Surrey Lawyer January 2020

LAWYER SURREY

The Official Journal of THE SURREY LAW SOCIETY

WINTER 2020

Goodbye SRA Handbook (see pages 20-21)

Inside this issue:

■ WELL-BEING ■ CONVEYANCING ■ SOFTWARE ■ NEWS

Contents PUBLISHER Benham Publishing Limited Aintree Building, Aintree Way, Aintree Business Park Liverpool L9 5AQ Tel: 0151 236 4141 Facsimile: 0151 236 0440 email: admin@benhampublishing.com web: www.benhampublishing.com

5 6 7

5

Introduction President’s Jottings List of Officers CEO Report

SLS Training and Events Programme 8 9

TRAINING & EVENTS PROGRAMME 2020 SLS PRIVATE CLIENT & CONVEYANCING CONFERENCES

Local Issues 10-15

ADVERTISING AND FEATURES EDITOR

Local News

Law Society

Anna Woodhams

16-17

STUDIO MANAGER

The Law Society Report

Young Surrey Lawyers

John Barry

ACCOUNTS

7

Joanne Casey

18 19

MEDIA No.

Young Surrey Lawyers - look back on 2019

Interview SLS Insight on Alastair Logan OBE

Articles

1646

PUBLISHED

20-21 22

January 2020 © The Surrey Law Society - Benham Publishing

23

LEGAL NOTICE © Benham Publishing.

None of the editorial or photographs may be reproduced without prior written permission from the publishers. Benham Publishing would like to point out that all editorial comment and articles are the responsibility of the originators and may or may not reflect the opinions of Benham Publishing. No responsibility can be accepted for any inaccuracies that may occur, correct at time of going to press.

24 25

Events

19 26

Client-Attraction Secrets for Lawyers: Why it’s getting harder to attract new clients and what to do about it

Finance

Benham Publishing cannot be held responsible for any inaccuracies in web or email links supplied to us.

27

Financial Modelling – is it a benefit for clients?

28

Legal accounts rules: your responsibilities and how to comply The New SRA Accounts Rules A Practice’s Guide for Compliant Software

Software

DISCLAIMER The Surrey Law Society welcomes all persons eligible for membership regardless of Sex, Race, Religion, Age or Sexual Orientation.

30

All views expressed in this publication are the views of the individual writers and not the society unless specifically stated to be otherwise. All statements as to the law are for discussion between member and should not be relied upon as an accurate statement of the law, are of a general nature and do not constitute advice in any particular case or circumstance.

20

Investments 31

Has whiskey become a better investment than gold, property and the stock market?

Accounts 32

Members of the public should not seek to rely on anything published in this magazine in court but seek qualified Legal Advice.

A cautionary tale about reporting to the SRA what does the Fifth Money Laundering Directive (5MLD) mean for solicitors?

Conveyancing 33 34

COVER INFORMATION The cover image: Goodbye SRA Handbook.

37

Copy Deadlines

Goodbye SRA Handbook, New PAG Guidance on the Treatment of Pensions on Divorce Set TPMAs: How your firm can deal effectively with Residual Client Balances The most common obstacles to a successful law firm sale Do you have customers or clients?

32

20:20 Hindsight - An Exact Science!

Thames Water Property Searches: Dedicated to training Eastleigh: Land of the Yimbys?

Legacies 38

Angus...

Training Spring 2020 Issue 14th March Summer 2020 Issue 14th June Autumn 2020 Issue 16th September Anyone wishing to advertise in Surrey Lawyer please contact Anna Woodhams before copy deadline.

Email:

anna@benhampublishing.com

Tel:

0151 236 4141

Anyone wishing to submit editorial for publication in Surrey Lawyer please contact Helen Opie, before copy deadline.

Email: Tel:

helen.opie@surreylawsociety.org.uk

0333 577 3830

39

THE CLIENT MAGNET FORMULA FOR LAWYERS

Well-Being 41 42 43

Creating a mentally healthy workplace Key Factors to traveller well-being.

The reality of EHCPS (Education, Health and Care Plans)

Auctioneers 44

Why sell a probate property at auction?

Book Review 45 46

THE OXFORD HANDBOOK OF FIDUCIARY LAW CARVE-OUT M&A TRANSACTIONS SURREY LAWYER 3

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Learn more at clio.com/uk/time

EDITORIAL

President’s Jottings Winter 2020 Nick Ball

I

Having been a committee member of the society for over seven years,and its Honorary Treasurer for the last six, it is an honour to be its President and follow in the footsteps of so many talented people.

t has been a time of change at the Surrey Law Society in recent months. We said farewell to our interim CEO, Hilary Underwood, in November and welcomed back, Helen Opie, as CEO following her maternity leave. Hilary, along with our immediate Past President, Victoria Clarke, and James Scozzi, did a great job organising the SLS Legal Awards in September and the first ever Past President’s Championship Cup at Daytona, Sandown Park, in May. Both events were hugely popular with our members and supporters alike and I am looking forward to working with Helen and the committee this year to build on our events and ways to support our members.

We also said thank you to John Perry who stood down as a Law Society council member for Surrey in the summer after eight years in that role. I’m sure many of you reading this will know John, but you may not know of his outstanding service to Surrey Law Society. John is a staunch supporter of SLS and he believes passionately in the profession and the role of the high street solicitor.

His wisdom has been of great benefit to many of us on the committee over the years and I was delighted to be able to present him with Honorary Membership of the society at our recent AGM in recognition of his work spanning over four decades. You can read more about this later on in this edition of the magazine.

The year ahead Looking to the year ahead, I think 2020 will be a crucial year for legal professionals.

We live in challenging times, both politically and economically, and the legal landscape in which we practice continues to change. As I write this, we are just one week away from a general election and, during my year as President, there has already been changes to the Solicitors Regulation Authority standards and regulations, which came into effect on 25 November 2019. There is also the fifth money laundering directive, which must be implemented in domestic law by 10 January 2020, so legal professionals will have an incredibly short time to get to grips with the new rules on money laundering. The country will likely leave the EU as well, although it is not known whether there will be a deal or not. Whilst there is a lot of uncertainty around at the moment, one thing is certain - there is a lot to contend with for legal professionals and their clients in Surrey and further afield.

However, where there are challenges, there are opportunities to adapt and change and it is an exciting time to be involved with Surrey Law Society.

During my year, I am looking forward to making the most of the opportunities available and will focus my efforts on: • championing the work of our members within Surrey and the wider community; • ensuring we support our members by continuing to offer a top class training and development programme in 2020; • coordinating responses to consultations that may affect our members; • building on the SLS Legal Awards evening and enabling our members to showcase their talent and celebrate their successes; • providing a social programme that enables opportunities to network with colleagues and peers, but also other providers of services to the legal profession; • strengthening relationships with the society’s sponsors, supporters and Young Surrey Lawyers, which I think is vitally important for future succession planning; and • lending my efforts to support the good work being done to tackle the legal aid desert in Surrey by raising awareness of local initiatives.

Keeping up with traditions Whilst in life change is inevitable, I think keeping up with traditions is important and I therefore gave a lot of thought to the charity that I wanted the society to support during my presidential year.

The charity I have chosen is called 21 & Co. It is a small charity doing some really valuable work in Surrey and South West London supporting families who have children and young people with Down syndrome. It provides pre-school speech and language classes and other social communication and interaction groups to enhance the lives of the children, so that they can reach their full potential.

You can find out more about 21 & Co via its website http://www.21andco.org.uk/index.html# and via the Charity Commission’s website www.charitycommission.gov.uk.

Christmas wishes I look forward to meeting many of you during my year as President. For now, on behalf of the society, I would like to thank you for your valued support and wish you a very Merry Christmas when it comes and a happy, healthy, and successful 2020.. ■

Nick Ball SLS President SURREY LAWYER 5

OFFICERS

KEY OFFICERS President

COMMITTEE MEMBERS

LAW SOCIETY COUNCIL MEMBERS

VICTORIA CLARKE

SUSHILA ABRAHAM S Abraham Solicitors 290A Ewell Road, Surbiton KT6 7AQ Tel: 020 8390 0044 Email: office@sabrahamsolicitors.co.uk

(Immediate Past President) Stowe Family Law LLP The Bellbourne 103, High Street Esher, KT10 9QE Tel: 01372 571126 Email: Victoria.Clarke@stowefamilylaw.co.uk

NICK BALL TWM Solicitors LLP 65 Woodbridge Road, Guildford, Surrey GU1 4RD Tel : 01483 752700 Email: Nick.Ball@twmsolicitors.com

MARALYN HUTCHINSON

Vice President MADELEINE BERESFORD TWM Solicitors LLP

Kagan Moss & Co 22 The Causeway Teddington TW11 0HF Tel: 020 8977 6633 Fax: 020 8977 0183 Email: maralyn.hutchinson@kaganmoss.co.uk

65 Woodbridge Road,

KAREN GRIMM

Guildford, Surrey GU1 4RD Tel : 01483 752742 Email : madeleine.gooding@TWMSolicitors.com

Morrisons Solicitors Prospero, 73 London Road Redhill RH1 1LQ Tel: 01276 401 689 Email: karen.grimm@morrlaw.com

Deputy Vice President GLORIA MCDERMOTT

MUMTAZ HUSSAIN

Surrey Law Society, c/o Russell-Cooke Solicitors, Bishop's Palace House, Kingston Bridge, Kingston-upon-Thames, Surrey KT1 1QN DX 94652 Virginia Water Email: gloria.mcdermott@virginmedia.com

GlobalX M: 07983 488 351

ALASTAIR LOGAN Pound House Skiff Lane Wisborough Green West Sussex RH14 DAG Email: alastairdwlogan@btinternet.com Chief Executive & Magazine Editor HELEN OPIE Surrey Law Society c/o Russell-Cooke Solicitors, Bishop's Palace House, Kingston Bridge, Kingston-upon-Thames, KT1 1QN Web: www.surreylawsociety.org.uk Tel: 0333 577 3830 Email: helen.opie@surreylawsociety.org.uk

SUB COMMITTEES CONVEYANCING & LAND LAW Gloria McDermott Maralyn Hutchinson

Hon Secretary

GERARD SANDERS

STRATEGIC PLANNING & FINANCE Kieran Bowe Nick Ball Victoria Clarke Madeleine Beresford James Scozzi

KIERAN BOWE

Hart Brown Resolution House, Riverview, Walnut Tree Close, Guildford, GU1 4UX DX 2403 Guildford 1 Tel: 01483 887704 Fax: 01483 887758 Email: gts@hartbrown.co.uk

SOCIAL James Scozzi Gloria McDermott Gerard Sanders Ian Wilkinson Victoria Clarke Nick Ball

mumtaz.hussain@globalx.co

Russell-Cooke Solicitors Bishops Palace House, Kingston Bridge, Kingston upon Thames, Surrey, KT1 1QN DX 31546 Kingston upon Thames

JAMES SCOZZI

Tel: 020 8541 2041 Fax: 020 8541 2009 Email: kieran.bowe@russell-cooke.co.uk

Hon Treasurer VICTORIA CLARKE

Elite Law Solicitors 1 Fetter Lane London EC4A 1BR DX: 14 London Chancery Lane Tel: 020 3440 5506 Fax: 01923 219416 Email: jscozzi@elitelawsolicitors.co.uk

Stowe Family Law LLP

IAN WILKINSON

The Bellbourne 103, High Street Esher, KT10 9QE Tel: 01372 571126 Email: Victoria.Clarke@stowefamilylaw.co.uk

The Castle Partnership 2 Wey Court, Mary Road, Guildford, Surrey GU1 4QU Tel: 01483 300905 Email: ian@castlepartnership.co.uk

YOUNG SURREY LAWYERS Josh Day (Chair) Madeleine Beresford Beth Duffy Asta Asaka Amy Cooper Céline Winham Martin Whitehorn Kate Lewis Yasmin Curry.

Email: youngsurreylawyers@hotmail.com Twitter: @YSL_Live LinkedIn: linkedin.com/groups/4515609 Instagram: jld_surrey

membership details Annual Subscriptions:

£98 per person, per year.

Corporate Subscriptions:

£1,850 per year (20+ fee earners)

Solicitor

£60 (not in private practice)

Solicitor

£35 (not practising)

Honorary Membership:

free

Associate Membership:

free - no voting rights

6 SURREY LAWYER

To apply for membership please contact: Helen Opie, Chief Executive Surrey Law Society, c/o Russell-Cook Solicitors, Bishop's Palace House, Kingston Bridge, Kingston-upon-Thames, KT1 1QN Web: www.surreylawsociety.org.uk Email: helen.opie@surreylawsociety.org.uk Tel: 0333 577 3830

EDITORIAL

CEO ReportWinter 2020 Helen Opie

It is hard to believe that over a year has passed since my last report, but I am thrilled to be back and excited for the year ahead. I must start by thanking Hilary Underwood for her outstanding work during my leave, it’s hard to imagine finding a more dedicated and hardworking person to cover the post whilst I was away and I am so grateful to her for the excellent handover she has given me over the past few weeks.

W

hilst in post, Hilary, James and Victoria, introduced the fantastic Past President’s Championship Cup at Daytona, Sandown Park, which was enormously successful, as well as building upon the SLS Awards programme of 2018 to ensure an even bigger and better event took place in 2019. I am now excited to build upon the success of 2019 with a range of new initiatives to complement our existing projects, and will be working with Nick and the wider committee to ensure the Society goes from strength to strength in 2020.

With 2020 in mind, I am delighted to confirm to you our Training and Events Schedule for next year overleaf. We hope that the programme will offer our membership a broad range of courses, including some of our usual updates but also introducing some new sessions too. In addition, we have introduced a Managing Partners’ Day in November, which will take the form of a practical day for Law Firm Owners and Managers, more on this in the next few months. As always we are offering individuals the opportunity to ‘Buy One Get One Half Price’ if you book the standard courses before the 31st March as well as the usual Season Ticket option for firms wishing to book 4 or more courses across the year.

You will see from the Programme that we have moved our annual SLS Conveyancing and Private Client Conferences earlier in the year to February and for the first time are holding these together on the same day, the 25th, and in the same venue, The Mandolay. I should however assure you that both conferences will continue to have their own separate agendas and speakers, but we hoped that by combining the events, we might be able to enhance your networking opportunities during breaks and lunch as well as offering one final combined session for both parties at the end of the day ‘Acting for the Bank of Mum and Dad – how does it really work? Practical Tips for Conveyancing & Private Client Practitioners’.

I have included overleaf the programmes for both conferences and am delighted to advise that booking is now open and available via the website at www.surreylawsociety.org.uk/events.

In addition to the Training and Development Courses, you will find on the schedule details of the Society’s proposed events for 2020, which sees the return of the excellent Legal Brain of Surrey Quiz, the second Past President’s Championship Cup at Daytona, and a new fixture for the calendar, the President’s Dinner in November. In addition to these, we are of course

thrilled to be running our 3rd SLS Legal Awards and encourage all members to engage with this excellent initiative, when nominations open in early 2020.

As well as a full programme of training and events, the Society is very much looking forward to further strengthening its partnerships with sponsors over the coming year and with this in mind, we have recently finalised a number of Patronage Packages for issue in 2020. We hope that these packages will formalise our approach to sponsorship moving forward and offer our supporters a range of tangible and valuable benefits for the year ahead. The support of our sponsors allows the Society to provide a great number of benefits to the membership and we are extremely grateful for their continued support. If you know an organisation that might be interested in engaging with the Society in the future, please do contact me and I would be happy to share the Patronage Packages with them.

So, we have an exciting year ahead and I am very much looking forward to seeing you at one of our courses or events in 2020. As ever, if you have any suggestions or ideas on how you feel we might add further value to your membership, please do get in touch. We are still on the look out for new members of the SLS committee so if you would like to become more involved in how the Society is run, please do get in touch. Lastly, I would like to thank all the members who submitted articles and editorial for this issue, I was overwhelmed by excellent submissions. Unfortunately, space limitations meant that we could not include all the articles but rest assured that we have kept them on file for a future issue.

