Posted on

Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale

Weil Gotshal & Manges and Mayer Brown have advised on the sale of Nestlé’s US ice cream business to Froneri for $4bn.

Froneri is an ice cream focused joint venture by Nestlé and PAI Partners created in 2016. The deal means that brands such as Häagen-Dazs, Edy’s, Drumstick and Dreyer’s will join its portfolio which already includes Movenpick, Green & Blacks and Cadbury’s ice cream.

Weil advised Froneri with a team led by London managing partner Michael Francis and included London private equity partner Jonathan Wood, head of the technology and IP transactions practice Barry Fishley and banking partner Tom Richards.

Mayer Brown advised Nestle with a team led out of the US by partners David Carpenter, John Boelter and Michelle Gross.

Carpenter told Legal Business: ‘Nestlé has already contributed to the ice cream business in different parts of the world through this joint venture. The buyer is actually 50% owned by Nestlé and so it’s moving the ice cream business into a company that has a private equity partner. It will be focused on ice cream rather than being part of a big conglomerate.’

The transaction is expected to close in the first quarter of 2020.

Meanwhile, Freshfields Bruckhaus Deringer advised private equity firm CVC Capital Partners on the acquisition of a stake in WebPros Group by CVC Fund VII from Oakley Capital Private Equity and other investors.

WebPros is a web hosting automation software provider for server management and includes web hosting platforms cPanel and Plesk and web hosting management and billing software WHMCS.

The Freshfields team was led by global co-head of financial sponsors Charles Hayes, co-head of European leveraged finance Alex Mitchell and corporate and M&A lawyer Vincent Bergin.

Kirkland & Ellis advised Oakley Capital on the sale led by London corporate partners Rory Mullarkey and Jacob Traff as well as Ben Leyendeckerin Munich.

The deal is expected to close in the first quarter of 2020.

Elsewhere, White & Case advised on the $25.6bn IPO of Saudi Arabian Oil Company (Saudi Aramco), making it the world’s largest IPO. The company began trading on the Saudi Arabian Tadawul Stock Exchange on Wednesday 11 December under TADAWUL: ARAMCO.

The offering included subscriptions from institutions and individuals, comprising of SAR 446bn ($119bn). The Kingdom of Saudi Arabia sold 3bn shares of Saudi Aramco which accounted for 1.5% Saudi Aramco’s share capital.

The White & Case team was led by Dubai partner Sami Al-Louzi and included London partners Inigo Esteve, capital markets partner Alexander Underwood, Ronan O’Reilly and employment compensation and benefits lawyer Jack Gardener. The Law Office of Megren Al-Shaalan also advised Aramco with a team led by Megren Al-Shaalan and Doug Peel and included London capital markets partner Ibrahim Soumrany.

The $1.7trn valuation makes Saudi Aramco the largest company by market capitalisation. Over 400 White & Case lawyers from around 20 offices advised Saudi Aramco on the transaction.

Latham & Watkins advised the underwriters of Saudi Aramco on non-Saudi law matters. The team was led by New York partners Marc Jaffe and Ian Schuman and included London partner Craig Nethercott. London partners James Inness and Jeremy Green offered advice on corporate matters, Chirag Sanghrajka advised on finance, Rob Moulton advised on regulatory matters while Karl Mah advised on tax.

Prior to the listing, the largest IPO spot was held by Alibaba Group Holding Limited which listed in September 2014 on the New York Stock Exchange (NYSE) for $21.8bn.

Finally, Cleary Gottlieb Steen & Hamilton advised Qatar Investment Authority (QIA) on the $450m acquisition of a 25.1% stake in Adani Electricity Mumbai Limited (AEML) from Adani Transmission Limited as well as a shareholder subordinated debt investment by QIA in AEML.

AEML is part of Adani Group, an integrated business conglomerate based in India which includes six publicly traded companies, focusing on resources, logistics, energy and agriculture.

