Understand Your Rights. Solve Your Legal Problems
International dispute resolution funder Vannin Capital, has this week published the second report in its Funding in Focus series focused on providing insights, case studies and independent opinions on the high growth area of third party litigation funding (“TPLF”) in key global markets and sectors.
Capturing the views of a broad range of stakeholders, this edition draws upon the experiences of solicitors, general counsel, finance directors, funders and the judiciary.
Referring to an exclusive survey conducted for the purposes of the report, it highlights some interesting statistics and challenges for the business community:
Reinforcing a key message from the inaugural report in the Funding in Focus series, this report discusses how TPLF can advance the public interest by facilitating access to justice addressing the high costs of litigation. However, it also underlines the many commercial benefits that TPLF can provide to the business community by removing the cost of litigation from a company’s balance sheet, ensuring that the cost of the claim has no impact on EBITDA and reducing, or in many cases, eliminating internal legal spend. Market participants including general counsel, finance directors and auditors make the case that TPLF can help businesses of all sizes.
The report also includes two focus sections: one explaining why Germany should be a claimant’s preferred jurisdiction for bringing patent disputes and another detailing the growth of Asian jurisdictions as forums for international arbitration and the potential benefits that TPLF can provide in those jurisdictions.
A legal professional using her network to help build a London base for a charity supporting people living with neurological conditions has been named a Point of Light by Prime Minister David Cameron.
Christine was instrumental in setting up the ‘London Minds’ group to support the work of Cerebra, a national charity for children and young people with neurological conditions. She was aware of the charity through her work at a law firm specialising in supporting people with a mental impairment, and wanted to find a way for the firm to support people beyond their clients. Christine realised that she could help the charity to access a key audience of potential supporters in London and set up ‘London Minds’.
With London Minds, Christine has united a team of six other professionals based in London who are all committed to raising awareness and support for the charity. By promoting Cerebra at exhibitions and events Christine has already reached hundreds of people and raised important funds for Cerebra in her first year of supporting the charity.
Christine, a Director in a law firm, is the latest recipient of a Point of Light award, which recognises outstanding individual volunteers, people who are making a change in their community and inspiring others. Each day, someone, somewhere in the country is selected to receive the award to celebrate their remarkable achievements.
Prime Minister David Cameron said:
“Christine has shown great initiative in helping a fantastic charity to raise awareness and funding for its work in London. Cerebra is a lifeline for many children and young people with neurological conditions and their families. By inspiring others to give their time and money, Christine has helped Cerebra to support even more young people, and she thoroughly deserves to be recognised as a Point of Light.”
Christine said:"I am extremely humbled yet incredibly proud to accept this significant award on behalf of Cerebra and its dedicated team of staff and volunteers. I am by no means the only person helping to get Cerebra’s ‘London Minds’ group up and running and to raise awareness in the capital. I am part of a great team of people who are working hard to get the word out that Cerebra is there to provide help and support to children and their families whose lives have been affected by neurological conditions and to give them the opportunity to have a happier, more fulfilled and enjoyable life together.”
Sian Morgan head of Fundraising and PR at Cerebra said:
“We are delighted that Christine Bunting has been chosen to receive this prestigious award. She is such a passionate supporter of Cerebra's work and has already done so much to help us raise the charity's profile, communicate with new audiences and secure vital support in key areas. Her commitment, enthusiasm and determination make her a very worthy recipient of a Points of Light Award.”
Christine also took part in a skydive this summer raising £3,500 for Cerebra. Her colleagues at Hyphen Law are also proactively raising awareness and funds to support its work.
Christine is the 381st winner of the Points of Light award which has been developed in partnership with the hugely successful Points of Light programme in the USA and was first established by President George H. W. Bush. Over 5,000 US Points of Light have been awarded and both President George H. W. Bush and President Barack Obama have publicly supported the partnership with Points of Light UK which honours shining examples of volunteering across the country.
Regardless of whether it’s a doctor restoring local monuments in her free time, a father teaching young people life skills, or a local musician giving a voice to lonely people, the Point of Light award honours shining examples of volunteering across the UK.
BPP University is teaming up with CIS London & Partners to offer senior legal managers, based in Russia and the Commonwealth of Independent States (CIS), the unique opportunity to study BPP University’s exclusive MBA (Legal Services).
The MBA (Legal Services) programme will be delivered by BPP University, who exclusively trains over 45 leading UK and global law firms’ trainees and delivers a wide variety of high quality professional programmes to leading companies in the UK.
