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Commercial Awareness Update - May 2020
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<blockquote data-quote="Jaysen" data-source="post: 28654" data-attributes="member: 1"><p><strong>Law Firms in the COVID-19 crisis</strong></p><p></p><p><strong>Squire Patton Boggs </strong>has temporarily reduced salaries associates by 20% and support staff by 10%. Staff who are unable to perform their job remotely are also being furloughed. The firm issued a statement explaining that the measures aim to prevent long-term job loss and assure the future success of the firm (The Lawyer).</p><p></p><p><strong>Gowling WLG</strong> has temporarily moved over 80% of staff onto reduced working hours, with accompanying 20% pay cuts. The firm presented staff with a flexible “menu” of choices, including furlough (with top-up payments), unpaid leave and sabbaticals. Partner distributions were also deferred (The Lawyer).</p><p></p><p><strong>The Law Society has warned that small law firms maybe particularly hit by coronavirus</strong>. Small firms in particular have suffered drastically reduced activity. This reduced fee income has produced liquidity issues, due to a sharp decline in work in areas including employment, private client and housing. Research they carried out found that<strong> 71% of high-street firms believe they may have to close within next six months.</strong></p><p></p><p>Simon Davis, President of The Law Society, has <strong>urged the government to introduce a specific set of measures to help small firms </strong>unable to access existing initiatives introduced to help small businesses. He suggested support packages for lawyers paid via dividends, extending support to include sole practitioners operating via a professional service company, such as an LLP. The loss of such firms he warned would be damaging to local communities, given the crucial role many small firms play in helping vulnerable people.</p><p></p><p><strong><em> ‘Business as usual’ </em></strong><em>– the deals which went ahead as usual this week:</em></p><p></p><ul> <li data-xf-list-type="ul">HSF and CMS closed the acquisition of a 20% stake in UK-based electricity and gas supplier, Octopus Energy, by the largest energy supplier in Australia, Origin Energy. Origin is now estimated to be worth £1bn.</li> <li data-xf-list-type="ul">A&O and Dentons closed Imperial Brand’s sale of its worldwide premium cigar business for more than £1bn to two private buyers, a deal which was nine months in the making. Dentons represented the acquiring consortiums, whilst A&O acted for the FTSE 100 tobacco company, a long-standing client of the firm. The disposal is part of Imperial’s strategy to simplify its business model and realise value for shareholders. </li> </ul></blockquote><p></p>
[QUOTE="Jaysen, post: 28654, member: 1"] [B]Law Firms in the COVID-19 crisis[/B] [B]Squire Patton Boggs [/B]has temporarily reduced salaries associates by 20% and support staff by 10%. Staff who are unable to perform their job remotely are also being furloughed. The firm issued a statement explaining that the measures aim to prevent long-term job loss and assure the future success of the firm (The Lawyer). [B]Gowling WLG[/B] has temporarily moved over 80% of staff onto reduced working hours, with accompanying 20% pay cuts. The firm presented staff with a flexible “menu” of choices, including furlough (with top-up payments), unpaid leave and sabbaticals. Partner distributions were also deferred (The Lawyer). [B]The Law Society has warned that small law firms maybe particularly hit by coronavirus[/B]. Small firms in particular have suffered drastically reduced activity. This reduced fee income has produced liquidity issues, due to a sharp decline in work in areas including employment, private client and housing. Research they carried out found that[B] 71% of high-street firms believe they may have to close within next six months.[/B] Simon Davis, President of The Law Society, has [B]urged the government to introduce a specific set of measures to help small firms [/B]unable to access existing initiatives introduced to help small businesses. He suggested support packages for lawyers paid via dividends, extending support to include sole practitioners operating via a professional service company, such as an LLP. The loss of such firms he warned would be damaging to local communities, given the crucial role many small firms play in helping vulnerable people. [B][I] ‘Business as usual’ [/I][/B][I]– the deals which went ahead as usual this week:[/I] [LIST] [*]HSF and CMS closed the acquisition of a 20% stake in UK-based electricity and gas supplier, Octopus Energy, by the largest energy supplier in Australia, Origin Energy. Origin is now estimated to be worth £1bn. [*]A&O and Dentons closed Imperial Brand’s sale of its worldwide premium cigar business for more than £1bn to two private buyers, a deal which was nine months in the making. Dentons represented the acquiring consortiums, whilst A&O acted for the FTSE 100 tobacco company, a long-standing client of the firm. The disposal is part of Imperial’s strategy to simplify its business model and realise value for shareholders. [/LIST] [/QUOTE]
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Commercial Awareness Update - May 2020
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