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Steven Bernstein comments on the growth of SME law firms in The Brief

Posted on: July 6th, 2023 by AlexT

Co-Founder and Senior Director Steven Bernstein analyses the recent LexisNexis Bellwether survey examining the changing ways in which SME law firms are growing their business. 

Steven’s comments were published in BCL Legal’s The Brief and can be found here.
 

With this report, it’s unsurprising to see large-scale law firm mergers falling out of favour with those firms that are looking to grow their business. A merger can bring disruption to a firm, as it takes time and effort to fully integrate two businesses, which may have conflicting cultures, and this issue will be exacerbated in the current climate where many people work from home for much of the week.

Organic growth and business development, by contrast, appear far more popular for this reason.

Culture is a massively important part of the way we do things at Lawrence Stephens. As we have grown our firm and continued to attract individuals and teams with existing followings, we have sought to put our culture and environment at the forefront of what we do, and ensure we bring in like-minded individuals.

While large, ‘flashy’ mergers might be falling out of favour with SME law firms, the combination of organic growth with smaller acquisitions seems to be bearing fruit. By bringing in individuals or small teams with an existing following, as opposed to entire firms, the transition process is far less disruptive and takes less time to embed new joiners into the culture of a firm.

While business development and marketing is of course an essential part of winning new business, it is far easier to get additional work from an existing client than it is to secure new business from a new client. As Lawrence Stephens continues to grow, over the coming year we are placing a greater emphasis on cross-selling our services to existing clients, as our wide range of departments and expertise allows us to provide a full-service to clients while also winning new business for a range of departments.

Lawrence Stephens completes another acquisition for HFMC Wealth

Posted on: July 5th, 2023 by Natasha Cox

Lawrence Stephens’ acted on behalf of its established and highly valued client,  HFMC Wealth on the acquisition of Weston-Cummins Ltd, in a deal that was completed on 30 June 2023.

The collaborative effort across the Corporate, Banking, and Property teams at Lawrence Stephens enabled an efficient and seamless transaction.

The transaction accounts for HMFC’s second acquisition of 2023, and contributes to the strength of their offering. Weston Cummins advises some 265 high net worth families and  will add circa £350mn of assets under management  to HFMC Wealth. The clients and culture of Weston Cummins marries perfectly with HFMC Wealth’s High Net Worth proposition.

The corporate aspect of the deal was led by Senior Director, Jeff Rubenstein with assistance from solicitor’s Lucy Cadley and Izzy Moran and Trainee Solicitor, Carla Bernstein. The banking team was led by Head of Banking, Ajoy Bose-Mallick with assistance from Associate, Aashay Knights. Director, Nick Marshall dealt with the property aspects.

Jeff Rubenstein, Senior Director, and Head of Corporate and Commercial comments: “It was a pleasure working again with HFMC  on this acquisition, and we look forward to continuing to work with the HFMC team going forward  and witnessing their continued growth. As always, I am incredibly proud of our team’s exceptional performance in completing this significant transaction. Their collaborative spirit has been instrumental in getting this deal across the line.”

Phil Patient, COO, HFMC Wealth, comments: “The acquisition marks a significant step forward for HFMC Wealth as we continue to expand and strengthen our Private Client and Employee Benefits offerings. We are delighted to have worked with Lawrence Stephens, whose expertise and professionalism have been instrumental in completing a second transaction together in 2023. This strategic move aligns perfectly with our growth objectives and will enable us to provide even greater value to our clients. We look forward to the future opportunities that this acquisition brings.”

Lawrence Stephens conquers Mount Snowdon for Crohn’s and Colitis UK

Posted on: July 3rd, 2023 by Natasha Cox

Team Lawrence Stephens completes the monumental challenge of summiting Snowdon, in support of its Charity Partner of the Year, Crohn’s and Colitis UK.

The sunrise trek, which took place on 30 June 2023, was a testament to the team’s unwavering dedication and the core values we hold dear as a firm.

Setting off into the darkness, the team embraced the biting cold and rugged terrain, pushing their limits to raise funds and awareness for  Crohn’s and Colitis UK. Through their incredible effort and commitment, they managed to surpass our fundraising goal, amassing an impressive total of over £5,000.

We’re proud charity partners of Crohn’s and Colitis UK and recognise the immense challenges faced by individuals affected by these conditions and their families. By aligning our efforts with this remarkable organization, we are taking concrete steps to make a lasting impact, raise awareness and improve lives.

