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Lawrence Stephens completes £3.9m loan with Butterfield Mortgages

Posted on: May 2nd, 2024 by Natasha Cox

Our  Real Estate Finance team have recently completed their first deal for Butterfield Mortgages Limited – a £3.9million loan over a property in West London.

The loan has a five-year term and was secured over a Knightsbridge property with a value of £6million. The transaction involved the refinance of several leasehold titles

Butterfield Mortgages provide specialised mortgage solutions for domestic and international high net worth clients.

Gregory Palos was assisted by Lawrence Molloy and  Sophie Morton who worked tirelessly to ensure a swift and successful completion of this loan which pleased all parties involved.

Lawrence commented: “A complex matter which required careful consideration from all parties, we are delighted to have secured this loan and navigated the multiple refinances involved in this deal. It was a pleasure to work alongside the team from Butterfield Mortgages on our first deal together, and we look forward to strengthening our relationship over the coming months.” 

Lawrence Stephens launches new Borrower Real Estate Finance team

Posted on: April 24th, 2024 by Yvonne Uzoka

We are excited to announce the launch of Lawrence Stephens’ Borrower Real Estate Finance team. 

Led by Director, Nisha Saigal, our specialist team offers a comprehensive understanding of the complex and diverse elements of real estate financing from a borrower’s perspective.

All members of the team have considerable experience in acting for lenders previously which allows us to better understand and deal with the requirements of lenders commercially and efficiently. We work collaboratively with brokers to achieve the best outcome for our clients.

As a people business, we at Lawrence Stephens work to ensure a collaborative and dynamic approach, spanning the firm’s wide range of departments and experience. Drawing on our depth and breadth of experience in the market, we also deliver advice on real estate financing trends and potential opportunities, to help our clients realise their commercial objectives.  

Bringing a wealth of expertise on matters such as refinances, buy-to-let acquisitions and portfolio properties, our Borrower team will work closely together to provide clients with a world-class service, while maintaining a uniquely personal touch.

Click here to learn more about our team’s capabilities.

New duty imposed on employers to prevent sexual harassment in the workplace

Posted on: April 10th, 2024 by Natasha Cox

A new duty will be imposed on employers to prevent sexual harassment in the workplace from October 2024.

Currently workers are protected against sexual harassment carried out at work by their employer or its employees under the Equality Act 2010. Sexual harassment is defined as unwanted conduct of sexual nature which has the effect of violating the victim’s dignity, or creating an environment that is intimidating, hostile, degrading, humiliating or offensive.

Employers are also liable for sexual harassment carried out by their employees during the course of their employment, even if the employer was not aware of their actions.  However, employers may have a defence if they can show that they took “all reasonable steps” to prevent the harassing employee from acting unlawfully. However, the new rules will go further, placing employers under a duty to consider what steps can reasonably be taken to ensure that sexual harassment does not occur in the first place. This represents a shift from the current post-harassment liability to a proactive duty, and employers must therefore prioritise the prevention of sexual harassment in the workplace.

However, employees will not be able to bring standalone claims in the employment tribunals for a breach of the new duty. Instead, an uplift to compensation of up to 25% may be made to successful sexual harassment claims where an employer is found to have breached the new duty.

It is currently unclear what proactive “reasonable steps” employers are required to take, but the government has confirmed that further guidance will be published later this year. The Equality and Human Rights Commission will also issue a Code of Practice. We consider that  reasonable steps are likely to include implementing anti-harassment policies and procedures and training the workforce appropriately.

Although the new duty does not come into force until October 2024, employers should review the current suite of relevant policies to ensure they offer as much protection as possible. Contact us if you need assistance with such policies, or in dealing with complaints of sexual harassment.

Lawrence Stephens advises Blue Shield Capital on £3.4m bridge loan

Posted on: April 10th, 2024 by Maverick Freedlander

Lawrence Stephens’ Banking and Real Estate Finance team recently advised Blue Shield Capital on a £3.4 million 12-month bridge loan for the borrower – an ultra-high net worth family office.

The loan will enable the borrower to achieve new planning consent on an industrial asset in London’s Alexandra Palace. The team worked hard to ensure that all aspects of this deal were completed swiftly and thoroughly and achieve the best result for the client.

The Banking team from Lawrence Stephens was led by Director and Head of Banking  Ajoy Bose-Mallick, with assistance from Senior Associate Ashley Wright and Trainee Solicitor Alex Ruder. Senior Associate Rachel Coulthard led on the real estate aspects of this transaction.

