Morning Briefing: Quindell over-stated accounts by more than AU$600 million
Quindell over-stated accounts by more than AU$600 million
The firm which sold its legal services division to Slater & Gordon has revealed its revised accounts as an investigation continues by the UK financial regulator. Quindell brought in PwC to audit its accounts and review accounting policies. The revised accounts show that for the year to the end of December 2014 there was a pre-tax loss of £137 million (approx. AU$274 million) and not the profit of £175 million (approx. AU$350 million) that had been previously stated.
The company says that the matter did not change the value of the assets sold to Slater & Gordon; Quindell group finance director Mark Williams told the Law Society Gazette: “They were given a huge amount of disclosure and we are well aware that the board was likely to change the approach in relation to accounting policies. It doesn’t change the value of the asset they purchased.”
Law firms sign up for new .law web domain
DLA Piper and Skadden Arps, Slate, Meagher & Flom are among the leading law firms that are early adopters of the new ‘dot law’ web domain. Despite concerns that have been raised about the potential of unauthorised registration of the .law domain by cyber-squatters the registration and renewal process involves validation of legal credentials by the domain registrar. The 60-day sunrise period for .law, where trademark owners can register their domains began on July 30, 2015. Names in the .law domain will first be available for sale to credentialed legal practitioners beginning October 12, 2015.
New partner for international law firm’s Taiwan practice
The Taiwan practice of Orrick, Herrington & Sutcliffe has hired Ya-Chiao Chang as a partner in its intellectual property practice based in Beijing. He joins from the city’s Kirkland & Ellis office where he was co-founder.
New hires for Dechert
The global arbitration practice of Dechert LLP in Washington has added Arif Hyder Ali and Alexandre de Gramont as partners. Both join the firm from Weil, Gotshal & Manges LLP and will be based in the firm’s Washington, DC office. Ali will serve as co-chair of Dechert’s international arbitration practice with Paris-based Eduardo Silva Romero.