Johnny Nichols, Chief Operating Officer comments: “The Lawrence Stephens team approached the Snowdon trek with determination and unity, raising over £5,000 for Crohn’s & Colitis UK, our charity of the year. Their teamwork and energy serve as a shining example of our commitment to excellence and making a positive difference in the community.”

We extend our deepest gratitude to all the sponsors, supporters, and well-wishers who contributed to the success of this initiative.

Laura Gill explores fixtures and fittings disputes in Today’s Conveyancer

Posted on: June 28th, 2023 by AlexT

Laura Gill, Senior Associate in the Residential Real Estate department, discusses fixtures and fittings agreements and how both buyers and sellers must be open about their expectations to avoid disputes.

Laura’s article was published in Today’s Conveyancer, 28 June 2023, and can be found here.

After a near decade-long legal battle, magistrates finally ordered the return of fixtures and fittings stripped from a £1.5m manor house by the seller after completion of the sale. The seller had, in the magistrates’ opinion, “systematically” removed any object that he could from the property ahead of handing it over to the buyers, including stripping it of doors, windows, fireplaces and floors. As such, he was instructed to hand back all of the missing items, including those recovered by police during their involvement in the case.

While an extreme example of disputes that can arise over what fixtures and fittings belong to which party in a property transaction, the situation serves as a cautionary tale to buyers and sellers alike when negotiating terms ahead of completion. To avoid anything like the situation the buyers found themselves in after the gutting of their new home in the aforementioned dispute, both parties should be open and upfront about fixtures and fittings during the early stages of the transaction and preferably at the point of offer.

While there are no specific laws or legislation stipulating what should be left or removed when selling a property, the Law Society Fitting and Contents Form (TA10) should be used under the Law Society Conveyancing Protocol. If any items fall outside the scope of this form, it is strongly recommended that a separate inventory of items to include their respective values be created to form part of the sale contract.

The TA10 form is annexed to the contract and forms part of the contract of sale. It is therefore legally binding on the buyer and the seller. If the seller removes anything listed as included in the purchase price from the property on completion, they may find themselves in breach of contract and liable to be sued.

Fixtures are defined as the items in a property that are attached to the building or the land, for example integrated appliances, kitchen units and worktops. They also include carpets, doors, built-in wardrobes, radiators, boilers and central heating systems.

Fittings are those items that are not attached to the property unless by a screw or a nail such as pictures and mirrors. Other examples include freestanding goods like fridges, freezers, washing machines and dishwashers that are not built in or fully integrated, furniture, beds and tables.

More often than not, sellers tend to include white goods in the purchase price, although they are not bound to do so, and can remove them if they have stipulated that they are going to do so. Buyers should always check the TA10 form to make sure this is the case. Depending on the age and value of these goods, the seller does on occasion offer them for sale to the buyer.

Items that should be generally left in situ and which a buyer would not ordinarily expect to be removed from the property are fixtures such as the doorbell, carpets, plug and light sockets, curtain poles and light fittings.

If, however, a seller wishes to remove a light fitting, they are required when completing the Property Information Form to confirm that they will replace such light fittings with a ceiling rose, flex, bulb holder and bulb. Buyers should check that the seller has confirmed this if they are expecting light fittings to be removed.

Another important factor to consider is Stamp Duty, which does not apply to removable fittings and contents. Any fittings attached to the property will be chargeable to Stamp Duty but, in most cases, Stamp Duty is attributable to the consideration (that is, the purchase price) without any apportionment to the attached fittings.

If both parties are agreeable, it is possible to negotiate a price for more valuable items that the seller may not wish to include in the purchase price in order to avoid disappointment for the buyer and ensure that when they move into their new home, they don’t find themselves short-changed.

The seller also avoids being in breach of contract if they have an understanding from the outset of what items need to be removed from the property on completion. If a seller has an onward purchase, it also helps them manage negotiations on what should be included in their related purchase property.

As such, the seller must be reasonable and transparent about exactly what is to stay and what is to go, and the buyer should also be open and frank about their expectations in this regard.

Lawrence Stephens and FEBE celebrate the Growth 100 2023

Posted on: June 21st, 2023 by Natasha Cox

Lawrence Stephens, in its dedication to fostering business growth, is once again thrilled to be partnering with FEBE (For Entrepreneurs, By Entrepreneurs), the company behind the annual Growth 100 list.

