The newly released data shows that the amount set aside by FTSE 100 companies for legal costs has grown 22 per cent in the last year, from £26.5bn to £31.3bn. Companies in the financial and banking sectors account for the bulk of the rise, as UK-based banks continue to face a wide range of regulatory and legal hurdles including claims relating to Libor and Forex manipulation, ponzi schemes, PPI mis-selling, and manipulation of energy markets and precious metal prices. Alone, the banking sector now accounts for 56 per cent of the total provision for legal costs among the FTSE 100 (up 27 per cent to £17.4bn), with oil, gas and mining companies coming in second with 25 per cent of the total at £7.9bn.

HSF enjoys the spoils

According to data from The Lawyer Market Intelligence, Herbert Smith Freehills scooped up the most legal work from the FTSE 100 last year for High Court and Court of Appeal cases, with instructions from Sky and British American Tobacco jettisoning the firm to the top spot. Also ahead of the Magic Circle were a host of other mid-tier international firms including Hogan Lovells, Addleshaw Goddard, Berwin Leighton Paisner, Clyde & Co, DLA Piper and Norton Rose Fulbright.

Sources: The Lawyer; Legal Business