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Lawrence Stephens Appointed to YBS Commercial Mortgages’ Panel of Solicitors

Posted on: September 5th, 2024 by Hugh Dineen-Lees

We are delighted to announce that Lawrence Stephens has been appointed to YBS Commercial Mortgages’ legal panel.

Gregory Palos, Head of Real Estate Finance at Lawrence Stephens, commented:

“We’re excited to be able to contribute our expertise to YBS Commercial Mortgages and its customers by providing proactive and insightful legal support.”

Ismael Garzon, Commercial Lending Completions Manager at YBS Commercial Mortgages commented:

“Adding Lawrence Stephens’ wealth of experience and proven track record to our legal panel, demonstrates our commitment to delivering a top-tier service to all our partners.”

Our Promise

Lawrence Stephens is committed to delivering excellence and fostering strong client relationships. Our inclusion in YBS’ panel reflects our dedication to these principles.

Matt Green comments on crypto exchanges and fraud in Law360

Posted on: September 4th, 2024 by Hugh Dineen-Lees

Matt Green, Director and Head of Blockchain and Digital Assets and Technology Disputes, comments on the role of crypto exchanges in tackling fraud and explains how their cooperation can assist in the recovery of stolen or hacked crypto assets, in Law360.

Matt’s comments were published in Law360, 4 September 2024, and can be found here.

Speaking with Law360, Matt explained that lawyers will often approach crypto exchanges to ensure stolen assets are frozen – however most exchanges insist on a court order before freezing the proceeds of fraud. “They often feel like they need the direction of a third party, whether it be a court order or under instructions of law enforcement: it means they do not have to act unilaterally,” he commented.

Discussing the role of crypto exchanges in such cases, Matt explained that “if a bank was holding illicit cash, you wouldn’t sue them unless there were substantive grounds to do so. You want to be chasing the money and the individuals involved. The exchanges often play a key role in helping provide disclosure, which is why they are brought into proceedings.”

Emma Cocker comments on Employment Tribunals and the Employment Bill in City A.M.

Posted on: August 29th, 2024 by Hugh Dineen-Lees

With the upcoming Employment Bill on the horizon, Senior Associate in the Employment team Emma Cocker comments on whether current Employment Tribunals will be fit for purpose, in City A.M.

Emma’s comments were published in City A.M., 28 August 2024, and can be found here.

“The government’s intention to significantly expand employment rights will have a monumental effect on employment tribunals. We already know that tribunal claims are up by around 7% compared with 2022/23 with over 650,000 open cases. Giving employees protection against unfair dismissal from day one of their employment along with the extension of time limits for bringing claims from three to six months is likely to significantly effect the Tribunal’s ability to deal with cases in a timely manner. 

“Worryingly, parties are already experiencing significant delays, with some cases taking over 18 months to reach a final hearing. Complex discrimination claims face the longest waits, with Tribunals struggling to find capacity for hearings that are often listed for a minimum of seven days.  

“The former Conservative government had consulted on the reintroduction of Tribunal fees; however these were nominal and would be unlikely to make any difference in combating delays. The current government’s main solution appears to be the digitisation of claims, but it is unclear what further improvements are proposed beyond the existing online platform for submitting claims and liaising with the Tribunal. 

“Employment Tribunals could become overwhelmed with increased claims on top of already long delays, meaning both employers and employees may face longer waits to resolve workplace disputes.”

If you would like any advice on the upcoming Employment Bill or Employment Tribunals, please contact a member of our employment team.

Regulatory update on the use of non-disclosure agreements

Posted on: August 23rd, 2024 by Hugh Dineen-Lees

On 6 August 2024, the Solicitors Regulation Authority (SRA) updated its warning notice to solicitors on the use of non-disclosure agreements (NDAs).  In essence, an NDA is any agreement/contract or clause within a wider agreement/contract under which is it agreed that certain information will be kept confidential between the parties.

In the employment law context, NDAs are typically found in settlement agreements. These are used by employers to settle employment tribunal claims, either after proceedings have been initiated, or as a way of securing the employee’s agreement not to bring claims in the future.

The SRA first published the warning notice in March 2018, following concerns arising from the #MeToo movement that settlement agreements containing NDAs were being used to prevent the reporting of misconduct to the relevant criminal and/or regulatory authorities, in particular, sexual misconduct.

