Business continues to be buoyant at the Top-100, according to the latest snapshot from a long-running survey of the legal sector.According to Deloitte’s Quarterly Legal Sector Survey, average income in this segment rose by 4.7% in the second quarter of 2015-16, an increase of 1.6% per fee-earner. This resulted in an overall increase of 4.5% in fee income in the first half of the financial year.Average fee income increases of just over 5% were achieved by firms in the 1-10, 26-50 and 51-100 size categories this quarter, with more modest growth of 2% achieved by firms in the 11-25 size category.Growth in the largest firms was achieved through an increase in the rates recovered, while growth for firms ranked 26-100 was predominantly due to increases in fee-earner numbers of around 4%.Jeremy Black, professional services partner at Deloitte, said: ‘This quarter was a particularly strong quarter for the largest firms with strong demand in certain practice areas and an increased focus on pricing and profitability driving growth.’For firms outside the 1-10 size category, increases in fee income have largely been achieved through growth in fee-earner numbers rather than increases in chargeable hours per fee-earner or rates. A focus on pricing and profitability will be key in the second half of the financial year given some of the pressures firms are seeing on fee-earner salaries.’The survey, which has been reporting for more than eight years, also found that participants expect a relatively strong third quarter, with firms predicting average fee income increases of 6%.
COLOMBO, (Reuters) – Police arrested the chief financial officer of Sri Lanka Cricket yesterday for suspected financial misappropriation linked with awarding telecast rights to Sony TV, police said. The International Cricket Council said this month that its anti-corruption unit was investigating serious allegations in Sri Lankan cricket and had provided a detailed briefing to the country’s president, prime minister and sports minister.“Following the investigation the CID arrested the main suspect. He is the chief financial officer of Sri Lanka Cricket,” Police spokesman Ruwan Gunasekara told Reuters, naming him as 42-year old Wimal Nandika Dissanayake.Dissanayake’s lawyers were not immediately available for comment. He was arrested after the SLC’s chief executive officer lodged a complaint to the police over financial fraud, the police spokesman said.“The complaint says the SLC’s television rights have been going to Sony since 2013. At the last South African tour, this main suspect asked Sony to deposit 15 percent of the television rights fees to a private account in America.”He said the amount of money misappropriated on South African tours was more than $187,000. “Sony became suspicious when this suspect informed it (of the requirement) for a deposit of 50 percent of television rights fees from an ongoing England tour and it informed Sri Lanka cricket.”Sony could not immediately be reached for comment.The arrest came a week after former Sri Lanka captain and selector Sanath Jayasuriya was charged with two counts of breaching the ICC’s anti-corruption code. An official at Sri Lanka Cricket said it had given all its support to the anti-corruption team in its investigation.Sri Lanka’s 1996 World Cup winning team captain Arjuna Ranatunga said he and Prime Minister Ranil Wickremesinghe had sought India’s expertise in dealing with the investigation because Indian police had a good record for probing match fixing and other corrupt practices bedevilling the sport.“We made this request because it is not only the players who are involved in this corruption. There is a group behind the players like bookies and betting agents. If we get the group, we can find out the root cause of this problem,” he told reporters in Colombo after a three day visit to India.
Michael Valore, previously of TSM and ESP Gaming, has been announced as the new Director of Accounts for mobile-centric organisation Tribe Gaming.In his new role, Valore will oversee brand partnerships, marketing campaigns, and other revenue-generating opportunities across all of Tribe Gaming’s teams and content creators.Image credit: Tribe GamingRELATED: Tribe Gaming raises over $1M, including from NBA, WWE starsPatrick Carney, Founder and CEO of Tribe Gaming, told Esports Insider: “With Michael having been a creator, player, manager, and world class operator in the mobile esports industry, he’s a uniquely valuable addition to our team with his wide perspective on what we’re looking to build. As Tribe Gaming grows, we need to lean on people with authentic experience in the space – and Michael checks all the boxes.”Valore was most recently the Senior Esports Operations Manager for ESP Gaming, and before that served as the lead Player Manager for TSM’s Fortnite team. In that position, he played a role in the organisation’s partnerships with brands such as Chipotle and Dr. Pepper.Before his managerial career, Valore was a competitive player for TSM in the mobile MOBA game Vainglory under the name “FlashX,” and won multiple championships in the game. He also briefly served as TSM’s Vainglory manager after his playing career ended.RELATED: Tribe Gaming hires Brian Ta as Director of PartnershipsIn April, Tribe Gaming announced the hiring of Brian Ta as Director of Partnerships, following the late March announcement that the organisation had raised more than $1 million (£825,750) in a seed round. That round included participation from Boston Celtics player Gordon Hayward, WWE pro wrestler Claudio “Cesaro” Castagnoli, Super Evil Megacorp CEO Kristian Segerstrale, and angel investor Victor Krahn.Valore commented in a release: “Having begun my esports journey in mobile gaming, I couldn’t be more excited for my endeavors to have come full circle and to return to my roots. I’m a huge advocate of the future of gaming being mobile, and Tribe is a standout pioneer in the mobile ecosystem. I’m excited to work with their partnerships team and to push the boundaries of what’s possible between brands and our mobile properties.”Esports Insider says: Valore has already amassed esports experience from a few distinct vantage points, especially on the mobile side of things. He should be a smart addition as the mobile-centric Tribe continues its planned expansion.Find out about the ESI Digital Summit