‘A salutary lesson’: Axiom Ince closed by SRA following months of turmoil

Ince & Co Office Photo

Drawing a long-running saga to its inevitable conclusion, the Solicitors Regulation Authority (SRA) announced on 3 October that it had closed down Axiom Ince with immediate effect following its intervention to protect the interest of clients and former clients of the firm.

Regarding the intervention, the SRA said: ‘We will stop the firm from operating, take possession of all documents and papers held by the firm, and take possession of all money held by the firm (including clients’ money). We are not responsible towards employees or trade creditors of firms that we have intervened in.’ Continue reading “‘A salutary lesson’: Axiom Ince closed by SRA following months of turmoil”

Go big or go home: Market reacts to Paul Weiss’ daring London play

Grabbing headlines in recent weeks, Paul Weiss has pursued an English law offering at breakneck speed, hiring some of the City’s biggest hitters. Here LB canvasses the reactions of industry peers to the Wall Street giant’s bold play.

‘The firm was keen to do something for a while and spoke to a lot of people in the market. But it needed a big name to lead it,’ commented one source with knowledge of the matter. And it is fair to say that Paul Weiss’ hire of debt superstar Neel Sachdev from Kirkland & Ellis has arguably been the most groundbreaking move the City has seen since buyout star David Higgins left Freshfields for Kirkland in 2017. Continue reading “Go big or go home: Market reacts to Paul Weiss’ daring London play”

Learning from adjacent industries – the legal teams that thrive and not just survive

In April 2023, LEX360 and The Legal 500 held the UK’s first ever legal Gemba Walk, utilising methods from Lean Six Sigma. Gemba is from the Japanese for ‘the real place’, and it is the most important place for a team as it is where the work happens. The Gemba Walk allows management teams to leave their daily routines, and experience how the team works and build better trust relationships, understand the issues, and find solutions. Our first Gemba Walk was provided by the award-winning legal team at E.ON UK.

Based on our research, there are five actions that legal leaders should undertake to drive a culture of continuous improvement:

  1. Clarity of purpose – The legal leader must understand and be able to explain what their business expects from the legal function today and in the future. Having a clear strategic plan ensures that a gap analysis can be undertaken between current and future state to achieve the goal including timelines and costs.
  2. Prioritising improvement opportunities notwithstanding barriers such as budget, time and other resources – Often with a bit of vision, leadership and space, team members will step up and drive initiatives that will deliver personal or professional gain. Utilising existing technology stack, wider business initiatives or opportunities from the supply chain constraints can be managed.
  3. Creating an improvement mindset for the function – Many lawyers are fixated on perfection, which can prohibit continuous improvement and therefore legal leaders should create an open, inclusive workplace where the team are free to experiment and are recognised equally for the wins and the failures. An environment where ‘to do my job and improve my job’ are both important.
  4. Look at adjacent teams and businesses for best practice – Blueprints for most legal problems exist, attending conferences and having information calls to understand how others have addressed your priorities can circumvent inefficiencies. The legal eco-system is great for sharing know-how and best practice, therefore utilise your connections.
  5. Help the team understand ‘the art of the possible’ of what helming a transformation project could mean to them personally by highlighting industry role models or career paths – Every senior legal job description today has an element of how general counsel (GCs) have embedded strategy and delivery. Time spent on legal improvement projects will enhance CVs and create examples for interviews.

Story of E.ON

E.ON presented to an excited audience their background, their ESG and digital transformation journey. Some of the key highlights are listed below:

  • Purpose: To provide personalised energy solutions to our customers.
  • Aspiration: Drive to Net Zero by 2030.
  • Over six million customers and 8,000 employees

The role of the legal team: they are there to help colleagues with commercial decisions, risk appetite discussions, experience, and knowledge of corporate history, all of which are not strictly speaking ‘Legal’ but add value to our business. E.ON’s GC Kirin Kalsi provided: ‘there are no silos – resource is utilised on a fluid basis depending on capacity and specialism, including on special projects’.