Joining the likes of PWC and Pictet, Lawrence Stephens has partnered with FEBE as part of their Growth 100 list of the very best-in-class entrepreneurs and a celebration of some of the fastest growing, founder-led businesses in the UK.

With the release of the highly anticipated Growth 100 2023, Lawrence Stephens celebrates the remarkable achievements of these outstanding entrepreneurs and extends its congratulations to the successful companies.

The Growth 100 list represents the culmination of FEBE’s meticulous research, identifying the enterprises that have demonstrated exceptional growth rates, innovation and resilience. This year’s list unveils the trailblazers who have defied challenges and emerged as leaders, inspiring others with their remarkable achievements.

The list comprises outstanding founder-led businesses from a range of industries including food and drink (Au Vodka, The Skinny Food Co), fashion and retail (Lounge Underwear, ME+EM, Astrid and Miyu) and finance (3S Money, Interpolitan Money).

Steven Bernstein, Co-Founder and Senior Director at Lawrence Stephens, comments: “We extend our heartfelt congratulations to the remarkable companies that have secured their positions on the Growth 100 list for 2023. Their dedication, vision, and unwavering commitment to success are truly commendable.”

As Lawrence Stephens celebrates the remarkable accomplishments of these companies, we look forward to fostering lasting relationships with the entrepreneurs, executives, and teams behind these inspiring growth stories. Lawrence Stephens aims to provide tailored legal support that facilitates continued success and mitigates potential obstacles.

Jo Mackie, Director and Head of Employment at Lawrence Stephens, comments: “We recognize the vital role that exceptional legal counsel plays in nurturing and protecting the growth of ambitious companies. We look forward to meeting the talented individuals behind these organizations, forging lasting partnerships, and providing the necessary support to help them flourish in the ever-evolving business landscape.”

Ricardo Geada explores medicinal cannabis and the issues surrounding patient access in The Times

Posted on: June 15th, 2023 by AlexT

Director and Head of Regulatory Solutions Ricardo Geada argues that millions of Britons are being denied access to medicinal cannabis due to unnecessarily restrictive guidelines around prescription, in The Times.

Ricardo’s article was published in The Times, 15 June 2023, and can be found here.

Despite the Government’s legalisation of medicinal cannabis in November 2018, patient access remains shocking half a decade later, to the detriment of millions of Britons whose health conditions would benefit greatly from such treatments. While the law change was a step in the right direction, in practice guidelines continue to be unnecessarily restrictive.

Cannabis regulation in the UK is a complex and evolving topic, particularly in the aftermath of Brexit. However, despite the challenges legislators face, there is no justification for the status quo to persist any longer, in which countless Britons are prevented from accessing life-changing treatments in the form of cannabis-based products for medicinal use (CBPMs).

At present, there are only a handful of prescriptions for CBPMs made available through the NHS, and are mainly used for the treatment of children with epilepsy. The vast majority of CBPM prescriptions are made through private clinics, meaning only those able to afford private medical care are able to obtain the medicines while their less affluent peers are denied access.

The National Institute for Health and Care Excellence (NICE) guidelines underpinning the prescribing of CBPMs are inherently flawed, since they are written as though cannabis is a pharmaceutical product, when it is a botanical product. As such, they focus mainly on double-blind placebo-controlled studies, and ignore real-world evidence in the form of thousands of studies proving the benefits of CBPMs to a wide range of patients.

Sufferers of chronic health conditions who would be greatly aided by CBPMs are further restricted from access by the fact that only medical practitioners (doctors) on the General Medical Council (GMC)’s specialist list can initiate such prescriptions. GPs are unable to initiate but can write follow up prescriptions. This adds a superfluous layer to prescribing for so many ‘GP conditions’ such as pain and anxiety, sleep issues and appetite problems – all of whom could benefit from CBPM prescriptions.

The Government must refresh its approach to the medicinal cannabis sector, not only to help people with chronic health conditions, but also to establish a viable new industry which is currently constrained by a regulatory minefield. Until CBPMs are allowed to be prescribed on a far less restrictive basis, demand will remain suppressed, and thus potential entrants to the market are highly disincentivised to invest time and money into product development and distribution.

In the absence of a regulatory overhaul, hundreds of thousands of patients denied access to CBPMs will continue to turn to black market cannabis to treat their conditions, which often contains contaminants and pesticides and is not tested for safety. Instead of exposing patients to health risks as well as to the risk of prosecution, NICE should urgently rethink its approach to CBPMs and allow access to all those patients in need.

