Slater & Gordon heading for record-breaking loss

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Slater & Gordon heading for record-breaking loss
Publicly-listed Slater & Gordon is set to post what is believed to be the largest-ever annual loss in the legal sector.

The firm has filed a report with the Australian Securities Commission warning that the loss for the year ended 30 June 2016 will be more than a billion dollars (AU$1,017.6 million) after tax.

Most of the loss came from the goodwill writedown in the firm’s UK division following its acquisition of Quindell but there is still a loss of almost $60 million for the second half of the year.

Slater & Gordon is under pressure in its UK business due to proposed changes to the personal injury legislation and the drop in the pound post-Brexit.
NRF advises on Australia’s first battery storage project
Teams from Sydney and Brisbane offices of Norton Rose Fulbright have advised Conergy on the development and financing for Australia’s first solar and battery storage project.

The Lakeland SV project in Northern Queensland is to receive funding from the Australian Renewable Energy Agency (ARENA) and debt financing from NordLB.

The NRF team was led by global head of energy Simon Currie and included partners Emanuel Confos and Noni Shannon, special counsel Chris Baker, senior associates Steven Choi, Juliette King, Jenida Satem and Kelly Davies, associate Thomas Bramah and graduate Ben Foster.
GCs say they are worth more than they get
General counsel have seen pay increases but believe they are worth more according to a survey by legal recruiters Barker Gillmore.

Average salary increases for GCs across all industry sectors were 4.2 per cent but 44 per cent of respondents said their compensation package was less than other GCs get and 40 per cent said they would look for another job as a result.

General counsel in finance and healthcare were most satisfied with their compensation package the survey found.