Understand Your Rights. Solve Your Legal Problems
Niall Hearty of Rahman Ravelli considers HM Revenue and Customs’ big problem with small businesses
When it comes to tax evasion, the media focuses on the big numbers and the biggest names. Cases involving the largest companies, allegations of colossal amounts not being paid and the most sizeable penalties are the ones that, understandably, make the news.
Such cases can be great PR for HM Revenue and Customs (HMRC). It is seen to be clawing back large amounts and holding the big boys to account. Away from the news pages, however, it is equally important that HMRC is equally diligent when it comes to bringing action against the less high-profile companies, where less spectacular amounts are involved.
Such action is unlikely to generate headlines – but it remains a necessary HMRC function. HMRC’s approach to this more “bread and butter’’ side of its work, however, has now led to news coverage – and not the kind it would have wished for.
The National Audit Office (NAO) reported that HMRC has failed to prevent small businesses evading the payment of taxes totalling over £4.4 billion. This, says the NAO, is due to HMRC lacking a focused strategy for combating the various tax evasion schemes being used. It argues that HMRC’s general strategy for tackling evasion involving particular types of taxes and groups of taxpayers is not effective in all circumstances, which is why the non-payment statistics for small businesses are so high.
The solution, according to the NAO, is for HMRC to work more systematically across government. It cites the rapid increase in online businesses – and weaknesses in ensuring they are properly registered – as one area where a tighter approach is needed to reduce tax evasion. The NAO added that the fact that 42% of all companies incorporated last year were retailers suggests the retail sector may now pose the highest risk of tax fraud in need of urgent action.
The picture that the NAO paints is not one that makes pleasant viewing for HMRC. The tax authority could, in its defence, point to the tougher requirements introduced earlier this year that should make it more difficult to abuse the Companies House registration scheme for businesses. It could also emphasise the figures that show that tax evasion in general has stabilised in recent years; although last year’s figure of £5.5 billion lost to tax evasion is not something to be proud of.
With evasion still rising in the small business sector and the NAO pinpointing problems, the HMRC has issues that it must address. HMRC must, according to the NAO, tackle the problem of businesses that go into insolvency to shirk their tax debts only to reappear as new companies. Such so-called phoenix companies are responsible for more than £500 million a year in tax losses - and possibly more, according to the NAO. Yet of the 6,274 company directors disqualified in the past five years, only seven were struck off for this practice.
The challenge facing HMRC is how it addresses what appear to be blind spots in the way it works. Identifying tax evasion in smaller businesses – whether or not they are in the retail sector – may not produce individual cases that generate the headline-grabbing big numbers. But the NAO report shows that these cases add up to large amounts.
HMRC has the tools to resolve such cases. It now needs to decide how best to apply those tools. The small business sector is clearly an area where tax collection is far from perfect. The
HMRC may argue, with justification, that staffing and resources make it difficult for it to pursue each and every business in that sector. And it is clearly more cost effective for HMRC to target large businesses. But clearly something needs to change.
Due to restrictions in government funding generally across the board, HMRC could - as the NAO suggested - possibly benefit from working more closely with other government departments. Companies House, to take just one example, has invested in new initiatives such as developing software for ID verification to combat fraud under the Economic Crime and Corporate Transparency Act 2023. Greater collaboration with it may provide HMRC with the data or other means to tackle the ways small businesses sidestep their tax obligations, particularly when it comes to issues such as phoenix companies. There may even be the potential for HMRC to itself adopt a more digital approach to holding tax evaders to account.
At this stage, however, there does not appear to be a clear blueprint that HMRC can use immediately for tackling its small business problem. But in the UK, the difference between the expected amount of tax to be collected and what is actually collected – known as the tax gap – was £39.8 billion in 2022-23, according to HMRC. Some believe the actual figure is much larger. If small business tax evasion is accounting for more than a tenth of that figure, HMRC has to be seen to be addressing this sooner rather than later.
The Zodiac Killer, an unidentified serial murderer, terrorized Northern California in the late 1960s and early 1970s, claiming at least five confirmed victims. As of 2025, the decades-old case remains open, with law enforcement actively using forensic genetic genealogy and advanced DNA technology to analyze evidence from his taunting letters and cryptic ciphers, including the recently decoded Z340. This persistent investigation aims to unmask the killer who has evaded capture for over five decades.
The notorious Zodiac Killer terrorized Northern California in the late 1960s and early 1970s, establishing a chilling legacy as perhaps the most infamous unsolved case in American history. Decades later, with a fresh wave of public fascination fueled by streaming documentaries and remarkable DNA technology, the hunt for the man behind the infamous crosshair symbol is raging on with renewed intensity.
