Dentons today launched Nextlaw In-House Solutions, a strategic consulting service, with more than 50 former general counsel across the globe ready to provide integrated, multi-disciplinary solutions to in-house counsel.
The firm formalised its combination with leading Scottish firm Maclay Murray & Spens last month.
In-house counsel play an increasingly important role in companies all over the world, but often times have limited resources to build contemporary, effective operations. Managing new legal problems, legal technologies, procurement processes, and varying types of legal service providers is more challenging than ever before. A significant gap exists between client expectations of value, innovation and efficiency, and the effectiveness with which law firms are responding.
Driven by the voice of the client, Nextlaw In-House Solutions answers these challenges by bringing together profound experience in the general counsel role from major organizations around the world, along with legal technology and process management experts and professionals across the spectrum of legal operations disciplines, to provide advisory services, market insights and experienced perspectives.
These services can range from delivering solutions to improve the management of external counsel relationships and legal spend to leveraging innovation and legal technology to enhance the value delivered by legal departments. Our experienced team also provides coaching and mentoring for new general counsel or counselling on risk and compliance issues, as well as experienced interim or permanent in-house support wherever and whenever needed.
“As part of Dentons, the largest, most innovative law firm in the world, we enjoy unique advantages, including the privilege of working with and learning from sophisticated clients across the globe, spanning diverse industry sectors, legal systems and cultures,” said Chris Pinnington, CEO of Nextlaw In-House Solutions.
“One thing we consistently hear is that our clients are under enormous pressure, not just to resolve legal issues but to deliver business solutions, play a more strategic role in the C-Suite, modernize their legal departments, redefine processes and implement the latest technologies,” Pinnington said.
“Dentons is at the forefront of reinventing the legal profession, and Nextlaw In-House Solutions is a further step in a comprehensive strategy to lead transformation and disruption in the industry,” said Elliott Portnoy, Dentons Global CEO.
“With the launch of Nextlaw Labs in 2015, Nextlaw Global Referral Network in 2016, Nextlaw Public Affairs Network in 2017, and now Nextlaw In-House Solutions, Dentons is demonstrating that we are a catalyst for change in the delivery of solutions to the challenges confronting our clients. Nextlaw In-House Solutions teams will be on the same side of the table as their clients delivering solutions to the real problems facing in-house counsel,” said Dentons Global Chair Joe Andrew.
“Other firms market to clients, while we are focused on their real, day-to-day challenges. In- house counsel have clients as well, the business leaders, and while Dentons and other law firms will provide solid legal advice, the in house-counsel need more. They need someone who understands the pressures they are under, because they have been in the same situations, and can provide guidance on how to manage those pressures,” added Andrew.
About Dentons
Dentons is the world’s largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons’ polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com
Employment Law Seminar: Top tips on effective absence management and employment round-up
MMS Edinburgh, Quartermile One, 15 Lauriston Place
Edinburgh
EH3 9EP
5/10/2017 – 8:00AM to 10:00AM
Managing employee absence, whether short or longer term, is never far from the top of the HR manager’s remit.
Sickness has many guises and there is no one-size-fits-all approach for tackling workplace absences. Tactics for managing long-term absence often demands a different approach to that required for repeated short-term absences. October’s employment law breakfast seminar will tackle thorny issues which arise, including:
- Medical reports and what to do if an employee refuses consent
- Managing difficult or sensitive conversations with absent employees
- Keeping things moving when an employee calls in sick during a disciplinary process
- What to do when a return to work is not on the horizon – can you dismiss?
In addition, we will provide you with an update on the most important cases and legislative updates from recent months.
Agenda
0800 Registration & breakfast
0830 Seminar & discussion
0930 Discussion & refreshments
A further opportunity to chat with our speakers and network with other guests over refreshments
1000 Seminar close
Dates and locations
10 October – Glasgow
12 October – Aberdeen
Leading Scottish firm Maclay Murray & Spens announced today that it is to combine with Dentons, the world’s largest law firm.
The combination, which is expected to complete later in 2017 following approval by the partnerships of both firms, will offer clients the services of around 800 fee earners in the UK, including 200 partners, operating from offices in Aberdeen, Edinburgh, Glasgow, London, Milton Keynes and Watford.