Ajoy commented: “Collaborating with the team at Blue Shield Capital, we are delighted to have expedited another swift and successful bridging loan for our client. The team worked hard to get this deal across the line and the team at Blue Shield Capital once again demonstrated the utmost professionalism and efficiency.

“Well done to all those involved, as their commitment and contributions led to a fantastic result for all parties involved.”

Ricardo Geada to moderate panel about novel foods at ICBC Berlin

Posted on: April 9th, 2024 by Maverick Freedlander

Director and Head of Regulatory Solutions Ricardo Geada will moderate a panel at ICBC Berlin about the implementation and enforcement of the regulation of foods with cannabinoids in the EU.

The panelists, the European Medicinal Cannabis Association’s General Secretary Sita Schubert and Founder of Cannactions Consulting Ltd Constant Ma, will discuss complex regulatory frameworks involving regional regulations and overarching EU guidelines, noting how novel foods are treated differently within the European Union.

They will highlight disparate perspectives, as well as harmonization and authorization efforts in the EU, and the difficulties in establishing novel food status for hemp food ingredients and cannabinoids, including persistent challenges related to health claims, novel cannabinoids and inappropriate marketing.

The panel, titled ‘(Not) on the plate: EU’s Dilemma with Cannabinoids and Novel Food’ will take place at 11am CET on Tuesday, 16 April at the Estrel Hotel in Berlin.

Click here to learn more and register for the conference.

Tribunal compensation limits increase

Posted on: April 7th, 2024 by Natasha Cox

From 6 April 2024, new increased compensation limits for employment tribunal claims will come into force under the provisions of the Employment Rights (Increase of Limits) Order 2024.

The changes are as follows:

  • maximum amount of a week’s pay (used for calculating a redundancy payment or for various awards including the unfair dismissal basic award): £700 (increased from £643)
  • limit on amount of unfair dismissal compensatory award: £115,115 (increased from £105,707)
  • minimum amount of unfair dismissal basic award for trade union, health and safety, working time representative, pension scheme trustee and employee representative dismissals: £8,533 (increased from £7,836)
  • minimum amount for unlawful exclusion or expulsion from trade union: £13,032 (increased from £11,967)
  • maximum guarantee payment per day: £38 (increased from £35)
  • amount for unlawful inducement relating to trade union membership/activities or collective bargaining: £5,584 (increased from £5,128)

With effect in respect of claims presented on or after 6 April 2024, the Presidential Guidance on the Vento bands for making awards for injury to feelings in discrimination claims is being amended by a Seventh Addendum which increases the bands to:

  • £1,200 to £11,700 for the lower band—less serious cases (previously £1,100 to £11,200)
  • £11,700 to £35,200 for the middle band (previously£11,200 to £33,700)
  • £35,200 to £58,700 for the upper band—the most serious cases (previously £33,700 to £56,200)
  • £58,700 and above for the most exceptional cases (previously £56,200 and above)

Mohit Pasricha explores athlete trademarks and brand protection in The Times

Posted on: March 28th, 2024 by Maverick Freedlander

With Kylian Mbappé recently registering trademarks for his name and iconic goal celebration, Head of Sports & Entertainment Mohit Pasricha discusses how athletes can use the law to build their identity and protect their brand.

Mohit’s article was published in The Times, 28 March 2024, and can be found here.

Kylian Mbappé is often described as the “next Lionel Messi”; however the French football star is not just following in the footsteps of his Argentinian counterpart on the pitch. He has already taken similar steps off the pitch: by formally applying to register a black and white logo that depicts his crossed arms celebration as a registered trademark, together with other trademarks relating to his surname, initials and most famous quotes.

A nine-year legal battle ensued before the Court of Justice of the European Union finally approved Messi’s registration of an EU-wide trademark for a logo consisting of his name and a stylized letter M. The French phenomenon’s trademark applications should – in theory – be approved much faster.

Notably, the applications do not seek to prevent others from performing Mbappé’s famous celebration. They only apply to clothing, footwear, games, sports equipment, accessories, luggage, and printed matter such as books and magazines. As a result, and if registered, he will be provided with legal protection in the EU and the UK, which prevents others from trying to sell such goods if they feature the trademark of him performing the celebration.