The warning notice was revised in November 2020 to make clear that inserting other types of clauses which discouraged the reporting of incidents could also amount to a breach of the SRA’s regulatory Principles and Code of Conduct. Now the SRA has further updated the warning notice, which although aimed at solicitors, is useful for employers to be aware of when they are thinking of offering an individual a settlement agreement containing an NDA.

In particular, employers ought to consider:

Is an NDA required? The SRA states NDAs “should not be used routinely” and ACAS guidance highlights that careful consideration should be given to the need for NDAs on a case-by-case basis. Only use NDAs when they are genuinely needed. Be especially careful in cases where the employee has raised complaints that could constitute criminal conduct, or conduct warranting regulatory investigation and/or action. Template or ‘off the shelf’  agreements are not likely to be appropriate, so take specific advice in each and every case.

Time limits: Solicitors should challenge unreasonable time limits proposed by the opponent to ensure the individual’s solicitor has sufficient time to take instructions, advise and respond. Be wary, as an employer, of setting unreasonable deadlines and always ensure the individual has enough time to take proper legal advice.

Funding: Consider whether the typical contribution of £500 plus towards the employee’s legal fees is fair and reasonable in the circumstances, particularly if the employee has raised serious allegations that could constitute criminal conduct, or conduct warranting regulatory investigation and/or action.

Please contact our specialist employment team if you need further guidance on employment tribunal claims or settlement agreements and non-disclosure agreements.

 

 

Mohit Pasricha has been recognised as one of just 30 Leaders Under 40 Class of 2024 in the Leaders Sports Awards

Posted on: August 15th, 2024 by Hugh Dineen-Lees

We are delighted to share that Director and Head of Sports and Entertainment Mohit Pasricha has been recognised as one of just 30 Leaders Under 40 Class of 2024 in the Leaders in Sport awards.

Leaders in Sport serves to connect the most influential people and the most powerful ideas in global sport to drive the industry forward. Sponsored by Deloitte and now in their tenth year, the awards acknowledge exceptional individuals who have moved the sports industry forward in the last 12 months. Mohit was selected by an esteemed panel of over 70 judges in a highly competitive category with hundreds of nominations of an exceptional standard.

Mohit joins a high profile international cohort representing governments, regulators, clubs and major sports brands. He will receive his award at the awards ceremony to be held at BAFTA on Piccadilly on Tuesday 15 October. The event forms part of a series that comprise Leaders Week London, a gathering of the entire ecosystem of global sport to foster understanding of the global trends impacting the sport business landscape and how to commercialise them.

Click here to view the Class of 2024 in full.

Joanne Leach comments on anti-bullying policies in People Management

Posted on: August 6th, 2024 by Natasha Cox

Joanne Leach, Senior Associate in the Employment team, comments on a recent study which found that more than half of UK employees do not think that shouting at work counts as bullying and discusses how employers can address workplace bullying.

Joanne’s comments were published in People Management, 5 August 2024, and can be found here.

“Adopting an anti-bullying and anti-harassment policy is merely the first step an employer must take towards addressing workplace bullying. To ensure it is effective, employers must also train the whole workforce on what is required of them regarding their interaction with colleagues.

“What constitutes ‘acceptable conduct’ has shifted significantly in recent years, and behaviour that used to be tolerated can now lead to significant liabilities for an individual and their employer.

“When an incident of bullying occurs, employers are more likely to minimise liability with clear grievance and whistleblowing policies in place which employees can access and managers can understand.

“Policies that address workplace culture, such as a clear diversity, equity and inclusion policy and training on unconscious bias and allyship, also empower employees to support their colleagues and call out wrongdoing if they witness unacceptable conduct.”

If you would like any assistance in developing whistleblowing, workplace culture or diversity, equality and inclusion policies, please contact a member of our Employment team.

Lawrence Stephens announces five Director promotions

Posted on: August 1st, 2024 by Natasha Cox

Lawrence Stephens is delighted to announce the promotion to Director of five exceptional colleagues who have consistently demonstrated a drive for excellence and dedication in delivering the best outcomes for their clients at all times.

Rachel Coulthard from our Real Estate Finance and Banking team, acts for borrowers and lenders across bridging finance, development finance, secured lending and high-value refinances of property and property portfolios.