The combination of his taunting letters, cryptic ciphers, and confirmed brutality has ensured the Zodiac remains a perpetual, menacing shadow on the landscape of true crime. In 2025, every small movement in the investigation—from re-examining old evidence to the naming of new suspects—becomes major news, keeping the hope alive that this half-century-old mystery may finally be cracked.
While the initial flurry of attacks occurred over a shocking 10-month period, the case has never truly been closed by the multiple agencies involved.
Today, the core of the investigation hinges on applying twenty-first-century forensic tools to the faded remnants of the 1960s. Advances in forensic genetic genealogy, the same technique used to identify the Golden State Killer, have raised hopes that DNA collected from the infamous letters or crime scenes could finally yield a definitive match. Law enforcement is carefully navigating this complex landscape of old evidence and new science.
Despite constant claims from independent groups and amateur sleuths, the official stance remains cautious but determined. In the face of intense media speculation, including recent claims identifying a man who died in 2018 as the killer, authorities have been quick to manage expectations. "The Zodiac Killer case is an active, open case with the FBI, the Vallejo Police Department, and multiple county agencies," confirmed a representative for one of the involved task forces.
"We are utilizing every available technological advancement in forensics to find the truth, but until a full DNA or fingerprint match is irrefutably confirmed, the investigation remains ongoing." According to analysis reviewed by Lawyer Monthly, this careful statement reflects the delicate legal requirements needed to ensure that any potential future arrest and prosecution would withstand the scrutiny of a modern court.
The Zodiac Killer was unique not only for his brutality but for his calculated use of media to instill terror, sending a stream of letters to San Francisco Bay Area newspapers. These communications, often containing threats of mass murder, established a bizarre, direct relationship between the killer and the public. His letters were typically signed with the crosshair symbol (⨁) and frequently included elaborately constructed, multi-part ciphers.
For decades, many of these codes were considered unbreakable, standing as symbols of the killer's intellectual superiority over his pursuers. However, in a stunning international breakthrough in 2020, a team of civilian code-breakers finally solved the infamous 340 Cipher (Z340), revealing a chilling, self-aggrandizing message. Yet, not all the puzzles are solved. Several other ciphers, including the short Z13 cipher, continue to challenge cryptographers, meaning the secrets—perhaps even the killer's name—are still buried in the past. This constant, evolving challenge is a significant reason why the case continues to generate massive public interest and draw high click-through rates on any new development.
Official investigations link the Zodiac to five murders and two attempted murders across four different locations, primarily targeting young couples and a lone taxi driver. This timeline focuses on the key confirmed attacks and communications that defined his reign of terror:
| Date | Event | Location | Confirmed Victims (Killed/Injured) | Significance |
| Dec. 20, 1968 | First Known Attack | Lake Herman Road, Benicia | David Faraday (K), Betty Lou Jensen (K) | The first confirmed double murder, establishing the Zodiac's preferred target: couples in secluded "lover's lanes." |
| Jul. 4/5, 1969 | Second Attack & First Taunt | Blue Rock Springs Park, Vallejo | Darlene Ferrin (K), Mike Mageau (I) | The killer calls police shortly after the attack to claim responsibility for this and the 1968 murders, officially starting his public taunting. |
| Aug. 1, 1969 | The Z408 Cipher | Sent to three Bay Area newspapers. | N/A | The killer sends his first letters and the Z408 cipher, where he first uses the name "Zodiac." The cipher is quickly solved. |
| Sept. 27, 1969 | Lake Berryessa Stabbing | Lake Berryessa, Napa County | Cecelia Shepard (K), Bryan Hartnell (I) | The Zodiac wears a distinctive hooded costume and uses a knife. He carves a message and date on the car door, underscoring his calculated nature. |
| Oct. 11, 1969 | Paul Stine Murder | Presidio Heights, San Francisco | Paul Stine (K) | The last confirmed murder, a lone taxi driver. Eyewitnesses see the killer, providing the famous police composite sketch. |
| Oct. 14, 1969 | Stine Proof | Sent to The Chronicle. | N/A | The Zodiac sends a swatch of Paul Stine’s bloodied shirt to prove he committed the murder, escalating his macabre communication. |
| Mar. 22, 1970 | Kathleen Johns Abduction | Highway 132, near Modesto | Kathleen Johns (Escapee) | An attempted kidnapping (never officially confirmed as Zodiac by police, but the killer later claimed credit), providing a key survival story and sketch confirmation. |
| Nov. 8, 1969 | The Z340 Cipher | Sent to The Chronicle. | N/A | The second, more complex cipher is sent. It remained unbroken for over 50 years until solved in 2020. |
| Jan. 29, 1974 | Last Confirmed Communication | Sent to The Chronicle. | N/A | The killer's last definitively authenticated letter, in which he chillingly claimed his total victim count was "37," marking a profound moment of silence in the case. |
The enduring mystery of the Zodiac Killer continues to generate massive public fascination, exemplified by recent, high-profile documentary series that introduce the horror of the late 60s to a new generation of true crime enthusiasts.
