Clients hit out at lawyers’ pay hikes
The recent flurry of US firms increasing salaries for associates, which began with hikes of 12.5 per cent hikes at Cravath Swaine & Moore, has not gone down well with some clients.
Bank of America is one such client, which according to the Wall Street Journal, has written to a number of law firms on its roster to advise that while it respects the firms’ rights to make their own business decisions it “not expect to bear the costs.”
The bank is not the only client concerned that it may be hit with higher fees in order to fund lawyers’ pay hikes. CorpCounsel.com quotes Lilly Hughes, GC of Public Storage: "As rates percolate, this might give more opportunity to smaller regional and mid-size firms.”
The large US law firms say that they need to increase pay for associates in order to attract and retain the best talent but clients, already keen to reduce costs, may decide to take on more work in-house or pass work to smaller firms as a result.
Clyde & Co named best for transport
International law firm Clyde & Co has been named the best law firm for transport, shipping and maritime law by the 2016 Asian Freight, Logistics and Supply Chain Awards. The event took place in Shanghai on Tuesday.
Law firm launches app for doing business in Indonesia
Hogan Lovells has launched a new app to help businesses navigate the legal landscape in Indonesia.
“How to Indo” is accessible on iPhone and Android devices and includes information on M&A, financing arrangements, restructuring and disputes.
The app is available free from the relevant app stores.
Olswang criticized in UK retail probe
A UK parliamentary investigation into the path to the failure of retailer BHS has been told that Olswang gave “credibility” to the eventual new owners when it was sold last year.
The retailer, sold by Top Shop chief Sir Philip Green, was bought for £1 by Retail Acquisitions but has since gone into administration with a large hole in the firm’s pension fund.
Green told MPs that the involvement of Olswang reassured him that the buyers – owner Dominic Chappell in particular – were credible.
Other firms involved in the deal include Linklaters, Nabarro and Eversheds which have all given evidence to the enquiry.