As I write this we are in the run up to Christmas, so I would like to wish you an exceptionally happy festive period; I very much look forward to seeing you in 2020.

With very best wishes. ■

Helen Opie Chief Executive & Magazine Editor t: 0333 577 3830 e: helen.opie@surreylawsociety.org.uk @SurreyLawSoc @surreylawsociety Helen Opie (Chief Executive at Surrey Law Society) LinkedIn SLS Group https://www.linkedin.com/groups/8731473/

SURREY LAWYER 7

SLS TRAINING AND EVENTS PROGRAMME

S L S

Month

Day

Jan

Wed

Feb

March

March

29.01.20

The Mandolay Hotel,

Tracy Thompson

The Conveyancing Quality Scheme -

Guildford

Lead CQS Assessor

Compliance & the New Assessment Regime

Tues

25.02.20

The Mandolay Hotel,

Various

Private Client & Conveyancing Conferences 2020

PC & Property

Wed

18.03.20

The Mandolay Hotel,

Peter Warner

Guildford

Warner Consulting

Masterclass for COLPs - How to Meet Your Regulatory Obligations

Regulatory

19.03.20

TBC

–

Legal Brain of Surrey Quiz

Social

29.04.20

The Mandolay Hotel,

Helen Swaffield

Guildford

Barrister

Checking Up on Your Boilerplates

Commercial/ Contract

06.05.20

The Mandolay Hotel,

Paul Clark

Guildford

Solicitor and SDLT trainer

Residential SDLT for Conveyancers

Property

Past President’s Championship Cup

Social

New Build Issues for Conveyancers

Property

Inheritance Tax Planning –

by Will and in Lifetime

Private Client

(pm)

(pm)

Thu (eve)

May

Wed

(pm)

(pm)

Thu (eve)

June

Wed

June

Wed

July

Wed

(pm)

(pm)

(pm)

Thu (eve)

Oct

Wed

Oct

Wed

Nov

Nov

E V E N T S P R O G R A M M E 2 0 2 0

Venue

Wed

Sept

&

Date

April

May

T R A I N I N G

(pm)

(pm)

Thu (eve)

Wed

14.05.20

Guildford

Daytona, Sandown Park

Speaker

–

Event

Area

Property

03.06.20

The Mandolay Hotel,

Richard Snape

Guildford

Davitt Jones Bould

24.06.20

The Mandolay Hotel,

John Bunker

Guildford

Irwin Mitchell

08.07.20

The Mandolay Hotel,

David Keighley

Guildford

David Keighley Training

Residential Conveyancing Update & Dealing with Tricky Problems 2020

Property

17.09.20

The Mandolay Hotel,

–

SLS LEGAL AWARDS 2020

Social

14.10.20

The Mandolay Hotel,

Richard Land

Guildford

Owen White & Caitlin LLP

Professional Negligence in Will Writing and Administration of Estates

Private Client

21.10.20

The Mandolay Hotel,

Professor Lesley King Author & Lecturer

Will Drafting Masterclass: Tax-Efficient Will Drafting and Post-Death Tax Planning

Private Client

Guildford

Guildford

12.11.20

TBC

–

President’s Dinner

Social

18.11.20

The Mandolay Hotel,

Various

Managing Partners’ Day Leaders Lead – a Practical day for Law Firm Owners & Managers

Regulatory; Compliance; Business Development

Guildford

All Courses and Conferences will be held at The Mandolay Hotel, 36-40 London Rd, Guildford GU1 2AE. (unless stated otherwise) Half-day courses take place from 2.00pm-5.15pm

Course Fees: £126 inc VAT for SLS Members or £252 inc VAT for Non-Members (with the exception of the Conferences & Managing Partners’ Day where fees are yet to be announced & Social Events)

SLS MEMBER OFFERS

Buy one course and get a second half price if you book before the 31st March or Book four or more courses and receive a 20% discount on each

* The Private Client and Conveyancing Conferences will have separate agenda sessions, but will this year be held on the same date and in the same venue to facilitate greater networking opportunities within the breaks.

8 SURREY LAWYER

SLS TRAINING AND EVENTS PROGRAMME

S L S P R I VAT E C L I E N T & C O N V E YA N C I N G C O N F E R E N C E S

Tuesday 25th February 2020

The Mandolay Hotel, 36-40 London Rd, Guildford GU1 2AE. Early Bird Booking (before 20th Jan 2020): £145 plus VAT; Standard Booking: £165 plus VAT

PRIVATE CLIENT AGENDA Time

Session

10:00

Registration & Refreshments

10:15

10:20

Welcome & Introduction

11:45

Welcome & Introduction

Session 1: Tax Planning Update 2020 John Bunker, Head Of Private Client Knowledge Management, Irwin Mitchell Solicitors

11:20 11:25

CONVEYANCING & LAND LAW AGENDA

Sponsor Session

Session 1: Dealing with Identity Fraud & Preventative Measures Ian Quayle Sponsor Session

Refreshments Session 2: Will Drafting – Avoiding challenges, claims and a Larke v Nugus situation’ Paul Ashwell & Abha Pandya, Barristers, 1 COR

12:45

Sponsor Session

Session 2: HM Land Registry Update Speaker to be confirmed

Sponsor Session

12:50

Lunch

13:50

Session 3: Mental Capacity and Vulnerable Adults – how to ensure you are SRA compliant The Much Hon. Craig Ward of Lundie, Solicitor, Craybeck Law

Session 3: ‘Equity Release – the Issues Lawyers Face And How To Avoid the Pitfalls’ Paul Sams, Dutton Gregory Solicitors

14:50

Session 4: Part 1 – Practical Steps & Financial Tools for Estate Planning & Trusts Part 2 – The Role of Pensions in Estate Planning John Hutton-Attenborough & Edward Nice, HFS Milbourne

Session 4: Ground Rents, Service Charges, & Estate Rentcharges – an Update Richard Snape, Davitt Jones Bould

15:50

Sponsor Session

Sponsor Session

15:55

Refreshments

16:10

Session 5: Combined session ‘ Acting for the Bank of Mum and Dad – how does it really work?

Practical Tips for Conveyancing & Private Client Practitioners’ James Lister, Managing Associate, Stevens & Bolton LLP & Richard Snape, Davitt Jones Bould

17:10

Conclusion & Feedback

Would you be interested in joining the Surrey Law Society Committee?

We meet approximately 6 times a year, alternating between Guildford and Kingston, plus the AGM in November. The main role of the Committee is to oversee the strategic and practical management of the Society. The Officers and Members of the Board work together with the CEO, Helen Opie to deliver a programme of CPD and Social Events throughout the year. The Board is responsible for responding to consultations and for lobbying on behalf of the wider Surrey membership. We provide support for members experiencing problems, help them with job searches and assist with complaints.

There are also a number of Sub Committees that report to the Board including: Strategic Planning & Finance Group, Conveyancing & Land Law and Social.

You do not have to be a full Committee member to serve on a Sub Committee.

To find out how you can get involved and how you might contribute to the work of the Society, we invite you to come along as an observer to 2 meetings before making any decisions. If you would like to find out more about the work of the Committee or the Society, please do not hesitate to contact Helen Opie at helen.opie@surreylawsociety.org.uk or complete the application form 0n page 12.

SURREY LAWYER 9

LOCAL ISSUES

Hart Brown celebrates centenary Leading Surrey law firm is 100 not out

H

art Brown was founded by Cecil Hart who started the firm in 1919, opening an office in Godalming, Surrey called Hart & Co. Cecil’s two sons followed him into law, joining the family firm as articled clerks and qualifying as solicitors. By 1937 the firm was operating as Hart & Sons with an additional office in Cranleigh. In 1958 the firm became known as Hart Son and Brown, after the arrival of Kenneth Brown, moving to its current headquarters in Walnut Tree Close, Guildford in 2000.

Today, the firm has over 100 members of staff, including 15 partners, across 5 offices. Hart Brown offers a full range of legal services and prides itself on offering clients the highest level of legal expertise. As a member of LawNet, an organisation supporting independent law firms, it has twice won the category for best client service and three of its departments, Personal Injury, Clinical Negligence and Commercial Property are recognised in the prestigious Legal 500 rankings.

As part of its centenary celebrations Hart Brown is sponsoring the Start-Up of The Year category in this November’s Surrey Business Awards. The firm recently hosted a reception for a hundred selected clients at the Birtley Park sculpture gardens in Bramley. It sponsored four performances by the Guildford Shakespeare Company and treated staff to an open-air performance of Twelfth Night. A 100-mile charity cycle ride was organised, celebrating one mile for each year that Hart Brown has been in business, raising money for the Woking and Sam Beare Hospice.

Partner Roderick Campbell comments: “We keep the founder’s ethos alive of top quality service with a personal touch. The firm has obtained an average 97% customer satisfaction rating over the past year. Many of our clients have been with us for generations and we are very proud of that. What was a sole practice a hundred years ago has grown to be one of the leading law firms in Surrey.” ■

Meadows Ryan Solicitors grows Family

& Employment Law Department and Recognises Outstanding Charitable Contribution of Team Member Meadows Ryan Solicitors are pleased to introduce our growing Family & Employment Law Department.

C

Christian Abletshauser

10 SURREY LAWYER

hristian Abletshauser heads up the department with his many years of experience. His practice covers all areas of family law, with a specialism in high net worth individuals. Christian is a member of Resolution and is a trained Collaborative Lawyer.

Valerie Howes is Christian’s assistant, providing both administrative and case file support. Valerie recently celebrated 10 years with the firm in September, and is a valuable asset to the team, and the firm, with many years working in family law.

Jodie Care qualified into the team in August 2019, having joined the firm as a paralegal in September 2016 before undertaking her training contract not long thereafter. Jodie is proving very knowledgeable in both family and employment law and is definitely one to watch, having recently been

nominated for the Surrey Law Society’s “Rising Star of the Year” award.

The team has recently grown with the recent hiring of Pam Kandola, to the position of Associate Solicitor. Pam joined us in September 2019 from a Central London firm. Pam’s focus is on divorce matters and financial provisions, carrying her own caseload as well as assisting Christian on his larger cases.

We are extremely proud of our Family Team and indeed our firm. Having recently opened a second office in Mayfair, London, we look forward to continued growth in all departments and providing the best possible service to our clients. We also continue to practice from our registered office in Weybridge, Surrey. ■

LOCAL ISSUES

Meadows Ryan Solicitors Celebrates Team Member’s Outstanding Charitable Work We like to acknowledge and celebrate our staff at Meadows Ryan Solicitors and on this occasion, we would like to mention Sarah Lewis. Sarah is an avid horse lover and volunteers her Fridays to “Riding for Disabled (RDA) Epsom”, which provides pony riding facilities for children with disabilities. Sarah discusses the benefits of horse riding in an article produced

by The Children’s Trust, for whom Sarah also recently ran the Royal Parks Half Marathon.

The article can be found at this link https://www.braininjuryhub.co.uk/news/horse-riding-and-acquired-brain-injury ■ Sarah Lewis

From Left to Right - Hannah-Mei Grisley, Matthew Kingswell, Victoria Clarke, Anna Van Haute, Olivia Smith, Jenny Sills, Tia Murphy

Chris Andrews Memorial Client Interviewing Competition 2019 The Chris Andrews Memorial Client Interviewing Competition started in 2005 and is sponsored by the Surrey Law Society.

I

t is a three way competition between the University of Surrey, the University of Law (Guildford Campus) and Royal Holloway, University of London, and each institution takes it in turns to host the competition; this year it was the turn of Royal Holloway, University of London.

The competition took place on Saturday 30th November 2019 in the Egham campus of Royal Holloway, University of London. Eight teams took part from each institution, with each team comprising of two students. The teams were accompanied by mentors from their corresponding institutions. Each team interviewed for up to 30 minutes on a particular scenario and each team interviewed for up to two different fact patterns. This year, the fact patterns were based on bail application, and unfair dismissal from employment. The interviews were judged by legal practitioners who are also members of the Surrey Law Society and students from Royal Holloway volunteered to act as clients for the interviews.

Each team was judged according to the National Client Interviewing Competition criteria, including ten components, namely establishing an

effective professional relationship, obtaining information, learning the client’s expectations and needs, problem analysis, legal analysis and giving advice, developing reasoned courses of action, assisting the client to make an informed choice, effectively concluding the interview, teamwork, and ethical behaviour. At the end of the interviews the judges provided valuable feedback to each team on their performances. After the interviews, the judges deliberated as a panel and decided upon the winners.

Following deliberation, Immediate Past President and Treasurer of Surrey Law Society, Victoria Clarke, announced the winners of the competition and awarded prizes. The first prize was won by Olivia Smith and Anna Van Haute from Royal Holloway; the second prize was won by Hannah-Mei Grisley and Matthew Kingswell from the University of Law; and the third prize was won by Jenny Sills and Tia Murphy from the University of Surrey.

The winning cup was handed over to the winners from Royal Holloway and the competition ended with a closing speech from Mr Robert Jago, Head of Law and Criminology, Royal Holloway, University of London. ■

SURREY LAWYER 11

LOCAL ISSUES

Mundays LLP

enter The Times Best Law Firms 2020

M

undays LLP (Mundays) are thrilled to announce their inclusion in The Times Best Law Firms 2020. The list of only 200 firms is based on recommendations made by more than 3,200 solicitors and barristers as well as lawyers in legal departments across England, Wales and Scotland.

Neale Andrews, Managing Partner of Mundays commented: “I am delighted for the team that we have been included in The Times Best Law Firms 2020 list. The way in which the research is undertaken for this ranking reflects the high regard in which our peers within the law view our expertise and experience, putting us in the top 200 firms in England, Wales and Scotland.”

To view Mundays’ entry in the list please visit https://www.thetimes.co.uk/article/mundays-best-law-firmszv7hfwc3r?shareToken=75ad31ff599cdca8927218c6e5768 718 or you can view the full list at https://www.thetimes.co.uk/article/best-law-firms-20209kh6q236r ■

Surrey Law Society Application Form for Committee or Board Membership

If you would like to apply to join the SLS Board and/or one of our Sub Committees we would be delighted to receive your completed application form (below). Please send to Helen Opie, Surrey Law Society, c/o Russell Cooke Solicitors, Bishop’s Palace House, Kingston Bridge, Kingston upon Thames, Surrey KT1 1QN or scan and email to helen.opie@surreylawsociety.org.uk.

Name

Firm’s Name Postcode

Contact email

Qualification (solicitor, Legal Executive)* Specialism(s)

Year of Qualification

Are You a member of SLS?**

Do you want to join the Board as a Director or serve on a Sub Committee? (please indicate) What area of SLS’s work/which committee(s) particularly interest you? (see Guidance Notes) What particular skills, qualities and experience could you bring to that committee?

Whilst it is not essential to know an existing member, do you know anyone on the Board or a Sub Committee?

Please provide the emails and/or telephone numbers of two current members of the SLS with whom we may discuss your application.

❑ Yes

Board Only

❑ No

Area of work:

Sub Committee:

Skills: Qualities: Experience:

❑ Yes ❑ No If yes please tell us their names(s): Name 1:

Name 2:

Tel:

Tel:

Email:

*Legal Executives are eligible to sit on sub-committees

Signature

Please Print name:

12 SURREY LAWYER

Sub Committee Only (Please state)

Email:

**You must be a full SLS member to join the Board Date:

Board & Sub Committee

LOCAL ISSUES

Surrey Law Society recognises exceptional contribution of John Perry at its Annual General Meeting The Society’s AGM took place on 20th November and we were delighted to see so many members in attendance.