Seeking to monetise their image and using the law to proactively build their brand, Mbappé’s move is part of a wider trend by sports stars and celebrities to protect their intellectual property (IP) rights relating to their signatures, names, and other personal characteristics. Trademarking a logo, symbol, name or other similar mark grants these owners a monopoly right over their IP assets, protecting their personal brand and stopping third parties from using their image.

If Mbappé’s widely anticipated transfer from PSG to Real Madrid happens during the summer window, then these trademarks are likely to form part of the overall financial package. Not only will Real Madrid be hiring him as an employee for his footballing services, the Spanish club will also want to exploit his image rights for commercial purposes. Since these trademarks will be owned by Mbappé in his personal capacity, Real Madrid will need to licence the right to use them in his employment contract, or via a separate image rights agreement.

Following the inevitable transfer, attention will focus on Real Madrid’s use of Mbappe’s trademarks and on how the revenue generated from the sale of products featuring his image (including the trademark) will be split. Notwithstanding media reports suggesting that this will be agreed at 80-20 in Mbappe’s favour, Real Madrid and other La Liga teams have previously adopted a distinctive approach: agreeing a 50/50 split with players on revenue generated from the sale of goods and services using their image in a club context.

No doubt, Mbappé’s progress in monetising opportunities will be keenly watched by sporting superstars and their agents, since failure to protect and enhance their IP rights could potentially result in millions of lost revenue for all parties.

 

The potential pitfalls of unlimited annual leave

Posted on: March 20th, 2024 by Natasha Cox

Many employers including LinkedIn, Netflix, Eventbrite and Dropbox are now offering their employees unlimited annual leave.

Unlimited leave reflects a significant uplift on the statutory minimum position. Under the Working Time Regulations 1998, full-time employees are legally entitled to 5.6 weeks’ paid holiday each year, which translates to 28 days, including bank holidays. Part-time staff are also entitled to 5.6 weeks, the number of days being dictated by how pro-rated their working time is.

While undoubtedly a great selling point to potential new recruits, is unlimited annual leave more hassle than its worth for an employer?

Potentially, yes. Employers need to be extremely careful when implementing an unlimited annual leave policy because failing to set appropriate expectations and creating a clear and well-structured policy could lead to significant problems. For example, how does one calculate the annual leave owing (or owed) when an employee’s employment comes to an end if this is not specified in their contract or the leave policy? Likewise with the continued accumulation of leave during a period of family leave.

No employer is likely to be content with an employee taking 52 weeks’ annual leave in a leave year, not least because they won’t be able to do the job that they’re employed to do. If you are offering unlimited annual leave, employers must ensure adoption of and adherence to minimum performance criteria, as well as having robust performance measures in place to objectively assess how well the employee is performing.

Further, employees will still need their manager’s permission to take time off, which could result in the policy being enforced differently from one manager to another. This may lead to accusations of favouritism, or differing treatment of employees in relation to any of the nine protected characteristics under the Equality Act 2010.

Lack of cover during an employee’s holiday may also discourage them from taking time off, undermining the incentive for annual leave altogether.

It is ultimately important to strike a balance between the needs of the business for employees to carry out the jobs they are employed to do, and the ability to attract and retain the right talent. While offering unlimited annual leave is certainly likely to assist with recruitment and retention, its implementation needs careful handling to avoid unintended consequences.

Talk to us if you would like to discuss the pros and cons of enhanced employee benefits.

Lawrence Stephens advises Blue Shield Capital on complex bridging loan

Posted on: March 19th, 2024 by Maverick Freedlander

Lawrence Stephens’ Banking and Real Estate Finance teams recently advised Blue Shield Capital on a 12-month bridging loan in a complicated deal structure which involved a high amount of property due diligence, multiple contemplated changes in deal structure and complex legal issues that required multi-disciplinary support from the LS team.  

The £3.4 million loan facilitates the purchase of a portfolio of 18 flats across Wembley and Harrow. The Lawrence Stephens and Blue Shield Capital teams worked seamlessly together to secure a successful completion for the client.

The team from Lawrence Stephens was led by Director and Head of Banking, Ajoy Bose-Mallick on the banking & finance aspects and Senior Associate Rachel Coulthard on the real estate finance side. They received crucial assistance from a cross-departmental team including Director Gregory Palos, Senior Associates Ashley Wright and Abtin Yeganeh, Solicitor Bola Kim, and Trainee Solicitors Electra Kallidou, Sophie Morton and Alex Ruder.

Ajoy commented: “As always, it was a pleasure to work with the stellar team at Blue Shield Capital to complete this complicated transaction for the client, which makes an exciting addition to their real estate financing loan book.”