The Cleary team was led by London partners Tihir Sarkar and Nallini Puri.

Puri told Legal Business: ‘QIA is a very big investor to be partnering with. The Adani Group is a big group with lots of diversified interests and historically they’ve engaged in a lot of acquisitions, particularly within India. India’s done less with foreign investors. In some ways this is a very significant partnership for them because they’ve tied up with a very high profile investor.’

AEMl was advised by Indian firm Cyril Amarchand Mangaldas led by partners from the Mumbai office.

The deal is expected to close in early 2020 subject to customary conditions and regulatory approval.

muna.abdi@legalease.co.uk

This article first appeared on Legal Business.

Posted on

Dealwatch: Slaughters and Ashurst make headlines on i newspaper sale as DLA and A&O dine out on Bookatable acquisition

In a busy week for UK buyouts, Slaughter and May advised Daily Mail and General Trust on the £49.6m acquisition from JPIMedia of i newspaper and its website by its consumer media business, DMG Media.

The Slaughters team was led by corporate partner Rebecca Cousin while an Ashurst  team led by corporate partner Braeden Donnelly advised JPIMedia Group.

Donnelly told Legal Business: ‘The sale of the i newspaper to Daily Mail was a significant first step for JPIMedia in realising value for bondholders. It is also part of a wider trend we are seeing in the UK print media market where consolidation is picking up pace as media owners respond to slowing print sales and increased competition from online alternatives.’

The deal was completed on 29 November. Ashurst previously advised Johnston Press on its acquisition of the i newspaper business from Independent Print Limited in 2016.

Meanwhile, DLA Piper advised Michelin on the sale of London-headquartered restaurant reservation business Bookatable to TripAdvisor company TheFork.

The acquisition allows competitor TheFork to consolidate in the United Kingdom, Germany, Austria, Finland and Norway meaning that 14,000 restaurants on Bookatable will join the 67,000 restaurants available on TheFork.

The DLA team was led by London partner Tim Wright and Paris partner Simon Charbit while an Allen & Overy team led by Richard Browne advised TripAdvisor.

The acquisition follows Michelin’s content and licensing partnership with TripAdvisor and its subsidiary TheFork. The partnership means that Michelin guide inspectors will be grading restaurants according to the ‘stars, bib gourmand and Michelin plate’ on the TripAdvisor and TheFork websites. 4,000 restaurants in Europe will also be available on TheFork and the Michelin Guide’s digital platform.

French firm Gide advised Michelin on the partnership with a team led by partner Guillaume Rougier-Brierre.

Elsewhere, Travers Smith has advised New York Stock Exchange-listed company Noble Corporation on the acquisition of its 50%interest in the Bully I and Bully II drillship joint ventures by a subsidiary of Royal Dutch Shell for a value of $166m.

Shell will pay a final cash settlement of roughly $59m of to Noble for its two drillships. Nobel, which owns and operates fleets in the offshore drilling industry, issued a note payable to Shell which satisfied a portion of the buyout price.

The Travers team was led by corporate partner Richard Spedding and Shell was advised in-house.

Finally, Addleshaw Goddard advised the promotional products company Pebble Group on its flotation on the AIM market with a fundraising value of £135m. It is the eighth IPO on AIM this year and the largest in terms of funds raised. The firm also advised on the £28m essensys listing in May and the £57m Brickability Group IPO in September.

The Addleshaw team was led by corporate partner Richard Lee. Lee told Legal Business: ‘What it means for the group is that they are no longer a private equity owned business and they no longer have the debt structure that goes with the private equity ownership. It gives them an improved balance sheet because the funds they raised in the IPO have been used to pay off the debt which they were previously carrying.

‘There were preferred share structures in there, plus loan notes, plus bank debts and the purpose of the fundraising for the company was to clear out that debt,’ added Lee.