This renewed media focus ensures that the pressure on law enforcement to solve the case remains extraordinarily high. Every piece of new evidence, from advancements in DNA technology to the successful cracking of a 51-year-old cipher, provides a fresh wave of hope and drives unprecedented traffic to articles detailing the pursuit of America’s most elusive serial killer. The key question haunting investigators, victims’ families, and the public is not if the killer can be unmasked, but when.
The following video discusses theories regarding the Zodiac Killer case, which remains one of the most compelling and enduring mysteries in criminal history.
Debunking Zodiac Killer theories: Chronicle reporter responds to Reddit questions
No. The identity of the Zodiac Killer remains one of the most famous unsolved mysteries in American criminal history. While numerous suspects have been investigated over the decades—most notably Arthur Leigh Allen—no individual has ever been arrested or conclusively identified as the killer by official law enforcement agencies like the FBI or the local police departments in California. The case remains active and open to this day.
Law enforcement officially attributes five murders and two attempted murders to the Zodiac Killer. These seven victims were targeted in four confirmed attacks between December 1968 and October 1969. However, the killer himself claimed in his letters to have killed as many as 37 people, a claim authorities have never substantiated.
Not all of them. The Zodiac sent four main coded messages (ciphers) to the press. The first cipher, known as the Z408, was quickly solved by a civilian couple in 1969. The most complex, the Z340 cipher, remained unsolved for 51 years until a team of civilian code-breakers cracked it in 2020. However, two shorter ciphers, the Z13 and Z32, are still considered officially unsolved and may hold the killer's name or other critical details.
Fund III has successfully concluded its final closing, securing total commitments of EUR 428m. This surpasses its predecessor fund by 33%. This third vintage fund will continue Volpi’s established success in partnering with founder and management teams across Europe to accelerate growth in B2B software and service sectors. With typical equity investments ranging from EUR 25-100 million in companies valued between EUR 50 million and EUR 200 million, Volpi aims to drive significant growth through strategic investments in product development, market expansion, technological advancement, and team building.
Fund III has already made investments in three companies: Xalient, Cyclomedia, and Yaveon. Each of these businesses has shown strong performance, indicating substantial potential for outsized returns for investors.
Loyens & Loeff Luxembourg assisted Volpi in relation to the launch and fundraising of this fund covering all legal, tax and finance aspects of the Fund’s operations.
Advisors:
Legal, Tax and Fund counsel to Volpi Capital
Fundraising Advisor to Volpi Capital
This successful issuance by The Commercial Bank of Kuwait (AI-Trijari) of the second tranche of Basel III compliant Tier 2 bonds had a value of KWD 50 million as well as the completion of the KWD 100 million subordinated Tier 2 Bonds programme.
This marked the first ever Tier 2 Bonds Programme set up in Kuwait.
Meysan acted as legal counsel to Kuwait Financial Centre K.S.C.P. (“Markaz”) providing legal expertise and support related to the Programme setup and the first and second tranches’ issuances. Meysan advised Markaz on corporate and regulatory approval requirements, filing and securing approvals from the Central Bank of Kuwait and Kuwait Capital Market Authority as well as drafting prospectus and transaction documents. Partner, Tarek Yehya led the team joined by Samar Jrade and Nour Mashmoushi. www.meysan.com
Our role extended beyond the successful second tranche issuance to include the establishment of the programme and the first tranche issuance. We were responsible for crafting the legal framework of the first ever Tier 2 Bonds Program. This involved a comprehensive approach, including drafting the base prospectus and the prospectuses for the first and second tranche issuances, as well as the offering documentation, Tier 2 bonds documents, and related transaction documents. We ensured that all legal aspects to the programme and the issuances complied with both the regulatory and financial requirements, including local securities regulations and international standards governing bonds. Our responsibilities also encompassed close coordination with Kuwait Capital Market Authority and Central Bank of Kuwait, as well as filing and securing timely regulatory approvals. We provided ongoing advice to Markaz acting as the lead manager and subscription agent throughout the process. The deployed strategy ensured a seamless and compliant issuance process that aligned with market demand, while balancing regulatory requirements and fulfilling Al-Tijari financial objectives. It also adhered to a strict timeline for executing the issuances to respond to prevailing market conditions.
