#1 The Legal Profession This Week - Flexible Working For Law Firms

#1 The Legal Profession This Week - Flexible Working For Law Firms​

Following a strong financial performance, law firm Eversheds Sutherland has announced that it will reimburse its staff who “lost out on pay when taking part in its flexible working scheme” (The Lawyer). Introduced in June last year as a response to the Covid-19 pandemic, the scheme saw Eversheds Sutherland employees reduce their hours, and they will now “receive all that was deducted from their base pay” (The Lawyer) during the programme. The scheme was voluntary, and came to an end in November, and the firm’s decision to recompense workers now is just one example of how the legal industry has, for the most part, reacted better than expected to the curveballs thrown by the pandemic.

In a move that could be followed by various other law firms in their office rental decisions in the coming years, Baker McKenzie has announced that its upcoming office move in 2023 will take up less space than originally planned. The firm’s new office space, set to be in 280 Bishopsgate, was initially set to occupy 150,000 square feet, but it has now “emerged that the firm ultimately signed for 130,000sq ft, a drop of almost 20 per cent on its current level” (The Lawyer). London managing partner Alex Chadwick stated that the move was “informed by how well working from home has gone, particularly with the improved technology.” (The Lawyer) It is likely that other law firms with upcoming office changes planned will consider the potential for increased home-working, and therefore may reduce their office capacity, in preparation for a post-pandemic world.

‘Business as usual’ – the notable deals and cases which went ahead this week:

Online marketplace Notonthehighstreet is set to be bought by US private equity company Great Hill Partners, who will become the majority stakeholders in the company. The acquisition was announced in a joint statement last week. Law firm Osborne Clarke is acting for Notonthehighstreet, whilst Sidley Austin is advising Great Hill Partners (Law.com). The acquisition is set to benefit Notonthehighstreet through input from “digital growth experts” Great Hill Partners (Law.com).

Various law firms are set to advise upon €3.5 billion worth of investment into Europe’s biggest veterinary care provider, IVC Evidensia. The deal will involve investment from private equity firms Silver Lake and EQT, as well as Nestle. Kirkland & Ellis is set to advise EQT on the investment, whilst Latham & Watkins will advise Silver Lake, and Linklaters is advising Nestle (Law.com).