Stephen Messias and Goli-Michelle Banan ranked in Spear’s Property Index 2024

Posted on: March 13th, 2024 by Maverick Freedlander

We are delighted to share that Director and Head of Residential Real Estate Goli-Michelle Banan and Director in our Commercial Real Estate team and Co-Founder of Lawrence Stephens Stephen Messias have been ranked in the Spear’s Property Advisers’ Index 2024 as Top Recommended Property Lawyers.

The Spear’s Property Advisers’ index recognises the best advisers to buy, sell, manage and invest in super-prime property in London, the UK and abroad. 

These rankings are decided on the basis of peer nominations, client feedback, interviews, data supplied by firms, and extensive research by Spear’s.

Click here to see the full rankings.

The Transparency Reporting Pilot

Posted on: February 29th, 2024 by Maverick Freedlander

Every year, thousands of families are deeply affected by the decisions made by the Family Court. Historically, very little was known to the public about how the Court operated, often leading to the family justice system being criticised for being too secretive.

To address these concerns, the Transparency Reporting Pilot (‘the Pilot’) was introduced in the Family Courts of Leeds, Carlisle and Cardiff in January 2023. Following a successful year, the Pilot was extended to a total of 16 Family Courts in England and Wales on 29 January 2024. 

The Pilot authorises accredited journalists and ‘legal bloggers’ to report on what they see and hear during Family Court proceedings. Reporters will also have access to confidential court documents and be able to engage in discussions with parties to the proceedings.

Before publicising their observations, reporters will need to obtain a Transparency Order from the court, which sets out exactly what they may or may not publicise in each individual case. Additionally, reporters must anonymise the parties to ensure that their identity is not disclosed.

The implementation of the Pilot is significant as it represents a departure from legislation that previously prevented the publication of this material. For the first time, hundreds of Family Court cases are now reported on in mainstream media including BBC News, The Daily Mail and The Guardian.

With this new transparency, the Pilot is credited with improving public understanding and confidence in the family justice system, as first-hand reports of family cases (including specifics of the court’s procedures and decision-making processes) are now available to the public.

This is crucial because, statistically, a significant proportion of the population will become embroiled in legal proceedings following the breakdown of a relationship. The Pilot enables the public and parties to approach proceedings with greater confidence, understanding and clarity.   

The Pilot has also improved public confidence in the family justice system. Reporters are now able to name the professionals involved in the court proceedings, including the Judges, legal representatives and local authority workers. Where this information is publicly available, the public will be able to scrutinise the decisions and actions of these professionals. This scrutiny, in turn, may lead to professionals “upping their game”, ultimately improving the system and ensuring a better outcome for the parties.

Following the extension of the Transparency Reporting Pilot, the judiciary has continued to review its impact. So far, the reviews have suggested that the Pilot has significantly increased public trust and confidence in the family courts whilst protecting the parties’ confidentiality. If the Pilot’s positive effects persist, it is possible that it will eventually become a permanent fixture and be extended to all Family Courts in England and Wales.

At Lawrence Stephens, our Family team offers bespoke advice and a wide range of services including divorces, both domestic and international, financial settlements and claims involving overseas assets, for a diverse range of clients including professionals and HNW individuals.

Lawrence Stephens advise Blue Shield Capital on £5.7 million bridging loan

Posted on: February 23rd, 2024 by Maverick Freedlander

Lawrence Stephens’ Banking and Real Estate Finance teams recently advised Blue Shield Capital on a £5.7 million 12-month bridging loan. The loan was structured as a development exit loan on a block of 14 residential apartments located in Dorset.

The teams from Lawrence Stephens and Blue Shield Capital worked hard to expedite a swift completion and have subsequently liaised with the borrower on the sale of several of the residential apartments.

On the banking side, the team from Lawrence Stephens was led by Head of Banking and Director Ajoy Bose-Mallick, with assistance from Senior Associate Ashley Wright and Trainee Solicitor Electra Kallidou. Senior Associate Rachel Coulthard advised on the Real Estate elements of this loan.

Ajoy commented: “It was a pleasure working with the team from Blue Shield Capital to complete this transaction. Well done to all those involved in getting this deal over the line with special thanks going to the Blue Shield Capital team on their entrepreneurial and dynamic spirit to complete the deal and to Rachel who was proactive in reviewing the property aspects of this deal in real time”