Legal briefs: SAS Daniels; Berg; Addleshaws
LAW firm SAS Daniels is predicting a record year for fee income after reporting its highest-ever monthly billing of more than £600,000 in November.
The figure, which is up on the same month in 2011 by almost £100,000, is the third time in just nine months that the Cheshire firm has beaten its previous record for fees billed.
SAS Daniels, which has 25 partners and 65 lawyers across four offices in Stockport, Macclesfield, Chester and Congleton, says its is on track to increase annual turnover by 10% to more than £6.5m for the year to April 2013.
Chief executive Nigel Haddon said: “We have a strong growth plan which we hope will eventually lead us into the Top 100. It is a bold ambition and it’s certainly not going to happen overnight. There’s very little room for rapid and uncontrolled growth in the current market, and while there is definitely a place for acquisition and merger opportunities, steady and strong organic growth is an absolute must.
“This is the third time we have set a new record in billing this year and we are already 7.5% up on turnover compared to the same period last year. Given we saw growth of 14.5% last year, this is a clear sign that our strategy is working.”
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MANCHESTER law firm Berg, which is advising more than 40 businesses who claim they have been sold complex interest-rate swap contracts by the major banks, says the lenders could be facing pay outs of more than £1bn.
Four leading banks have already set aside hundreds of millions of pounds after admitting to selling the complicated swaps to companies without fully explaining them. Barclays has allocated £450m, HSBC £130m and RBS £50m.
Alison Loveday, managing partner at Berg, said: “Although it is encouraging to see banks pro-actively set aside money for those mis-sold these products, our view is that as yet not enough has been put into compensation pots especially as it appears that mis-selling is still occurring.
“Many banks increased their provision for payment protection insurance mis-selling during Q3 and we would expect that to be the case with interest-rate swaps, too.”
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ADDLESHAW Goddard’s asset finance team has won Legal Provider of the Year at the Leasing Life awards.
The title recognises the team’s quality of industry expertise in non-contentious, dispute resolution and consumer credit matters. The firm saw off competition from other shortlisted firms, including BLP, DLA Piper , DWF, Norton Rose, Shoosmiths, SNR Denton, Watson Farley & Williams and Wragge & Co.
Andrew Maskill, Manchester based asset finance partner at Addleshaw Goddard, said: “We’re proud to have been recognised for this highly regarded industry award. It is testimony to the outstanding commitment and capability of the whole team – and is a real coup for us.”