John Perry and Nick Ball

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he meeting saw Victoria Clarke hand over the presidential baton to Nick Ball, and in return, Victoria took over Nick’s previous role of Honorary Treasurer. The membership would like to thank both for their excellent contributions to the Society over the past years and wish them the very best of luck in their new roles.

One of Nick’s first actions as President was to recognise the exceptional contribution to the Society of former President, John Perry, who had this year stood down as Law Society Council Member for Surrey after some 8 years in that role.

John’s involvement in Local Law Societies has spanned some 4 decades starting in 1978 when he was a committee member of what was then called the Mid-Surrey Law Society. In the early 90s, John and Keith Howell-Jones were instrumental in the merger of three local law societies to form The Surrey Law Society; that merged society later became the incorporated company that we have today.

During those 40 plus years, John has served on the committee, has been its Secretary and has been President three times. He and has his wife Rosemary organised the Past

Nick Ball and Victoria Clarke

President’s Dinner for many years and John has been the Quizmaster at the annual quiz.

John has also organised the annual walking conference for many years and will continue to do so in 2020.

Nick thanked John for his continued support of the Society and for his wisdom, which has been of great benefit to the membership over the years. In recognition of this outstanding contribution, the meeting voted unanimously to make John and honorary member of the Society and presented a gift to thank him on behalf of the membership. ■

SURREY LAWYER 13

LOCAL ISSUES

Jamie Cartwright presents the Commercial Dispute Resolution Award to Lizzy Hardy

Charles Russell Speechlys Focuses on Next Generation Lawyers

O Charles Russell Speechlys in Guildford continues to build strong links with undergraduates as part of its ongoing focus on attracting top talent into the firm.

n 6 November it held a successful Graduate Recruitment Information Day at its offices at One London Square, attended by 22 students from universities from across the UK. During the event, lawyers from the international firm provided the students with an insight into a career in the legal profession, discussed attributes required for next generation lawyers and talked about life as a trainee at Charles Russell Speechlys.

Building on its links with the University of Law in Guildford, Charles Russell Speechlys also sponsored the Commercial Dispute Resolution Award at the prize giving for Legal Practice Course students. This was presented to Lizzy Hardy by Jamie Cartwright, the firm’s graduate recruitment partner and specialist in Commercial Dispute Resolution. Charles Russell Speechlys has sponsored this award for the last 17 years and Jamie Cartwright, a former University of Law student, was the first recipient of the award.

Jamie Cartwright commented, “Winning this award 17 years ago cemented my view that a career in commercial disputes was very much for me. I joined Charles Russell Speechlys as a trainee and, having built my career here over the last 15 years, now play a key role in graduate recruitment.

“As a firm, we believe it is important to retain strong connections with local educational institutions as they are ideal breeding grounds for lawyers of the future. We want to support and recognise excellence and encourage aspiring lawyers to consider a career at Charles Russell Speechlys. We have a wealth of opportunities on offer across a wide range of disciplines.”

Charles Russell Speechlys employs over 160 staff in its Guildford office at One London Square and provides a full range of services to businesses and private clients in the region, backed by the resources of an international law firm.

The firm’s graduate recruitment programme is now open for applications. The closing date is 31 January 2020. For further information, please visit www.charlesrussellspeechlys.com ■

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LOCAL ISSUES

Record Number of Partners from Charles Russell Speechlys in Guildford Endorsed in Legal 500 2019 Charles Russell Speechlys in Guildford has received outstanding endorsements in Legal 500 2019, a comprehensive guide to the best law firms in the UK. Duncan Elson

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he Guildford-based firm was recognised in 13 categories for law firms in the South East including commercial litigation, insolvency and corporate recovery, contentious trusts and probate, employment, construction, property litigation and family law.

A record total of 10 partners were identified as leading industry individuals. In addition, for the second consecutive year, Duncan Elson, Head of the Guildford office and specialist in contentious trusts and probate was singled out for the Hall of Fame - the ultimate Legal 500 accolade which highlights partners at the pinnacle of their profession who have received constant praise by their clients for continued excellence.

Leading individuals recognised in Legal 500 2019 are Stephen Burns and Jamie Cartwright (commercial litigation), James Hyne (insolvency and corporate recovery), Nick Hurley (employment), Karen Wilsher and Shona Alexander (family), David Savage (construction), Rebecca Burford (corporate and commercial), Peter Levaggi and David Haines (property litigation).

Richard Flenley (Property Litigation) was identified as a next generation partner and five other individuals, Daniel Moore, Samantha Ewing, William Rollin, Andrew Keeley and Rachel Warren, were singled out as rising stars.

Duncan Elson commented, “We are very proud to have increasing numbers of partners and other senior staff recognised as leading industry individuals and that Charles Russell Speechlys’ Guildford office continues to be endorsed as a leading South East law firm across a broad range of disciplines.

“Legal 500 is a highly respected resource for individuals when choosing their advisors and our inclusion in it across so many categories is a positive reflection of our legal expertise, the calibre of our lawyers across all levels and our strong focus on client service.”

Charles Russell Speechlys employs over 160 staff in its Guildford office at One London Square and provides a full range of services to businesses and private clients, backed by the resources of an international law firm. For further information, please visit www.charlesrussellspeechlys.com ■

From Over There to Over Here Parenting Coordination As part of Barlow Robbins' family team I practise exclusively as an all issues family mediator. I have also qualified as one of the country’s first Parenting Coordinators (training with the FLiP Faculty in London).

Karen Barham

P

arenting coordination is an established form of dispute resolution used widely across America, Canada and South Africa. Indeed in some jurisdictions the court will order the appointment of a Parenting Coordinator (PC). The process is intended to help parents experiencing high levels of conflict to implement a child arrangements order, arbitration award or parenting plan. The PC does this by working with the parents to develop co-parenting strategies and to improve communication. If a dispute arises between the parents, the PC will use mediation skills to help the parents resolve the issue. Ultimately, if a consensus cannot be reached, the PC is authorised by the parents to make a binding decision on the dispute.

The aim of the parenting coordination process is to reduce the levels of conflict being experienced by the entire family and to ensure a timely and effective resolution to disputes around implementation of child arrangements. The PC does not make decisions on substantive welfare issues, which would be referred back to the court or to an IFLA arbitrator to resolve if consensus cannot be reached.

Parenting coordination is an ideal option for parents who have

become enmeshed in a pattern of high conflict and who genuinely want to change that pattern. The process requires a commitment from each parent to recognise that children benefit from having a relationship with both of their parents (where it is safe to do so) and that children are harmed by being involved in unresolved conflict between their parents. To get the most out of the process, parents need to be motivated for change.

Evidence shows the process works. In the first year of an appointment of a PC the number of return applications to court drops by half. The court cannot micromanage the ongoing parenting relationship in many of these entrenched cases. Practitioners will no doubt have in mind a number of cases in their cabinets that might benefit from this process.

To find out more about parenting coordination including the register of PCs visit https://www.flipfaculty.org/parenting-coordination/theparenting-coordination-programme

By Karen Barham Barlow Robbins' family team SURREY LAWYER 15

LAW SOCIETY

The Law Society Report December 2019

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Beth Quinn

hroughout 2019 we continued to promote the value of solicitors to consumers, businesses and managers with in-house legal teams. We did this to raise the profile of the solicitor profession, and to endorse the use of solicitors above other sources of legal advice. Our Solicitor Brand Campaign1 aimed to improve the understanding of the vital role solicitors play in society; so, when consumers and businesses are faced with legal issues, solicitors would be the first point of call. At the heart of the campaign we promoted solicitors as experts in their field, honest and honourable, client-focused, approachable, accessible, value for money and adding value to society.

Advertising was visible on poster sites at rail stations throughout England and Wales, and our bus campaign targeted buses across London, Manchester, Newcastle, Sheffield, Liverpool, Leeds, Bradford, Bristol, Leicester, Southampton and Portsmouth. We also ran a TV advert on Sky, and, for the first time, included advertising on the radio and on Spotify.

This year we have had over 100 major media broadcast interviews promoting the work of the solicitor profession. One of our major campaigns has been on fixing the broken criminal justice system. Due to many years of underinvestment, our criminal justice system is crumbling. The Law Society campaign called on the government to address the problems by adopting our policy recommendations on criminal justice2. Our campaign highlighted the inefficiencies and unfairness in the criminal justice system, which included: the shortage of criminal duty solicitors, the closure of courts, the restrictive means test for criminal legal aid. The campaign was covered in the Guardian, Telegraph, the Times, on Channel 4 and in various local

news outlets. Our video, which tells the story of Peter and his nightmare journey through the criminal justice system, was viewed over 10,000 times3.

Our Westminster public affairs team has continued to campaign and engage with Government and Parliament on key issues for the solicitor profession including on access to justice and Brexit.

This work has led to: The Government committing to a pilot for funding of early advice in social welfare law; the announcement of a review into pre-charge bail; the Government reversing its decision to increase probate fees and ensuring that legal professional privilege is protected in recent legislation.

This month we have also launched a new report, England and Wales: A World Jurisdiction of Choice4, as part of our wider Global Legal Centre campaign. The report outlines the strengths of the law, jurisdiction, and legal professionals of England and Wales, as well as London’s advantages as a seat of arbitration. It features information and case studies on commercial litigation conducted in England and Wales by international businesses, testimonials from lawyers qualified in other jurisdictions and explanation of how England and Wales’ status as a global legal centre will not be affected by Brexit. We will be using this to promote English law, the jurisdiction, and legal services provided by you, our members, to key target markets.

Our policy team has undertaken high profile work of vital interest to the solicitor profession. This has included engaging with Government and influencing its policy and legislation on modern slavery5, and influencing law reform in two key areas of family justice: The Domestic Abuse Bill

1 https://www.lawsociety.org.uk/policy-campaigns/campaigns/solicitor-brand-campaign/ 2 https://www.lawsociety.org.uk/support-services/research-trends/justice-on-trial-2019/ 3 https://youtu.be/xuTBXvcuMds 4 https://www.lawsociety.org.uk/policy-campaigns/campaigns/global-legal-centre/ 5

Please see the policy team’s blog for more details https://www.lawsociety.org.uk/practice-areas/h/human-rights/articles/solicitors-contribute-modern-slavery-act/

16 SURREY LAWYER

LAW SOCIETY

and the Divorce, Dissolution and Separation Bill. The former incorporated many of the suggestions from the Joint Committee on the Draft Domestic Abuse Bill pre-legislative scrutiny report, such as a ban on the cross-examination of victims by perpetrators, widening the definition of domestic abuse and the introduction of a Domestic Abuse Commissioner, which the Law Society supports. We have used our influence to push for updating the legal aid means test and reinstating legal aid for early advice to better support domestic abuse victims. Whilst welcoming the introduction of the Divorce, Dissolution and Separation Bill, we have publicly stated we considered that there are still important details that need to be addressed to ensure that the Bill is clear, fair and accessible to those who need to use it.

We’ve met with the Ministry of Justice to discuss our suggested amendments to the Bill and to reinforce the likely impact of their proposals on the legal profession.

Work has also been done to shape the narrative around technology and justice, for which the Law Society is now considered a thought leader in this space. We convened the first ever Technology and Law Policy Commission, bringing together experts and practitioners from the legal, technology and civil liberties fields, to identify and discuss key issues. The Commission held four evidence sessions, one of which was held in Wales, and received written submissions form a wide variety of interested parties. This was used to inform an in-depth research report: Algorithms in the Criminal Justice System6.

These are just a small snapshot of our ongoing successes, there are of course plenty of other examples available on our website7.

If you have not done so already, please sign up for a MyLawSociety account8 where you will be able to see the latest news, advice, practice notes and jobs relevant to your professional interests. You can also add information to your Find a Solicitor profile and choose to opt-in to receive emails from your preferred Local Law Society via a tick-box.

If you would like further information on the activities mentioned above, or any other areas of interest, please do not hesitate in contacting me. â–

By Beth Quinn Relationship Management Executive London, South East The Law Society E: beth.quinn@lawsociety.org.uk T: 02080493755 @LSLondonandSE

6 https://www.lawsociety.org.uk/support-services/research-trends/algorithm-use-in-the-criminal-justice-system-report/ 7 https://www.lawsociety.org.uk/ 8 MyLawSociety

account

SURREY LAWYER 17

YOUNG SURREY LAWYERS

Young Surrey Lawyers look back on 2019 Y

oung Surrey Lawyers was very grateful to have Chadwick Nott Legal Recruitment sponsor most of our events this year, starting with their educational talk “Personal Branding in the Legal Market” in April. The event was also sponsored and hosted by Stevens & Bolton LLP, which emphasised its strong desire for junior corporate lawyers.

Young Surrey Lawyers and Chadwick Nott enjoyed a summer Young Surrey Lawyers evening together in August in addition to a very popular Wine Tasting on Hallowe’en. In October, Young Surrey Lawyers also saw the appointment of several new committee members: Equality & Diversity Asta Asaka, Events & Communications Secretary Amy Cooper, Céline Winham and Martin Whitehorn on Social Media & Articles, along with Social Secretaries, Kate Lewis and Yasmin Curry.

18 SURREY LAWYER

The new committee members joined Chair Joshua Day, Treasurer Madeleine Beresford and Junior Lawyers Division Representative Beth Duffy. The year was rounded off with Young Surrey Lawyers’ much-loved Christmas Quiz, kindly sponsored by Guildford Chambers.

Young Surrey Lawyers is Surrey’s local Junior Lawyers Division group. We organise and host social, education and careers events throughout the year. These events also provide a platform for junior lawyers to widen their professional network. Our social media details and email address are on page 6. Keep up to date on our events by sending an email to us. ■

By Martin Whitehorn

INTERVIEW

SLS Insight In this edition, we ask some probing questions of Alastair Logan OBE, Council Member for Surrey Law Society Alastair Logan OBE

1. How Long have you been a Law Society Council Member for?

I am one of the two Council Members for the Constituency of Surrey.

2. Why did you decide to join The Law Society Council?

The seat had become vacant by retirement and there was no other application to fill it. We are in the process of meeting some very difficult issues as a profession and I did not want the seat to be vacant at this time. I would have preferred a practicing solicitor to have applied.

3. What do you enjoy most about being on Council?

To be able to see the issues arising before they are no longer capable of being the subject of dialogue to resolve them, being able to devote thought and time to them and to engage with others in meeting the challenges that our profession faces.

11. What’s your favourite film?

A Christmas Carol starring Alastair Sim 12. What did you want to be when you grew up A soldier.

13. What would your autobiography be called?

A Life in the Law. 14. Name the three celebrities you most admire.

J K Rowling, Emma Watson and Sir Elton John. All 3 have done huge and impressive work in helping others (and Sir Elton’s music is second to none!).

15. What would you do if you were invisible for a day?

In Plato's Republic, Socrates recounts the legend of the Ring of Gyges, a magic ring that granted its wearer the power to become invisible. Socrates asks whether an ordinary person would behave morally knowing that his actions would not be observed 4. When and why did you become interested in the law? by others, and therefore he would have no cause to fear the My family have a long history in the law. My Father was a barrister consequences of his actions? I hope I would. and law lecturer. My uncle was a legal adviser to the Home Office 16. If you could have dinner with anyone from history, who for many years. Several of my ancestors were Barristers in the UK would it be? & Ireland.

Socrates. He has no written work and what we know of his work 5. What firm did you work at and what was your role there? is reported by others. I would like to learn more from him about I trained in Articles in a firm in Lincoln’s Inn, worked as a solicitor his philosophy and his key moral concepts of Good and Justice. in a general practice in Harlesden, London for 3 years and then 17. What’s a great book you’ve read recently? was a sole practitioner in Surrey from 1971 – 2010. I worked in The Secret Barrister: Stories of the law and how its broken. general practice doing mostly litigation, matrimonial and crime.