They have one firm outsource arrangement, outsourcing non-BAU work (such as disputes and M&A) and to cover peak periods (eg, close to year end) ‘as they do not resource to cover peaks, but to cover base load, therefore peaks require external support’.

The Gemba walk included E.ON sharing the great work that the legal team have been doing on ESG and their net zero goals.

Goals of LEAP

The legal industry is littered with articles and conferences chasing the latest shiny object that will ‘transform’ in-house teams with ‘innovative solutions’ et al. The issue many have with this is that it can often feel like an echo chamber of the same names, saying the same thing to the same clique. Change is hard, and for in-house teams to enable change, practical help is needed, and the best way to learn how to enable change is to listen to people who have done it. To hear how they did it, the failures and successes, and the things they would do differently.

Legal Excellence Pioneers (LEAP) is a transformative learning academy for the in-house legal community. Attendees benefit from in-depth case studies provided by pioneering counsel. The case studies will outline the highs and lows experienced during specified improvement projects.

The concept

A partnership between Mo Zain Ajaz (LEX360) and The Legal500, LEAP will feature immersive presentations centred around the A3 concept from Lean Six Sigma. The concept covers the following steps:

  • Goals: The transformation, why it was chosen, and how it was achieved.
  • Resources: The team, tools, and systems used to deliver the outcome.
  • Learnings: Reflections on the successes and setbacks experienced.
  • Roadmap: An overview of the organisation’s strategic vision for the next three years.

Why LEAP?

  1. Purpose-led: LEAP is dedicated to offering value-driven content, tools, and know-how. Our events will be based on extensive research, providing a high-quality learning experience.
  2. Addressing industry problems: Research from GCs reveals enduring challenges across intake, delivery, supply chain, and technology. LEAP will provide a blueprint for addressing these issues to bring about lasting change.
  3. Lean principles: Leveraging tried and tested methodologies from the Lean Six Sigma world to showcase the transformations.
  4. Building a network: By attending LEAP events, in-house counsel will build a network of peers for ongoing support beyond the events.

David Burgess, publishing director, The Legal 500

Sponsored briefing: The importance of maintaining a constructive media relationship throughout litigation

The potential for reputational damage from ongoing litigation is increasingly recognised across the legal sector. Even where the value of a dispute going through court may be relatively small, the reputational damage that can result from the hearings – particularly at trial – can be vastly greater. It is therefore vital to have a comprehensive strategy in place to manage any media attention that the case may receive, both to put the client’s narrative forward and to parry any talking points floated by the other side.

While it may seem advantageous to seek to minimise media attention at all costs during hearings that are likely to go poorly, this can often backfire. Seeking to push forward the client’s position and narrative only during positive parts of a case, and otherwise largely not engaging with the media, can cause long-term issues for credibility when working with those journalists relying on the parties for information around a case. Litigation is a contact sport both in the courtroom and in the press, and it is vital to have a team of experts advocating for you in both arenas. Continue reading “Sponsored briefing: The importance of maintaining a constructive media relationship throughout litigation”

Sponsored briefing: A brief overview of Dutch alternatives for participation structures

VanLoman partners Marc Oostenbroek and Gabriël van Gelder explore the advantages and disadvantages of structures for employee participation commonly used in the Netherlands

Participation structures are an often-used method to bind employees/managers to the company and to share the value increase realised. In the Netherlands generally four kinds of participation structures are used: stock options; stock appreciation rights (SARs); shares; and carried interest. Continue reading “Sponsored briefing: A brief overview of Dutch alternatives for participation structures”

Sponsored Q&A: Nicholas Blake-Knox – partner and head of Walkers’ asset management and investment funds group in Ireland

Can you tell us a little bit about your career and how you ended up at Walkers?