The equity fundraise was managed by Berenberg with Grant Thornton acting as adviser. A London Bird & Bird equity capital markets team led by Adam Carling advised Berenberg as broker and Grant Thornton as nominated adviser.

muna.abdi@legalease.co.uk

This article first appeared on Legal Business.

Posted on

Legal secretaries and support staff most at risk as industry loses up to 35,000 jobs by 2027

Legal secretaries and support staff will be the most affected by a decline in legal sector jobs in the next decade as the sector evolves and with increasing adoption of technology, according to a report commissioned by the Law Society.

Based on employment data gathered by the Institute for Employment Studies, the report estimates the UK legal sector will shed 13,000 jobs by 2027, a 4% drop on the 321,000 employed in 2017 and down from the pre-economic crisis peak of 345,000 in 2009. The most extreme prediction puts a further 22,000 jobs at risk if technology brings radical change to the workforce.

Legal secretary and support-staff jobs are the most vulnerable. While the number of legal professionals and associates is expected to continue rising by around 2% a year, legal secretaries have been declining since 2001 when they reached their highest proportion of the legal workforce – nearly a quarter – before dipping to reach 10% in 2017.

The research also predicts that legal secretary positions will fall by nearly two thirds in the next decade and ‘largely vanish’, while other office support staff will reduce by a quarter to account for 3% and 9% of the workforce respectively.

Based on interviews with senior representatives from 20 law firms and four in-house legal teams, the report says that legal professionals are becoming more self-sufficient in managing their diaries and that technological aids have been reducing the need for support from secretaries.

Office support roles are also becoming more ‘generalist’, combining personal assistant support for fee earners with other administrative tasks.

In 1998, there were two legal professionals to one legal secretary, but by 2017 ratios increased to five legal professionals per legal secretary, the report notes. By 2027, there are likely to be around 20 legal professionals per legal secretary, the report warns.

Related  The i-Team: The client perspective on AI

The last few years has seen several major City law firms cut legal support roles or relocate staff out of London in a bid to reduce costs, including Baker McKenzie, Freshfields Bruckhaus Deringer and Hogan Lovells, which last year cut 54 of around 500 business services roles in London.

The proportion of lawyers, meanwhile, is expected to increase strongly from 47% in 2017 to 57% by 2025. The report found the sector would therefore need to recruit 7,000 new lawyers a year, more than what is currently met by new graduates and those returning to work.

Staff with degrees or other higher qualifications will account for more than 99% of the legal professionals workforce, 76% of the legal associate professionals workforce and 80% of the senior support staff workforce.

But the most prevalent future skills gap in the profession is likely to centre around problem solving, client handling and planning and organisation, the study suggests.

‘For anyone aiming for a career in the law, it is worth noting that a common theme from employers was that firms were paying more attention in recruitment to people skills, such as communication and team working, whereas in the past they had only looked at technical legal skills. Commercial awareness and management skills were also seen as important,’ commented Law Society president Simon Davis.

anna.cole-bailey@legalease.co.uk

This article first appeared on Legal Business.

Posted on

Passports at the ready: Dechert international secondments

An overseas secondment is an indisputable bonus of training at an international law firm.  Following a stint abroad, trainees return armed with a newfound confidence and a network of colleagues from around the globe. We spoke with Dechert trainees about the perks of undertaking an international seat.

Dechert’s six-seat training contract ensures that all trainees can expect at least one secondment in one of the firm’s international offices. Recent secondment opportunities have included a financial services seat in Dublin or Singapore, a competition seat in Brussels or a litigation-focused client secondment in Toulouse.

Dublin trainee Rachael McKendry is currently on secondment to Dechert’s London office, whilst London trainee Catherine Adams is three months into a seat in the Dublin office.

Dechert’s global footprint was a huge factor in Rachael’s decision to apply: ‘I wanted the opportunity to work with colleagues in different offices and work on cross-border matters’. Now well into the second year of her training contract, Rachael has frequently found herself working on matters with an international element. ‘On any given day I could be working with colleagues from, say, New York, Boston, Hong Kong or London. It makes the work so varied and interesting’.