18. What do you think is the greatest invention of all time 6. What was a typical day for you at work? and why?

The usual round of court appearances, interviews, telephone In 2014, 17-year-old Cynthia Sin Nga Lam created her prototype – calls, conferences and paperwork working long hours six and the H2Pro – a portable device powered only by sunlight. sometimes seven days a week.

Dirty water goes in one end, and a titanium mesh, activated by 7. What was the most enjoyable part of your role? the sun, sterilizes the water and sends it through an extra filter.

Enabling clients to deal with their problems and to move on from The photocatalytic reaction also splits the water into hydrogen what was in many cases a very difficult time for them. and oxygen–so it can feed a hydrogen fuel cell to produce clean power. Detergent, soap, and other pollutants in the water help 8. What’s been your most memorable career highlight to date? make more hydrogen. There are similar water purification technologies, but her invention stands out because it does not Securing the quashing of the convictions of the Guildford Four require an extra source of electricity; only sunlight and titanium and the Maguire Seven (20 years work). are required. Besides being low-cost and easy to maintain, the 9. What’s been the hardest challenge career-wise?

H2Pro also generated a very efficient source of clean energy.

Dealing with 11 terrorist cases in the period 1974 – 1985 as a 880 million people in the world struggle to access water or sole practitioner. clean water. ■.

10. What are the biggest challenges facing the legal profession in the next 10 years? (in no particular order) Technology, Brexit, competition from outside the profession, billing, upholding respect for the Rule of Law and the legal system, respect for human rights, access to the law for those unable to afford it, the reputation of the profession and challenging the stereotypes (“fat cat lawyers”).

SURREY LAWYER 19

ARTICLES

Goodbye SRA Handbook, David Gilmore

The SRA’s Standards and Regulations are now in force and have replaced the SRA Handbook.

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SRA’s Standards and Regulations or expert fees (this would not include, for The SRA’s Standards and Regulations are now in force and have replaced the SRA Handbook.

Sources The SRA’s Standards and Regulations can be viewed on the SRA’s website: https://www.sra.org.uk/solicitors/stand ards-regulations/.

Even up to the last minute, changes were being made to the Rules. In particular, late on Friday 22 November 2019, it was announced that certain aspects of SRA Authorisation of Individuals Regulations would not be coming into force on 25 November. The announcement outlining which Rules would not be coming into force can be found in full at: https://www.gov.uk/government/news/s tatement-re-sras-code-of-conduct.

Guidance Notes The online version of the Standards and Regulations contain guidance notes and links to the glossary and other key documents published by the SRA. It is therefore recommended that you consult the online version rather than solely refer to a printed copy.

SRA Accounts Rules Client Money held outside a client account A common question has been whether a firm without a client account can continue to accept payment as an ‘agreed fee’ in advance into their office account as they have done under the old rules.

The concept of ‘agreed fees’ has been removed from the new SRA Accounts Rules.

Rule 2.2 in the new Accounts Rules allows some firms to hold client money in a business (previously known as the office account) provided that the only client money received by that firm is advance payments for fees and unpaid disbursements. The money must relate to the firm’s fees or expenses incurred by the firm on behalf of their client and for which the firm is liable, for example, counsel

example, disbursements for which the client is liable such as stamp duty land tax).

Reliance on Rule 2.2 Whilst the new Rule 2.2 in the Accounts Rules is not an alternative to agreed fees by any means, it may allow a firm, who does not hold any other client money, to avoid having a client account and receive some or all of their fees up front into their business account. It is however not a business model to be applied for all matters and cannot simply be applied on a client by client basis. There are, also some VAT implications which might mean that this may not be entirely satisfactory or practical for all firms.

This is still client money It is vitally important to remember that the new Accounts Rule make clear that any money held pursuant to Rule 2.2 is still regarded as ‘client money’ (as it may need to be reimbursed in part or full) albeit that this is client money not held in a client account.

If you issue a bill at the outset of the matter for a fixed fee, this will still be money on account of work you haven’t yet done. If that work doesn’t go ahead in part or in full, then you may need to credit some or all of the fee back to the client. Depending on the amount of that bill, your accounts may need to ensure there is a contingency to ensure that payments can be credited promptly, as Rule 2.5 of the Accounts Rules still applies to this money.

Whilst this is client money, most of the rules about treatment of client money do not expressly apply to money held pursuant to Rule 2.2 and this includes the standard proviso in Rule 2.4 that client money must be held on demand for a client. Money held pursuant to Rule 2.2 does not have to be held on demand for the client (meaning that you don’t need to keep the amount separate and it can form part of your overall business money for use in the business). However, the indication is that you need to offer it the level of

SECTIONARTICLES HEADER

protection it deserves - including holding it in a reputable bank account and ensuring that you have the means to pay it back if you do not end up doing the work.

Disbursements under Rule 2.2 A firm can also get money on account for paid or unpaid disbursements such as counsel fees and court costs.

The Solicitors Act and VAT rules both define how this needs to be dealt with from a billing perspective (see below Section 67 of SA) and an accountability for VAT. It is also worth noting the term “costs” is considered to include disbursements: “A solicitor’s bill of costs may include costs payable in discharge of a liability properly incurred by him on behalf of the party to be charged with the bill (including counsel’s fees) notwithstanding that those costs have not been paid before the delivery of the bill to that party”.

Billing and VAT Accountability for VAT is very complex and it would not be possible to give detailed guidance here that is relevant to every firm.

Assuming that a firm is registered for VAT, generally it must charge their client VAT when billing if an item is not a disbursement for VAT purposes. Firms tends to use the word ‘disbursements’ quite liberally to refer to most expenses. For VAT purposes, disbursements are defined more narrowly. Expenditure incurred which enables a firm to provide services to their client (such as travelling expenses and telegraphic transfer fees) are ‘re-charges’ and cannot be treated as disbursements. If it can be said that the client received the primary benefit then the expenditure may be treated as a disbursement.

Rule 25 of the HMRC VAT Notice 700 outlines the conditions under which payments may be treated as disbursements for VAT purposes, where a firm pays amounts to third parties as the agent of a client.

The ILFM produces excellent guidance and training on this and there is also a detailed Law Society Practice Note: https://www.lawsociety.org.uk/supportservices/advice/articles/vat-treatment-of-disbursementsand-expenses/.

How to deal with the VAT Accountability for VAT is very complex and it would not be possible to If it is a re-charge or a disbursement then at the point it is incurred, HMRC will be looking to receive their share of the output tax.

Under s47(2a) and s47(3) of the VAT Act, a business has two methods in which it can treat disbursements, depending who the third party invoice is addressed to. The ILFM have produced guidance in relation to these two methods, known as the agency method and the principal method.

Notifying the client Rule 2.2 provides that any firm has to make sure that the client has been properly advised and is given sufficient information about where their money will be held.

You must have informed your client in advance of the following: • where the money is going to be held – the client needs to know that it is in a bank or building society or a third party managed account (so the money is held in an FCA-regulated institution) and it is not held in cash under the desk • how the money will be held – you would look to advise them if there is only one signatory on the account and/or that it is an instant access account.

A firm should explain to their client that their money will not be held on account for them or specifically ring fenced, as the money may be held and used as part of the firm’s own money in their business account. This is so they can make an informed decision about whether they wish for their money to be held outside of a client account or consider other alternatives.

Alternatives to Rule 2.2 The SRA has published some guidance on Rule 2.2, including alternative solutions for firms who do not wish to maintain a client account: https://www.sra.org.uk/solicitors/guidance/ethicsguidance/do-i-need-to-operate-a-client-account-/ However, we are led to believe that the SRA will be issuing some further guidance on this topic in due course.

Client account Rule 2.2 only applies to firms that only receive client money paid up front for fees or certain disbursements i.e. they don’t hold any other client money. If a firm holds any other types of client money then Rule 2.2 doesn’t apply and all client money is to be held in the client account as before.

Having a client account does make it easier for VAT purposes as money received into the client account does not represent a receipt of payment for VAT purposes and the VAT taxpoint only occurs after a bill is issued and the funds are transferred from the client account to business (office) account.

The new Rule 4.3 makes clear the need for a firm to have delivered to the client a bill or other written notification specifically listing the amount to be transferred prior to transferring client money over to their business account. Without the delivery of a bill or other written notification that details the specific amount(s), the money that the client has paid on account of disbursements must remain in a client account.

The key issue will be for a firm wanting to transfer money from the client account to reimburse itself for paid disbursements. To do so, it must first send a bill, or other written notification. From an accounting and visibility perspective, it may make sense to introduce disbursement only bills which could be sent to the client. However, you would need to make it clear to the client that they are not being requested to make additional payments. It may be preferable to take advantage of the flexibility that comes with the wider definition of “other written notification” in Rule 4.3. A firm may be able to incorporate standard letters (or maybe even email) into their workflows to notify the client in accordance with Rule 4.3. The firm would need to ensure that a record is retained (pursuant to Rule 8.4) to be able to demonstrate that the written notification was actually sent.

Withdrawals of client money from client account to pay to a charity Rule 5.1 (c) of the Accounts Rules provides that client money can only be withdrawn from a client account on the SRA’s prior written authorisation or ‘in prescribed circumstances’. The SRA has issued a mandatory statement prescribing the circumstances in which such withdrawals of residual client account balances can be made without prior written authorisation: https://www.sra.org.uk/solicitors/standardsregulations/withdraw-client-money/. www.dglegal.co.uk This is an abridged version of a DG Legal compliance bulletin from November 2019. ■

By David DG Legal

Gilmore

SURREY LAWYER 21

ARTICLES

New PAG Guidance on the Treatment of Pensions on Divorce Edward Nice, Chartered Financial Planner at HFS Milbourne, looks at new PAG guidance on the treatment of pensions on divorce Edward Nice

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amily lawyers need to be aware of new advice from the Pensions Advisory Group (PAG) which sets out methodology guidelines to be applied when dealing with the division of pension assets on divorce.

The intention has been to eliminate jargon and complicated processes and provide clear ground rules in order that a consistent and fairer approach to pension sharing can be adopted by practitioners and the courts.

When a marriage breaks down, the pension pot is often the largest asset after the family home and can be the one that causes the most problems if not managed fairly. Divorcing couples frequently struggle to work out how to best split their finances and ongoing changes to the law surrounding pensions and the use of Pension Sharing Orders can further complicate an already complex issue.

The guidance indicates when it might be appropriate to involve a ‘pension on divorce expert’ (PODE) in order to provide a clearer understanding of how the pension element of a financial settlement may most fairly be dealt with.

A trusted PODE can add real value, not least by providing a clearer understanding of a client’s financial position and how best to resolve the pension issue, which in turn can help speed up the settlement process.

PAG sets out guidance on steps to follow in various scenarios, from relatively straightforward situations to the more complex, ‘big money’ divorces when numerous assets and significant sums of money are involved.

Pension offsetting The practice of pension offsetting, i.e. when pension assets in the future are traded for money or capital now, is so prevalent that it is given its own section in the report, despite the fact that it is “legally defined nowhere and referred to in no statute.”

The report makes the point that negligence claims against family lawyers in cases involving pensions overwhelmingly relate to “illconsidered offsetting agreements,” often because of the mistaken belief that the cash equivalent value (CEV) of a defined benefit pension can be directly compared with the value of a defined contribution pension or any other non-pension asset.

When an offsetting approach is the best outcome for both parties, it is extremely important that figures are understood as it is rarely the case that the CEV would secure an equivalent, typically inflation-linked, income on the open market.

In a report we wrote recently, the husband’s defined benefit (DB) pension was due to provide a starting income of £22,146 with the CEV quoted as £517,819. Had that sum of money been used to purchase an annuity on the open market with a similar structure (including annual inflation linking) instead, the resulting income would have been less than half that of the original DB pension.

Had the intention been to provide parity of income from the 22 SURREY LAWYER

pension, a 50 /50 split would have provided the wife with a substantially lower income than the husband would have retained.

Comparing pension and non-pension assets This also raises the issue of how to compare pension and nonpension assets. Even with the advent of 2015’s pension freedoms legislation and the improved liquidity this can offer, attributed values should take account of the tax that might apply on withdrawals. Tax can impact pensions in a variety of ways, and although income tax is an obvious, and sometimes immediate, consideration for offsetting purposes, other taxes may well have a substantial impact on the value (not necessarily in financial terms) ultimately placed on pension assets.

There is also a need for solicitors to understand the impact of tax on their client’s wider financial position post-divorce.

The interaction between the Lifetime Allowance and Annual Allowance (in both its Money Purchase and standard versions) may make a pension share more or less advantageous for either or both parties.

In another case, where the husband had substantial pension assets valued above the Lifetime Allowance, a larger pension share enabled him to avoid a significant Lifetime Allowance tax charge and the ability to rebuild pensions in a very tax efficient manner. Importantly here, with several different pensions available to share, it was also necessary to determine which of the pensions were shared and the respective percentages in order to provide the best outcome for both parties.

It is not sufficient to view pensions as just another asset to sit alongside bank deposits or property and due attention should be given to ensure a reasoned and reasonable value is attributed.

The complexity of certain schemes, particularly those of the uniformed services, may require an actuary with the necessary expertise to act as the PODE, whereas the broader financial considerations necessary for other clients may naturally require the greater ranging financial planning skills of a financial adviser. The input of a PODE that has real world experience of guiding clients through not just the immediate pension issues but the longer term planning for life after divorce can often be extremely valuable well before the pension share report is even instructed.

HFS Milbourne Financial Services is authorised and regulated by the Financial Conduct Authority (FCA) and specialises in wealth management, pensions, finance on divorce, mortgages, employee benefits and corporate financial planning.

Further information: www.hfsmilbourne.co.uk el 01483 468888 ■

Edward Nice Chartered Financial Planner at HFS Milbourne

ARTICLES

Set TPMAs:

How your firm can deal effectively with Residual Client Balances W

A longstanding cause for action within law firms is the ability to effectively deal with Residual Client Balances.

hether these have been inherited from previous cashiers, been brought to the business through merger activity or have simply been left to grow over a period of time, the ongoing issue of Residual Client Balances is considered by the Solicitors Regulation Authority (SRA) as a serious problem which, left unattended, will result in a material breach reportable in the Accountants Report to the regulator.

Not only do residual balances indicate poor file management they also point towards a lack of control within the firm’s client money management procedures, and in extreme circumstances has been an indication of fraud.

The SRA Guidelines are clear: Accounts Rules 2019, (Rule 2.5) “You ensure that client money is returned promptly to the client, or the third party for whom the money is held, as soon as there is no longer any proper reason to hold those funds.”

Enforcement strategy of a rule breach is likely to consider factors such as volume of accounts, length of time balances have remained in dormancy and the firm’s adherence to their own written policy to deal with residual balances.

To add further responsibility on the firm, the new guidance contained within the SRA Code of Conduct, Rule 9.1, places a mandatory requirement on the Compliance Officer for Finance and Administration (COFA) to ensure the issue of Residual Balances, amongst others, is addressed. This is an onerous obligation now placed on the COFA. If you are a COFA you must take all reasonable steps to: 1. ensure that your firm and its managers and employees comply with any obligations imposed upon them under the SRA Accounts Rules; 2. ensure that a prompt report is made to the SRA of any facts or matters that you reasonably believe are capable of amounting to a serious breach of the SRA Accounts Rules which apply to them.

The stance from the SRA indicates ignoring the issue could have serious ramifications and as such perhaps it is wise to seek a solid scalable resolution to the issue.

Due to the level of regulation and complexity attached to handling client money, a number of law firms have already taken the decision to entrust the operation of client money to a third party.

Not only does this absolve the firms from aspects of the Solicitors Account Rules (Rule 2.5), the way in which Third Party Managed Accounts (TPMAs) operates actually makes it improbable for Residual Balances to exist.

In short, within a TPMA, both sides of the transaction are kept wholly up to date with the movement of funds and ostensibly the TPMA cannot be closed until the balances have returned to zero.

