LAW FIRMS – AUSTRALIA

Three lawsuits looming for AMP

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Original article by Ben Butler, Michael Roddan
The Australian – Page: 1 & 2 : 24-Apr-18

AMP has declined to comment on reports that it may face multiple class action lawsuits after the misconduct of its financial planners was exposed by the banking royal commission. Slater & Gordon and Shine Lawyers have advised that they are considering class actions on behalf of AMP clients, while Quinn Emanuel Urquhart & Sullivan expects to launch its own class action within weeks. Meanwhile, the inquiry has been told that many clients who received poor financial advice from AMP have yet to be informed that they have lost money.

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, SLATER AND GORDON LIMITED – ASX SGH, SHINE LAWYERS, QUINN EMANUEL URQUHART AND SULLIVAN LP, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, PROPERTY SAINT, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

CBA faces $200m-plus class action

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Original article by Ben Butler, Michael Roddan
The Australian – Page: 17 & 21 : 24-Aug-17

Investors who bought shares in the Commonwealth Bank of Australia between 17 August 2015 and 3 August 2017 will be eligible to participate in a proposed class action over the bank’s money-laundering scandal. CBA’s share price has fallen by six per cent since Austrac filed legal action on 3 August, slashing the bank’s market capitalisation by around $A8bn. Maurice Blackburn’s class action is expected to focus on CBA’s disclosures regarding Austrac’s investigation into the money-laundering allegations.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, MAURICE BLACKBURN PTY LTD, IMF BENTHAM LIMITED – ASX IMF, FEDERAL COURT OF AUSTRALIA, COMMINSURE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, VELOCITY TRADE LIMITED, FITCH RATINGS LIMITED

Why lawyers are deserting partnerships

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Original article by Katie Walsh
The Australian Financial Review – Page: 11 : 18-Aug-17

Law and accounting firms are increasingly moving away from the partnership structure in favour of a corporate model. John Chisholm, previously with both Maddocks and Middletons but now a consultant, says the need for consensus decisions among partnerships tends to lead to reduced creativity and innovation. The advantages of a corporate structure include reduced liability and greater ease in raising funds. Danny Gilbert of law firm Gilbert + Tobin notes that partnerships promote a sense of co-ownership, while the corporate model allows for quicker decisions.

CORPORATES
MADDOCKS LAWYERS, MIDDLETONS LAWYERS, GILBERT AND TOBIN LAWYERS, AUSTRALIAN TAXATION OFFICE, K&L GATES LLP, LEXOO, KEYPOINT LAW PTY LTD, LEGAL VISION, PHI FINNEY MCDONALD PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, HWL EBSWORTH PTY LTD, BAKER AND McKENZIE, THE LAW SOCIETY OF NEW SOUTH WALES

Grech steps aside from Slater + Gordon

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Original article by Jonathan Shapiro, Sarah Thompson
The Australian Financial Review – Page: 15 & 24 : 30-Jun-17

The board of embattled law firm Slater & Gordon will resign in the wake of a debt-for-equity deal with a group of international institutional investors. US hedge fund Anchorage Capital will emerge as the major shareholder in the listed law firm, while investment banks and distressed debt funds will also convert their debt into equity. Slater & Gordon’s veteran MD Andrew Grech will stay at the firm as a non-executive director until a successor is appointed. The firm incurred large losses following its expansion into the UK market.

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, ANCHORAGE CAPITAL PARTNERS PTY LTD, YORK CAPITAL MANAGEMENT LP, TACONIC CAPITAL ADVISORS LP, DAVIDSON KEMPNER CAPITAL MANAGEMENT LP, RIVER BIRCH CAPITAL, METRIC CREDIT PARTNERS, BANK OF AMERICA CORPORATION, MERRILL LYNCH AND COMPANY INCORPORATED, DEUTSCHE BANK AG, QUINDELL PLC, MIRVAC GROUP – ASX MGR, MAURICE BLACKBURN PTY LTD

Blind lawyer sues Maurice Blackburn

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Original article by Misa Han
The Australian Financial Review – Page: 7 : 4-Jan-17

Lawyer Louisa Young has accused law firm Maurice Blackburn of discriminating against her because of her blindness. The documents lodged with the Federal Circuit Court allegedly show that Young was effectively demoted. Young says she was informed at a meeting in August 2016 that her duties had to be changed due to her disability. Young’s employment at Maurice Blackburn was terminated in December 2016.

CORPORATES
MAURICE BLACKBURN PTY LTD, FEDERAL CIRCUIT COURT OF AUSTRALIA

Injury to ambitions as Slater and Gordon battles for cash

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 15 : 31-Aug-16

Slater & Gordon lost $A1 billion in 2015-16. The figure includes an impairment on goodwill of $A876 million related to the $A1.3 billion acquisition of the professional services division of Quindell in Great Britain. The Australian-listed personal injury law firm’s normalised profit of $A49.7 million reflected its earnings before tax depreciation, amortisation and movements in work in progress. Slater & Gordon’s problems are quite serious, resulting in negative net operating cash flow of $A104.2 million.

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, QUINDELL PLC

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

Maurice Blackburn tops the list of political party donors

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 32 : 12-Feb-16

Figures from the Australian Electoral Commission’s political donations register show that law firms donated $A287,551 to political parties in 2014-15. Some firms chose to make donations to both major parties, with Arnold Bloch Leibler being the biggest contributor in this category, donating $A89,400 in total. Maurice Blackburn emerged as the biggest donor to any one party, donating $A80,237 to the Australian Labor Party.

CORPORATES
AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, ARNOLD BLOCH LEIBLER, MAURICE BLACKBURN PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, THE CIVIC GROUP PTY LTD, WOODSIDE ENERGY LIMITED, AUSTRALIAN HOTELS AND HOSPITALITY ASSOCIATION, PRATT GROUP HOLDINGS PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, HOLDING REDLICH, CORRS CHAMBERS WESTGARTH, TURNER FREEMAN, KPMG AUSTRALIA PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED

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