The opportunity to move abroad was also an enticement for Catherine. ‘I’m quite familiar with the whole idea of living in a different country. I had spent time abroad during my degree and again after graduating from university, and I was keen for that to continue.’ And her secondment to Dublin has not disappointed, ‘So far, Ireland has felt very homely!’

Despite the geographical proximity of the Irish capital and London, the prospect of moving to an unfamiliar city and starting a new job all at the same time can still be a daunting one. To make the transition as smooth as possible, Dechert has all bases covered. Rachael received details and pictures of her London accommodation in advance, was picked up from the airport and even had a gym membership set up for her by the firm. A few days before starting work, she was also invited to attend a training session and social event at her new workplace. ‘Meeting everyone in a social setting, from partners to trainee supervisors to the trainees themselves, was brilliant. It put me at ease and I felt a lot more confident going in on the Monday already knowing what to expect’.

The Dublin office is an integral part of Dechert’s international network. The bulk of the work undertaken is finance-focused, making a secondment to the Irish office a great option for trainees looking to qualify in this area. This was a particularly attractive proposition for Catherine, who had already completed (and enjoyed!) a financial services seat in London and was keen to build on the knowledge she had acquired. So far, she has found the work to be similar, albeit with a slightly different angle, due in part to its focus on Irish funds.

One of the attractions of a secondment in Dechert’s London office for Rachael was the range of practice areas on offer, in particular litigation, where she is currently sitting. The interplay between the different departments was also intriguing. ‘I already knew the firm was very collaborative from dealing with other offices internationally but it’s so interesting to see how the different practice areas in the London office collaborate and work with each other’. And although the London office is much larger than its Irish counterpart, Rachael certainly doesn’t feel as though she’s been given any less responsibility. ‘As a secondee I feel like I’m on the same level as all the other trainees, which is great because it gives me the sense of being able to contribute just as much’.

Similarly, in Dublin, trainees are afforded high levels of responsibility from the get-go thanks to the close-knit teams. ‘Here I’m given an overview of the matter, what my tasks will be and I’m trusted to go away and complete them’, says Catherine. The people aren’t bad either: ‘everyone’s been really friendly and welcoming even though I’m only here for a short time. It’s been easy to get to know everyone quite quickly – I’ll be sorry to leave!’

If the professional experience isn’t enough of an enticement, the opportunity to get to know a new city might be. Rachael is making the most of living in London’s vibrant Smithfield area and finds plenty of time to explore the capital at weekends. ‘I’ve had a lot of visitors dying to come over; it’s amazing how quickly Christmas rushes in when all your weekends are full’! Catherine agrees: ‘my house is like a hotel at the moment’!

So has moving abroad for four months brought with it any challenges? ‘Nothing has caught me out’, says Catherine, ‘the only thing is that I’ve always lived with someone so living on my own was a bit of an adjustment’. Rachael has found the transition equally problem-free. ‘I didn’t know too many people in London but that really hasn’t been an issue at all here. I’ve made so many friends, be they trainees or other members of the team’.

Both are agreed that trainees should jump at the chance of undertaking an international secondment if they are offered the opportunity. To sum up: ‘I’ll take away a better sense of Dechert’, says Rachael. ‘Although it’s never lost on me that it’s an international firm, having now experienced more than one office, I’ve seen that culture of collaboration at work. I’ve seen how people can transition between different offices seamlessly because it is so international’.

Dechert’s London office recruits ten trainees a year exclusively through its vacation schemes. Applications for the spring and summer vacation schemes are open now and close on 31 January 2020. Click here to apply.

Posted on

BARBRI acquires SQE provider Kaplan Altior in preparation for education market overhaul

Legal education provider BARBRI International has accelerated its plans to move into the Solicitors Qualifying Examination (SQE) prep market by acquiring UK-based training and assessment provider Kaplan Altior.