Robust legal support is crucial for ensuring compliance with securities regulations. It also assures the preparation of a comprehensive and thorough transaction documentation, which reduces the risk of disputes and legal challenges. This enhances confidence in the issuance and positively affects demand.
Neglecting appropriate legal support increases exposure to regulatory sanctions and financial penalties, as well as disputes that could hinder the issuance and damage both the issuer’s and the subscription agent’s reputation and financial standing.
The transaction implicated multiple legal challenges, including the necessity to develop a comprehensive legal framework that ensures strict compliance with all regulatory requirements and international standards, and timely execution of the transaction. Careful consideration was granted to disclosing the risks associated with investing in the bonds, establishing a clear and transparent subscription process, and precisely defining the terms of the bonds. The second tranche issuance was completed in record time, with all filings and regulatory approvals secured, and the offering and transaction documents thoroughly prepared and executed in under 1.5 months. Meysan and Markaz’ respective teams worked closely together to navigate the complexities of the issuance process, adopted strategic approach to circumvent delays in the regulatory approval process. This swift and efficient execution fulfilled Al-Tijari’s objective of closing the issuance and completing the programme within the one-year term approved by the CMA, thus avoiding the need to extend its term.
Trade Interchange provides supplier management software that facilitates various organisations to reduce the risk and costs associated with managing large supplier bases. Their customers include NHS professionals, Sodexo, Whitbread and more. Their software is used by companies in 28 countries with 10 languages supported on the platform.
With this new support from Everfield they will be able to begin their plan to double in size in the coming years. The co-founder and chief-executive of Trade Interchange, Mike Edmunds will continue to lead the business. The acquisition also enables four other shareholders to exit the business.
This is Everfield’s 19th acquisition in Europe. They were given advice regarding technology from Shiker consulting.
Shiker Consulting is a technology partner to Everfield, supporting them on Tech Due Diligence and providing Technology advisory during acquisition processes. We have been working with Everfield since 2022, and have been part of most of their acquisitions, supporting them particularly on SaaS acquisitions.
Shiker is a boutique Tech Consulting firm with experienced consulting practitioners. Our team is led by Shiv, who has been a CIO for a £2bn SaaS global company previously. Tech DD team is led by Robert, who has previously led the Cloud Practise for global SaaS company. Tech DD is supported by Satya, who has completed 100+ M&A transactions, including 70+ IT/Tech DDs.
We collaborated closely, to provide the insights needed for Everfield to evaluate Trade Interchange from a tech perspective.
Shiker Consulting prides itself on providing value for money Tech Due Diligence Services specifically in the area of B2B software companies. We follow a 6-pillar approach in evaluating firms by analysing their Product portfolio and Roadmap, Tech Architecture, Software and Development practices, People skill set and Org structure, Security/Compliance and Customer Success.
It is critical that Everfield is fully aware of the tech landscape of the organisations they acquire. Without completing Tech DD, Everfield likely may not proceed with further stages of due diligence, or even to acquire an organisation.
In that scenario, advice from Shiker becomes one of the key factors towards progressing the deal to the next stage. Also, we make Everfield aware of the key areas they need to work on post the acquisition, so that the Operations team start the pre-work earlier, thereby advancing the portfolio improvement lifecycle.
Everfield’s strategy is to acquire growing B2B software firms and provide them with the right support to continue their success and to taking their achievements to the next level. We believe that Trade Interchange has a great partner in Everfield who will support their growth and help to expand into new markets. Trade interchange adds a modern and mature SaaS product to Everfield’s portfolio of Supplier Management software, thereby strengthening the range of services that Everfield’s SaaS products can provide.
Shiker’s expertise in evaluating SaaS organisations and software offerings is quite broad, which contributed to the smooth and swift completion of this transaction.
Thermo Fisher Scientific Acquires Olink
Thermo Fisher Scientific Inc. is the world leader in serving science, working and researching life science as a clinical research company. They are also a global supplier in analytical instruments, clinical development solutions and more. They work to deliver a cleaner, safer and healthier world with their customers at the forefront of their research.