“This combination will significantly enhance our scale and capabilities in the UK,” said Dentons’ Global Chief Executive Officer Elliott Portnoy. “Combining with strong, independent and well-established firms is central to Dentons’ ‘in and of the community’ ethos, and with its rich history in the Scottish market Maclay Murray & Spens fits very much into this category. Following soon after our recent combinations with equally high-quality firms in Latin America and the Netherlands, this development accelerates Dentons’ momentum as we continue our journey ‘from largest to leading.'”
“Maclay Murray & Spens is a Scottish leader in some of our strongest practices and sectors including Financial Services, Energy, Transport & Infrastructure, and Real Estate,” said Jeremy Cohen, Chief Executive Officer for Dentons’ UK and Middle East region. “By combining we will also significantly increase our out-of-London capability. Working seamlessly with colleagues in London, our Milton Keynes and Watford offices already enable us to deliver enhanced value to many of our largest clients. This combination will upscale that ability by a very considerable margin.”
“Joining forces with the world’s largest law firm is tremendously exciting for us,” said Kenneth Shand, Chief Executive Officer of Maclay Murray & Spens. “With offices across the Americas, Europe, Africa and Asia-Pacific, Dentons will unquestionably be the only significant player in Scotland which is a genuinely global firm. We will have a unique ability to offer Scottish businesses with international ambitions access to the largest array of legal talent in the world, and international firms with an interest in Scotland, the resources of one of the world’s most innovative and forward-thinking law firms.”
“Our vision is to offer clients the ‘law firm of the future’ now,” said Dentons’ Global Chairman Joe Andrew. “By enhancing our ability to serve national and multi-national clients in the UK, the world’s second largest legal market, and continuing to innovate in client service delivery, Dentons continues to set the pace in the global legal market.”
Time is running out to be ready for MiFID II and IDD by the end of the year.
Although project teams will have had both of these Directives on the agenda for some time, many businesses will still be facing a rush to compliance – not least because at the time of writing industry have not received the full suite of publications that implement the Directives.
This seminar builds on the themes of our previous seminar on distribution, but with specific reference to the financial services sector. As such, as well as covering MiFID II and IDD, the seminar will include discussion of other legislation and initiatives impacting distribution channels in this sector, including from a competition law angle.
MiFID II
A recent survey contains the striking statistic that 85% of asset managers will not be compliant with MiFID II rules until the fourth quarter of 2017 or even later.
At MMS we have over the past year or so been able to participate in MiFID II project discussions in various capacities and identify the real issues that those affected are grappling with. Such issues include:
- suitability and appropriateness;
- best execution;
- product governance; and
- inducements and research.
We hope to provide attendees with a focused and practical insight into these issues to provide a path forward to ensure that the early 2018 implementation date can be met.
IDD
The IDD (Insurance Distribution Directive) is designed to improve EU regulation on the sale of insurance products and member states including the UK are required to bring into force the laws, regulations and administrative provisions necessary to comply with the IDD by 23 February 2018. Discussion of the IDD will include requirements for insurance-based investment products, passporting rights, the registration process for intermediaries and organisational requirements for firms.
Other legislation and initiatives
This portion of the seminar will, at a minimum, cover competition and distribution channels and the FCA’s asset management survey. We are keeping a watching brief on other legislative developments that may impact on distribution channels and may comment on those developments in addition.
Location: MMS Edinburgh, Quartermile One, 15 Lauriston Place, Edinburgh EH3 9EP
Date/Time: 31/08/2017 – 8:30AM to 10:30AM
Agenda
0830 Registration & breakfast
0900 Seminar & discussion
1000 Discussion & refreshments
A further opportunity to chat with our speakers and network with other guests over refreshments
1030 Seminar close
To find out more and book your place, click here.
Other Dates and Locations
London – 14 September
Despite the fact that the family business often makes up a significant portion of a family’s overall wealth, many successful family business owners do not plan effectively for the succession to their business often leading to uncertainty, additional tax, family conflict and sometimes the complete failure/sale of the business.
It is extremely common for family businesses to struggle as they pass through the generations (for a whole variety of reasons) and indeed statistics indicate that most family businesses do not make it past the third generation.
