National player Bond Dickinson is to expand its Scottish presence with a second office, in Edinburgh. The firm, which already has a presence in Aberdeen, will open an office with around two or three partners and up to 20 staff.
The Edinburgh office will be based in Princes Street in the city, with a particular focus on energy, financial institutions and real estate. Bond Dickinson’s Aberdeen office is focused on oil and gas.
Commenting on the launch, Jonathan Blair, managing partner at Bond Dickinson said: ‘We wanted a second office in Scotland to support our clients and Edinburgh was a natural choice, being at the heart of Scotland’s central belt.
Blair (pictured) added: ‘The firm’s growth strategy includes increasing our presence in both domestic and international markets where the opportunities to do more work for our clients exist. Our approach to growth and investment has always been in response to client demand. Over the past year we have heard from more and more clients that they are keen that we have an Edinburgh presence, so that we are on hand when they need us.’
Last year saw mid-market firm Bond Dickinson secure an exclusive alliance with full-service US firm Womble Carlyle Sandridge & Rice. The deal means that Womble Carlyle will refer all UK work to Bond Dickinson and vice versa.
In December 2014 Bond Dickinson entered into its first strategic alliance with German firm Redeker Sellner Dahs as part of a growing international strategy.
The firm saw both its turnover and profit per equity partner (PEP) dip by 3% for the financial year 2015/16.
Turnover stands at £104m, down from last year’s figure of £107m, while PEP is £275,000 compared to £284,000 for the financial year 2014/15. The firm said the figures are a result of investment in the business and people in order to be in the best position for long term growth.
The BBC has announced it will recruit more trainees following the success of the in-house training contract it launched in 2015. Four trainees will be recruited onto the scheme to start in September 2017 and four to start in September 2019.
Candidates for the in-house training contracts will need to be LPC graduates, making it ideal for those who are able to start immediately.
Trainees are likely to sit in Intellectual Property, Commercial Rights and Business Affairs and BBC Worldwide, as well as completing a contentious secondment at a private practice law firm.
First year trainees can expect to take home £28,000 rising to £32,000 in their second year.
The new training contracts will operate in addition to the trailblazer apprenticeship scheme currently offered by the BBC to school leavers in which they can expect to qualify as a solicitor within 6 years.
Berwin Leighton Paisner (BLP) has revealed its trainee retention rates for spring 2017, with the firm holding on to 55% of its trainee cohort. 11 out of 20 trainees are to join BLP as newly-qualified (NQ) lawyers.
BLP partner and training principal Anthony Lennox told The Lex 100’s sister publication Legal Business: ‘We’d like to have been announcing a higher proportion of qualifiers. However, our NQs will continue to be a huge asset to our firm, across the teams that they will shortly qualifying into.’
Slaughter and May and Mayer Brown have retained 100% of their trainees, with Slaughter and May keeping all 25 trainees due to qualify in March 2017. Mayer Brown kept on four of four.
A spokesman at Slaughter and May told Legal Business: ‘Our consistently high retention rates demonstrate that the long-term future of the firm, as well as its distinctive culture and ethos, is in good hands.’
BLP is the sixth firm to announce its spring 2017 trainee retention rate. See our table of retention rates here.
A host of top firms have recently announced that, in addition to their London offering, they will begin to provide training contracts in other locations across the UK.
So where else could you expect train in the future?
Berwin Leighton Paisner recently announced it would recruit its first trainees in Manchester in September 2017.
Fieldfisher are to offer training contracts in their Birmingham office starting as early as this September.
Freshfields Bruckhaus Deringer started employing paralegal apprentices in their Manchester office in October 2017.
Of course, many other firms already offer training contracts in numerous locations across the UK. Irwin Mitchell, for example, takes on trainees in Birmingham, Bristol (PLS only), Cambridge (PLS only), Chichester, Gatwick, Leeds, London, Manchester, Newbury, Newcastle (PLS only), Sheffield and Southampton. That’s a whopping 10 locations!
It seems inevitable that other firms will follow suit if they want to thrive in this competitive legal market so watch this space!
