Legal Week News
The latest stories from Legal Week.
legalweek More than half of small businesses are handling their own legal matters amid widespread concerns about the value for money offered by law firms, according to a major Legal Services Board (LSB) research project. The report, compiled in partnership with pollsters YouGov, surveyed 9,703 small and medium enterprises (SMEs) in England and Wales, with 52% of respondents stating that they handle legal problems without external help.
legalweek The number of training contracts offered at law firms in England and Wales fell 10% in 2011-12 to the lowest level since 1999, according to new research by the Law Society. The society's annual report shows that the number of training contracts registered in the 12 months leading to 31 July 2012 dropped to 4,869, down 10.5% from the previous year's equivalent total of 5,411.
legalweek National firm Browne Jacobson has posted a record high turnover for 2012-13, with revenues rising to £45m, up 9% on last year's total of £41.3m. The firm, which opened two new bases in 2012 in Manchester and Exeter, now has five offices and saw total headcount reach 709 over the year.
legalweek Clifford Chance (CC) and Allen & Gledhill (A&G) have acted opposite Latham & Watkins and Wong Partnership on the Singapore listing of Asian Pay Television Trust (APTT), the Asian city state's second biggest IPO so far this year.
legalweek Simpson Thacher & Bartlett and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian have taken lead roles on the $1.1bn (£723m) acquisition of blogging website Tumblr by Yahoo!. Yahoo! confirmed the deal in a statement today (20 May), including a promise "not to screw it up". The largely cash-based deal will see Tumblr retain its independence as a separately operated business, with founder and current CEO David Karp remaining in his post.