In our experience there is no magic to good succession planning other than (1) taking the time to make a plan (using your key advisors in an appropriate and complementary manner); (2) implementing the plan (through careful lifetime and post-death planning) and (3) communicating with relevant parties – communication is absolutely key when it comes to managing the expectations of both family members and colleagues.
There are multiple factors to consider and some business owners (particularly first generation owners who have built the business up from scratch) find the process overwhelming. Each business (along with each family) is unique making it difficult to establish a set of core principles. Assuming that the owner wishes to maintain the family business for successive generations, the following represents some factors worth considering and if appropriate potentially enshrining in a Family Constitution and/or Shareholders Agreement to protect the future of the business:
1. What makes the business successful currently and bearing that in mind, what are core values, structures and protocols that should be enshrined for the future.
2. Is there an obvious successor either within the family or within the current management team?
This will often depend on the age and stage of the family members and whether they currently work/intend to work in the business or indeed whether they have the requisite skills to drive the business forward. It is important to remember that for some businesses it may not be essential for ownership and control/management to coincide.
3. Consideration should be given to timing – should the plan be implemented at retirement, over a successive controlled period of time or on death.
The transfer of shares or the creation of different share classes requires careful consideration both from a tax and practical perspective. Shares in an unquoted trading company may be eligible for Entrepreneurs’ Relief (reducing the rate of capital gains tax to 10%) and Business Property Relief (reducing Inheritance Tax to nil). Both reliefs are extremely valuable and with careful planning and advice can be utilised to the family’s advantage. It is worth noting that the reliefs have strict criteria attached to them often meaning that careful monitoring is required to ensure that they are maintained.
4. Trusts can be a helpful mechanism to hold/transfer shares to/for the next generation while retaining an element of control. Care needs to be taken not to overcomplicate the family’s affairs and it is important that parties understand that trustees have separate duties which may not always align with the direction of the business.
5. If it is intended that shares will pass to one child (in preference to their siblings) are there sufficient assets outwith the interest in the business to redress the balance and if not, how will this be perceived by the other family members and affect their ongoing relationships? It is also important to bear in mind that legal rights arise in terms of Scots Law meaning that children (regardless of age) are entitled to a portion of a parent’s moveable estate (which includes shareholdings).
In addition to a Family Constitution there are certain basic building blocks which should always be in place – it is absolutely essential that a Will and a Power of Attorney should be prepared.
Commercial law firm Maclay Murray & Spens LLP has strengthened its financial services capabilities with the appointment of Carolyn Bell, as director of its financial services group in Edinburgh.
The former in-house managing legal counsel with Lloyds Banking Group and Aberdeen Asset Management joins the firm’s financial services group, comprising over 20 lawyers, including six partners, operating across the UK-wide practice.
Carolyn Bell has over ten years’ experience in the UK and overseas investment funds sector, including the merging of asset management businesses and providing advice on regulated and unregulated investment structures. Her main areas of practice are collective investment schemes, pooled investments and financial services regulatory work. She handles onshore schemes, including authorised and unauthorised unit trusts and limited partnerships and offshore schemes, such as trusts, open-ended companies and closed-ended funds. Carolyn also has broad experience of operational matters and outsourcing arrangements in the asset management industry.
Carolyn also undertakes general financial services work, including regulatory advice, structuring and marketing investment schemes.
Guy Norfolk, partner and head of MMS’ Financial Services Group, said: “Carolyn is a highly regarded investment funds lawyer and her appointment is in line with our strategy to further strengthen our financial services offering, at a time when we are advising on a number of major transactions in the asset management space. Her significant and broad experience covering the UK and overseas asset management sectors, coupled with her specialist expertise across insurance, pensions, private equity and wealth, will be a valuable addition to the our corporate division as a whole.”
Carolyn Bell added: “I am very excited by this opportunity to join the firm’s financial services group, which has established an impressive track record in the asset management and financial services sector.”
A member of the Law Society of England & Wales, Carolyn has 16 years of experience working within the highly regulated financial and asset management services sector in both private practice and in-house counsel roles. This includes ten years in London working in mergers and acquisitions with city law firm Hammonds, before moving to Scotland in 2008, eventually going in-house, first with Lloyds Banking Group and latterly as managing legal counsel with Aberdeen Asset Management.
Carolyn Bell is a non-executive director of Queen Margaret University, Edinburgh.
