Large bonuses paid to executives of loss-making banks are headline news in the UK. The public is up in arms because banks are seen as the most blameworthy institutions in the current financial crisis, while the press regularly reports that banking executives are ‘paying themselves’ large bonuses, despite banking job cuts and a continuing decline in profits.

This week, it is the turn of HSBC to brave public opprobrium, with chief executive Stuart Gulliver pocketing £7.2 million in basic pay and bonuses. However, his bonuses (potentially totalling up to 100% of his salary) were capped at 50% by the HSBC board pay committee, since the bank failed to meet several of its yearly targets, such as return on equity, cost efficiency and compliance. (more…)

Last week a judge at the high court made the rare decision to use the social networking site Facebook to serve a claim. Lower courts have previously resorted to the use of social networking sites to serve suits but such methods have thus far not been resorted to by the higher courts.

British courts may be picking up on a trend that has already started in other parts of the world. Indeed, courts in Australia and New Zealand are known for using social networking sites to serve claims. (more…)

Despite the harsh economic climate the area of commercial law is thriving and specialist solicitors are in high demand. The nation’s capital is seeing an increasing number of commercial cases settled before the national judiciary.

A clear majority of the commercial law disputes settled in London have an international connection. As such, the city is now being referred to as the international capital for commercial law dispute resolution. (more…)