Top City firms have been preparing to advise their clients on the consequences of the United Kingdom’s potential exit from the European Union.

London firms have reacted to the proposed Brexit deal with “cautious optimism” despite lawyers advising business to prepare for the worst, as reported in the Law Gazette.

Several City firms, including DAC Beachcroft, Osborne Clarke and Eversheds Sutherland, are repaying the Coronavirus Job Retention Scheme money they received from the government to help them weather the effects of the pandemic.

The latest round of partner promotions at City firms indicates some progress toward greater gender equality at the top, with women making up a higher number of newly promoted partners than in previous years.

Magic circle rates held especially strong with 94% of newly qualified (NQ) solicitors at Linklaters (47 out of 50) accepting roles, while Allen & Overy revealed that 92% (34 of 37) of trainees are staying on post qualification.

One magic circle outfit and a trio of US-headquartered firms have revealed how many of their qualifying trainees are being retained as newly qualified solicitors this autumn. 

City firms are saving money on office costs by moving large numbers of staff to regional offices, a report by the legal consultancy Jomati has revealed.

A number of City firms have revealed new ethnicity targets in response to the global Black Lives Matter protests.

Nine City firms have signed up to the Vision for Literacy Business Pledge 2017, agreeing to take practical action to tackle low literacy in the United Kingdom. The firms involved are Allen & Overy, Baker McKenzie, Berwin Leighton Paisner LLP, Bird & Bird, Clifford Chance, Norton Rose Fulbright, Pinsent Mason, Slaughter and May, and Travers Smith.

The British Inter-University Commercial Awareness Competition (BIUCAC) is running for the third time this year, sponsored by over 20 City law firms.

City firms have lined up in support of diversity organisation Rare’s new ‘Vantage’ scheme, an online recruitment tool designed to help candidates from less-privileged backgrounds break through the artificial barriers holding them back from careers in law.

Twelve international City law firms have signed up to help develop a new ‘one-stop shop’ providing artificial intelligence (AI) software to lawyers.

Several firms have moved to defend themselves from accusations that their gender pay gap reporting has been rendered meaningless because the reports exclude data on partners.

Top earners at Eversheds Sutherland (International) LLP and Pinsent Masons LLP have had their remuneration increased to approximately £3.1 million.

A new data law committee formed by the City of London Law Society (CLLS) will offer the government the expertise of specialists at City law firms to ensure that data can continue to flow freely in between the United Kingdom and European Union in the event of a no-deal Brexit.

The UK’s status as a global hub for legal services will continue after Brexit, but securing a “bespoke” deal that gives UK and EU lawyers maximum mutual access to each other’s markets is key for future growth, a City lobby group has said.

City Law School has joined the Law Society's Diversity Access Scheme, aimed at improving social mobility in the legal profession.

Junior partners at City law firm Withers LLP are facing a cash call of up to £42,000, dependent on their seniority, in an attempt to make partners “participate more fully” in the business.