In the unlikely event a residual balance does exist, rather than the law firm being held accountable, the Third Party Managed Account provider must deal with the funds in line with FCA Regulations therefore exonerating the firm of any liability to deal with the residual balance.

If you would like to find out how TPMAs can work for you firm please get in touch with me at igilroy@shieldpay.com. ■

By Ian Gilroy Shieldpay

SURREY LAWYER 23

ARTICLES

The most common obstacles to a successful law firm sale Colin White

C

The vast majority of law firms in the UK remain private client focused businesses with a local town presence. They are typically owned and run by an aging equity partnership where the succession treadmill stopped years ago because society and the business of law began to evolve away from the traditional law firm model prevalent when many of these firms were originally established.

onsolidation in this market shows no signs of slowing down anytime soon with the main drivers for this continued activity being inadequate succession planning, the demographic of sub £2m turnover ownership, financial constraints, reforms to the legal services market, ever increasing professional indemnity premiums and the growing burden of regulated management.

Without internal succession or sale to an external party, the only way to retire is cessation and closure, which is usually a very expensive option with SRA risks attached. With this in mind, what should you do if you are thinking about your own exit plan?

For all the reported mergers in recent years, there have been

many times more aborted discussions and it is useful to understand why these deals failed to happen because it is rarely due to a simple change of heart. Typically, it is because of poor planning, poor preparation or ponderous execution on the part of either buyer, seller or both. This is hardly surprising when one considers that the most common complaint we hear from independent practitioners is the amount of time they need to spend in compliance, practice management and reporting versus client needs and ‘being a solicitor’. Equally, sellers often fail to consider what the buyers will be looking for and take few if any steps to get their business into a stronger position prior to commencing talks. Add to this heavy workload the requirement to devise and execute an effective exit strategy and it is remarkable that anyone manages to begin implementing their retirement plans within a timeframe that makes a good outcome more likely.

Another significant factor that could drastically improve quality of options and a benchmark against which to measure offers, is engaging with a wider market than just your local competitors; particularly out of area firms that may wish to operate within your current geographic location. Historically, many older solicitors have been reluctant to be proactive in their search because of the perceived risk of being seen to be ‘on the market’ and instead tend to wait for an approach from a competitor before looking into possibilities properly. This reluctance must be overcome if strength of negotiating position and the quality of outcome is important to the seller and the remaining staff.

The unintended consequence of the typical approach is that difficult questions get kicked down the road until they finally become unavoidable. Discussions break down after months of hourly time has vanished, the firm may be in a worse financial position than it was at the outset and you have returned to square one having lost six months.

Many of these risks can be mitigated by speaking with a professional intermediary who can provide guidance through the whole process alongside a sympathetic ear. Ortus Group has worked with many law firms across the UK to facilitate retirement plans for independent firms as well as assisting consolidators in growing their footprint. Managing Director, Colin White has written a white paper on mergers and acquisitions in the UK legal sector.

If you would like an absolutely confidential no obligation conversation, or to request a copy of the whitepaper, please get in touch via 0330 100 5420 or colin.white@ortusgroup.com ■

Colin White Founder and Managing Director, Ortus Group 24 SURREY LAWYER

ARTICLES

Do you have customers or clients?

Calling a customer, a client does not make them one, even if you consider them to be. Only the individual or individuals can truly decide whether they consider themselves a client of your legal practice.

David Seager

H

owever, the regularity with which a customer buys a service from you could well be a determining factor. Buying a service on a one-off transactional basis would certainly make someone a customer, whereas buying services or advice on an ongoing or regular basis might suggest that someone has evolved into a client.

If you are on the management team of a solicitor’s practice, perhaps ask yourself this; if someone has bought a legal service or taken legal advice from your firm, are you confident they would return if they need a different legal service or advice in the future?

If the answer is yes, then you may have a client. If the answer is no, then you obviously only had a customer.

In an ever increasingly competitive and diverse legal services market, regular client contact becomes crucial. This begins with your website and brochures, making sure you have embraced the opportunity presented by the Transparency rules of December 2018, to the fullest and gone further. Portray your services (not just the compulsory ones) in a clear, confident light and add academic and personal information about the key people in your firm, who will be supporting them, and not just the lead solicitor. Individual details and a face help personalise the customer experience from the start.

As a customer, knowing who I will be dealing with, what their responsibilities are and that it will be the same person or persons throughout the process is the next stage in my journey from customer to client. The SRA is putting huge emphasis on concise, jargon free ‘client care letters’ and this is another opportunity to reinforce the message that you want them as a client. Indeed, the SRA details in its guidance (https://www.sra.org.uk/solicitors/ guidance/ethics-guidance/client-care-letters/) what it believes are the main business benefits of quality client care letters and ‘retaining clients’ is front and centre.

After winning the customer’s business, what will be the key to ensuring the customer stays with you as a client? Firstly, you must demonstrate your interest in all the individual’s affairs and not just the immediate legal matter at hand. Secondly, communicate regularly and effectively with them.

Showing you have a more holistic interest in the customer is important and proper fact-finding will assist you. Might they need complimentary legal services that your firm can offer, or perhaps other ancillary advice you can facilitate by a referral to trusted partners such as financial planning or accountancy professionals?

This shows you are treating them as a client not a customer and they will appreciate the distinction.

Developing your knowledge of the client will assist you with effective and ongoing communication. Material available from your financial planning partners, for example, can provide

opportunities linked to your work in areas such as estate planning, divorce or trustee investment.

The new SRA regime certainly should prompt you, as a business, to ask, honestly, do we really have a client bank or a collection of files on one-time customers. If the answer is the latter, now is the time to act and there is no doubt that quality financial planning partners can help you change that customer into a client. ■

David Seager Managing Director of SIFA Professional

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SURREY LAWYER 25

EVENTS

Client-Attraction Secrets for Lawyers: Why it’s getting harder to attract new clients and what to do about it Michelle Peters

R

ight now, we’re in the middle of a ‘perfect storm’ of factors that are making it harder than ever to get clients:

If you’ve been in practice for a while you’ve probably noticed that it’s getting harder and harder to attract and convert the right kinds of clients.

• advancements in technology (meaning in many cases clients can choose legal providers based virtually anywhere, and it’s easier than ever to ‘shop around’ or even to try DIY); • changes in the legal marketplace (increased competition, downward pressure on legal fees, and it’s harder than ever to stand out from the other legal providers); and • the traditional approach of law firms to attracting clients (too reliant on ‘build it and they will come’ or referrals or using up too much fee-earner time on inefficient marketing methods like networking and writing articles).

3 critical shifts to get more clients To overcome these challenges, three critical shifts are needed.

As a lawyer, you probably have a specific area of expertise; or maybe you have several. But are you a specialist in all areas of law – from matrimonial to commercial property? Probably not.

So why do some lawyers feel they should be expert in practice growth strategies and skills – particularly without any training or help?

It’s important to identify where you need to improve your skills in areas such as attracting enquiries and converting more of these into paying clients. It will mean getting better results in less time – meaning you not only grow your client base but have more time available to do the fee-earning work that your new clients provide.

About the Author

Michelle Peters (The Business Instructor) is a former practising solicitor and the creator 1. Make sure your marketing stands out of the Profitable Practice Programme for from your competitors and that it lawyers who want more clients and to contains the right message to attract increase their profits without working more your ideal clients hours. You can discover more about the secrets to attracting and converting more of Help prospective clients know why they need your help and why they should choose your ideal clients, and get step-by-step you. This one simple change will be enough worksheets to help you take action, in Michelle’s new book ‘The Client Magnet to set you streets ahead of your Strategy for Lawyers’. Download the first competitors. four chapters for free at Telling them why starts with explaining the www.thebusinessinstructor.com/ benefits they’ll gain from using your services surrey ■ - think about the pitfalls or problems you’ll help them avoid.

By Michelle Peters 2. Understand that gaining clients is (The Business Instructor) about attracting more enquiries and converting these into paying clients Attracting more enquiries is only one element of winning clients. The other – equally important – element is being able to convert those enquiries into paying clients at the minimum cost.

It costs time and money to attract new enquiries, so how successful you are at converting enquiries into paying clients will have a direct impact on your profitability.

26 SURREY LAWYER

3. Be clear about your area of expertise – where it is, and where it isn’t

FINANCE

Financial Modelling – is it a benefit for clients?

We are often asked what the starting point in the advice process is, the answer from us is simple, Financial or Cashflow modelling is key to any client achieving a good starting point.

Steven Vallery

W

e have been engaged in Financial modelling since 2004. Financial modelling, not only gives advisers the ability to understand a clients’ income and expenditure requirements, but also allows clients to understand how their portfolio integrates with their income and expenditure patterns. This is particularly important when clients are looking to understand how the advice they receive affects and integrates into their plans, whether this comes from investment growth, inheritance, tax efficiency or other additional variables.

Financial modelling allows clients to understand this through numerical and visual aids, it helps clients to make informed decisions on how they should proceed.

Of course building a Financial Model is not a one off event, if it is truly going to be utilised to its best effect it should be updated on a regular basis. This enables clients to understand whether they are on track, when everything is combined, to fulfil their goals and allow them to make informed decisions, e.g. can I retire early, can I buy a boat or a second home, if I do this how does it affect my plans e.g., do I need work for longer.

Financial modelling and monitoring provides a core tool to enrich advice and justly allows clients to mitigate the anxiety that they will run out of cash before they reach the end of their lives.

With just three key variables, pension and other income, investment values and expenditure requirements, the advisor and clients are able to monitor their position and can adjust for movements in any of them. The original long-term cashflow forecast for a client should set the basic parameters for the rest of their lives. These can be reaffirmed and tweaked annually depending on how much the clients have injected into their portfolio, how their performance has been whether it is positive or negative that year.

With the above said, one thing is certain from the very beginning: none of the figures will come out exactly as projected. Clients will overspend or underspend, investments will fluctuate and events such as deaths, divorce and illness will happen. Clients will also often live longer than they expect, so most projections should be long term – to at least age 100.

Spending the time initially to prepare the initial expenditure plan requires facts, based on actual figures for spending, and in our experience clients who are engaged in the process of building their financial model get far more out of the whole advice process. After all it is their model which reflects their goals, which you are working to achieve.

Advisers have a wealth of information and experience to draw upon which can be integrated into this process, this will help to construct realistic projections.

Then, year by year, advisers can monitor clients’ expenditure against their available inflows of income and capital. If a client is spending more or less than expected, this will impact on their investment planning, and they may need to adjust their spending, more importantly a client will need to understand this. As advisers we should be in a position to have those conversations with clients, as they may not even appreciate that this is the case, let alone appreciate what affect it may have. An overspending client might not be aware of the implications this can have on their objectives.

Financial modelling also helps in the process of a client establishing and understanding what level of investment risk they may need to consider. This may be very different for someone who designs a model which shows they would only need to achieve 3% investment growth, to someone who designs a

model but the only way they can achieve their desired outcome is if they achieve 8% pa investment growth. These are important considerations for a client to be aware of and if, after gaining that understanding, they decide to either accept the additional risk or change their goals at least it has come from a more informed position.

In our opinion advisers need to look beyond pure investment advice to achieve full financial planning as there is so much more required to achieve a client’s desired outcome. ■

Steven Vallery S4 Financial Limited – steven.vallery@s4financial.co.uk

SURREY LAWYER 27

SOFTWARE

Legal accounts rules: your responsibilities and how to comply Where duty of care is concerned, protection of client monies is one of the highest priorities for law firms. As well as financial security being an obvious responsibility, it’s a vital regulatory obligation too.

Julian Bryan

Y

ou’re required to ensure your client’s money is clearly identifiable as theirs. Typically, this means holding funds in a separate, named client bank account. In some circumstances, your regulator may allow client funds to be held in your office account or you can choose third-party managed accounts (TPMAs).

With the new SRA Accounts Rules coming into effect on 25th November, you’ll know that staying abreast of the changes and understanding the implications for your business is quite a challenge.

Yet it’s essential.

Let’s stop for a moment to consider the risks to client monies.

Economic crime takes many forms – money laundering, financial terrorism and misappropriation amongst them – and you’re both tempting prey and a potential weak link in the chain.

The former – tempting prey – is due to the vast sums of money being handled on clients’ behalf. The latter – weak link – refers to vulnerabilities arising from possible limitations in cyber defences.

It thus follows that you need to put sufficient safeguards in place to protect client money and avoid regulatory breaches. How exactly can you go about this somewhat daunting task? The answer is surprisingly easy: select Quill!

At Quill, we’re committed to accountability to you and accountability to regulators. This accountability promise is an integral part of our branding. Our software and outsourced services empower you to adhere to accounting rules, meet professional standards, gain accurate financial insights and tighten security. Where cashiering’s concerned, our solutions ensure your client monies are in the right place at the right time.

Ahead of the SRA Accounts Rules deadline, we published a comprehensive list of audit tips for conducting an internal review and updating your office manual. This guidance covered important subjects such as operating a client account and making sure your legal accounts software caters for the rules. Take a look at www.quill.co.uk/audit-tips.

Another preparatory resource was our step-by-step SRA Accounts Rules user guide to our Interactive legal accounting system which takes users through each section of the rules in turn, explaining what they mean and who they apply to, with recommendations for putting them into practice and detailed instructions on related software functionality.

Having undergone notable development these past few months, our Interactive application contains lots of features to assist compliance from warning notifications about transferring disbursements from client account to expansive range of reports. Download our user guide from the same www.quill.co.uk/audit-tips web page.

Our latest new software tool is called MoneyChain. Because making sure money’s transferred to the correct client, opposition, counsel or supplier is fraught with risk, we’ve developed close integration from the e-chit created by your fee earner in Interactive to your online banking software. MoneyChain adds confidence and robustness to the chain of events surrounding the flow of funds because it: • Provides real-time alerts of money receipts in to your office or client account thereby saving your cashier from having to constantly log in to your online banking platform*; 28 SURREY LAWYER

• Carries out instant verification of every bank account number and sort code entered against the national database** as soon as a fee earner makes a payment request or payment details have been received; • Aids the production and uploading of internet banking-ready payment files using these pre-verified account details to save re-keying and reduce risk of errors when preparing third-party payments; • Can by operated by our Pinpoint team for outsourced cashiering service clients which means our cashiers prepare outbound payment requests for authorisation by your in-house staff in line with your firm’s mandate. Pinpoint and MoneyChain together bring even more time and money saving, and security strengthening advantages.

Read further information about MoneyChain at www.quill.co.uk/moneychain.

We’ve also launched an exclusive partnership with Shieldpay, one of the leading pioneers in TPMAs. Covered in part 3 of the rules and referenced at the beginning of this article, TPMAs are an alternative to handling client monies directly.

By using Interactive and Shieldpay in tandem, accounting transactions are recorded in the Shieldpay bank account just like any other bank and the corresponding transactions logged on each client’s ledger in Interactive. You’re given online access to your Shieldpay account to manage and view transactions pertaining to clients’ matters. Find out more at www.quill.co.uk/shieldpay.

Finally, we offer a timely reminder that, if keeping up with everchanging accounting rules and regulations is too onerous, there’s always the outsourcing route. Not only is our software compliant, our Pinpoint service is too. Our role is to stay up-to-date with sector developments to ensure our clients comply with regulators.

Why not contact us to talk about accounting rules and regulatory compliance? Email info@quill.co.uk or call 0161 236 2910 We are the legal accounts experts after all. ■ By

Julian Bryan

Managing Director, Quill * Specified banks only ** Extended Industry Sorting Code Directory

Computer says ‘yes’ With our innovative smart forms, you can monitor your clients’ progress in real-time.

You know the routine, you post off the inception forms and lo and behold the client sits on them. Well, now you have the power to speed up the process. Our online smart forms mean clients can complete forms from anywhere, on any device. You can even monitor their progress and ‘politely’ nudge them along.