The acquisition was completed 30 November, and the new business BARBRI Altior will offer training courses including the Professional Skills Course (PSC) for trainee solicitors and preparation for the controversial SQE, which is set to be launched in 2021. The buyout will see all Kaplan Altior employees join the new company, which will operate from the same centres throughout the UK.

It also follows BARBRI teaming up with The College of Legal Practice last month, a wholly-owned subsidiary of The College of Law Australia and New Zealand. BARBRI’s partnership with The College provides a challenge to the effective duopoly of solicitor training in England and Wales, which has seen BPP and University of Law dominate.

BARBRI is mostly known for providing training to prepare for US Bar examinations, which are broadly similar to the format being adopted for parts of the SQE. Acquiring competency in PSC delivery also aids BARBRI in providing SQE preparation, with much of the PSC being integrated into the exam. Kaplan, meanwhile, emerged as the winner of the race to develop the SQE in 2018.

Speaking to Legal Business in November, BARBRI managing director Sarah Hutchinson (pictured) stressed the provider was well equipped to deliver SQE prep: ‘BARBRI has been in the market for over 50 years in the US, preparing about 28,000 students every year. There are about 35,000 new attorneys every year and BARBRI has a large market share: in the US we are by far the largest and longest established company. A big proportion of the US Bar exam is also multiple choice so we have a lot of experience on how to prepare people for a multiple choice test.’

BARBRI’s ramped-up presence comes after one of the incumbent providers, BPP, was earlier this week chosen by a consortium of six leading firms to provide SQE preparation. The firms are looking to broadly mirror the current education regime by maintaining core elements of the Legal Practice Course (LPC) and having prospective solicitors sit parts one and two of the exam prior to undertaking work experience.

The SQE’s introduction replaces a long-standing system of 30 years, uprooting the LPC and the two-year training contract. Now prospective solicitors need only pass a final, centralised exam divided into two parts and hold two years of qualifying work experience available from a wider range of employers.

K&L Gates advised BARBRI on the acquisition with a team spearheaded by London partner James Cross.

thomas.alan@legalease.co.uk

This article first appeared on Legal Business

Posted on

Six City firms appoint BPP to deliver ‘super-exam’ prep courses amid education shake-up

BPP has been chosen by a consortium of six leading firms to provide Solicitors Qualifying Examination (SQE) preparation, as the City gears up for an incoming education overhaul.

The consortium is comprised of Freshfields Bruckhaus Deringer, Herbert Smith Freehills (HSF), Hogan Lovells, Linklaters, Norton Rose Fulbright and Slaughter and May.  BPP will now design an education and skills programme to train future trainees at the firms.

‘We were sceptical [of the SQE] but the time for those discussions is in the past,’ Hogan Lovells pensions partner Edward Brown told Legal Business. ‘Now we’re taking advantage of the deregulation.’

The existing education regime requires a student to hold a law degree (or non-law degree plus a graduate diploma in law) and a one-year Legal Practice Course (LPC) followed by a two-year training contract at a law firm. The SQE will uproot this model, with prospective solicitors instead needing only to hold a degree or equivalent, pass an exam divided into two parts and have two years of qualifying work experience from a wider group of employers.

The appointment by the consortium suggests the ongoing domination of legal education by BPP and University of Law (ULaw) will persist. In total three providers were considered by the firms before BPP was chosen, with some observers surprised University of Law was not appointed. However, in a potential challenge to the existing duopoly, Australia’s leading legal training outfit launched in the UK last week through The College of Legal Practice.

The six firms are also hoping candidates will sit the first and second parts of the controversial exam before entering the workplace, despite the Solicitors Regulation Authority’s suggestion SQE 2 should be sat after work experience.

‘It’s easy to complain law firms are being conservative and not moving with the times,’ HSF partner Tim West told Legal Business. ‘But this is a root-and-branch change to the training of lawyers and ensures they are prepared from day one.’