As well as improving their knowledge of business and management, a much sought-after training scheme at CIS London & Partners will be offered to the top 10 performers.
The programme will reunite CIS London & Partners’ Managing Partner, Svetlana London, with BPP University from which she graduated with GDL, LPC and LLM qualifications.
The 32-year-old said: “Until recently, the MBA (Legal Services) was only available to trainees for one of the top law firms in London. I'm really proud this innovative programme is now accessible to lawyers based in Russia and the CIS.”
Stuart Ansell, BPP University’s Director of Faculty and Commercial Operations, said: “BPP University is immensely proud of its highly-successful MBA (Legal Services) programme which is innovative and professionally-focussed. I am delighted to be working so closely with CIS London & Partners to deliver such an exciting and compelling offering for existing and aspiring senior legal professionals.”
The course will be taught by experienced business professionals who deliver tuition with a passion for their discipline derived from genuine practical experience.
The programme stands-out because it provides lawyers with access to learning from business professionals who can provide an in-depth understanding of the business issues that their clients face.
Graduates of the programme will have a clear differentiation from their peers as lawyers who have enhanced their legal expertise with an understanding of business that ensures they stand-out from the crowd.
The programme is set to begin in 2016.
For further information, please contact: mba@cislondon.com.
Ashfords LLP adds strength to its Corporate offering with the hire of Stuart Fleet from US law firm Kaye Scholer. Stuart joins the 65 strong team headed up by Andrew Betteridge.
Stuart has extensive expertise in UK and cross border transactions, equity financings and restructurings and specialises in public takeovers, IPO's, secondary issues, M&A, joint ventures and venture capital. He also advises directors on their legal obligations and duties and advises boards of directors on governance related matters and dealing with activist shareholders.
This appointment cements and expands the firms' London presence, as well as increasing their ability to service international cross border work for clients.
Andrew Betteridge, Partner and Head of Corporate and Commercial at Ashfords LLP, commented:
"We are delighted that Stuart has joined the firm. Stuart is a welcome addition to Ashfords and will be a great asset to the team and his appointment only reinforces our City presence."
Jones Day is advising Southern Company (NYSE: SO) in its acquisition of AGL Resources (NYSE: GAS) in a cash transaction with an enterprise value of approximately $12 billion, including total equity value of approximately $8 billion.
The transaction is structured as a reverse triangular merger pursuant to which AGL will become a wholly owned subsidiary of Southern upon closing of the transaction. The transaction is subject to customary closing conditions, including AGL shareholder approval, state utility regulatory agency review and approval, and notification, clearance, and reporting requirements under the federal antitrust laws. As part of the transaction, Southern has received a financing commitment from Citigroup Global Markets Inc. and plans to put long-term financing in place prior to the closing of the transaction. Southern and AGL expect to complete the transaction in the second half of 2016.
Under the terms of the agreement, AGL's shareholders will be entitled to receive $66 in cash for each share of AGL common stock. This represents a premium of 36.3 percent to the volume-weighted average stock price of AGL over the last 20 trading days ended August 21, 2015. The merger will create America's leading electric and gas utility and create the second-largest utility company in the U.S. by customer base.
In addition to M&A representation, Jones Day is providing employee benefits, banking, antitrust, and environmental advice regarding this transaction.
Solicitors' role in protecting human rights is key when advising UK companies on their conduct at home and abroad, the Law Society will say today (15th September).
The representative body for solicitors will announce that human rights in business operations of all sizes is becoming increasingly important.
Business and human rights is the concept that all businesses respect and adhere to international human rights protections. For lawyers, this means using their advice and influence to assist both large industry and small business where rights are at risk of being threatened or abused. This could include working conditions in factories, the use of child labour, and individual employment rights. It also means ensuring that human rights are respected in their own firms, or in-house positions.
Today the Law Society launches its national engagement programme on Business and Human Rights. This initiative involves consulting with solicitors across England and Wales to find out what guidance and support they need in this growing area.
The first of the engagement events, which takes place in London, includes a workshop and panel discussion. Throughout September and October, the Law Society will also be holding interactive events in Cardiff, Bristol, Manchester, Birmingham, Cambridge and Leeds.
The interactive workshops are an opportunity for solicitors to hear about emerging developments in the area of business and human rights, and changing expectations of law firms.
