The in-house debate: Look to the future now

David Halliwell, Pinsent Masons Vario: The world is now seen through a ‘VUCA’ lens – it’s Volatile, Uncertain, Complex and Ambiguous. Are the risks that businesses are facing much more uncertain? What does that mean for how you are working in your roles?

John Ventress, Lombard Odier Investment Managers: As in-house lawyers, we need to be aware of the risks faced by our business, but our role is to support the business in navigating the future and helping it to develop, rather than being risk managers. Continue reading “The in-house debate: Look to the future now”

Table toppers – the law firms leading the pack in the latest Legal 500 research

Almost 1,200 firms have secured spots in the most recent UK Legal 500 Solicitors research, which provides law firms, in-house counsel and individuals with accurate and in-depth analysis of the best firms and lawyers working across England, Scotland, Wales and Northern Ireland.

Between them the firms, roughly half of which are in London, share almost 10,000 practice rankings, around 4,500 of which are in the capital. In addition to the practice area rankings, there are also more than 12,300 individual lawyer rankings – almost half of which have been awarded to London-based lawyers. Continue reading “Table toppers – the law firms leading the pack in the latest Legal 500 research”

Revolving Doors: Global 100 firms expand in the City as Australian market sees lateral hiring spike

In the City, Kiran Arora has left BCLP to join Eversheds Sutherland as a new partner in its corporate and energy practice.

Ranked in The Legal 500 as a Leading Individual, Arora specialises in sustainable energy and infrastructure projects, bringing with him more than 20 years’ experience advising on project development, project financing, and M&A transactions. Continue reading “Revolving Doors: Global 100 firms expand in the City as Australian market sees lateral hiring spike”

Sponsored briefing: Overview of ESG law in Switzerland

What amendments or additions to Swiss ESG laws have been introduced in the past year, and how are these expected to influence businesses in the coming year?

In January 2022, the Swiss rules on due diligence and reporting regarding non-financial matters in the Swiss Code of Obligations (Swiss CO), which were adopted as a counterproposal to the ‘Responsible Business Initiative’ that was rejected by Swiss voters in November 2020, came into force (art. 964a ff. Swiss CO). These rules have started to apply as of the current financial year 2023 and the first reports according to the rules will have to be published next year (covering the financial year 2023). In a nutshell, large, listed companies and large companies supervised by the Swiss Financial Market Supervisory Authority (FINMA) will be required to publish a report on non-financial matters covering environmental matters, in particular CO2 goals, social issues, employee-related issues, respect for human rights and combating corruption. The companies in scope will have to let their shareholders vote on the report on non-financial matters at the general meeting. Additionally, certain Swiss companies will have to publish a report on due diligence regarding child labour and/or conflict minerals and metals. Continue reading “Sponsored briefing: Overview of ESG law in Switzerland”

Sponsored briefing: Dutch dividend withholding tax exemption for share buybacks by listed companies may be abolished by 2025

Dutch listed companies may buyback their own shares free from Dutch dividend withholding tax (DWT), subject to certain conditions being met. Based on an adopted amendment to the Dutch Tax Plan 2024, the House of Representatives decided to abolish this exemption as of 1 January 2025. This would mean that share buybacks will be subject to 15% dividend withholding tax. However, a new government, to be formed after the 22 November 2023 elections, could still decide in 2024 not to abolish this exemption. In addition, various alternatives remain available to distribute cash to shareholders free from DWT.

For the avoidance of doubt, companies that have a listing in the Netherlands, but are not tax resident of the Netherlands are and remain outside the scope of Dutch DWT. Such companies are in any event not affected by the proposal. Continue reading “Sponsored briefing: Dutch dividend withholding tax exemption for share buybacks by listed companies may be abolished by 2025”

A GC’S GUIDE TO LEADERSHIP: TOSHIMI ITAKURA OF SOJITZ

Toshimi Itakura is now general manager of the Sojitz Corporation’s legal department. But it has been a long road to get there – she has worked her way up from the most junior position in the legal team all the way up to the top job at one of Japan’s largest companies. Sojitz is one of Japan’s famed sogo shosha, a term that translates as general trading company, which explains their approach to business: in short, they’ll manage a dizzying array of businesses. In Sojitz’ case, automotive, aerospace & transportation, infrastructure, energy, healthcare, metals & minerals, chemicals, agriculture and retail are just some of the areas the company takes on. During the course of her career progression, Toshimi has managed an ever-growing team of people which now numbers over 70. She has developed a keen sense of what to do – and what not to do – when managing others. Toshimi spoke to GC about her philosophy.

