LAW FIRMS – AUSTRALIA

Law firms in hunt for Singapore tie-ups

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

IOOF slapped with class action

roymorgansocial Leave a comment

Original article by Adele Ferguson, Sarah Danckert
The Australian Financial Review – Page: 29 : 8-Oct-15

Australian-listed financial services group IOOF Holdings faces a shareholder class action over claims that staff in its research department failed to comply with disclosure requirements. The legal action has been launched by law firm Maurice Blackburn with financial backing from UK-based Harbour Litigation Funding. The class action will be open to investors who bought IOOF shares between December 2013 and June 2015.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, MAURICE BLACKBURN PTY LTD, HARBOUR LITIGATION FUNDING LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FAIRFAX MEDIA LIMITED – ASX FXJ, LONSEC LIMITED, MORNINGSTAR PTY LTD

Calls mount for reform to class-action protocol

roymorgansocial Leave a comment

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

Salaries take a dive as profits fall

roymorgansocial Leave a comment

Original article by Katie Walsh
The Australian Financial Review – Page: 32 : 31-Jul-15

Data from Mahlab Recruitment shows that Australian lawyers’ salaries have risen by an average of 3.4 per cent in 2015, compared with 3.8 per cent growth in 2014. A Mahlab report also notes that the salaries of partners at some leading law firms have fallen significantly in the last three years. Meanwhile, the growing trend for top law firms to merger with offshore peers has prompted some partners to leave and join smaller firms that have stayed independent.

CORPORATES
MAHLAB RECRUITMENT, HERBERT SMITH FREEHILLS PTY LTD, KING AND WOOD MALLESONS, ASHURST AUSTRALIA, ALLENS, K&L GATES LLP, NORTON ROSE FULBRIGHT AUSTRALIA, DLA PIPER, LINKLATERS LLP

Law firms’ new threat: accountants

roymorgansocial Leave a comment

Original article by Agnes King, Katie Walsh
The Australian Financial Review – Page: 1 & 41 : 22-Jul-15

Australia’s four major accounting firms are aggressively expanding into the legal services sector. Ernst & Young has assembled a 16-strong team of lawyers in Australia, while PricewaterhouseCoopers boasts about 120 lawyers. In the past, accounting firms have tended to focus on areas such as tax litigation, but they are increasingly expanding into areas such as property and employment law. There is speculation that this trend may prompt some law firms to give more of their accounting work to smaller firms at the expense of the "big four".

CORPORATES
ERNST AND YOUNG, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, KPMG AUSTRALIA PTY LTD, BAKER AND McKENZIE, ASHURST AUSTRALIA, K&L GATES LLP, DLA PIPER, KING AND WOOD MALLESONS, BEATON RESEARCH AND CONSULTING PTY LTD, BAR COUNCIL OF INDIA, SOCIETY OF INDIAN LAW FIRMS

Gordon off to Clifford Chance

roymorgansocial Leave a comment

Original article by Katie Walsh
The Australian Financial Review – Page: 33 : 10-Jul-15

UK law firm Clifford Chance has significantly expanded its team of lawyers in Australia since it entered the local market in 2011. The firm intends to further expand its legal team via lateral hires, having recently recruited Allens’ banking and finance partner Richard Gordon. Other recent lateral hires in the legal profession include Chris Robertson’s move from Allen & Overy to King & Wood Mallesons.

CORPORATES
CLIFFORD CHANCE, ALLENS, ALLEN AND OVERY, KING AND WOOD MALLESONS, CLAYTON UTZ, HOGAN LOVELLS INTERNATIONAL LLP, SLAUGHTER AND MAY, LINKLATERS LLP

Women dominant in senior ranks, next step still to come

roymorgansocial Leave a comment

Original article by Marianna Papadakis
The Australian Financial Review – Page: 34 : 3-Jul-15

Women account for 24 per cent of partners at the law firms that participated in the 2015 law partnership survey of "The Australian Financial Review". However, female lawyers comprise more than 60 per cent of senior associates at these firms. Some 66 per cent of senior associates at Corrs Chambers Westgarth are women, while 64 per cent at Herbert Smith Freehills are women.

CORPORATES
CORRS CHAMBERS WESTGARTH, HERBERT SMITH FREEHILLS PTY LTD, NORTON ROSE FULBRIGHT AUSTRALIA, SEYFARTH SHAW LLP, ALLENS

Advisers share power spoils

roymorgansocial Leave a comment

Original article by Will Glasgow
The Australian Financial Review – Page: 3 : 29-May-15

The New South Wales Government has released details of the fees that will be paid to advisers on its proposed sale of the state’s electricity network. Law firm Allens is set to gain a $A28m windfall from the deal, while accounting firm Ernst & Young will be paid $A24.5m. Other companies that will advise the Government on the sale include Deutsche Bank, UBS, WorleyParsons, Newgate Communications and Ansarada.

CORPORATES
ALLENS, ERNST AND YOUNG, DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD, WORLEYPARSONS LIMITED – ASX WOR, NEWGATE COMMUNICATIONS PTY LTD, ANSARADA PTY LTD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, CHRISTIAN DEMOCRATIC PARTY (FRED NILE GROUP), TRANSGRID, AUSGRID PTY LTD, ENDEAVOUR ENERGY LIMITED

Slater & Gordon takes $1b bet on fallen angel

roymorgansocial Leave a comment

Original article by Jonathan Shapiro, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 1 & 11 : 31-Mar-15

Australian-listed law firm Slater & Gordon will raise $A890m from investors to partially finance the acquisition of Quindell, a UK-based professional services firm. The $A1.2bn deal, which will also be partly financed via debt, will make Slater & Gordon one of Australia’s 100 largest listed companies. Matt Haupt of Wilson Asset Management notes that the deal will increase Slater & Gordon’s market share in the UK to 12 per cent

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, QUINDELL PLC, WILSON ASSET MANAGEMENT, MORGANS FINANCIAL LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, PRICEWATERHOUSECOOPERS, ERNST AND YOUNG, LONDON STOCK EXCHANGE. ALTERNATIVE INVESTMENT MARKET