Lawrence Stephens completes £1.7M refurbishment loan for Century Capital

Posted on: June 12th, 2023 by Natasha Cox

Lawrence Stephens’ Real Estate Finance and Banking Teams recently completed a £1.7M refurbishment loan, acting on behalf of Century Capital.

As is usual with Property Financing, the team worked collaboratively and cohesively to complete the transaction for our clients in an efficient manner.

The deal was led by Senior Associate Rachel Coulthard and our Head of Banking Ajoy Bose-Mallick with assistance from Banking Solicitor Rhiannon Hughes who worked on the security documents. The team behind the deal ensured that they reached completion in an orderly and speedy manner to contribute to a successful completion.

The borrower, an experienced developer and renowned interior designer, faced limited financing options due to age restrictions. However, with flexibility being at the heart of the Century Capital ethos, they were able to facilitate a deal that many other lenders would be unable to execute – and Lawrence Stephens was pleased to assist them in completing the transaction.

Ajoy Bose-Mallick comments on the deal: “This was our first completion with Century Capital, and if the willingness of the team to collaborate and communicate with us effectively is anything to go by, we hope it’s the first of many! An absolute pleasure to have completed on this transaction and we look forward to building the relationship on solid foundations!”

Rachel Coulthard comments on the deal: “It’s always great to assist in the completion of a time-sensitive transaction. This case was no exception and a total pleasure to have been able to complete in accordance with the exchanged contract. Looking forward to many more deals to come.”

Lawrence Stephens advises ALS Dental on the acquisition of three laboratories

Posted on: June 7th, 2023 by AlexT

Lawrence Stephens’ Corporate team recently advised ALS Dental on the acquisition of Aesthetic World, Oakview Restorations and APlus Dental Lab, in deals which were completed throughout March 2023.

Aesthetic World, Oakview Restorations and APlus Dental are specialist dental laboratories, equipped with the latest in dental technology. These acquisitions have bolstered ALS’ growing presence in the industry and widened their portfolio of labs across the UK with A Plus being based in Dundee, Oakview in High Wycombe and Aesthetic World in Bolton.

For these three deals, the teams were led by Senior Director Steven Bernstein and Senior Associate Katherine Zangana, with assistance from solicitors Lucy Cadley Isobel Moran and Carla Bernstein.

Katherine Zangana commented: “The team and I enjoyed working with ALS on these acquisitions, and we managed to swiftly and efficiently negotiate these deals which pleased all parties involved.”

ALS Dental commented: “We were incredibly impressed by the work of Katherine, Steven and the team at Lawrence Stephens, who worked hard to get these acquisitions across the line. Their tenacity, speed and industry knowledge were invaluable in this process and has allowed us at ALS to further strengthen our position as industry leaders in dental technology.”

Abtin Yeganeh comments on the Renters’ Reform Bill in IFA Magazine and Housing Today

Posted on: May 17th, 2023 by AlexT

Senior Associate Abtin Yeganeh discusses the impact of the Renters’ Reform Bill on no-fault evictions, in IFA Magazine and Housing Today.

Abtin’s comments were published in IFA Magazine and Housing Today, 17 May 2023.

“The Renters’ Reform Bill will be welcomed by the majority of UK tenants who, at times, feel there is a degree of uncertainty surrounding their occupation due to ‘no-fault evictions’.

“Currently, landlords can evict their tenants without cause at the end of the fixed term of the tenancy. The Renters’ Reform Bill proposes to abolish this.

“No-fault evictions can be particularly concerning for families with young children in school due to the disruption it causes when an eviction occurs during term time.

“To date, no-fault evictions have provided landlords with security, as they know they can obtain possession at the end of the tenancy without cause. The abolishment of no-fault evictions may, therefore, be a cause for concern for landlords. However, the Bill will reform the grounds of possession under Ground 8 of the Housing Act 1988. New grounds will be introduced to address repeated serious arrears, and situations where possession is required to allow the landlord to sell a property or for the landlord and/or family members to occupy the property.

“In addition, the Bill will require landlords to meet the Decent Homes Standard, ensuring that homes are well maintained and do not pose a danger to tenants, which currently only applies to the Social Housing sector.

“The Renters’ Reform Bill should strike a balance between the rights of tenants and security for landlords.”

Mandatory mediation in separation proceedings will lessen impact on children, families, and the court system

Posted on: April 25th, 2023 by AlexT

With the government announcing proposals to make mediation a mandatory part of separation proceedings, our Family team examines how this will likely affect families and children during this process.

