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Statwatch

08 May 2008
Issue: 7320 / Categories: Legal News , Profession , Banking , Commercial
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News

CREDIT CRUNCH

The number of companies in administration rocketed up 54% in the first quarter of this year, compared to the previous three months, new figures show. The statistics from the Insolvency Service shows that the number in administration— which typically involve larger corporate entities—rose from 557 in Q4 2007 to 858 in Q1 2008. Ken Baird, head of restructuring and insolvency at Freshfields, says the credit crunch—now in its 10th month—has caused a sharp reduction in the availability of credit and higher loan costs, factors which have drained much of the liquidity available within the market. “This has triggered a marked downturn in fortunes across sectors with companies that were already under financial pressure being among the first to throw in the towel,” he says.

 

BICHARD BOWS OUT

Sir Michael Bichard, the chairman of the Legal Services Commission (LSC), plans to stand down from his role at the end of August, it has been announced. He will take up a new post as director of a new institute for government, funded by the Gatsby Charitable Foundation, in September. A recruitment exercise to find a new LSC chairman will be launched shortly.

 

STATS MY BOY

The Bar Council has recruited an economic statistician in its bid to come up with a workable alternative to the Legal Services Commission’s (LSC) very high cost criminal cases scheme. Professor Martin Chalkley has been analysing complex LSC data for this process as the Bar strives to find a scheme which allows the ablest barristers to undertake these difficult cases; on a fee basis which does not contain what the Bar describes as “perverse incentives” and not on an hourly rate; and which delivers within budget. Members of the Bar and the Law Society have met ministers and senior LSC staff in a bid to hammer out a deal, hopefully by the end of June. So far, only 110 barristers and two QCs have signed up to the existing scheme.

Issue: 7320 / Categories: Legal News , Profession , Banking , Commercial
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MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
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