While the courses are still being designed by BPP, West and Brown suggested technology will receive greater emphasis in the new programmes. The firms will also be taking existing components of the LPC and further tailoring them to the requirements of City law.

BPP will deliver the new suite of programmes for prospective trainees from autumn 2021. Subject to changes made by the regulator, trainees will sit the SQE in or around November 2022. The first intake of trainees affected should be joining the consortium’s firms in spring 2023.

thomas.alan@legalease.co.uk

This article first appeared on Legal Business.

Posted on

Dealwatch: A&O and Ashurst close £1.2bn UK tunnel project as US-led buyouts take centre stage

Allen & Overy and Ashurst won leading roles on the £1.2bn Silvertown Tunnel project, the only big-ticket UK-led deal this week in a market awash with US buyouts.

A&O advised a consortium including Aberdeen Standard Investments, BAM PPP PGGM, Cintra, Macquarie and SK Group on the Silvertown Tunnel PPP with a team led by David Lee and including partners Mark Walker and Sara Pickersgill.

An Ashurst team led by partners Terry van Poortvliet and Jonathan Turner advised the procuring authority, Transport for London, on the tunnel, which will run under the River Thames and reduce congestion at the existing Blackwall Tunnel.

Lee commented: ‘This PPP deal is a significant UK infrastructure project which will bring huge benefits to South East London. It is interesting to note that in a world in which political discourse remains outspoken and disruption to our political system continues unabated, business and the public sector can still work together quietly and effectively to deliver important projects.’

Meanwhile leading US firms have dominated this week as LVMH Moët Hennessy Louis Vuitton (LVMH) acquires global jeweller Tiffany & Co for $16.2bn and eBay sold StubHub to Viagogo for $4.05bn.

Skadden, Arps, Slate, Meagher & Flom advised LVMH on its acquisition of Tiffany & Co for $135 per share in cash, with a valuation of roughly $16.2bn.

The Skadden team was led by New York partners Howard Ellin and Sean Doyle. Allen & Overy advised the banks financing LVMH with a team led by counsel Thomas Roy and partners London-based partner Nick Clark and Todd Koretzky out of New York providing support.

Roy commented: ‘Assembling loan facilities of this size in such a short time period is a testament to the strength of LVMH’s banking relationships and the depth of the European loan market.’

A Sullivan & Cromwell team led by New York corporate partners Frank Aquila and Melissa Sawyer advised Tiffany.

The deal is expected to close in the middle of 2020 and is subject to customary closing conditions, regulatory approvals and approval from Tiffany’s shareholders.

Meanwhile, Wachtell Lipton Rosen & Katz, Skadden and Kirkland & Ellis have all won lead mandates alongside Quinn Emanuel Urquhart & Sullivan as eBay agreed to sell StubHub to Viagogo for a purchase price of $4.05bn in cash.

Both StubHub and Viagogo are ticket marketplaces occupying the live sport, music and entertainment events space, with Viagogo having a much larger international presence, while StubHub is exclusively based in the US. Viagogo’s founder and chief executive Eric Baker co-founded StubHub in 2000 but left the company before eBay acquired it for $310m in 2007.

Baker commented: ‘It has long been my wish to unite the two companies. Buyers will have a wider choice of tickets, and sellers will have a wider network of buyers. Bringing these two companies together creates a win-win for fans – more choice and better pricing.’

Ebay is being advised by a Wachtell team led by corporate partners Daniel Neff, Karessa Cain and Raaj Narayan and includes restructuring and finance partner John Sobolewski and tax partner T.Eiko Stange. Quinn Emanuel is also advising eBay.

Viagogo is being advised by a Skadden team led by M&A partners Howard Ellin and Michael Chitwood and IP and technology partner Stuart Levi as well as a Kirkland team led by debt finance partners Jason Kanner and Andrea Weintraub and capital markets partner Sophia Hudson.