The entire process is fast, easy, secure and completely paperless – no printing or postage necessary. And to discover just how smooth the experience can be for you and your client, just sit tight – we’ll come to you.

After all, the experience is everything.

Get forms completed anywhere, anytime. Visit www.infotrack.co.uk/computer or call us on 0207 186 8090 to get started today.

SOFTWARE

The New SRA Accounts Rules A Practice’s Guide for Compliant Software Law firms are now in the midst of a wave of regulatory change, with the SRA Standards and Regulations replacing the SRA Handbook on 25th November. Included in this change are a new set of accounting rules, governing the way in which all firms regulated by the SRA manage their accounts and deal with Client money.

Deborah Witkiss

T

he new Accounts Rules are much shorter and less prescriptive than the SRA’s previous Accounts Rules, with the intention being to reduce the burden on law firms and enable them to use their professional judgement in how they apply and maintain the required standards.

Firms should already have familiarised themselves with the new rules and developed processes that fit the practice, including a review of accounting and practice management software, to ensure that they have the systems in place to fully support the business in its compliance.

The new rules do not offer an introductory period. Firms are expected to comply from the outset, so it is essential to review how your firm is performing against these new rules, and whether your software is suitable in practical terms.

For example, the rules regarding payment of Interest to your Clients stipulate that the payment to them must be “fair”, but also that you may, by agreement, come to a different arrangement. There are some software systems which apply prescriptive rules – some even in line with the old Law Society limits and de minimis rules. For firms formulating and applying their own procedures in line with the “reasonableness” rule, you need your systems to be adaptable to you.

30 SURREY LAWYER

Another change is the removal of prescriptive timings and deadlines. For example, where firms may previously have been required to transfer monies within 14 days, or bank cheques within two days, these exact requirements have been removed and replaced with the firm’s own procedures and timescales for what is reasonable.

Legal accounting software has always aimed to simplify these transactions and provide notifications and reports to highlight breaches, but if your software is not up to date, it may not be able to ensure your compliance with your new procedures.

There are a number of resources available to law firms that provide information on the new rules, and firms must review their software with compliance in mind. This will determine whether they are able to fully support your business and prompt any necessary changes should your firm require further functionality or an alternative supplier. ■

Deborah Witkiss Professional Services Director at Insight Legal

SECTION INVESTMENTS HEADER

Has whiskey become a better investment than gold, property and the stock market?

Liquid gold

This headline is likely to ruffle a few feathers, but casks of whiskey are fast becoming the go-to investment for people looking to diversify their portfolio and the hedge against uncertainties of the financial markets.

This is not about being speculative and buying rare bottles of whiskey in the hope they go up in price. That style of investing requires a lot of skill and knowledge of the nuances of the whiskey market while still being a gamble. This article is specifically about owning casks of new make whiskey.

Whiskey increases in quality and value as it matures. Its price increase is inevitable over time. It doesn’t tend to suffer the highs and lows of financial markets and it’s also a major exported product, where demand significantly outstrips supply.

Scotch boom

Whisky accounts for 70% of Scottish food and drink exports, and 21% of all UK food and drink exports. In 2018, the export value of Scotch whisky grew by 7.8%, to a record £4.70 billion and the number of 70cl bottles exported reached record levels, growing to the equivalent of 1.28 billion.

Knight Frank recently included whisky in its annual Luxury Investment Index, along with classic cars, wine, diamonds, coins and stamps. In 2018, whisky ranked second in the index, only behind art in terms of sales. This was helped by a new world record price set for a bottle of rare single malt scotch whisky. The Michael Dillon hand-painted bottle of the Macallan 1926 was sold by Christie’s for $1.5 million USD.

How whiskey investment works

Buying casks of new make whiskey, straight off the stills, from a reputable distillery is the best way to secure a significant rise in value over three to five years. The spirit is brand new, it hasn’t aged, and therefore can be bought for as little as £2,500 (€2,900) a cask.

Whiskey must be at least three years old to be called whiskey but the cost of maturation over this time can be detrimental to distilleries. Some distilleries, therefore, opt to sell a small percentage of their whiskey right off the stills. This opens up a great opportunity for investors to buy this new make spirit, hold the casks for three years or more and then sell for a profit.

For more information get in touch with Becci using the details below. Quote Surrey Lawyer Magazine for exclusive discounts. ■

Whiskey & Wealth Club

51A George Street Richmond TW9 1HJ Tel: 020 3129 1639 Email: b.toogood@whiskeywealthclub.com whiskeywealthclub.com

The Irish whiskey revolution

Irish whiskey is the fastest growing, brown spirit in the world. The Distilled Spirits Council reports that gross revenue for Irish whiskey is up more than 1,000% since 2003. Distilleries are popping up faster than ever before, from just four in 2013, there are now 18 distilleries in Ireland with more planned. The Whiskey industry in Ireland is set to soar above €1 billion per annum — which is predicted to double again by 2030.

The popularity of the elegant Irish spirit is also taking off internationally, in Japan, Irish whiskey sales increased by 15.7% in 2017. And America’s love affair with the spirit is in full swing, according to the U.S. Distilled Spirits Council, high-end premium Irish whiskey sales are up 1,106% from 2002 to 2018.

There simply isn’t enough whiskey available to supply the demands of the market.

SURREY LAWYER 31

ACCOUNTS

A cautionary tale about reporting to the SRA Jonathon Bray

A few weeks ago I received a panicked phone call from a solicitor’s firm. “We need your help. We have a problem,” said the Head of Compliance.

“We think one of our senior solicitors has done something really daft,” she continued, suddenly becoming uncharacteristically sheepish.

“Oh? In what way?” I replied, in my best attempt to elicit information through open questioning.

“Well…you’ll never believe this…it’s completely out of character, mind you…I don’t know what came over him really…”

Intriguing.

“He’s sent a witnessed document to the other side, which he simply can’t have executed properly because we - and the other side - know that the client is overseas at the moment. So they are suggesting that it has been falsely witnessed.”

Dramatic pause.

“What do we do?”.

All this happened before the introduction of the SRA Standards and Regulations on 25 November 2019. Had the same happened now, the outcome might have been very different.

On the face of it, and without knowing the full facts, sending out a misleading document that purported to be witnessed could be an act of dishonesty.

Dishonesty, if picked up by the regulators, will be taken very seriously as a breach of the SRA Principles and is more likely than not to result in a strike-off at the SDT. The firm has a duty to report serious breaches to the SRA. However, as we all know, context is all. Facts matter. And to form a sensible conclusion about a person’s behaviour and whether something serious enough to report has in fact happened, one needs to conduct 32 SURREY LAWYER

at least some investigation.

This is where the new reporting duties may cause some problems. For the first time, solicitors are required to "report promptly… any facts or matters that you reasonably believe are capable of amounting to a serious breach…" (Para 7.7 of the Code of Conduct for Solicitors).

The words "promptly" and "capable of" are important here. They suggest that we should be making reports to the regulator before we have concluded our investigations.

The rules go on to say that we must "inform the SRA promptly of any facts or matters that you reasonably believe should be brought to its attention in order that it may investigate…" (Para 7.8 of the Code of Conduct for Solicitors).

"Should" is subjective, but clearly any suggestion of potential dishonesty is going to be caught.

Which means that the guilty party in our scenario would have, almost certainly, been reported by his firm, and thereafter subjected to a lengthy (and potentially costly) SRA investigation.

As it turns out, a fairly swift investigation showed that there was a completely innocent explanation. There was perhaps an element of recklessness and human error, but no intention to deceive. The other side accepted the explanation, and no harm was done.

Under the new rules, withholding a prompt pre-investigation report to the SRA would be much harder to defend. ■

Jonathon Bray Director

What does the Fifth Money Laundering Directive (5MLD) mean for solicitors?

In case you didn't already know, 5MLD is due to come into effect on 10 January 2020. 5MLD will amend and strengthen the current Money Laundering Regulations (MLRs).

T

here is a danger that many firms will have overlooked 5MLD because their attention has been taken up by the implementation of the new SRA Standards and Regulations.

All firms - and individual solicitors, thanks to the new SRA rules - have a professional duty to comply with the AML regime if it applies to them. Most SRA-regulated law firms (around 7,000) are already caught by the current MLRs. Having been disappointed by the profession's apparent relaxed approach to AML, the SRA has set up an internal task force to target compliance with the MLRs. Statutory compliance with 5LD is not to be confused with the new SRA requirement to identify your client (Rule 8.1 of the Code of Conduct for Solicitors). That is a separate rule that applies to all work, regardless of whether it falls into the scope of the MLRs. It is an absolute minimum that all solicitors now have to follow.

(Yes, even litigators.)

5MLD is not as big a leap as the last overhaul in 2017. Here are the changes that will be most relevant to solicitors: 1. Expanding the requirement to conduct customer due diligence (CDD) on clients already known to you (e.g. when the client's details change), and on companies and trusts (including proof of registration on mandatory beneficial ownership registers - the ‘PSC’ register at Companies House).

2. Additional due diligence requirements when dealing with high risk jurisdictions - including what is known as 'super-enhanced due diligence'.

3. Reliable electronic verification systems are explicitly permitted to be used in CDD. 4. More certainty over PEPs - the government is required to give us information about the PEPworthy roles and positions.

5. Increasing transparency in beneficial ownership through expansion of the registration requirements for companies and trusts, and the availability for their inspection. This will include an obligation on solicitors to notify Companies House of any discrepancies between the official 'PSC' register and the information held by you.

But won't Brexit mean that the EU's AML regime becomes irrelevant?

Unlikely. We now know that 5MLD will be in force before the UK leaves the EU. Looking to the future, it is hard to envisage a scenario where the UK government does not at least keep in step with the EU's rules on AML. In fact, the Sixth Money Laundering Directive (6MLD) is due to be implemented at the end of 2020. ■

Jonathon Bray

CONVEYANCING

20:20 Hindsight An Exact Science!

by Kevin Johnson

Where on earth did 20 years go? New Year’s Eve, as we were about to trip over into a new millennium, saw me in a grotty Peterborough pub called The Boathouse; it’s still there, but quite how, I’m not sure! But I was surrounded by family and that made it special and memorable for all the right reasons.

A

s I’ve previously considered Nostradamus and the future, I thought that I would reflect on the past two decades – “20:20” hindsight is an exact science after all!

The year 2000 itself was relatively unremarkable as I remember, but on September 11 2001 the attack on the Twin Towers in New York City led to a war on terror that, in many respects, continues today. But also in 2001, Steve Jobs introduced the first iPod and China became a member of the World Trade Organisation. I wonder how many of the ’i’ devices are now made in that behemoth of a country?

England lost in the quarter finals of the FIFA 2002 football World Cup to the eventual winners, Brazil. But England did lift a World Cup in 2003 courtesy of 23 strapping lads and an odd shaped ball; Jonny Wilkinson became a national hero but he’s still waiting for his “K”.

Facebook was the big news story of 2004 and it now seems ubiquitous and omnipresent. But also in 2004 nearly 1/4 million people lost their lives after the Boxing Day tsunami in the Indian Ocean. My parents were in the Maldives and I remember nearly 2 days of radio silence and not knowing whether they were dead or alive; fortunately they survived but they did give us a scare.

Benedict XVI was anointed Pope in 2005 and became the first to renounce the papacy on his own initiative since 1294 when he stepped down in favour of Pope Francis in 2013 - he had a job for life and gave it up!

YouTube launched in 2005 which lead to a revolution in the way that we access many forms of entertainment media; that revolution continues today, partly as a result of the introduction of the iPhone in 2007 and the myriad mobile devices that followed it.

In the property sector, 2008 saw a seismic change as a result of the financial crash, considered by many economists to have been the most serious crisis since the Great Depression of the 1930’s. Recovery from the crisis was long and arduous, and some would argue that effects are still being felt. Ironically Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. Is this the future of finance?

David Cameron came to power after a general election in 2010; and what a great success he proved to be! Another natural disaster, a magnitude 7.0 earthquake in Haiti killed nearly 1/4 million more tragic souls and reminded us once again of just how powerful Mother Nature is.

Notwithstanding disease, pestilence and natural disasters, in 2011 the world population reached 7 billion, most of who probably tried to tune in

when Prince William married Catherine Middleton. There is a growing queue of Royals looking to ascend the throne but Her Majesty, Queen Elizabeth II, looks like she might maintain squatters’ rights for some time to come! What a truly remarkable woman she has turned out to be; she celebrated her Diamond Jubilee in 2012. If she makes it to 2022 it will be her Platinum Jubilee and, beyond that, I think that she is running out of precious metals and stones!

Just as an aside, the world population is expected to reach 8 billion people in 2023 according to the United Nations; it took over 200,000 years of human history for the world's population to reach 1 billion, and only 200 years more to reach 7 billion!!

Back to the recent past…. In 2012 the Higgs Boson (“God Particle”) is discovered – I tried to understand the implications but O-Level physics just didn’t cut it! What I did amaze at was Felix Baumgartner throwing himself out of a capsule strung beneath a helium balloon – he was 24 miles above the earth’s surface and broke the sound barrier without the use of vehicular power. Quite what it must have felt like to be hurtling earthwards at 843.6MPH, only he knows!

It all kicked off with ISIS in 2014 and the last four or five years really don’t seem to have been without some form of conflict in a world that feels smaller as a result. I wonder just how relevant it will be one day that liquid water was found on Mars in 2015?

In 2016, 17.4 million Britons voted to leave the European Union whilst, in the same year, 63 million voted Donald Trump into the presidency of the United States. He actually got nearly 3 million less votes than Hillary Clinton - how does that work in a democracy?

Politics, civil and national unrest and a general lack of respect for one another seem to have dominated over the last few years and I guess that we can but hope that with a turning of another decade we can find greater harmony both domestically and internationally.

Whilst it’s not always been easy, I do try to remain optimistic about the future, if only for the sake of my daughter and her family to come.

Constant change is an inevitability of life today but let’s work hard together to make it positive change so that we can all look forward to a bright future. Here’s to all that 2020 and the decade to come has to offer; let’s make it a good one! ■

Kevin Johnson Index Property Information

SURREY LAWYER 33

CONVEYANCING

Thames Water

Property Searches: Dedicated to training My inbox is groaning with invitations to ‘free’ events.

And like you, I have given up several mornings/days attending talks which, although mildly informative, do not compensate for the avalanche of work awaiting me when I return to my desk.

34 SURREY LAWYER

T

he last Thames Water Property Searches Commercial Property Event, held in September, proved to be a welcome exception to the usual experience.

The first speaker was Paul Addison from DevAssist. The title of his talk was How to Avoid Being Sued for £2 Million, a reference to Bird & Bird who were required to pay Rebecca Chow £2 million after she purchased a large London property for £25 million, only to discover planning permission had been granted for a nearby six-storey academy school for 1,400 pupils.

Stephanie Kerr from Argyll Environment spoke next about finding the right environment report for your client. Due to climate change, flooding is becoming an increasing concern for landlords and tenants. Ms Kerr emphasised that even if land is not near a river, there remains a risk of surface-water and groundwater flooding.

Following on was the strikingly energetic and knowledgeable Ben Raywood from Savills Commercial Research who gave an overview of the Central London office market, followed by Bryan Parry, who talked about Thames Water Property Searches and the vast range of property searches and discounted search packs available.

Speaking to an attendee at lunch, I found out that she comes to all the Thames Water Property Searches events as she finds them invaluable for keeping up-todate. Another told me the events are “great for refreshing knowledge. I get so caught up in day to day work, coming here today has given me a chance to learn new information and network with other commercial property solicitors”.

After lunch, Hannah Mackinlay, Solicitor and Consultant at propertylaw.guru

provided a wealth of valuable information on regulatory and case law updates on topics such as adverse possession, ‘genuine’ intentions to redevelop a property, rent review, lease drafting errors, implied terms, and the new lease code.