Fieldfisher is to start offering training contracts in the UK’s second largest city.
The European firm is looking for one to two trainees to start work in its Birmingham office as early as September 2017. Applications close on 15 April 2017.
Current Fieldfisher trainees love the firm’s’ good reputation and breadth of clients’, its ‘smaller intake of trainees’ and the ‘balance of being professional but not taking things too seriously’.
Other Fieldfisher office locations include Paris, Hamburg, Manchester, Rome, Silicon Valley and Shanghai.
The president of the UK Supreme Court has said that media coverage of judges during the Brexit legal challenge was unfair.
Speaking to the BBC Radio 4 Today programme, Lord Neuberger said that unjustified attacks on the judiciary undermined the rule of law. Although he did not target any specific publication or publication, one headline which stood out was The Daily Mail’s ‘enemies of the people’ in relation to three of the country’s most senior judges after the government lost the Article 50 case in November 2016.
Judges do not generally feel that they can or should respond to this type of criticism publicly and the story led to criticism of politicians for not standing up for the UK’s independent judiciary. Lord Neuberger claimed that politicians could have been ‘quicker and clearer’ to defend the judges following November’s High Court hearing.
Lord Neuberger stated that judges were the ‘ultimate guardians’ of the rule of law and that ‘if, without good reason, the media or anyone else undermines the judiciary that risks undermining our society’.
The Supreme Court begins taking applications for new justices today.
There have been a flurry of family law cases in the press recently. We set out an overview of some cases which have made headlines.
Tini Owens asked the Court of Appeal to overturn a family court decision which refused to grant her a divorce from her husband, Hugh Owens. Ms Owens told the court that she was desperately unhappy in her marriage to her husband due to, among other things, his insensitive and patronising behaviour towards her. Ms Owens said there was no chance of reconciliation but Mr Owens disagreed. Ms Owens’ reasoning was not considered by the family court to be grounds that a petitioner for divorce could rely upon and the divorce was refused. A ruling from the Court of Appeal has not yet been published.
Katriona MacFarlane and James MacFarlane were embroiled in a divorce battle worth £2.3million. Ms MacFarlane told the Court of Appeal that she had given up her job as a head teacher on the premise that her husband had promised he would look after her. She argued that she should therefore be compensated for her loss of career. Ms MacFarlane also argued that the divorce settlement should be increased to enable her to buy a house similar to the £1m property she occupied with her husband. Judge Moylan rejected her case and said that the decision for Ms MacFarlane to stop working had been a joint one and therefore did not merit additional compensation. Judge Moylan also said that although a couple’s previous standard of living should be taken into consideration, it should not be a determinative factor in deciding how much money to award.
When Denise Brewster’s partner of 10 years, Lenny McMullan died suddenly, she was denied a survivor’s pension. This was because the couple were not married and McMullan had failed to nominate Brewster (as his co-habiting partner) to receive the pension. Brewster appealed this decision and won her case at the Supreme Court. The case is significant as it extends pension benefits automatically to unmarried cohabitees.
What if you could put your legal knowledge to good use in a job which boasts variety, responsibility and a competitive salary to boot? The Lex 100 editor Hawys Boobier finds out more about the unique and exciting role of a company secretary and why there aren’t many jobs like it.
If somebody asked you what a company secretary does, would your mind automatically jump to managing diaries and booking meeting rooms? If so, you would be entirely misled. The role of a company secretary is completely different to that of a traditional secretary. But what exactly is it?
To use the official language, company secretaries are governance professionals. They are valued strategic advisers with in-depth knowledge of law, taxation, finance and management who give independent, impartial advice and support to directors, trustees and other key decision makers across the private, public and not-for-profit sectors. They support and advise the boards of organisations and ensure that the organisation they work for is complying with regulatory standards. In an increasingly regulated world, it goes without saying that this is no mean feat.
To say that the role of a company secretary is broad would be an understatement. Typical responsibilities can range from managing the shareholder register to drafting parts of a company’s annual report. “In the morning I could be liaising with our print manager about the printing of our Annual Report and Accounts and later that afternoon I could be researching and drafting a paper for submission to the Board of Directors for review/approval”, says Jillian Elliot, assistant company secretary at Centrica plc’s Secretariat. Company secretaries ensure that crucial information flows securely to the correct people, that board meetings are effective and that proper records are kept. In short, they help companies avoid risk.
