunt for Singapore tie-ups

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 7 : 5-Jan-16

Australian law firms are seeking partners in Asian business centres such as Shanghai, Singapore, Hong Kong, Seoul and Tokyo. Herbert Smith Freehills (HSF) has formed an alliance with Singaporean firm Prolegis. HSF’s south-east Asia managing partner Alastair Henderson says Singaporean law is increasingly being used in other Asian countries, including India and Indonesia.

CORPORATES
HERBERT SMITH FREEHILLS PTY LTD, PROLEGIS, DWYER CONSULTING PTY LTD, EATON CAPITAL PARTNERS, BEATON CAPITAL PTY LTD

Study finds lawyers least healthy of professionals

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 33 : 20-Nov-15

Law firms are advised to pay more attention to the psychological wellbeing of their lawyers. A study conducted by PsychSafe principal consultant Rebecca Michalak indicates that lawyers working in firms have the lowest level of health and wellbeing of all white-collar workers. Law firms have been warned about the consequences of failing to take appropriate measures, including absenteeism, high turnover rates and frequent insurance claims.

CORPORATES
PSYCHSAFE, McCABES LAWYERS

Lawyers step in to calm work worries

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Original article by Katie Walsh
The Australian Financial Review – Page: 33 : 9-Oct-15

It is estimated that employees’ mental health issue cost Australian businesses about $A10bn per year in terms of lost productivity, absenteeism and claims for compensation. Alice DeBoos of law firm K&L Gates says many employers now seek advice from lawyers on how to deal with mental health issues in the workplace. She notes that there has also been a sharp rise in claims for anxiety disorders, particularly in the professional services sector.

CORPORATES
K&L GATES LLP, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, BEYOND BLUE AUSTRALIA PTY LTD, HOLDING REDLICH, MAURICE BLACKBURN PTY LTD, 7-ELEVEN STORES PTY LTD

Ashley Madison hack a feast for lawyers

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Original article by Marianna Papadakis, Katie Walsh
The Australian Financial Review – Page: 33 : 28-Aug-15

The hacking of Ashley Madison, the cheating website, is likely to lead to lawsuits in Australia. The site’s owners, Avid Life Media, are already facings hundreds of millions of dollars in damages in Canada and the United States, where two class actions alleging breach of contract, negligence and breach of privacy are pending. About 460,000 Australians may have been exposed.

CORPORATES
AVID LIFE MEDIA, AUSTRALIA. OFFICE OF THE FEDERAL PRIVACY COMMISSIONER, MARQUE LAWYERS PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ALLENS, MINTER ELLISON, AON AUSTRALIA PTY LTD

Calls mount for reform to class-action protocol

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 33 : 21-Aug-15

Australian corporations paid out almost $A1 billion in class-action disputes in 2014-2015 as cases doubled, a trend that is likely to accelerate under the influence of litigation funders. Plaintiff firm Maurice Blackburn handled the most cases, recovering $A889 million in settlements. With major foreign players joining the pool of litigation funders, the Australian Government is considering changes to class-action rules, the Productivity Commission having already recommended a licensing scheme for the funders.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, KING AND WOOD MALLESONS, MAURICE BLACKBURN PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, VOCATION LIMITED – ASX VET, ALLCO FINANCE GROUP LIMITED, JONES DAY, IMF BENTHAM LIMITED – ASX IMF, HERBERT SMITH FREEHILLS PTY LTD

Court ruling may alter class actions

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 32 : 7-Aug-15

International Litigation Funding Partners (ILFP) wants to finance the Allco Finance Group class action via a common fund arrangement. The Federal Court is scheduled to rule on the Singapore-based litigation funder’s application on 7 August 2015. John Emmerig, a partner at law firm Jones Day, expects a big increase in the volume of class actions and the amount of damages sought if ILFP’s application is granted.

CORPORATES
INTERNATIONAL LITIGATION FUNDING PARTNERS PTE LTD, ALLCO FINANCE GROUP LIMITED, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, SLATER AND GORDON LIMITED – ASX SGH, IMF BENTHAM LIMITED – ASX IMF, ALLENS, HERBERT SMITH FREEHILLS PTY LTD, UNIVERSITY OF NEW SOUTH WALES