The Ministry of Justice recently announced proposals to make mediation a mandatory part of the separation process in England and Wales. The proposals are set to undergo government consultation for 12 weeks, ending on 15 June 2023.

The main aim of these proposals is to reduce the number of separating families having to resolve issues in the courtroom, a process that can often have a damaging impact on the children involved. These proposals are expected to provide better protection for children, decrease the financial burden that comes with heavy litigation costs, and reduce the pressure on the court system which is currently experiencing heavy backlogs.

Former Secretary of State for Justice Dominic Raab MP described the aims of the proposals saying: “When parents drag out their separation through lengthy and combative courtroom battles it impacts on their children’s schoolwork, mental health and quality of life.”

The press release issued by the government explains that the move is expected to assist up to 19,000 families going through separation proceedings to resolve their issues outside of the courtroom.

The proposals, however, will not apply to all separation proceedings.

Most notably, those matters involving history or allegations of domestic violence, child protection issues or are a matter of urgency will be excluded and will continue to be assessed in court.

Raab explained that “plans will divert thousands of time-consuming family disputes away from the courts – to protect children and ensure the most urgent cases involving domestic abuse survivors are heard by a court as quickly as possible.”

The government currently runs the Family Mediation Voucher Scheme which provides separating couples with up to £500 worth of vouchers towards resolving their disputes through mediation. It has announced that this will receive an additional £15m in funding and will be extended until April 2025.
Chief Executive of the Children and Family Court Advisory Support Service (Cafcass), Jacky Tiotto highlighted Cafcass’ support of the government’s aims saying: “Programmes that encourage parents to consider together what is safe and in the best interests of their children help to keep the focus on what children want and need as they grow up.”

If you are going through proceedings, or would like some advice on a matter, please contact Bethan on bhill-howells@lawstep.co.uk

Lawrence Stephens completes £20m refinance on behalf of its client

Posted on: April 11th, 2023 by AlexT

Our Real Estate Finance, Banking and Corporate teams acted for their client in connection with a £20 million refinance of over 30 properties, in a deal which was completed on 31 March 2023.

The deal included an offshore company purchase and transfer of 2 property portfolios to the client, with Blackfinch Group acting as the lender. The complex nature of this deal led the Real Estate Finance department to work alongside members of the Banking and Corporate teams to ensure the refinancing was completed swiftly and efficiently.

The team was led by Director Paul Marsh and Senior Director Gregory Palos, with assistance from Associate Anna Christou and Solicitor Isabella Tamyln in the Real Estate Finance team, with colleagues from the Banking and Corporate and Commercial teams providing additional support.

Paul Marsh commented: “With a deal of this size, cross-department co-operation was key, and it was a pleasure to work alongside members of the Banking and Corporate teams. We worked hard to ensure we achieved the best result for our client, and it was great to work with the team at Blackfinch to secure this loan.”

The client commented: “Paul, Greg and the rest of the team at Lawrence Stephens did a fantastic job on this deal, and their hard work translated to an ideal result. They coordinated well with other parties to the deal and provided world-class legal advice throughout the process.”

Lawrence Stephens advises First 4 Safety Limited on the sale of the company to Amtivo Group

Posted on: March 23rd, 2023 by Maverick Freedlander

Lawrence Stephens’ Corporate and Commercial team acted for the selling shareholders of First 4 Safety Limited on the sale of the company to Amtivo Group, in a deal which was completed on 14 March.

Founded in 2005, First 4 Safety Limited is a leading provider of online health and safety training courses, supplying IOSH approved training to workplaces across the UK. Their acquisition by Amtivo, providers of accredited certification, training and technology, represents the group’s move to grow and expand their existing portfolio.

The team was led by James Lyons, Director in the Corporate and Commercial department at Lawrence Stephens, who worked alongside the team from First 4 Safety and their advisers Moore Kingston Smith to successfully negotiate the sale of the company on behalf of its shareholders.

James Lyons commented: “It was a pleasure to work alongside First 4 Safety on this deal, and we were delighted to negotiate the sale swiftly and efficiently. Acting on behalf of shareholders Tom Hoey and John Pillinger, we managed to navigate the various complexities and ensure that the deal was a success for both First 4 Safety and Amtivo.”

Tom Hoey commented: “James and the team at Lawrence Stephens provided world-class advice throughout this process, and their hard work and dedication led to a successful and efficient sale – their advice was invaluable in completing this deal.”