Sector Focus


Legal City growth has slowed


Economic growth within the largest cities in the West Midlands deteriorated significantly in the final quarter of 2015, according to a new report by law firm Irwin Mitchell. The firm’s latest ‘UK Powerhouse report’, which has


been produced with the Centre for Economic and Business Research (Cebr), provides an estimate of gross value added (GVA) and job creation within 38 UK cities, a year ahead of the Government’s official figures.


‘The last quarter of 2015 was a tough one for Birmingham, but the city showed great resilience’


GVA is a measure of the value of goods and services produced in an area and the latest study reveals that Birmingham’s economy grew by 2 per cent in the 12 months to Q4 in 2015, compared to 2.5 per cent in Q3. It found that the rate of employment growth increased by 4.6 per cent to 585,030, and although that took it into the top five in the study’s league table for fastest growth, still represented a reduction from 5.6 per cent which was recorded in Q3. Although boosted by a strong performance by the


motor industry, Coventry saw its rate of GVA growth slip from 2.3 per cent to 1.9 per cent, however the number of people employed went up by 2.1 per cent to 168,588. In line with its projections for the UK as a whole,


Cebr has lowered its forecasts for GVA in 2016 for the West Midlands. Three months ago, GVA in the region was expected to reach £115.8bn by the end of this year, but this has been revised downwards by more than £1.5bn to £114.3bn.


Declaring made easy


Cheaper and speedier online applications for bankruptcy have been introduced as part of the Government’s drive to improve access to public services. From last month, people seeking to


make themselves bankrupt no longer need to apply to the court. Instead they may complete an online application on GOV.UK, which will be submitted to an Adjudicator employed by The Insolvency Service. Online applications will be less


expensive and, for the first time, will be able to be paid for in instalments. Insolvency Service chief executive


Sarah Albon said: “Seeking help to deal with problem personal debt is the key step to being able to move forward. Online bankruptcy applications will be easier for people to complete and will remove the perceived stigma of going to court, which we know stops some people from applying. The launch of online applications on GOV.UK is part of a wider government plan to transform public services, making them easier to use and saving the taxpayer money.” Online applications to the Adjudicator for a personal bankruptcy


Sarah Albon: bankruptcy applications will be easier to complete


‘The launch of online applications is part of a wider government plan to transform public services’


Another win under Pinsent Mason’s belt


Law firm Pinsent Masons, which has an office in Birmingham, has been named ‘Law Firm of the Year 2016’ at the prestigious Legal Business awards. The event, at Grosvenor House


Hotel, London, was hosted by former Labour spin doctor Alistair Campbell. The accolade comes


following a year of strong financial performance by Pinsent Masons, continued international expansion and a sustained approach to innovative service delivery. In 2015 the firm recorded a


revenue figure of £362.4m, up 12 percent on the previous year, and established a presence in Australia, opening offices in Sydney and Melbourne. Last year also marked the firm's decision to acquire a majority stake in Cerico, the regulatory compliance solutions business. Pinsent Masons won a number of


application (known as a debtor petition) will cost £130 and can be ‘saved up for’ by paying in instalments online using a debit card. People and businesses owed money who are seeking to have someone


declared bankrupt (known as ‘creditor petitions’) will continue to apply to a Court Registrar as they do now.


58 CHAMBERLINK May 2016


awards during the year, including being named ‘Most Innovative Law Firm in Europe’ at the FT Innovative Lawyer awards, and ‘Law Firm of the Year’ at the Trophées du Droit


awards in Paris. Richard Foley, senior


partner at Pinsent Masons said: "This is a fantastic


achievement for the firm. We


have a clear strategic vision with a defined sector focus and drive for innovative service delivery. The recognition we're achieving demonstrate the strides we're making in becoming a market leader in our core sectors. “Our international expansion,


fresh thinking approach and careful investment in our people and sectors are what our clients really value, and it is listening and working collaboratively with them that enables us to continue moving forward.”


Irwin Mitchell’s report predicts that by the end of


2025, London's economy will have grown by 26 per cent since 2015. Over the next ten years, Birmingham’s GVA is predicted to increase by 18.9 per cent. The value of the economic gap between London and


the West Midlands currently stands at £247bn and is expected to reach £324.6bn in 2025 according to the study’s latest analysis. Chris Rawstron, head of business legal services at


Irwin Mitchell in Birmingham said: “The last quarter of 2015 was a tough one for Birmingham, but the city showed great resilience. “There is clearly still much to be done to get the so-


called ‘Midlands Engine’ working and announcements relating to devolution and infrastructure investment must be supported by a broad range of other policies including the creation of more enterprise hubs around universities.”


Chris Rawstron: economic growth has deteriorated


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