GC: Could you begin by explaining your approach to people management?

As the general manager of the legal department, there is one thing in my approach that I have not changed since I was appointed a section manager: my key management policy as a leader of the organisation. The underlying principle of such key management policy has been to provide a supportive environment in which team members can thrive, whilst continuing to work towards achieving broader company strategies together. When I was first appointed as the Section 3 manager [Section 3 is the part of the Sojitz legal team that covers aerospace & transportation, infrastructure and energy industry] in 2020, I announced the following key management policy to my section members: “Be happy and passionate about working, and always be yourself”. I also made a commitment to support and be considerate of each of their career objectives and lives. Now with almost 75 members (covering seven sections and one unit) in the legal department, this approach remains unchanged and I am determined to continue to provide close support to my members. However, now that I have become the general manager, it can be challenging to take time for each individual member, therefore I strongly feel that the role of each section manager is very important to support such approach going forward.

In its Medium-Term Management Plan 2023, Sojitz Corporation has set the vision of 2030 as “constantly cultivating new businesses and human capital”. Among them, the company’s human resources strategies aim to create and support a “team of diverse, autonomous individuals”. As the general manager of the legal department, I also place this strategy as one of my department’s important missions and am hopeful that my key management policy will support such company strategy. Legal personnel generally have a high level of expertise and in recent years there has been an accelerated increase in the mobility of human resources in the legal industry. Consequently, the diversity of the department members, including the career backgrounds of the members, is rapidly increasing. In light of this situation, I believe it is extremely important to create an environment where each individual can bring his/her own diversified talent to its full potential. I believe this will lead to the enhanced performance of the organisation. Section managers, in my view, play a very important role in achieving this.

GC: We often hear of the importance of effective communication. What are your key takeaways for how to get across your goals and vision for the team?

As a manager, who is in a position responsible for managing the section, it is important to clearly communicate your policy to the members. Through continuous communication, members can act without losing sight of the major direction they should aim for, and for section managers, it becomes the basis on which judgments are made. Most importantly, showing that your own behaviour follows what you have addressed in your policy gives power to the words you speak and persuasively conveys such policy to the members. If you feel your members are not committed to supporting your policy, just take a step back and ask yourself: “Are you actively taking steps to carry out the policy yourself?”

Firstly, think about your goals in the following order: for yourself, for your section, for your department, for your company, and for your society. As working hours account for a large part of a member’s daily life, I think it is important for each member to set their own goals based on what they actually feel passionate about doing and achieving in their career and lives. However, if such goals simultaneously provide benefits to the section, department, company, and further to society, the achievement of such goals will result in more significant widespread value. Since finding such value will greatly contribute to the sense of growth and motivation of the members, it is an important role for section managers to sincerely engage with the members of their section to understand their career goals and talents, and to work together to find the value in their goals and talents which lead to such widespread benefit.

GC: How important is it to understand the unique goals of each of your team members?

Where a company is trying to compete globally, there is no value in internal competition within the organization. Rather, I believe, we should use our energy to support each other’s objectives. In my role as a section manager, I had utilised the first section meeting at the beginning of each year to ask all the members to share their personal objectives for the year and with that common understanding, encouraged them to be supportive of each other’s achievement of such objectives throughout the year. In addition, I held a discussion session called the “Ichibanboshi Project” (“The First Star Project”), in which all the members individually articulated their favourite points about the other members. This session was held immediately before I was transferred from one section to another section, and I proposed this session because I wanted to leave a gift to each member who had worked so tirelessly and contributed to my team. I believe everybody is born with a talent, although they are not always aware of what their talent is. Talent is like “the first star” in a person’s heart and “the first star” always shines and guides the person’s life, even when he or she is lost or troubled. I really hoped to help all of my members to find their “first star”. This session was originally intended to be a gift from me to each of my team members, but on the day of the session, each of the members had also presented “the first star” for me. “The first star” I received at this session is still a warm treasure that shines in my heart and I feel I may have ended up receiving more gifts from my team members, even though I had originally intended this session to be a gift for them.

