Diary news plus insights, commentary and appointments from the legal world

23 August 2024

Editorial contact: fennell.edward@yahoo.com

SHORT THOUGHT FOR THE WEEK: No Comfort? Just a little.

The awful tragedy of the death of Mike Lynch and his friends and family members -notably Clifford Chance partner Christopher Morvillo  and his wife Neda – so close to the shore and so soon after the tycoon’s release from his lengthy criminal trial illustrates the fragility of life and its dreadful vicissitudes. But, in a small way, it also speaks volumes to the strength and importance of the relationship that can develop between lawyers and their clients in the most stressful circumstances. We have seen that too in the Post Office case where pro bono lawyers have developed strong personal links with those they have been representing. The law may be a hard-edged profession but humanity, still, can shine through.

The Legal Diarist

In this edition

+ LEGAL DIARY OF THE WEEK

– Thackray Williams is glad all over

– Cardinal Wolsey – A Legal Role Model?

– Practice Makes Perfect at Farrer & Co. 

– Brazil Aims to Do better on Gender Equality

+ LEGAL COMMENT OF THE WEEK

on Pre-Nups and a Hollywood divorce, PwC’s fine and imminent tax changes

+ APPOINTMENTS OF THE WEEK

Burges Salmon

LEGAL DIARY OF THE WEEK

Thackray Williams is ‘glad all over’

One of the few benefits of watching football coverage in Match of the Day on Saturday and Sunday evenings evening is that you can catch a glance of local law firms who want to make their mark with a national audience. During the long pauses in play for VAR decisions to be finalised, the pitch-side LED displays increasingly feature ads from local and regional firms of solicitors who are suddenly able to reach an audience of millions. And this is on the BBC!

So the Legal Diary back-office is now keenly looking out for the promos for Thackray Williams, the London and Kent law firm, which has just teamed up with Crystal Palace FC as the local partner of one of the Premiership’s pluckiest sides.

“This partnership reinforces Thackray Williams’ growing influence in the sports sector, and our commitment to providing affordable legal expertise to athletes, clubs and organisations at all levels,” explains Partner, Lewis Glasson, who heads the firm’s sports sector.

Having qualified as both a barrister and a solicitor Glasson is well placed to know the laws of the game and argue that Thackray Williams’ sports team presents a ‘new offering to the market’ different to other legal firms operating in the sport sector.

“Thackray Williams is a challenger firm in the market,” he says. “It provides the expertise clients need at competitive rates. It’s a unique proposition that democratises access to specialist sports legal advice for everything from routine contracts to national and international disputes. Not everyone can afford top level City of London rates, and there is a growing demand for affordable, specialist legal advice in this sector. The Partnership with Crystal Place shows how the firm has grown from leading regional firm to having a City, and now national and international presence.”  

So just see how high the firm can fly – with the Eagles.

Cardinal Wolsey – A Legal Role Model?

There’s nothing like having a national hero as a native of one’s city to boost civic pride. And if not actually a hero then at least someone with a high – and enduring – profile. Hence it is with Thomas Wolsey – Cardinal, prime fixer for Henry VIII and a generous donor to educational institutions. But a bit of a dodgy wheeler-dealer for all that. His reputation endures, nonetheless, which is why the Thomas Wolsey 550 initiative has proved very popular in Ipswich (his birthplace) attracting support from everyone who matters in the region from the local University to the local city and county councils, Associated British Ports and local law firms including Ashtons, Ellisons and Birketts.

The latter was a founding partner of the whole shebang and has gone the extra mile by hosting a group of Year 10 students from Ipswich Academy (pictured above) who had expressed an an interest in a career in the law.

“It was a pleasure to host the students at our Ipswich office and provide a valuable and accessible insight into Birketts and careers in law,” said Lizzy Ferguson, Early Careers Officer at Birketts, “The students were really engaged throughout, and I hope that we showed just how many options there are for young people from all walks of life both at our firm and others. We’re looking forward to continuing our relationship further with Ipswich Academy and to introduce even more students to the law.”