The conscience of an organisation
Working in such close proximity to the board of directors inevitably means being privy to some of the most important decisions made within a company. “It’s very rare to be in a profession where your work is directly exposed to the board”, says Adaeze Okike, senior chartered secretary at Aviva plc. Far from being confined to one department, company secretaries gain an insight into the many different areas within a business, making them all-seeing, all-knowing and consequently extremely valued. They become an integral cog, to such an extent that company secretaries are often referred to as ‘the conscience of an organisation’.
The breadth of the role means that knowledge is acquired quickly. It follows that rising up the ranks can happen more swiftly than you might think. “You get very high exposure to the management of the company, but with that comes added responsibility”, says Adaeze. As the responsibility grows, so too can the salary, meaning that the move up the remuneration ladder can also be a rapid one.
The career progression path is clear, although it is by no means narrow or rigid. The skills acquired by a company secretary are transferrable, so you can apply them to a field which interests you – be that charity, sport, finance or fashion.
Since the financial crisis and more recently Brexit, the spotlight on regulation has brought governance to the top of the corporate agenda. Recent news stories to make the headlines, such as the pension deficit at former national retailer BHS and the controversial employment conditions at sports retailer Sports Direct, are emblematic of the potential consequences of inadequate governance. With governance currently such a hot topic, it comes as no surprise that there is a pressing need for high-quality company secretaries.
Case Study
Ceri James
What is your role?
I am a company secretarial assistant at National Grid plc. I support the company’s Audit Committee, Nominations Committee and Remuneration Committee. I undertake a wide range of governance activities related to compliance and risk. I manage the company insider list and ensure that the company is in line with legislation and with Financial Conduct Authority (FCA) requirements. I also look after a range of operational subsidiary companies. This involves attending and producing minutes of board meetings, dealing with appointments/resignations, filing with Companies House and advising the board on any governance issues. As a team we co-ordinate the Annual General Meeting of shareholders and draft the corporate governance section of the annual report and accounts.
What is your background?
I graduated from Reading University in 2011 with a LLB in law. I worked at Mills & Reeve in Birmingham for a year and then I moved to National Grid to work in the insurance team where I met someone who was a company secretary. I had no idea what this was but it sounded interesting and relevant to my experience so I made contact with the team. I was lucky enough that a position opened within the Company Secretarial team a short while later, which I applied for and was offered the job.
What are your qualifications?
Upon starting in the company secretariat team at National Grid, I began studying for the Chartered Secretary Qualifying Scheme (CSQS). I qualified in January 2017 and achieved Associate Chartered status in April after meeting the appropriate work experience criteria.
Tell us about an interesting case or matter you’ve worked on
With the enforcement of the EU Market Abuse Regulations legislation in July 2016, I was part of the project group responsible for ensuring that National Grid’s processes were updated in order to comply with the new requirements. This meant that a thorough review was undertaken of the previous share dealing rules, disclosure rules and insider list management. With another member of my team, I carried out training across key teams in the company to ensure that the new regulations were understood by those who might be affected, such as our investor relations team. This was an interesting area as it is a huge piece of legislation which affects every listed company and providing training throughout the company provided insight into how far-reaching this was. The implications of non-compliance are also very significant and so it was a lot of responsibility.
What are the biggest challenges in your job?
Competing priorities, managing very senior stakeholders and keeping abreast of changes in the governance landscape, this is especially relevant with the current Corporate Governance review being undertaken by the Government which is proposing some potentially huge changes in corporate governance.
What is the best thing about your job?
It is so varied and provides an amazing view of a company from the very top level. Working as a company secretary also gives you the chance to work in any FTSE company or any unlisted company which requires a company secretary.
What advice would you give to somebody who is interested in your career?
