Money Talk

Hi ZipLawyer! Here's all the news you need to know from this past week and how they impact law firms.

Coming up:

• 💸 Business: UK law firms doing well, gold and Hermès glow-up
• 🤖 Technology: AI gets a personality, Delta sues Crowdstrike, Alibaba settles big
• ⚖️ Regulatory: FCA chases 'Finfluencers', Tokyo IPO boom, Coach-Kors is a no-go
• 🔋 Energy: Data centres and nuclear in demand, Brazil's dam settlement
• 🌍 World: US election, Indonesia wants to be a BRIC, UK budget incoming

Business

• Rate Hikes Galore: UK law firms are living large, bumping up hourly rates by 40% over the past five years, now averaging a cool £449 an hour. Inflation and fierce litigation demand fuel the hike, but firms may soon hit a price wall as talent costs rise, though demand could surge with post-budget advisory needs. Top US partners now pocket an average of $1.4 million, up 26% in two years.
• Golden Glow-Up: Gold prices sparkle at a record $2,740 per ounce as Middle Eastern conflicts and Trump’s odds of a comeback push investors to safe havens. A Trump comeback could send inflation spinning, making gold the belle of the ball as the dollar takes a breather.
• Maersk’s Mighty Lift: Shipping giant, Maersk, expects more profits to come its way thanks to turmoil in the Red Sea stirring up shipping demand and squeezing capacity. Despite the strain, Maersk’s strength in troubled waters highlights its dominance in the sector.
• Hermès Stands Tall: While luxury rivals flounder (we looking at you, LVMH), Hermès posted an 11.3% revenue boost this quarter. Its timeless appeal keeps its ultra-wealthy fans loyal, unlike Kering’s trendier styles, which are more vulnerable to fashion whims, proving classic might just beat cool.

How does this impact Law Firms?