One delegate commented that Ms Mackinlay’s talk alone made coming to the event well worth the time. And it wasn’t just Solicitors that found the sessions valuable, a property professional working in the local government sector said she would be returning for future talks and “had learned lots from the lectures”.

One aspect that particularly struck me was the warmth and friendliness of the room.

The staff present were relaxed and approachable, and this greatly added to the positive atmosphere in the room. The day was well-organised, with every convenience catered for.

Would I attend another Thames Water Property Searches event? Yes, without a doubt. In a market full of sales pitches disguised as informative lectures, Thames Water Property Searches stands out in terms of atmosphere, organisation, and a desire to provide genuine value to its customers.

Being dedicated to training, Thames Water Property Searches are delighted to offer its customers free CPD training sessions. We provide whole day sessions with a varied array of subjects and speakers or we visit our customers offices and deliver specific CPDs on a number of different subjects such as “Changing Drainage and Water Legislation”.

To become a customer of Thames Water Property Searches, contact us today. ■

Bringing together all your commercial requirements

Conveyancing can be complex and even more so when looking at commercial transactions.

Thames Water Property Searches endeavour to make this process as seamless as possible, whether it’s: • Acquisitions • Commercial leases, or • Development We aim to keep you informed along the way, assisting you in solving the problems as they may appearr..

www.thameswater-propertysearches.co.uk/SL

Premium Plus Planning

Environmental | Flood | Ground Stability | Energy & Infrastructure | Planning

Report Details Address:

Subject Site

Requested by:

Sample, Sample

Sample

Grid Refer erence: E: 123456 | N: 123456

Date:

Report Ref eference:

Report ID:

Sample

01/10/2019 115125

Profess essional Opinion 1.ENVIRONM ONMENTAL

No further reco ecommendations

2.FLOOD

PASS

PASS

Considera atio on(s):

2.03 Specialis st Advice

2.06 Check Flo ood History

3.GROUND D STABILITY

PASS

Considera atio on(s):

3.15 Consult Surveyor

4.ENERGY Y & INFRASTRUCTURE

PASS

5.PLANNING

NOTE

No further reco ecommendations

Next Step(s): ):

Applications Identi d fied

Telecom Appliication(s)

Air Quality Index: Some Polluted Areas (See 1.25)

This page should always be read in conjunction with the full report. The Professional Opinion indicates the potential risks and any other potential issues associated with the property. The results should be disclosed to clientt and/or lender and/or insurer as appropriate.

A ‘Pass’ is given if no pottential ential property specific risk has been identified.

A ‘Pass with Considerations’ is given where there are potential hazards in the locality to bear in mind, or if there are features nearby which some clients might consider could affect them.

A ‘Further Actio t n’ is given if there is a potte ential property specific risk and a further acttio ion is advised.

In the event of a request to review the Professional Opinion based on additional information, or if there are any ttechnic echnical queries, the professional advisor who ordered the report should contact us at info@futureclimateinfo.com, or call us on 01732 755 180.

Regula ated by RICS If you require assist sistance, please contact your Search Provider or alternatively contact FCI directly with your Report ID. Tel: 01732 755 180 | Email: info@fu utureclimateinfo.com | Web: www.futureclimateinfo.com

Planning X Report ort Details

X Subject Site

Address::

Requested by:

Sample, Sample

Sample

Grid Reference: erence:

Date:

E: 123456 6 | N: 123456

01/10/2019

Report Reference:

Report ID:

Sample

115138

X Planning ning Summary

Air Quality Index: Now available in FCI Premium searches 7

see section 1.03

11

see section 1.04

E Exten sions and New Builds

within 100 metres

D Developmen ts

within 750 metres

C Change of Use

within 100 metres

L Lawful Development Certificates

within 100 metres

T Telecoms

within 250 metres

U categorised Un

within 100 metres

P ning Restrictions Plan

within 250 metres

0 0 1 2

Identified

Regulated by RICS If you require assistance, sistance, please contact your Search Provider or alternatively contact FCI directly witth your Reportt ID. Tel: 01732 755 180 80 | Email: info@futureclimateinfo.com | Web: www.futureclimateinfo.com

-

see section 1.07

see section 1.08

see section 1.09

SECTION CONVEYANCING HEADER

Eastleigh: Land of the Yimbys?

A revolution is taking place in Hampshire. It’s a local council that is prioritising exceeding housing targets set by Government, setting itself against a neighbouring local authority and its local residents.

Pic: The planned housing zones near Eastleigh – Image courtesy of Action Against Destructive Development

E

astleigh Borough Council (EBC), whose territory includes the urban edge of Southampton and rural villages untouched by time, is shortly launching a local plan which aims to deliver 2000 more houses than the government has required of it.

The aptly-named Keith House, Leader of the Council wants to “foster growth and not manage decline” and sees housing as the key to bringing jobs to the area and council tax revenue to the coffers.

He represents a growing movement of “yimbys” or “yes in my backyard”. They are a counterpoint to the better known “nimbys” who are concerned about preserving heritage, the countryside and the status quo.

Under Pressure to Get Building This pro-development approach is a response by Local Authorities who are coming under ever stronger pressure to get more homes built or undergo extreme scrutiny of local plans to justify why they are failing to meet targets.

Currently, nationwide, the Government is seeking to get 300,000 homes a year built by 2025. For many councils this has catalysed them to engage better. Research by University College London showed 91% of councils are directly delivering housing and acting as developer or, at the minimum, offering loans. 44pc of councils also now have a separate housing company, with more than 30 established in the last two years alone.

The council’s original Local Plan 2011 to 2029 was submitted in July 2014 but had to be withdrawn after criticism from the Inspector who cited concerns over land supply and insufficient housing numbers.

Eastleigh now wants to build 14,580 homes by 2036 via funding through the public works board to acquire land, as well as snap up housing stock directly from developers as a means to speed up delivery.

Huge Opposition Inevitably, the Nimbys have drawn up their battle lines with the Yimbys. The new draft plan met with huge opposition when it was first revealed in December 2017. Some 800 people attended a meeting with the council to express their opposition to plans to build 5,200 new homes, shops, schools, open spaces and a new access road in the area to the north and east of Bishopstoke and Fair Oak. They protested that the plans had been pre-determined (not allowed); that it contradicted national planning guidelines in many important respects and that a new relief road to support the housing development was undeliverable, as Eastleigh Council had seriously underestimated the cost.

Hampshire County Council (the Highway Authority) also wrote to EBC to express concern at the lack of supporting evidence. Winchester City Council, which must give planning permission for any changes on a feeder road that lies within its boundary, also opposed the plan.

Undeterred, EBC approved the plans at which point, the mayor and deputy mayor of Eastleigh resigned and three councillors in the ruling Liberal Democrats switched to being independent.

Eastleigh Council is keen to stress that the countryside will be defended,

but wants to meet head on what it sees as the majority of objections in relation to transport infrastructure, schools and doctors surgeries and get them built before the houses do.

Stark Contrasts between Councils By summer of this year, the development proposals were still dividing planners for Eastleigh and neighbouring Winchester City Council (WCC).

A Statement of Common Ground was drawn up by each authority, but concerns still remain at WCC. They fear that by about “concreting over the boundary” with Eastleigh with 5000 new homes, it places the villages of Otterbourne, Compton and Shawford in the direct firing line.

These tranquil rural villages would be at first swamped with construction traffic passing through and then under daily siege from additional traffic and pollution heading to the M3 and impacting on safety walking to and from the school or shops.

WCC, which has a local plan, adopts a fundamentally different approach to development. Earlier this year, they threw out plans for 90 homes to be built in Otterbourne.

Development company Gladman first sought permission in August 2016, but withdrew the application in May 2017 after a long battle with residents, who filed a total of 315 objections.

The Eastleigh-Winchester border dispute throws into stark relief how divergent planning policies and philosophies can have clear knock-on impacts for communities.

It is clear that the planning rhetoric of government is changing. It recognises that it needs to get building or it will begin to lose voter support, especially among younger people wanting access to cheaper starter homes.

Time will tell whether Nimbys win battles or if, ultimately, Yimbys win the war.

Search wider for your client Your client could fall in love with the kerb appeal of a cottage in a place like Otterbourne. Yet they could be faced with a major development outside the village that could have a major impact on their future enjoyment of their home. Would you have spotted this in the traditional searches?

Future Climate Info has launched a new suite of Planning reports to help residential conveyancers to minimise this risk for their clients. Planning application data is pulled “live” from our data supplier at the request of each report, ensuring that the very latest available information is used to compile the product.

Using FCI’s unique intelligent FCICapture technology, we identify developments which, although lying outside of the search boundary, if completed may, in reality, extend within the area of interest around the subject property.

You can combine this unique approach to planning data with contaminated land, flood and ground stability checks in a single environmental report or order a separate planning search report.

For more information, contact us on 01732 750180 or email info@futureclimateinfo.com. ■

Pic: (Top) Open country near Shawford (Bottom) Protest group in Otterbourne, Courtesy of Hampshire Chronicle

SURREY LAWYER 37

LEGACIES

Angus...

At 16 years old, Angus the Jack Russell Terrier was the oldest resident at Dogs Trust Ilfracombe when he arrived after his owner sadly passed away. Thankfully his owner had signed up to Dog’s Trust's Canine Care Card, a free service that aims to give owners peace of mind, knowing that Dogs Trust will look after their dog if the worst should happen. He has now been rehomed to the perfect family where he will spend his golden years!

Elise Watson, Rehoming Centre Manager at Dogs Trust Ilfracombe, said: "Many dog owners worry what might happen to their dog if they were to pass away first, leaving their beloved four-legged friend without an owner. However, the Canine Care Card scheme offers reassurance to dog owners, and also helps to ease the minds of friends and family during what is already a distressing time. But it means you can rest in the knowledge that your dog will be cared for after you die and just like Angus, will go on to find loving homes that are right for them.”

Canine Care Card holders receive a wallet-sized card which acts in a similar way to an organ donor card and notifies people of their wishes for their dogs, should anything happen to them.

Dogs Trust works hard to match every dog with a responsible, loving home. If for any reason a dog takes a while to be rehomed, owners can rest assured that Dogs Trust never puts a healthy dog to sleep and will care for them for the rest of their lives.

If you would like to request Canine Care Card forms that you can give out to your clients please call 020 7837 0006 or email ccc@dogstrust.org.uk and quote code 334279

Who’ll keep him happy when your client’s gone?

We will – as long as your client has a Canine Care Card. It’s a FREE service from Dogs Trust that guarantees a bereaved dog a home for life.

At Dogs Trust, we never put down a healthy dog. We’ll care for them at one of our 20 rehoming centres, located around the UK. One in every four of your clients has a canine companion. Naturally they’ll want to make provision for their faithful friend. And now you can help them at absolutely no cost. So contact us today for your FREE pack of Canine Care Card leaflets - and make a dog-lover happy.

Call

020 7837 0006

Or e-mail

today

ccc@dogstrust.org.uk

Or write to: Freepost RTJA-SRXG-AZUL, Dogs Trust, Clarissa Baldwin House, 17 Wakley Street, London EC1V 7RQ (no stamp required) Please quote “334 ”. All information will be treated as strictly confidential.

This service is currently only available for residents of the UK, Ireland, Channel Islands & the Isle of Man

www.dogstrust.org.uk Registered Charity Numbers: 227523 & SC037843

38 SURREY LAWYER

SECTIONTRAINING HEADER

THE CLIENT MAGNET FORMULA FOR LAWYERS How to attract and convert more of your ideal clients

By Michelle Peters ISBN: 978 1 79863 412 7 THE BUSINESS INSTRUCTOR www.thebusinessinstructor.com YES – TELL ME MORE ABOUT THE FORMULA! THIS IS A BOOK WE WOULD ALL WISH TO READ….

An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, “The Barrister”, and Mediator

T

his book arrives at just the right time for your growing and discerning business. Michelle Peters has practised as a solicitor at a large international firm in London and gives us very positive advice via her fascinating formula. She has now swapped her main legal career for a business advice role which is great news for us. In its essence, Michelle’s book gives us a realistic perspective on what you can do as a lawyer to be more successful attracting the right type of client base without jeopardizing your professional status. We think it’s a “must-have” book for the twenty-first century professional lawyer.

As “The Business Instructor”, Michelle’s aim is for lawyers to attract more clients and to increase their profits without working more hours. Michelle strongly believes that to grow a practice you need to be good at the business of law as well as the practise of law.

That point remains a controversial problem in many practices hence the need for this book.

dramatically increase your success at turning enquiries into clients: hot prospects to hard instructions.

To accompany the book there are downloadable worksheets to help you implement the steps Michelle teaches. So you know what steps to take to implement what you’ve learned.

So, whether you are an established lawyer, or new to our profession, the book will be essential reading if you want to increase the quantity and quality of your clients in a way that’s both ethical and which works.

Michelle’s mission is simple: “would you like more – or higher quality – clients for your legal practice?” And, if the answer to these questions: “have you had little or no training in how to attract your ideal clients”, and, “are you suspicious of traditional marketing and ‘sales’ tactics” is “help”, then this book is just for you.

The paperback book was first published on 26th September 2019. ■

Her strategic advice, training (including marketing and conversion skills) and mentoring ensure her clients know what to do, how to do it, and – most importantly – get it done. We think that this book will

by Elizabeth Taylor and enable you to increase the number of clients you attract. The Phillip Taylor MBE formula lets you work only with those who will appreciate you and of Richmond Green Chambers who don’t quibble about fees (yes, there are some around). So, by using Michelle’s “Client Magnet Formula”, she says, it means better clients for you! And that “you won’t have to ‘sell’ your services or do anything that feels unprofessional”.

Applying the strategies and systems on offer gives us these constructive lessons which we have summarized here. Learn how to use a powerful “Client Magnet” to attract significantly more enquiries from your ideal clients. Develop a Client Attraction System to use your Client Magnet to attract new enquiries, freeing you from time-consuming and sometimes futile networking, and the uncertainty and unevenness of referrals.

About the Author

Michelle Peters (The Business Instructor) is a former practicing solicitor and the creator of the Profitable Practice Programme for lawyers who want more clients and to increase their profits without working more hours. You can discover more about the secrets to attracting and converting more of your ideal clients, and get step-by-step worksheets to help you take action, in Added to these points, you will discover reading the book yields the Michelle’s new book. ‘The Client Magnet Strategy for Lawyers’. secret to helping clients see the true value of your services. It Download the first four chapters for free at means you can increase your fees and still have clients say ‘yes’, https://www.thebusinessinstructor.com/surrey. ■ and also be able to create a Client Conversion System to

SURREY LAWYER 39

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WELL-BEING

Ann Charlton

Creating

a mentally healthy workplace There is a strong proven business case for law firms to promote good physical and mental health for all staff – it leads to greater productivity, better morale, better retention of valued and experienced staff, and reduced sickness absence.

Happier lawyers are better lawyers.

H

ere’s our tips for creating a mentally healthy workplace: • Wellbeing is a leadership duty. Getting senior leaders on board sends a clear message that staff wellbeing matters.

• Training senior managers in leadership and mental health - making staff wellbeing part of their job role - is the best way to begin to change the culture of an organisation.

• Introduce mental health days or personal days as well as sick days – people will feel they can take a day off if they are struggling and this means they may be less likely to go off sick later.

• Encourage sharing of stories from people within the firm or invite a speaker to talk, lived experiences can help break down stigma.

• Use existing internal communications channels to talk about wellbeing.

• Encourage mental health champions – people at all levels talking openly about mental health.

• Encourage everyone to work sensible hours – staff take cues from how leaders behave .Take full lunch breaks; rest and recuperate after busy periods; avoid working at weekends; take annual leave entitlement. Make sure teams are well resourced in order to make this happen.

• Managers should make themselves available for regular work-related conversations with employees.

• Embed mental health in inductions and training, staff will understand how mental health is managed and what support is available.

