Morning Briefing: Quindell to face legal action over profit statements

Quindell to face shareholder legal action over misleading profit statements… Law firms bring in the marketers... Lawyers can’t decide where VW case should be heard… Academic calls for China to adopt Hong Kong legal system…

Quindell to face legal action over profit statements
The alleged misleading profit statements provided by Quindell, the firm that sold its legal services business to Slater & Gordon, is the basis of legal action from hundreds of shareholders who believe they have lost money. Law firm Your Legal Friend has written to Quindell advising that it intends to start proceedings with potential claims against the company of £9 million (around AU$18 million.) The announcement was revealed to the London Stock Exchange.

Law firms bring in the marketers
Almost half of law firms responding to a recent survey say they have hired marketing professionals. The supplementing of the traditional way to gain new business, with partners themselves bringing in new clients, shows that many law firms are acknowledging the changing face of the market. The Legal Marketing Association says that there is still reluctance to bring in what many consider to be sales staff but that it is in line with the wider changes in law firms which has seen aspects of the business of law moving away from legal professionals and towards other business specialists.
Lawyers can’t decide where VW case should be heard
Law firms in many jurisdictions are preparing cases against car manufacturer Volkswagen following the scandal over diesel emissions data. In the US law firms want to collaborate on the case and for the case to be heard by a single court. The only problem is that they can’t decide where. The Wall Street Journal reports that a federal judicial panel will now rule on whether the cases should be bundled and under which state the case will be heard. The combination of lawsuits will run to many billions of dollars.
Academic calls for China to adopt Hong Kong legal system
China’s financial sector would benefit from adopting Hong Kong’s common law system rather than the civil law used on the mainland. That’s the view of Richard Wong Yue-chim at the University of Hong Kong, who writes in the South China Morning Post that the common law system offers greater protection to investors and that financial markets thrive better under the system. He also notes that property rights are better protected by the common law jurisdictions, which is also attractive to innovators. 

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