The sale is expected to close by the end of the first quarter of 2020 and is subject to regulatory approval and customary closing conditions.

Finally, Skadden also led on another big-ticket transaction, advising PayPal in its $4bn acquisition of Honey.

The Skadden team advising PayPal was led by corporate partner Michael Mies and antitrust/competition partner Ingrid Vandenborre. Latham & Watkins advised Honey Science Corporation with a team led by Los Angeles corporate partners Alex Voxman and Jordan Miller.

muna.abdi@legalease.co.uk

This article first appeared on Legal Business.

Posted on

Latham & Watkins’ Global Affinity Groups

From parent lawyers to female lawyers to first-generation professionals, Latham & Watkins wants its lawyers and professional staff to feel supported and included, regardless of background or personal circumstances. The firm has created eight global affinity groups for lawyers, which, essentially, do what they say on the tin: allow colleagues who share an affinity in terms of a particular life experience (or are in support of those that do) to come together, have a forum to air their voices, and share strategies for professional success. 

The Lex 100 spoke with Jonathan Ritson-Candler, associate and co-head of Latham’s London LGBTQ Lawyers Group, and Chidi Onyeche, associate and co-head of the firm’s Black Lawyers Group in London, to learn more.

Open to all trainees and lawyers, the affinity groups are overseen by the firm’s Diversity Leadership Committee (DLC), comprised of partners, counsel, and associates from around the globe.

The DLC spearheads Latham’s global diversity and inclusion strategy and initiatives, working to strengthen and promote the firm as a workplace where the best and brightest lawyers from all groups, including those traditionally underrepresented in the legal industry, excel and find the opportunities and support to fulfil their potential to become firm and industry leaders.

Each affinity group has both global and local leaders, primarily associates. This leadership structure ensures that members can feel comfortable speaking up about any issues they may be facing. ‘The idea is that this isn’t just another iteration of partners overseeing what you do’, explains Jonathan.

Latham encourages broad participation in its affinity groups, all of which welcome allies. ‘I joined the Black Lawyers Group pretty much straight after joining the firm, and I’ve been very involved from the time I was a trainee’, says Chidi.

In fact, potential trainees are even exposed to the affinity groups during the recruitment process. ‘I completed a vacation scheme in 2014, and Latham’s dedication to diversity, and in particular to black lawyers, was something that stuck out to me; it was one of the major factors why I chose to pursue a training contract here’.

Lateral-hire Jonathan joined the LGBTQ Lawyers Group in order to get to know his new firm: ‘I thought it would be a nice way to get more exposure to the firm, meet more people and get embedded a bit quicker. And that’s definitely been the case’.

Being an affinity group member has myriad benefits, one of which is exposure to Latham colleagues and firm leaders globally. ‘You automatically start building a network, so that even in a huge firm like Latham, you have an immediate route to getting to know people, meaning you don’t feel cut off from it all’, says Jonathan.

‘Incidentally, you’ll end up working with colleagues across the global network in any event, so it’s another great way to put a face to a name’, says Chidi. Every two years, the Black Lawyers Group invites its members to a global firm-sponsored retreat. There are engaging and inspiring discussions from firm leaders, affinity group members and allies.

For example, this past September, the Black Lawyers Group retreat was held in Chicago, where attendees were able to visit the Obama Foundation to understand some of the great work that is happening there. Not only is it a perfect chance to catch up with colleagues and friends from around the globe and meet new ones, group members also provide strategic input on how to best achieve the group’s overall aims of recruitment, retention and promotion of black talent across the firm’s network.

Through this retreat, Chidi and other members of the Black Lawyers Group have been able to get to know firm leaders, forming invaluable connections. ‘There’s a certain sense of power (far above my paygrade!) which comes from speaking to them and getting to know them and them getting to know me’.