Personal and professional development cannot be accomplished solely by a person alone. Everyone in some way achieves this through the support of various people around them, even if it is unintentional. If you can enable your team to support each other’s development, it is not only helpful for you as a section manager (the person having the responsibility to support your members), but also greatly valuable for the members to have the support of all other members, as well as from you. Section managers are often the closest leadership figure to the members of the department. Therefore, it is important for them to put themselves in the members’ shoes as much as possible and think about the members’ careers based on each individual member’s personality, characteristics and capability. It is not an easy task, but if there is even one person who tries to understand and support you, you will not lose sight of your dreams and hopes. When I was a section manager, I always wanted and tried to be one of those considerate and approachable leaders to my members. 

GC: Things can’t always go smoothly. What are your main tactics when challenges present themselves?

As the section manager, you cannot turn a blind eye to a problem when it arises. I, myself, face unexpected problems every day and often become flustered at the first instance. However, after a while, I somehow start to enjoy the situation and share such enjoyment with the people around me. New things, even unexpected problems, are always opportunities given by your company for you to learn and grow. Further, no matter what happens, as long as you are alive, you can start anything over. Therefore, it is always the best solution to do your best in whatever situation you are currently facing. This is the reason I believe I can also enjoy the difficult situations. It is the role of the section managers to correct the trajectory of a situation and bring the situation back on track by involving others around them and engaging others to collaborate as a team. If you are not happy or excited in dealing with a problem you are facing, you cannot make others happy or motivated in getting involved in dealing with the problem. My theory is that in order to get others involved and motivated, you yourself must first be motivated to begin with.

GC: The value of empathy is becoming increasingly appreciated in the business world. How important has this been in your career?

You can only inspire others when you truly feel something within your heart. This applies to all situations in which you are building relationships with other people, not only with section members, but also with the sales department and others. When you feel that mentoring for your team is not going well, communication with your team is not going well, or you encounter a disagreement with the sales department, try to step back a little from your own situation, put your foot in the other person’s shoe and listen to the reason for their position. The other person’s situation is often invisible to us unless you make an effort to communicate and understand. A little sincere care in that situation will solve many problems.

GC: Any final thoughts?

These have been a few tips I thought would be helpful to section managers, but since management is highly personal, there is no absolute right answer for this topic. It is always best to find your own style. The role of a section manager is a very rewarding and enjoyable one. Therefore, although you may face challenges every day, I sincerely hope that you will find your own management style and enjoy your journey as a manager.

Doing the robot – Five years on, the same old AI debate rages on

‘It is very difficult to see how AI competes with what David Higgins does.’ Looking back five years to our 2018 Global 100 debate, this remark from Milbank’s Suhrud Mehta, one of many eminent City leaders around the table, is striking in more ways than one.

The industry has come to think of the now ubiquitous subject of AI as a recent thing, prompted by the advent of ChatGPT, which we may be forgiven for forgetting has only been around since November 2022. The reality is, law firm leaders have been debating the impact of such technology for years, while singularly failing to reach consensus on quite how it can solve the age-old conundrum of increasing efficiencies, decreasing the load of banal grunt work, while at the same time not putting stars like Kirkland’s Higgins out of a job. Continue reading “Doing the robot – Five years on, the same old AI debate rages on”

‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024

Casting a glance back at the year nearly at its end, industries faced challenges from inflationary pressures, soaring interest rates, geopolitical uncertainties, and an energy crisis, putting even the more robust sectors to the test.