In its promotion of Wolsey the 550 Initiative comment that his achievements shaped the law of England and illustrate that ‘anything is possible for anyone’. Just so long as you are careful who your boss is, one might add.

Practice Makes Perfect at Farrer & Co. 

Speaking of young people entering the legal profession, Farrer & Co has just announced that it is launching a new Practice Assistant apprenticeship scheme. And it’s happening fast with the first cohort of four apprentices due to arrive at the firm in just a matter of weeks. No doubt competition for the traineeships will be very tough but the entry requirements academically are genuinely accessible with a minimum of just five 5 GCSEs with grades 4/C and above in Math and English required.

Farrer & Co dipped its toes into the Apprenticeship stream as long ago as 2017 so that makes them veterans by now. However that was for business services. Then they moved on to solicitor apprenticeships but this marks an interesting new development. And it’s timely. It is clear that some savvy young people are starting to doubt the wisdom of investing their time and money in conventional, full-time degree courses. Getting into work, direct from GCSEs or A level with the chance to earn while learning is likely to become increasingly popular.

 “As a firm that is committed to nurturing and developing future talent, we’re pleased to be launching our new Practice Assistant apprenticeship scheme,” said Christine Yeomans, the firm’s Head of HR Operations, “Farrer & Co’s business services and solicitor apprenticeship initiatives have proven highly successful, offering an alternative route into career pathways at a leading law firm – and our new Practice Assistant scheme will form another core part of this.”

There’s more information about the scheme here.

Brazil Aims to Do Better on Gender Equality

The latest in the International Bar Association’s regular series of Gender Reports has just been published and focuses this time on Brazil. Launched in 2021 as part of a nine-year global project by IBA President Almudena Arpón de Mendívil Aldama ,the goal is to create a worldwide gender-equal legal profession by 2030.

The headline figures for the Brazilian profession are that while 44 per cent of all lawyers in the country are female but that figure drops to 37 per cent at senior levels. “Despite good intentions, despite the merits and talent of so many women, we still don’t reach the most senior positions across the legal sector mainly due to discriminatory obstacles placed in our paths,” commented one contributor.

According to Luís Roberto Barroso, President of the Supreme Federal Court and of the National Council of Justice, writing in his foreword for the report, ‘Brazilian culture places a disproportionate burden on women, restricting their ability to participate in public life. Increasing women’s participation in the public sphere is a critical objective. Their advancement isn’t just about gender equality – it’s a matter of national interest.”

Interestingly it is the country’s law firms which have the greatest female representation both overall (55 per cent) and at a senior level (43 per cent) These figures are contrary to findings of previous jurisdictions surveyed. But it is the judiciary which has the lowest representation of women: 38 per cent of all judges are female, dropping to 21 per cent at a senior level. 

“To address gender disparity in the profession, the judiciary has recently set about implementing national targets, creating positions open exclusively to women, to increase female representation in leadership positions to 50 per cent,” reports the IBA.

To see the report go to https://www.ibanet.org/document?id=IBA-Gender-Report-Brazil-2024

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LEGAL COMMENT OF THE WEEK

TOPIC: The Ben Affleck and Jennifer Lopez Divorce and speculation about a Pre-nup

COMMENT BY: Katie Lowry, Managing Partner, Lowrie Legal

“Having a prenuptial agreement is essential when there is wealth to protect. Without one, you’re at the mercy of matrimonial law, and the financially stronger party may find themselves in a vulnerable position, especially if they are unaware of which state’s laws will apply. 

“In high-profile cases like this one, the financially dominant person may have already sought legal advice to navigate the most advantageous course of action. In England and Wales, while prenups aren’t fully binding, if executed correctly, they carry substantial weight. 

“I always tell my clients, ‘You insure your house, your car, your business—why not safeguard your wealth against the breakdown of your marriage?’ With the right legal advice, full financial disclosure, and a fair agreement, the courts will likely uphold it. It’s simply smart to protect your hard-earned empire.”