Discussions will include:
President of the Law Society Jonathan Smithers said: "Our aim is to ensure that solicitors in England and Wales understand the implications of what it means to respect human rights in their professional practice.
"We want to know what business and human rights means to solicitors, how confident they are advising clients on business and human rights issues, what concerns they have, and how we can help them. We want to encourage them to take active steps to implement provisions within their own place of work and ensure that they are fully equipped to advise on the business and human rights concerns of their clients.
"I would encourage solicitors to take this valuable opportunity to speak to experts in the field, and help us form the basis of our business and human rights guidance. If members are unable to attend a workshop, the online survey is another excellent way to let us know how we can best support them."
Travelling from home to first client, patient or customer and home from the last one at the end of shift is rightly counted as working time which should now be paid for says GMB
GMB, the union for British Gas, AA, meter readers and home care workers, welcome the judgement by the European Court that journeys made by workers without fixed or habitual place of work between their homes and the first and last customer of the day constitute working time.
Kathleen Walker Shaw, GMB Europe Officer, said "GMB welcomes today’s judgment by the Court of Justice of the European Union as important confirmation that the journeys made by workers without fixed or habitual place of work between their homes and the first and last customer of the day constitute working time.
GMB has many members who work for British Gas, the AA and home care workers who start and finish their work at home, who will feel reassured that the court has so clearly recognised that travelling from home to your first client, patient or customer and home from the last one at the end of your shift is rightly counted as working time. This time should now be paid for.
The court also recognises that many workers are having to face constant changes in their work practices and environment, and the reality that an increasing number of workers begin and finish their work transits at their home is due to a decision by a company to close their offices or restructure work practices - it is not a choice or desire of the worker themselves, and workers should not be penalised because of this, or carry the burden of the employers’ choice.
The European Court importantly reminds us that the Working time Directive is vital health and safety protection for millions and millions of workers across the UK.
The Working Time Directive gives all workers the right to a minimum 28 day of paid holidays each year, a 20 minute rest breaks after 6 hours work, rest of at least 11 hours in any 24 hours; restricts excessive night work; 24 hours off after seven day of work; and provides for a right to work no more than 48 hours per week over a cycle.
The Working Time Directive is not "red tape" as the CBI assert. It was brought to combat the dangers of excessive hours to workers and the public. We must not forget that excessive hours were identified as the direct cause of the Clapham Junction rail disaster where 35 people died and 500 people were injured on 12 December 1988.
The collision was caused by a signal failure due to a wiring fault. An Independent inquiry, chaired by Anthony Hidden, QC, found that the signalling technician responsible had worked a seven-day week for the previous thirteen weeks.
It is not only workers without fixed and habitual places of work who will benefit from this judgment today but all workers in Britain and the EU. They need to ask themselves – are we prepared to see David Cameron and his Conservative Government rob us of these vital protections as he has given notice to the TUC this week he is hell-bent on doing? This judgment is only safe as long as David Cameron is stopped.
There is widespread opposition to any scaling back of employment and social rights in the EU reform negotiations. Other EU governments should oppose any such requests by the UK government, which would unravel the EU Treaty commitment to improving living and working conditions and trigger social dumping across the EU.
GMB and other unions are giving notice at next weeks TUC that they will recommend a "Leave" vote in the referendum if these rights and protections are removed.
Leading offshore law firm Appleby acted as Cayman counsel for LEAP Holdings Group Limited (LEAP Holdings) in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 2 September, with gross proceeds of approximately HK$143 million. LEAP Holdings is the third foundations company Appleby has assisted with its HKEx listing within the last month.
Judy Lee (pictured), a corporate partner in Appleby’s Hong Kong office led the transaction, assisted by Senior Associate Chris Cheng. Loong & Yeung acted as Hong Kong legal adviser to LEAP Holdings whilst D.S. Cheung & Co. is the legal adviser to the sponsor and underwriters as to Hong Kong law.
LEAP Holdings will use the majority of the net proceeds from the offering to acquire machinery and equipment, strengthen its workforce, and repay outstanding bank loans, as well as for general working capital.
LEAP Holdings is principally engaged in foundation works, ancillary services and construction waste handling at public fill reception facilities managed by the Government in Hong Kong.
Two leading Regional firms have advised the shareholders of Llewellyn Smith Limited, the market leader in providing compliance based services to domestic energy efficiency installations, on its sale to the Servest Group. Bury St Edmunds headquartered Servest Group, is one of the UK's largest facilities management service providers.