Write to some FTSE companies, big and small, and ask to do some work experience because it really is invaluable. The role of the company secretary varies so much that the best way to get a real feel for it is to see it in action. If you are interested in a career which is related to law but perhaps aren’t sure if being a lawyer is for you then it is a perfect alternative – it has so many elements of law but provides the opportunity to apply them in a different, more commercial way. Having an overview of the business from the top level is also such a privileged position to be in, which you wouldn’t get to see unless you’re on the board. There aren’t many jobs like it!
How do I get in?
Because of the nature of the role, a degree or background in law or finance is highly advantageous. If you’re studying law, the chances are that you’re on your way to being partially qualified.
“I thought I wanted to be a solicitor and after completing my A-Levels I accepted a place at Durham University to study law. Although I thoroughly enjoyed my degree, I realised that I did not want to specialise in one area of law only. Having reviewed ICSA’s website, I quickly realised that being a chartered secretary would make use of my degree, enable me to be involved in a number of legal practice areas and utilise my skill set” says Jillian.
A legal background could mean that you are exempt from taking the total number of required exams and the best news is that many companies will often pay for your training, so you can ‘earn while you learn’.
See the grid below for the required academic and professional qualifications for the Chartered Secretaries Qualifying Scheme (CSQS).
As with any role, the best way to find out if a company secretarial position is for you is to see it in action. Work experience is an invaluable way to get a real feel for the role and to meet people who can give you advice gained from first-hand experience.
“If you’re interested in a career as a chartered secretary, go for it. Look for work experience at public limited companies, housing associations, charities, the NHS and universities, as all of these institutions have secretariats. Another great way to get experience is to volunteer for a committee, for example a sports association or a university committee” says Jillian.
But don’t worry if you don’t have a couple of weeks to spare. Every year, ICSA/DMJ Legal hosts a series of Insight Days, which are held in conjunction with companies such as Aviva, Sky plc and Rolls Royce. Insight Days allow you to go into a company for the day and take a look behind the scenes at the various responsibilities of a company secretary. Insight Days are open to students, post graduates, or anyone considering an entry to company secretarial practice. ICSA also offer one day shadowing opportunities. For details of 2017 Insight Days, one day shadowing, work experience & trainee roles – click here.
Case Study
Fabia Welch-Richards
What is your role?
I am assistant company secretary at PA Consulting Group, which is a global consultancy firm.
What is your background?
I studied Law at Kings College London and then went on to study the Accelerated LPC at BPP University. I then joined the Ingenious Group, which is a group of FCA regulated businesses/investment services including asset management, corporate finance and individual investments. From there I moved to PA Consulting Group.
Tell us about an interesting case or matter you’ve worked on
When I was at Ingenious working in their clean energy function, we founded and developed a joint venture between the Ingenious Group and another company which became the largest privately owned energy asset in the UK. My role involved transactional due diligence, setting up the company, setting up articles and setting up the governance structure. The joy of working as a company secretary is that you get given work from the directors, shareholders and everyone involved.
What skills do you need to succeed in your job?
You need a broad legal understanding – you can be asked anything legal from day one and so I do fall back on what I learnt on the LPC.
You also need to be able to retain your objectivity. You have to be ready to challenge senior people within a company and you need to do this in the appropriate way and have the legal and financial knowledge to back it up.
What are the biggest challenges in your job?
Having to adapt to changing business needs whilst ensuring proper continuity of service. Also, the constantly evolving legislative landscape.
What is the best thing about your job?
The variety is definitely my favourite part – being involved in a completely unexpected subject and diving into a topic you’ve never encountered before. I also enjoy working alongside absolute experts and senior members of an organisation. You get unprecedented access to senior people and to why they make certain decisions. This is such a privilege and helps you develop a certain level of understanding.
What advice would you give to somebody who is interested in your career?
Write to the companies you are interested in – the worst thing they can do is say no. I mentored a girl outside of work who loved fashion so I encouraged her to write to relevant companies to get work experience. She wrote to Aspinal (a luxury leather goods manufacturer and retailer) and ended up working for them for a couple of months. Listen and watch those with whom you work and immerse yourself in the company’s culture and learn from that. Enjoy – you are constantly learning and developing.