The local leaders of the LGBTQ Lawyers Group for each office get together on a global call once a quarter. ‘If someone’s in Hong Kong and another in Los Angeles, there’s never going to be a good time to have a call, but people are pretty good at turning up. It’s really gratifying to see the global commitment to diversity play out’, enthuses Jonathan. There are also quarterly catch-up calls for the various global sub-committees within the group, networking events where members are encouraged to bring their significant others and an all-affinity group lunch once a year.

There are plenty of opportunities to get together in the London office too. The Black Lawyers Group recently hosted a series of talks to coincide with Black History Month. ‘We had one talk about social media, which looked at members’ LinkedIn profiles and online presence. The idea was to ensure that clients who were considering coming to Latham would see that our lawyers’ online profiles were well thought-out’, explains Chidi.

The next talk will be a financial planning session, something which has historically been a challenge for the black community. ‘The hope is to help members understand how best to utilise the wealth that we have, so that it can be preserved and also grow. We need to make sure that we start building generational wealth’.

Furthering its commitment to supporting the diverse needs of lawyers and staff, Latham recently rolled out significant benefits enhancements in the UK that make it easier to access more inclusive medical care and plan a family. These include financial support for transgender transitions and fertility treatment such as IVF, elective egg/sperm freezing, private maternity delivery services, and for surrogacy and adoption.

There’s no doubt that the success of Latham’s affinity groups can largely be attributed to the sheer amount of effort expended by their dedicated leaders and members. Organising events and activities, many of which involve international offices, requires unwavering commitment, which is no mean feat for City lawyers who are also juggling heavy client workloads. But there is always someone on hand to take over if an urgent matter crops up.

Impressively, the firm has also attributed bonus-eligible credits to diversity initiatives. ‘Not only is my team really supportive, but the firm more broadly is supportive because there are file codes to which you can record your time which are counted as part of your bonus calculation, as long as certain conditions are met’, elaborates Jonathan.

Stand-out moments

Black Lawyers Group 

The Black Lawyers Group’s global retreats have definitely been highlights for Chidi. ‘The first global retreat was in Washington, D.C.; I was a trainee at the time and was on secondment in Singapore. The firm paid for my flights from Singapore to London and then onto Washington, D.C. It was fantastic. Sometimes you can get really siloed within your department and within the firm, and then you realise that there’s actually something much bigger at work. In D.C. and, more recently at our retreat in Chicago, it was great to see so many amazing black lawyers and allies who support the whole mission in one place talking about how we can do better, be better and encourage diversity and inclusion in general.’

LGBTQ Lawyers Group 

For Jonathan, arranging a LGBTQ Lawyers Group event to coincide with London Pride really stands out. ‘We rented an event space on Piccadilly in London, which had a balcony and a view of the parade. It was a client event, and both clients and Latham employees could bring their children and partners. This was the second year we had hosted this event, and there were about 200 clients and 100 Latham employees – it was the most well-attended client event the firm in London had ever hosted. It’s definitely taken on a life of its own, with people asking us if we will be hosting it next year too. We hope to. In fact, we’re even talking about how to make it even better!’

 

Posted on

Tom Morrison Essay Prize – Enter by 6 January and win £1,000

Are you a student, recent graduate or governance professional at the start of your career?

Enter the Tom Morrison Essay Prize.

Essays are sought on the following topic:

Could organisations more proactively address environmental, social and governance issues before being required to do so by regulation? How might this be achieved and what do you see as the role of the governance professional?

£1000 – 1st Prize
£500- 2nd Prize

Deadline: Monday 6 January 2020

Go to icsa.org.uk/tmep to find out how to enter. Terms and conditions apply.

Posted on

Skadden Open Evening – 3 December 2019

Skadden, Arps, Slate, Meagher & Flom will be hosting an open evening on Tuesday 3 December 2019. It will be a great opportunity for aspiring lawyers to gain valuable insights about the firm and network with trainees and solicitors from Skadden.

The event is aimed at law students in their penultimate or in their final year, and non-law students in their final year.

If you would like to attend, please submit your application before Friday 22 November 2019.