DLA Piper net profits lower despite revenue boost
International law firm DLA Piper
has seen its net profit dip despite higher revenues in 2015. Global revenue was up 2.5 per cent to U$2.54 billion while net profit was down 9.2 per cent to $605.5 million. Equity partners did not lose out though with average PEP climbing 5.4 per cent to $1.57 million. The firm has 14 per cent fewer equity partners than 2014.
New JLV for law firm trio
Three law firms have launched a joint legal venture in China’s Hengqin Free Trade Zone. The Zhuhai-based venture brings together Zhong Yin Law Firm of Beijing, Fongs Lawyers of Hong Kong and Rato, Ling, Lei & Cortes (Lektou) of Macau. The main focus of the alliance is M&A and banking & finance.
Legal profession still dominated by elite says report
A new study says that the majority of lawyers and the judiciary come from elite backgrounds. The report, from the UK-based Sutton Trust, reveals that 55 per cent of solicitors and 78 per cent of barristers were educated at the top universities of Oxford and Cambridge. In the judiciary, 74 per cent have an ‘Oxbridge’ background. The study found that progress to change the makeup of the UK’s legal profession has meant a drop in the percentage of those from elite backgrounds.
Court reverses Apple-Samsung patent case
The legal dispute between smartphone giants Apple and Samsung has taken another twist with the US Court of Appeals overturning a ruling in Apple’s favour. The court said that Samsung did not infringe one of Apple’s patents and another two were deemed invalid. However, Apple did infringe one of Samsung’s patents the court said. Reuters reports that Samsung called the decision of a three-judge panel, a “win for consumer choice” while Apple did not provide comment.