• Peer support can allow colleagues to support one another outside the linemanagement structure and offers a great way to maximise the range of skills and experience held within your firm.

• Mentoring and buddy schemes can help new staff to understand your firm faster and can support all staff to gain confidence and develop new skills.

• Ensure that colleagues feel able to admit any mistakes they have made.

• Encourage colleagues to treat each other with respect, say hello, say thank you, not raise their voice or threaten each other.

Make sure there are clear and effective systems in place for reporting bullying.

LawCare provides free and confidential emotional support for all branches of the legal profession. Call the LawCare helpline on 0800 279 6888. Webchat, email support and additional information, resources and factsheets are available at www.lawcare.org.uk. ■

• Flexible working can support healthier

By Ann and more productive ways of working for all Law Care staff. It can also prevent mental health problems from getting worse and can support a phased return to work after a period of absence.

Charlton

SURREY LAWYER 41

WELL-BEING

Key Factors to

traveller well-being.

An introduction to traveller well-being.

“Well-being”. We live in a time that consideration is given to our health, lifestyles and stress levels, but how can this vast topic be applied and measured in a corporate environment?

At Blue Cube we have been considering traveller well-being and have put together what we feel are the key factors in implementing changes that will have a positive effect on you and others.

Travellers Well-being and Health, Physical and Mental.

Pre and Post trip traveller reviews – “Fit-to-Travel” Fit-to-travel meetings should be held regularly and ideally should take place pre- and post-trip. These meetings should include open discussions about the trip itself, as well as understanding how the traveller is feeling both physically and mentally. It’s also an opportunity to discuss the following: Traveller Risk – Safety and Security IInformation regarding security, risk awareness, visas and other travel guidance.

Many companies nowadays face the challenge of a diverse and dispersed work force. Getting information to them about everything is a challenge, but a good place to start is evaluating your travel destinations and creating a place that your travellers can easily access information about your key destinations. This can be discussed at 121’s.

Travel Aggregation Centralisation of key suppliers Booking across a multitude of different websites not only makes it confusing to keep track of travel, but means that no-one has a view of the bigger picture. In the event of a serious incident, or even routine disruption such as

Bespoke, personalised travel programmes for all businesses Duty of care, sustaina ability & traveller wellbeing

42 SURREY LAWYER

a cancelled flight, a traveller is left to fend for themselves. This could mean them queuing with another 400 disgruntled passengers, or literally being stranded.

CSR compliance dictates that it is the responsibility of an organisation to provide the tools to safely book travel and to make their travellers aware of potential risks of travelling. If a traveller then chooses to book outside of this well-publicised booking channel, then they do so at their own risk and the company is not liable. Smaller companies are sometimes less aware of the implications of these legal obligations. Outsourcing to a Travel Management Company (TMC) is a cost-effective way to reduce this risk.

Quality over Quantity Time should be spent evaluating previous travel bookings and the outcome of those trips.

This can identify potential changes in future travel requirements, that could have a beneficial effect not only on travellers’ health and productivity, but also financial savings and, if you are able to reduce the number of trips, help in what needs to be a global effort towards sustainability.

Feedback and quality of service Give your travellers the opportunity to feedback.

Care should be taken when suggesting hotels and best practise routes listen to your travellers’ comments and concerns. Work with your travel management partner to show-case travel suppliers who exceed your expectation on price, give your travellers a personalised experience and align with your companies’ own expectations around traveller safety, data security and sustainability. ■

WELL-BEING

The reality of EHCPS (Education, Health and Care Plans) In 2014 the government implemented its new SEND reforms, a crucial part of which included the new EHCPs (Education, Health and Care Plans) that were intended to give parents more of a voice in deciding the best care for their child.

H

owever, the reality five years later is that parents feel they are being failed as they struggle to get themselves heard and fight against a system weighted heavily against them.

Most cases for an EHCP seem to follow a frustratingly predictable pattern: parents, desperate to find the right support for their child’s speech, language and communication needs, put their children forward for a needs assessment with placement at a specialist school; the schools confirm that the parents’ concerns are well-founded and offer the child a place; the local authority blocks the placement (predominantly due to funding); the parent takes the case before a tribunal and, just before the tribunal day, the LA retract their position.

Carlton’s family have had to repeat this agonising process three times for him alone. Four, potentially, when Carlton goes to secondary school next year. Each one has cost the family well over £10,000. He’s a tragic example of someone vulnerable fighting the system and very nearly being beaten by it.

After he lost his first appeal for a place at one specialist school, the judge ruled he was to remain in mainstream education. The reasoning was costs but the special assistance he was receiving amounted to the same. ‘Carlton was utterly devastated that we’d lost,’ explained his mother Sarah, ‘the interventions began in September, by June he was suicidal.’ Sarah received a call from another mother at school saying she’d heard Carlton had tried to hang himself with a skipping rope at lunchtime. The GP signed him off school immediately and the school agreed they were unable to fulfil his needs, yet the Local Authority insisted there had been no breakdown in mental health and he should continue in mainstream education.

‘Assigning the wrong type of support or placement can be really detrimental to a child’s wellbeing,’ argues Kayleigh Turner, Senior Speech and Language Therapist at I CAN’s Bill Harrison Assessment Centre. ‘It can lead to a serious regression in the child’s development and even to a loss of skills, not to mention the impact on mental health. That’s why the independent assessment is so crucial.’

Extraordinarily, Carlton might actually be one of the luckier ones. Because his older brother has similarly severe speech and language needs, Sarah had already had to fight for an EHCP for him which had also led to them facing a tribunal. Through that they’d been able to get a speech and language assessment which recommended a place at I CAN’s Meath

School - a specialist speech and language school in Surrey. Being offered the initial assessment at I CAN's Bill Harrison Assessment Centre was a critical turning point for Carlton’s family. ‘The assessment is often the first time the parents can trust that professionals are putting the child in the centre of the decision-making process,’ explained Kayleigh Turner. ‘We offer an independent, evidence-based recommendation that always puts the needs of the child first. This is what they can then use in their appeals.’

When it came around to Carlton’s turn then, Sarah knew what she was up against. She knew where to find the support she needed and, earlier this year, she, too, was able to get an independent assessment and then a place for Carlton at Meath School.

‘It’s amazing, we’ve got our little boy back,’ said Sarah, ‘he’s got loads of friends, he’s not different anymore. The school teaches them life skills so they can be more independent: he’s currently learning to run a bath himself.

The strategies the school use are really empowering for him. He’s back on track with wanting to be a scientific engineer.’

And yet the prospect of having to go through another tribunal early next year is already putting Carlton under a lot of strain. The system is hugely weighted against families. There is very little support and information for parents in Sarah’s position.

‘What’s missing is someone to really advocate on the family’s behalf,‘ asserts Sarah. ‘As well as learning about your child’s diagnosis, you have to become an expert in SEND law and the entire tribunal process.’ Many parents are so intimidated by the appeal process that they give up at the prospect of taking on their Local Authority. Add to this the fact that lots of parents of children with special needs have special needs themselves and you have an extremely biased and almost impenetrable system.

Through social media Sarah found an advocacy firm for parents called Educational Equality. ‘I don’t know what I would have done without them,’ she insists, ‘they go through everything with you: they explain any problems, they do all of your working documents for you as well as the grounds for appeal. Without them and the report from the I CAN’s Bill Harrison Assessment Centre, we couldn’t have got to where we are now.’

Meath School: http://meathschool.org.uk/.

I CAN's Bill Harrison Assessment Centre: https://ican.org.uk/assessments/ . ■

SURREY LAWYER 43

AUCTIONEERS

Why sell a probate property at auction?

Dealing with the estate of a loved one who has passed away is often a very sensitive issue. It can make all the difference ensuring that the disposal of any assets is made as simple and pain free as possible.

I

n our experience probate properties are particularly well-suited for sale by auction. Most people want to sell a property as quickly and efficiently as possible as taxes need to be paid and the beneficiaries share of the estate need to be settled.

Probate properties are also often in need of refurbishment and modernisation. Fixer-uppers always do well at auction, often selling well above guide price to buyers looking for renovation projects and the opportunity to add value. This is the key element to success at auction and furthermore, probate properties are often fresh to the market, adding to their appeal and ultimately the sale price.

Any legal issues will be fully disclosed in the legal information pack well in advance. The availability of legal documents prior to the auction enable prospective purchasers to carry out their due diligence in order to make their best bid for the property on the day.

As we know, executors have a duty of care and certain other responsibilities towards the beneficiaries named within a will. Public auctions provide a strong selling

platform offering complete transparency and fairness throughout the selling process. The principal of transparency of marketing and selling ensures that the executor has achieved the highest possible price in an open market competition.

Upon the fall of the Auctioneer’s gavel contracts are exchanged, and the buyer is obliged to pay a deposit of 10% on the day of the sale, with the remaining 90% payable 20 business days thereafter (unless varied within the Special Conditions of Sale). This deposit is non-refundable and is held by the Auctioneers as stakeholder for the seller.

Ultimately a sale by auction provides a seller with certainty. Contracts are exchanged on the fall of the gavel and is legally-binding for both parties.

The process offers a high degree of security and transparency for the executor and beneficiary compared with other more traditional methods of sale.

For further information regarding Land & Property Auction please call Clive Emson Auctioneers on 01273 504232. ■

The Leading Independent Regional Land & Property Auctioneers s Covering Southern England

DISCOVER a great way w to buy and sell land and property

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Entries are continually invited. If you own a property or parcel of land which may be suitable for a sale by public auction please call us for a no obligation DSSUDLVDO :H H DOVR RႇHU DQ *online auction service.

Telephone: 01273 504232 Website: cliveemson.co.uk Email: sussex@cliveemson.co.uk 44 SURREY LAWYER

2QOLQH $XFWLRQ 'DWHV Please call for information

Join us on:

BOOK REVIEW

THE OXFORD HANDBOOK OF FIDUCIARY LAW Edited By Evan J Criddle, Paul B. Miller and Robert H Sitkoff ISBN: 978 0 19063 410 0 OXFORD UNIVERSITY PRESS www.oup.com

‘A LAW UNTO ITSELF’: A SINGLE SOURCE OF GUIDANCE ON FIDUCIARY PRINCIPLES An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, “The Barrister”, and Mediator ver an extremely wide spectrum of law — almost endless in O fact you will encounter matters to which principles of fiduciary law must inevitably apply. The very word ‘fiduciary’ refers of course to — if you’ll pardon the expression — money! It’s obvious then, that fiduciary principles operate across both public and private law, from the highest levels of government and corporate activity, to everyday business matters and personal relationships in which financial issues loom large.

As pointed out by the erudite editors of this stunning new Handbook from the Oxford University Press, ‘fiduciary principles have become the subject of front-page news, high stakes litigation and vigorous political debate.’ Indeed, such principles ‘govern the workaday relationships that shape our daily lives.’

But should fiduciary law, which spans all legal disciplines, be regarded as a discipline in itself? The answer, as many might agree, should be a resounding ‘yes’, hence the timely publication of ‘The Oxford Handbook of Fiduciary Law.’ The idea for such a handbook apparently sprang from a conference at Harvard Law School in November 2017 at which the Handbook’s fifty-three contributors foregathered to discuss the theme of ‘Fiduciary Law: Charting the Field.’ Tribute here has been duly paid by Professor Tamara Frankel who introduced the notion that ‘fiduciary law should be understood as a cohesive field of study.’

The Handbook ‘arrives at an opportune moment,’ say the editors, 'for the study and practice of fiduciary law’ having as its purpose, the provision of ‘a single source to which readers can turn for guidance on fiduciary principles across a host of substantive fields, jurisdictions and epochs.’

law and scholarship in (this) field.’ Charting fiduciary law as a field, however, does require an understanding of why the law designates certain relationships as ’fiduciary’, whether fact-based (i.e. standards) or status-based (i.e. rules).

The Handbook’s forty-eight articles cover an amazingly broad range of topics. Coverage, for example, includes such areas as principles and duties, including duty of loyalty and duty of care.

Part III of the Handbook examines fiduciary law across history and across legal systems, including English Common Law, Canon law, Roman Law, Classical Islamic Law, Classical Jewish Law, Chinese, Indian and Japanese law and a lot more. There’s much to contemplate here.

Of particular interest to practitioners (on either side of the Atlantic) is the Handbook’s Part IV in which the focus shifts to the future of fiduciary law and theory, including the economics of fiduciary law, its philosophy, its social and moral norms and ultimately, ‘new frontiers in both private and public fiduciary law.’ Clearly, the transatlantic orientation of this Handbook effectively broadens its scope and there can scarcely be a lawyer or legal scholar anywhere who wouldn’t benefit by acquiring it.

The date of publication of this hardback edition is cited as at 27th May 2019. ■

by Elizabeth Taylor and

Phillip Taylor MBE

of Richmond Green Chambers

It’s further stressed that in its ‘breadth and depth of coverage’ produced by ‘a community of scholars,’ the Handbook ‘stands alone as ‘a uniquely authoritative guide to the current state of the SURREY LAWYER 45

BOOK REVIEW

CARVE-OUT M&A TRANSACTIONS A Practical Guide Consulting Editor: Robbie McLaren ISBN: 978 1 78742 240 7 Globe Law and Business www.globelawandbusiness.com

EXPERT ADVICE AND CONSULTANCY ON COMPLEX M&As FROM GLOBE LAW AND BUSINESS An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, “The Barrister”, and Mediator uying and selling — whether bread and butter, books, or large B corporate entities — is the basis of any economy. However, as transactions become more complex, so do the legal landscapes worldwide which regulate them. Among the most complex transactions are M&As — Mergers and Acquisitions.

Even more complex is carve-out M&As — hence the title of this new and very specialist legal text from Globe Law and Business.

As editor Robbie McLaren explains, ‘this book is not intended as a guide for more straightforward M&A transactions. Instead it seeks to assist M&A practitioners engaged in complex M&A transactions, both in-house and in private practice.’ Technical though it is, this compact volume nevertheless offers a wealth of guidance, advice and background information, especially to those relatively new to this area of law. You don’t necessarily need to be an expert to glean a great deal from it.

Here then is a compendium of expert consultancy from almost thirty contributors ‘without which this book would not exist,’ adds the editor. ‘Carve-out transactions,’ he says, ‘are becoming more prevalent and even more complex, especially as many of them are cross-border.’ Interestingly, he notes that one of the key trends accelerating this growth are ‘activist investors.’

As their numbers grow internationally, these investors increasingly require boards to look more critically at their portfolios and product mix. So, it’s further pointed at that ‘if a board ultimately decides to divest noncore products, it is rare that this does not involve some kind of carve-out, or separation.’

The key question here, as discussed in the first chapter, is ‘how much do I, (the buyer) need to pay and how much will I receive, whether buying or selling?’ Sounds quite straightforward, but it isn’t. You are warned that ‘it is often more challenging to work out

46 SURREY LAWYER

how to get from the headline valuation to the purchase price in a carve-out, compared to the sale of an existing standalone business.’

The value of this book lies in the wealth of insights it delivers into the legal, regulatory and practical elements involved in navigating successfully through the ins and outs of carve-out M&A transactions. ‘Locked box’ mechanisms and ‘completion accounts’ mechanisms are only two examples.

Further coverage includes such topics as separation pitfalls, protections, due diligence, employment risks, antitrust, litigation versus arbitration, tax and much more. There is also a chapter on key differences between UK and US practices.

There’s a handy index too — and three appendices, including a ‘carve-out checklist’ aimed ultimately, in the words of the editor, ‘at achieving, closing and managing a smooth and pain-free separation.’ For those involved professionally in the intricacies of this specific area of law, this book is an essential reference.

The publication date of this hardback book is cited as at 4th September 2019. ■

by Elizabeth Taylor and

Phillip Taylor MBE

of Richmond Green Chambers

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