With the completion of this acquisition of Olink, valued at approximately $3.1 billion with a net of $96 million this enables Olink to become part of Thermo Fisher’s Life Sciences Solutions segment.
Olink will support Thermo Fisher Scientific to level up in the high-growth proteomics market.
Baker McKenzie served as legal counsel for Olink throughout this acquisition.
“The divestment of Olink to Thermo Fisher Scientific is one of the largest public cross-border transactions that we've seen originate from Sweden lately, and a perfect fit for our cross-border capabilities.” says Henric Roth, partner and co-lead of the transaction. “Our teams in Stockholm and New York advised Olink seamlessly with the assistance from experts at Baker McKenzie office's in another ten countries across three continents. Drawing from our vast bench-strength across the globe, we were able to successfully assist the client in what turned out to be an intense transaction with a high-level of regulatory complexity.”
Those who took the bar exam in July 2024 are set to see a higher average in results than seen previously. The MBE is a 200 multiple choice question section which is taken over 6 hours. This is the only portion of the 2 day exam scored by the national conference and is able to provide a national forecast of pass rates. Individual pass rates are set to release in September into November, however the national average score on the MBE was 141.8 which is up 1.3 points from July 2023. This is also the highest average MBE score since 2014 showing an upward trend in pass rates.
The NCBE's scale means that if you get 60-66% correct, you should “pass” the MBE, depending on your jurisdiction's overall passage rate.
A large part of the increased results could be down to the applicants to law school which increased 13% in 2021. Many waited until after the pandemic to apply to further education courses which allowed law schools to be more selective of who they accept. If only the top applicants were accepted then having higher pass rates for the bar exam is on track.
California is considered to be the hardest bar exam based on the content and the low pass rate of just 34%.
Utah is knows for having one of the easiest bar exams to pass with a 94% pass rate for first time takers and a 73% pass rate for repeat takers in July 2023. It also has the lowest UBE cut score of 260.
The American Bar Association report that just over 78% of US law school graduates who took the exam in 2022 passed first time. In 2023 this increased to 79% of graduates passing first time.
The American Bar Association reports the main cause of stress in the legal field is the pressure to perform to an extremely high standard at all times as well as, strict deadlines, long working hours, demands from clients, colleagues and the court system. This makes working in the legal industry the most stressful occupation in the US, according to the U.S. Bureau of Labor stats.
We recently reported on UK Lawyers facing similar levels of stress as their US counterparts with as many as many as 37% of lawyers considering leaving their profession due to their mental health.
Forbes reports a study conducted with over 13,000 lawyers nationwide which highlights the substantial mental health issues faced by lawyers.
They found that 28% of lawyers experienced depression, 19% had anxiety, 21% had alcohol problems and 11% struggled with drug use at one time during their career.
Lawyers experience elevated levels of stress and loneliness as well as contemplate suicide at double to triple the rate of the general population.
The culture in the legal industry is one which does not leave room for discussions of mental health and taking the time to take care of yourself. This has had detrimental effects leading to more significant mental health issues as well as burnout and fatigue. Through taking care of your own mental health throughout your career and day-to-day life you can prevent burnout and live happier.
Law firms will benefit from having staff who take care of their mental health, this can lead to more productive work hours, reduced staff turnover and lawyers who are more inspired and ambitious to get top results.
To do this, law firms should set in place methods to help their staff and encourage mental wellbeing, At the beginning of 2024 the international bar association reported that approximately 3 quarters of law firms have initiatives in place to support mental health. Despite this there was a 24% increase of people contacting LawCare, a charity for legal professionals seeking help.
So, does this mean the initiatives are not working or that the culture in the legal industry will take more time to adapt?
The lack of ‘belonging’ was a key issue for legal professionals, showing appreciation could help staff well being making them feel their value. Celebrating the wins of all the staff and giving opportunities for development within their career. Additionally, allowing time for lawyers to discuss their personal lives and create personal friendships within the workplace can elevate morale.
With this acquisition Terre & Fils Investissement is able to expand their presence in the thematic media sector. They are integrating two French press titles that have been working for 40 years to renew the perspectives of readers.
Terre & Fils Investissement aim to continue the development of Terre Sauvage and Alpes Magazine, preserving their individual identity whilst investing in their growth. This will include an editorial overhaul planned for 2025, strengthening their contributor selection and digitising their reports and content formats.
Oria Media firm supported Terre & Fils Investissement with the intellectual and industrial property aspects.
"Oria Media IP / IT Team was very proud to support Terre & Fils in this acquisition and in particular the framing of editorial contents, copyrights, databases and brands."