COMMENT BY: Nick Manners, Partner and  Head of Family Law at Payne Hicks Beach

“Pre-nuptial agreements have become an increasingly important tool for those looking to safeguard their pre-marital wealth ahead of entering into marriage. Whilst some may consider them unromantic, they actually provide a degree of certainty which can give both parties comfort as their married life begins.

They provide an insurance policy should the relationship fail, reducing costly legal disputes in the future, encouraging openness about financial affairs and most importantly, ensuring that any children of the marriage are always well looked after.”

TOPIC: PWC fined £15m for not reporting suspected fraud at London Capital & Finance

Jonathan Fisher KC, Barrister, Red Lion Court Chambers

“By fining PWC for this failure, the FCA is sending the message that it’s not scared to take action against one of the Big Four. It is  also making clear its expectation that financial institutions, whether large or small, are required to assist investigators in the fight against financial crime and report suspicious fraudulent activity when it arises.

Tackling economic crime is a big priority in the UK at the moment, in many ways due to an increasing public awareness of the issue, and also international criticism of the UK for not doing enough in the past. The advent of organised crime has pushed the issue of fraud up the agenda, and there is a drive to get more organisations to cooperate and not just refrain from committing fraud, but from turning a blind eye to it. There is an increasing obligations on companies to be ethical, and in this case PWC fell foul of that.” 

TOPIC: The impact of a possible shake-up in the tax system in the Autumn Statement on 30th October 

COMMENT BY: Mark Ashbridge, Managing Director of Ashbridge Partners

 “For anyone with assets, whether it’s a business, property, shares or investments, and you are thinking of selling or transferring them, now is the time to act.  

“Chancellor, Rachel Reeves has demonstrated that she intends to follow through on her election commitments and will perhaps be more aggressive in her approach than we first envisaged. For example, she has been quick to confirm that VAT at the full 20% will be added to the whole of private school fees, including boarding and despite earlier indications, the VAT introduction will commence from 1st January 2025. 

“The Autumn statement is set for 30th October and those within the professional community are bracing themselves for what could be a significant shakeup of the tax system, beyond those identified as protection ‘for the working man’.  We already know that Rachael Reeves has identified a significant black hole, claimed to be as big as £20bn, in the country’s finances and therefore she is likely to look at other taxes such as Capital Gains Tax (CGT), Business Property Relief (BPR), Annual Percentage Rates (APR) and even Inheritance Tax (IHT).  

“With these potential changes on the horizon, now is the time to make the asset transfers between generations or entities or consider bringing forward an asset sale to crystalise the tax treatment under the current regime. For some, this may trigger a CGT charge and particularly where an asset is being transferred rather than sold to a third party there may be a need for finance to fund the tax charge.”

APPOINTMENT OF THE WEEK

BURGES SALMON

Matthew Hancock-Jones (left) has been appointed as director by Burges Salmon in its Financial Services and Financial Regulatory Practice Groups.

Previously with JPMorgan Chase, where he was Co-Head of Compliance with responsibility for overseeing regulatory compliance for Chase UK’s new digital financial services products, Hancock-Jones.has a broad range of experience including both private practice and in-house roles. Prior to Chase UK, Matthew was General Counsel at GoHenry, where he headed up its UK and European Legal team along with being part of GoHenry’s Executive Management Team.

“Having spent a number of years working in-house at a variety of different FS sector organisations – from scaling fintechs through to significant retail and investment banks and wealth management businesses – returning to private practice presents a very exciting opportunity for me to utilise my experience and knowledge of the dynamic challenges within the financial services sector for the benefit of Burges Salmon’s clients,” said Hancock-Jones. “I am therefore thrilled to have joined Burges Salmon and am excited to be collaborating with colleagues and to work side-by-side with the team’s impressive roster of clients and to support those in my own professional network.”

WE hope that you have found this edition of the LEGAL DIARY interesting (and even useful). If so, please circulate it to colleagues.

In any case, please continue sending your diary-type stories, legal comment and insights plus latest appointments to fennell.edward@yahoo.com

And best wishes for another wet Bank Holiday Weekend!