The team at Greene & Greene Solicitors was led by Simon Ratcliffe, a partner in the Corporate team in Bury St Edmunds, who was closely supported by solicitor Andrew Cooper and Commercial Property Partner Neil Grigg.
The Ensors team was led by Corporate Finance partner David Scrivener. David was supported on the deal by Robert Leggett, specialist transactional tax partner.
Llewellyn Smith’s compliance services are an integral part of the Government’s Energy Companies Obligations scheme. Its reports recommend energy efficiency measures to households, as well as providing Technical Monitoring. Founded in 2002, the company operates from Bury St Edmunds in Suffolk, but its inspectors and Chartered Surveyors reside nationwide, enabling the business to offer national coverage.
David Llewellyn, Group Chief Executive of Llewellyn Smith commented:
“We are delighted to join the Servest Group, one of the leading facilities management providers in the UK. We have been impressed by the vision that Servest has for Llewellyn Smith and are excited about the prospect of growing the business further. Simon, David and their teams have been a great support to me and my fellow shareholders and directors through this process and over the last 10 years as advisers to our company, for which we are very grateful.”
Simon Ratcliffe of Greene & Greene commented:
"We are very pleased to have helped the shareholders of Llewellyn Smith through this process and in joining the Servest Group. We wish David and his fellow directors all the best for the future and are confident that the business will continue to thrive as part of this diverse group of companies."
David Scrivener (pictured) of Ensors added:
“I join Simon in wishing all of the shareholders well for the future – I am very confident that they will be successful in developing Llewellyn Smith under new ownership in such an exciting, growing market. David Llewellyn is one of the most respected individuals in the industry and it has been a pleasure to work with him and his team on this deal”
The total amount of Inheritance Tax Relief claimed against charitable donations made in wills has hit a record high, up 7% on last year* to £630 million, says Wilsons, the leading charity law firm.
Wilsons estimates the total value of bequests from estates over the Inheritance Tax (IHT) threshold last year at £1.6 billion. Bequests from IHT eligible estates account for the overwhelming majority of all legacies to charities, which stood at £1.9billion in 2013.**
Wilsons explains that the increasing popularity of leaving legacies to charities is driven by the increasing value of estates due to rising stock markets and house prices. Demographics are also a factor, as longer lifespans mean that the main heirs in wills are increasingly likely to be well into adulthood.
However, while there may be more ‘spare’ cash available for people to leave to charities, large charitable bequests are increasingly putting the charities that receive them in conflict with a will’s other beneficiaries.
Comments Tim Fullerlove (pictured), Partner Tax and Trusts at Wilsons: “The main heirs in wills are now often of an age where they have already achieved a reasonable level of financial security. That means that their elderly parents no longer feel an obligation to leave them everything, and are more likely to set something aside for charitable causes.”
“These bequests may be very sizeable sums, which is a big incentive for heirs to go to court to contest the will.”
“Older wills can be particularly problematic. A homeowner’s will drafted in the 1980s leaving fixed amounts to family members and the rest to charity may well result in the heirs arguing that they would end up with a far smaller proportion of the total than was really intended.”
“Updating wills to reflect changes in asset values can avoid this kind of conflict.”
Amount of IHT relief claimed against charitable legacies
Government could encourage more charitable bequests by aligning incentives with the way people give
Wilsons say that the amount of IHT relief claimed against charitable bequest is unlikely to have been influenced significantly by rule changes designed to encourage charitable bequests. From April 2012, any estate in which 10% or more of the total value was left to a charity has been taxed at a rate of 36% instead of 40%.
The changes mean that anyone planning to leave 4% or more of the IHT-eligible portion of their estate to charity would leave more for their other beneficiaries by raising the value of the charity legacy to 10%.
However, Wilsons say that the tax incentive to leave legacies to charities is not aligned with the way that people donate.
Explains Tim Fullerlove: “With the exception of the very wealthy, people rarely make divide their wills on a percentage basis, because they prefer more certainty about who will get what.”
“Even after the inheritance tax threshold for a couple is raised to £1million, there will still be plenty of ordinary families over that threshold who will benefit from some simple tax planning.”
“If people knew that increasing their donation to charity by a fixed sum, rather than an abstract percentage, would decrease the overall tax burden on their estate, then that would be a more powerful incentive to donate more.”
*2014/15 tax year
**Latest data available from the Charities Aid Foundation