When I graduated from University College Dublin in 2001 with a business and law degree I wasn’t entirely sure what I wanted to do. A friend in university had started working in a finance role within a fund administrator and he told me that if I joined and stayed for three months that he would get a €500 referral bonus. I joined. He got the referral bonus (which he didn’t share with me incidentally) and subsequently left to become a primary school teacher. Ironically, I have remained in the funds industry ever since. My legal career began a couple of years later with one of the leading domestic firms in Dublin, where I was earmarked for their investment funds group when I finished my traineeship. In 2011, I moved to London and joined the global asset management firm, PIMCO. I stayed in London with PIMCO for almost seven years before returning to Ireland in 2018 when I joined Walkers. During my time in London I completed an MBA at London Business School and briefly considered the idea of moving out of a legal role but ultimately stuck with a career in the legal profession. I feel that I have made the right choice and enjoy working in the funds industry in Ireland. Last year, I was elected to the Council of Irish Funds (the asset management and investment funds industry association here) and recently have been appointed to the role of vice chair of the association and consequently will assume the role of chair next year. Continue reading “Sponsored Q&A: Nicholas Blake-Knox – partner and head of Walkers’ asset management and investment funds group in Ireland”

Sponsored briefing: Challenges and strategies in a competitive market

Lisa Broderick of DAC Beachcroft examines the key problems and priorities for Irish clients, as well as the firm’s recent international growth and adaptations post-Covid

DACB Dublin is part of DAC Beachcroft LLP, an international law firm with over 2,800 professionals and a legal network advising across the United Kingdom, Europe, Asia-Pacific, Latin America and North America. Continue reading “Sponsored briefing: Challenges and strategies in a competitive market”

Sponsored briefing: What you need to know: Ireland’s Individual Accountability Framework (IAF)

Introduction

The Central Bank (Individual Accountability Framework) Act 2023 (the Act) was signed into law on 9 March 2023 and provides for the introduction of Ireland’s IAF, which represents a significant development in Ireland’s regulatory landscape. The Act’s origins can be traced back to the Central Bank’s 2017 recommendation for enhancing senior individuals’ accountability within regulated financial service providers (RFSPs). It aligns with international efforts to mitigate misconduct risks and addresses cultural failings identified in RFSPs during the 2008 financial crisis. Continue reading “Sponsored briefing: What you need to know: Ireland’s Individual Accountability Framework (IAF)”

‘Ambition, confidence and opportunity’: Eversheds selects new members of its senior leadership team

Eversheds Sutherland London office

Eversheds Sutherland has announced several new appointments to its senior leadership team across its practice groups and business services teams.

Succeeding Paul Worth, who is retiring at the end of December following 21 years at the firm, Mark Davenport will take on the role of litigation and dispute management practice group head. Davenport led the commercial dispute resolution team for the last three years. Taking on Davenport’s role as head of CDR is Lisa Barge, the former head of real estate litigation, whose boots will in turn be filled by Will Densham. Continue reading “‘Ambition, confidence and opportunity’: Eversheds selects new members of its senior leadership team”

TLT, Latham and Compass Group among the big winners at 26th Legal Business Awards

TLT, Latham & Watkins and Compass Group were among the major winners at the 2023 Legal Business Awards, which welcomed more than 800 guests to the Grosvenor House hotel on 19 September.

Hosted by actor, writer, and producer Sally Phillips (pictured, below), the evening saw TLT crowned Law Firm of the Year, with judges particularly impressed by its stellar performance over the past few years, with a strong financial performance in 2021/22 underpinned by key client wins. Continue reading “TLT, Latham and Compass Group among the big winners at 26th Legal Business Awards”

In-house Rising Star: Mina Hoshizawa of Bayer

After completing her studies in Japan’s picturesque Northern city of Hokkaido, Mina Hoshizawa began her legal career with Freshfields’s Tokyo office before moving in-house. Now a compliance manager in German healthcare behemoth Bayer’s Law, Patents & Compliance section, she manages other compliance professionals and supports them in their goals and objectives. Joe Boswell caught up with Mina on our last trip to Japan and asked her to reflect on her career so far, her professional passions and the advice she would give to her younger self.

GC: First, can you talk through your career path in your own words?