From our Corporate and Commercial team, Katherine Zangana has over a decade of experience acting for small and medium-sized businesses, specialising in acquisitions, restructuring and other corporate transactions, as well as commercial contract matters.

Having previously worked in the firm’s Dispute Litigation team, Abtin Yeganeh becomes Director in our new Property Litigation department, advising clients in relation to all aspects of real estate disputes – including secured recoveries, trespass, professional negligence, and landlord tenant matters

Having led the firm’s Family department since November 2023, Jim Richards and Eleanor Wood are both highly experienced solicitors with significant experience acting for a wide range of clients including high-net-worth and high-profile individuals, foreign nationals, non-domiciles, UK nationals living abroad, and multinational families.

Steven Bernstein, Managing Director at Lawrence Stephens, commented: 

“With these five Director promotions, and the launch of a new department for the firm, we are proud to be continuing to demonstrate Lawrence Stephens’ growth and cross-departmental expertise. Rachel, Katherine, Abtin, Ellie and Jim’s cross-sector practices reflect the full-service approach we take at Lawrence Stephens, and how we are able to deliver the best outcomes for our clients.”

Matt Green comments on the multi-billion pound class action over the delisting of the BSV cryptocurrency, in CDR Magazine

Posted on: July 31st, 2024 by Yvonne Uzoka

Director and Head of Blockchain and Digital Assets, Matt Green, comments on the news that the UK Competition Appeal Tribunal has agreed to certify a claim for investors to sue four crypto exchanges over their decision to delist the Bitcoin Satoshi Vision (BSV) cryptocurrency.

Matt commented: “This case lends itself to a wider narrative with two main camps: those who believe in BSV as Satoshi’s true vision for Bitcoin and those who do not.

“The claimant class may seek to justify both price and broader adoption issues on market manipulation and competition interference, in the form of delisting, by those who want to suffocate BSV. Whether there is a right to claim concerted market manipulation or whether this is simply private companies delisting a token to match market demand is likely to be a vital matter in this dispute.”

Matt’s comments were published in CDR Magazine, 31 July 2024.

Matt Green comments on the FCA fining a Coinbase subsidiary, in Thomson Reuters Regulatory Intelligence

Posted on: July 29th, 2024 by Yvonne Uzoka

Director and Head of Blockchain and Digital Assets and Technology Disputes, Matt Green, comments on the FCA fining Coinbase’s UK e-money business £3.5 million for onboarding high-risk customers.

Matt noted that the fine is a reminder that even the most established and trusted brands in the cryptoasset industry sometimes onboard high-risk customers.

Matt commented: “Funds are often off-ramped at crypto currency exchanges following a fraud, scam and or hack, turning the process of crime from crypto assets to fiat money, to be further laundered. The process itself means even the most trusted cryptocurrency brands can fall short during the onboarding process and allows high risk individuals to use these services to conceal and move money. In some respects, the more legitimate the exchange, the smoother the laundering process can be, subject to know your client checks.”

Matt’s comments were published in Thomson Reuters Regulatory Intelligence, 26 July 2024.

Central Family Court hands down landmark ruling in matrimonial property case

Posted on: July 25th, 2024 by Yvonne Uzoka

In June 2024, HHJ Edward Hess sitting in the Central Family Court handed down his judgment in the case of RM V WP [2024] EWFC 191 (B) ­­– a complex financial remedies case concerning the division of matrimonial property, and to what extent real property had been ‘matrimonialised’.

Jim Richards and Eleanor Wood of Lawrence Stephens acted on behalf of the husband, instructing Jenna Lucas of Pump Court Chambers.

The case centred around four properties owned by the respondent husband, with the wife arguing that she should receive 50% of the equity of all four properties. She argued this on the basis that these properties – owned by the husband prior to the marriage and held in his sole name – had become ‘matrimonialised’ by virtue of serving as family homes throughout their marriage. HHJ Hess found that one of these properties had never served as a family home, and as such had not been ‘matrimonialised’. The wife contended that she should receive 50% of the equity of the three remaining properties if HHJ Hess view was that this asset was not matrimonalised.