In the midst of these conditions, company insolvencies during Q2 and Q3 2023 reached their highest point since Q2 2009, according to data provided by the Insolvency Service. Continue reading “‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024”

Dealwatch: Telegraph auction off as Barclay brothers pay off Lloyds debt with loan

Briefcase

The Telegraph and The Spectator are no longer up for auction after Abu Dhabi-backed RedBird IMI helped the Barclay family repay its £1.2bn debt to Lloyds Banking Group.

Lloyds placed Telegraph Media Group’s Bermuda-based holding company B.UK into receivership over the unpaid debt in May. AlixPartners was appointed as receiver and Aidan and Howard Barclay were removed as directors of TMG and The Spectator. Continue reading “Dealwatch: Telegraph auction off as Barclay brothers pay off Lloyds debt with loan”

Revolving doors: Latham hires Akin duo as firms strengthen finance, disputes and family practices

game of hoopla with lawyers

Latham & Watkins has strengthened its private credit practice in London by adding two partners from Akin. Fergus Wheeler and Paul Yin are set to become part of Latham’s banking practice, having each spent less than 10 months at their previous firm.

The duo brings significant expertise in advising global private credit funds, direct lenders, commercial and investment banks, private equity sponsors, and corporate borrowers on diverse and intricate cross-border debt financing matters, with a specific emphasis on private credit transactions. Continue reading “Revolving doors: Latham hires Akin duo as firms strengthen finance, disputes and family practices”

Sponsored Q&A: Rutgers & Posch

1. Could you explain the key differences between secured and unsecured loans in the context of Dutch banking and finance transactions?

In a secured loan the payment obligations of the borrower are secured by security rights over assets of the borrower or a third party. In a bankruptcy scenario, a secured creditor can enforce these security rights as if there were no bankruptcy and in principle ranks ahead of all unsecured creditors subject to exceptions. Unsecured creditors rank pari passu in terms of payment with the claims of the borrower’s other unsecured creditors, have to submit their claims for verification with the bankruptcy trustee and cannot unilaterally enforce their claims as if there were no bankruptcy.
Continue reading “Sponsored Q&A: Rutgers & Posch”

Sponsored Q&A: Dimitrijevic & Partners

1. What are the key regulatory bodies and authorities overseeing the banking and finance sector in Bosnia and Herzegovina, and what are their primary responsibilities?

It should be noted that regulatory bodies and authorities overseeing the banking and finance sector in Bosnia and Herzegovina (BH)1 are established on the state level, ie BH level and on the level of BH sub-jurisdictions, namely Republic of Srpska (‘RS’) and Federation of Bosnian and Herzegovina (‘FBH’). Continue reading “Sponsored Q&A: Dimitrijevic & Partners”

Sponsored Q&A: Walder Wyss Ltd.

1. What are the key regulatory requirements and compliance considerations for financial institutions operating in Switzerland?

Any entity active in or from Switzerland in the financial sector, depending upon the type of activity, may become subject to regulatory approval requirements. A large range of legal, prudential and self-regulatory provisions aim at securing appropriate client protection, as well as the stability and integrity of the Swiss financial market. The main regulatory requirements in this regard would be the license or authorisation requirements for: Continue reading “Sponsored Q&A: Walder Wyss Ltd.”

Sponsored Q&A: G. Elias

1. What are the key regulatory bodies overseeing the banking and finance industry in Nigeria, and what is their role in ensuring legal compliance?

In Nigeria, the primary regulatory and supervisory body for the banking and finance industry is the Central Bank of Nigeria (CBN). The CBN authorises, regulates, and supervises banks and other financial institutions (finance houses, merchant banks, financial technology companies, etc). Continue reading “Sponsored Q&A: G. Elias”

Sponsored Q&A: CTSU, a Deloitte Legal practice

1. What is your experience in banking and finance law in Portugal, and can you provide examples of cases or transactions you’ve handled?

The banking and finance team of CTSU, a Deloitte Legal Practice in Portugal, has extensive experience in supporting clients with transactions and to advise on governance and regulatory changes to their activity and internal organisation. Continue reading “Sponsored Q&A: CTSU, a Deloitte Legal practice”