Slaughter and May is suing an ex-client for allegedly not paying $2.16 million (around £1.6 million) in fees.
It has emerged that the gold-standard Magic Circle firm filed a claim in the High Court in January against former hedge-fund supremo and ex-client Randall Dillard. According to a report in The Times, S&M advised Dillard in various personal matters in the UK and Cayman Islands courts, such as a partnership dispute and regulatory compliance issues.
The relationship between Slaughter and May and Dillard went south when Dillard allegedly ignored mounting invoices that accumulated between July 2013 and March 2017. The Times reports that although hedgie Dillard made a couple of payments to S&M of around $200,000 in total, the firm is claiming for outstanding sums of $2.158 million, plus interest and costs.
Dillard co-founded London-based hedge fund Liongate Capital Management in 2003. At its peak Liongate managed a portfolio of billions of pounds. However, the mighty Liongate went out with a miaow in 2015, when the funds dwindled and it closed that year.
Tip Off ROF
It has emerged that the gold-standard Magic Circle firm filed a claim in the High Court in January against former hedge-fund supremo and ex-client Randall Dillard. According to a report in The Times, S&M advised Dillard in various personal matters in the UK and Cayman Islands courts, such as a partnership dispute and regulatory compliance issues.
The relationship between Slaughter and May and Dillard went south when Dillard allegedly ignored mounting invoices that accumulated between July 2013 and March 2017. The Times reports that although hedgie Dillard made a couple of payments to S&M of around $200,000 in total, the firm is claiming for outstanding sums of $2.158 million, plus interest and costs.
Dillard co-founded London-based hedge fund Liongate Capital Management in 2003. At its peak Liongate managed a portfolio of billions of pounds. However, the mighty Liongate went out with a miaow in 2015, when the funds dwindled and it closed that year.
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However the claim form had a lot of nasty words about Hedgie |
A spokesman for Slaughter and May confirmed to RollOnFriday that the firm had “filed a commercial contract claim in the Commercial Court" against Dillard for outstanding fees. He said that as proceedings are ongoing "it would be inappropriate for us to comment further at this point."
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Only a law firm would continue working for free for four or more years in the hope that they would get paid in due course - as partners are probably assessed on bills and WIP rather than invoices actually paid and cash into the business. I had thought that places like Slaughters might be better, but it seems that this is not the case
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