MH: I passed the bar exam when in university. After graduation , I went through the legal training for about eighteen months. After qualification, I spent about two and a half years at the Tokyo office of Freshfields. I was involved in due diligence work in M&A deals, corporate secretary matters, and so on: basically a normal junior associate. Eleven years ago, I left the firm to be closer to the business side of things. At Bayer, I started my career as an in-house lawyer for its Crop Science business, sitting in its Leadership

Team. I gradually switched gear to the compliance field and am now compliance manager, looking after Bayer in Japan as a whole.

GC: So you started off at  a major international law firm. How did you find the culture there compared to working as an in-house counsel?

MH: Well, as you can easily imagine, they’re extremely hardworking and very professional in Freshfields. Bayer offers, a healthier work-life balance, I would say.

Having said that, what I learned in Freshfields really is the basis of who I am today. Of course, as an in-house lawyer you have to do hundreds of things besides core legal work, but at the same time I am also responsible for checking – for instance – a compliance investigation report that needs to be accurate. This is a matter that could cause future litigation, requiring very careful handling. So, whenever I am in charge of finalising a particularly tough document, the fundamental legal skill and attention to detail that I learned at Freshfields is really useful.

GC: What is your greatest passion when it comes to your life as an in-house lawyer?

MH: Doing things professionally at all times is important. But I am also passionate about how my team is effectively working with the business and how I can help them to really enjoy their work. I take time to think: are they really happy to work at Bayer, and in this team? Do they feel that they are really contributing to Bayer’s compliance culture? And so on. Lawyers can tend to be more focused on being detail-oriented and perfectly correct at all times, but I am more into developing my team.

GC: What are the main things you try to prioritise as a leader?

MH: I try not to act or look perfect, and make sure to seek support from my team members, especially because I have less experience in the pharmaceutical industry than them. I show my vulnerability and then, from there, we can build relationships with each other and they can open up what they are struggling with, which helps everyone. In short, I do not pretend to be perfect as a leader, and admit my own weaknesses to my team.

GC: Have you seen the legal community in Japan change over the course of your time working as an in-house counsel?

MH: Well, it is definitely changing, there is no doubt about that. The number of  in-house lawyers who are qualified in Japan and around the world is growing. One of the potentially biggest changes would be that a few years ago, it was common that in-house lawyers would first experience private practice legal work for a few years or even up to ten years before moving in-house. But now quite a lot of first year, newly- qualified lawyers directly join in-house legal teams in Japan directly. This is caused by two things: firstly, a growing number prefer to be in-house lawyers; and secondly, because there are not enough positions available even if they wanted to join law firms.

I learned a lot when I was at Freshfields, and I recommend that everyone should have at least one year of experience in private practice. I think unless you are in a big company, which already has a number of qualified lawyers, it will be challenging for newly qualified lawyers to learn how to be a first-class in-house counsel in Japan.

GC: As a ‘Rising star’ in the profession, what tips would you give to other young Japanese people who want a career in the in-house legal and compliance world?

MH: If opportunity allows, I recommend joining a law firm first even if you plan to be an in-house counsel later. This is because I learned a lot about being professional at the law firm.

GC: What about the advice you would give a younger version of yourself? Say, when you were just finishing University.

MH: Well, I may advise my younger self to be more open to leaving Japan for a few years to work somewhere else. That would have opened up more understanding on other cultures and other perspectives. This would be a big plus for an in-house lawyer working in an international company like Bayer.

 

 

Revolving doors: Two out, two in at Kirkland, as A&O sees first exit following merger approval

London fraud specialist Andy McGregor has become the first partner to leave Allen & Overy since partners voted in favour of its merger with Shearman & Sterling last week. A Legal 500 leading individual for civil fraud in London, McGregor is particularly experienced in banking litigation. He moves to disputes boutique Enyo Law after eighteen months at A&O, which he joined from RPC in May 2022.

Kirkland & Ellis has seen another partner depart its London office with the move of IP litigator Katie Coltart to Linklaters. Coltart joined Kirkland as a partner in 2018, and previously spent six years at A&O, where she qualified in 2011. Continue reading “Revolving doors: Two out, two in at Kirkland, as A&O sees first exit following merger approval”