In considering what the wife’s award should be, HHJ Hess concluded in paragraph 37 of his judgment that “there is justification here for departing in the husband’s direction from an equal division of the net equity in the three homes which have been family homes. My view is that the fair answer here is for the wife to be awarded the amount that meets her needs.”

HHJ Hess ultimately assessed the wife’s needs to be less than 50% of the equity in the three ‘matrimonialised’ properties and granted her award on this basis accordingly.

Eleanor Wood, Co-Head of Family at Lawrence Stephens and solicitor for the husband, commented: “We are pleased to have secured a successful outcome for our client in a complex case which presented several issues which needed to be considered and dealt with at various stages.

“This highlights the importance of a well-prepared case to identify how the assets were used and where they originated when determining how they should be divided upon separation. The outcome is a fair one. It reflects the needs of the wife in conjunction with how the assets were used or matrimonialised, and that it is not always a simple sharing principle being applied.”

The full judgment can be read here.

Code of Practice on fire and re-hire now in force.

Posted on: July 22nd, 2024 by Hugh Dineen-Lees

This article was updated on 2 August 2024 to take account of the changes to the statutory Code of Practice on fire and re-hire as re-issued by the Government on 30 July 2024. 

On 18 July 2024, the Secretary of State issued the Statutory Code of Practice on Dismissal and Re-engagement under Section 203 of the Trade Union and Labour Relations (Consolidation) Act 1992. This is more commonly referred to as the Code of Practice on ‘fire and re-hire’.

The code provides practical guidance on how to promote the improvement of industrial relations. The Secretary of State considered that the practice of dismissing and re-hiring employees as a means to change their terms and conditions of employment could give rise to conflict between employers, employees and Trade Unions, which could subsequently lead to a deterioration in employment and industrial relations.

The code will provide guidance to employers, employees and their representatives where an employer is considering making changes to one or more of its employees’ contracts of employment and envisages that if the employee does not agree to some or all of the changes, the employer may opt for dismissal and re-engagement in respect of that employee. Some of the key provisions include;

  • Employers need to explore alternatives to ‘fire and rehire’ and it should only be used as a last resort.
  • Employers should not threaten dismissal if it is not actually envisaged and must not coerce employees into signing new terms and conditions.
  • The employer should ensure that the only terms which are changed are those which have been subject to the information-sharing and consultation process and should not use this as an opportunity to make any further changes.
  • A requirement to consult ‘for as long as reasonably possible’, but — unlike collective redundancy consultation — there is no minimum time period. Employers are told to contact Acas at an early stage before they raise ‘fire and rehire’ with the workforce.
  • Once the employer becomes aware the proposed changes are not agreed, they should re-examine them. The employer should consider feedback from employees and/or their representatives.
  • The employer might commit to reviewing the changes at a future set time and reconsider whether they are still needed. If more than one change is being implemented, the employer might also consider introducing them on a phased basis.

Whilst there is no stand alone claim for a breach of the code and its provisions, the Tribunals must take this into account in all relevant cases, including claims for unfair dismissal. The Tribunals will have the ability to uplift compensation by up to 25% if an employer unreasonably fails to follow it or reduce any award by up to 25% if the employee has unreasonably failed to comply. However, the uplift will not apply to protective awards for failure to inform and consult in consultation redundancy situations.

It is also worth noting that the Labour party have pledged to legislate to end ‘fire and re-hire’ and to replace and strengthen the code. Therefore, if you are facing any issues in relation to the above, speak to our specialist employment team where we can provide up-to-date information and advise you on how to manage any potential conflicts which may arise.

Lawrence Stephens completes complex loan for Blue Shield Capital

Posted on: July 17th, 2024 by Hugh Dineen-Lees

We are pleased to report that Lawrence Stephens has successfully completed a £5.2m facility with Blue Shield Capital, facilitating the acquisition and buy out of the share capital of two companies that own a 10-storey commercial office property in Norwich.

The team was led by Director and Head of Banking Ajoy Bose-Mallick, with support from Senior Associate Ashley Wright and Trainee Solicitor Alex Ruder on the banking side, Senior Associate Rachel Coulthard  on the real estate finance side; and from Solicitor Lucy Cadley for corporate/commercial matters.

Ajoy commented: “This complex transaction is a testament to the hard work and collaboration of our Banking, Real Estate, and corporate teams. We are delighted to see our client’s loan portfolio expand.”