A solicitor needs to know what is going on in the world and to consider how it might affect their firm and clients. The demerger plan aims for completion by 2020, but has been revealed earlier than executives would like as a result of pressure from activist investors. The case snowballed into a 3,000-strong class action lawsuit, the outcome of which could now benefit millions of women working in the private sector. Keeping up with current affairs and thinking carefully about what you read is an important habit to acquire. If you are set on joining a City or national firm, the chances are high that M&A will be one of its important work areas. Lawyers must have an understanding of the business environment and the operational grid under which business is conducted on a daily basis. Pret A Manger changes hands as coffee wars continue. Listeners know we have to play some. Being able to talk about issues like these will prove to a recruiter that you have an interest in how business works and an understanding of the importance of commercial awareness. In July, Google was fined a record €4.3 billion over its use of its mobile operating system, Android, to illegally cement the dominance of its search engine. Reports also claim that the Chinese version of Google would link searches to users’ phone numbers, putting them at risk of persecution by the government. British Rail has indeed become more commercial over the past decade..., Conservationists in Chile are concerned over the effect of commercial exploitation of forests..., Whether the project will be a commercial success is still uncertain. Nonetheless, it looks likely that these newest regulatory changes will be approved in the coming months. How this fits with Google’s motto of “don’t be evil” is worth some thought. Intellectual property (IP) lawyers are always busy – not a day goes by without some dispute over the ownership of ideas. This year is notable for its IP losers. In August, Japanese tech giant Panasonic moved its European headquarters from Bracknell to Amsterdam to avoid any tax issues that might result from Brexit. We are Commercial Change Consultants. In particular, it is essential to the modern practice of commercial law. Commercial awareness involves knowing about the current deals, transactions and issues in the business world that might affect a client. The Health and Safety Executive has issued a safety alert to fleet operators to check the pressure relief valves on road tankers are operating correctly. The above list is, of course, not exhaustive. Alongside the issues of new technology changing how lawyers work and the urgent business need to increase diversity in the legal sector, the major trend that a commercially aware candidate should know about is the wave of deregulation sweeping the solicitors’ profession. Pimlico treated Smith as a self-employed contractor despite requiring him to work a set number of hours, wear a uniform and rent a van displaying the company’s branding. Radio’s commercial problems continue. 2. produced, marketed, etc., with emphasis on salability, profit, or the like: a commercial book. On the other side of the argument, leading Brexiters argue that there is “nothing to fear” from the country exiting the European Union without a deal. Meanwhile, this autumn the right-leaning thinktank the Institute for Economic Affairs produced a Brexit plan arguing that the path to economic prosperity should involve setting the UK up as a direct offshore competitor to the EU through tax cuts and radical deregulation across all sectors, from farming and fishing to pharmaceuticals and finance. Three women’s sex discrimination case against Lloyds could see the bank facing a £150 million bill, after a landmark ruling in the High Court found that it is wrong for the pension incomes of Lloyds’ women employees to increase at a lower rate than men. If Given the Opportunity, What Would You Invest In? When Smith requested a reduction in his hours due to ill health, the company refused and ended his employment. Businesses from pharmaceutical companies to confectionary giants such as Mondelez, owner of Cadbury’s, are stockpiling resources against the eventuality of a cliff-edge Brexit. HSBC is on course for a successful 2018, recording a 28% increase in profits in the third quarter. … As an applicant, you won’t be expected to be an expert but must be prepared to hold your own in a conversation with a panel of partners in an interview. There are also fears that if implemented, the reforms could lead to a long-term lowering of legal standards. 2 adj Commercial organizations and activities are concerned with making money or profits, rather than, for example, with scientific research or providing a public service. If Britain ceases to be an EU member without agreeing a deal with the remaining 27 EU member states, the subsequent loss of this shared framework and the necessity of a new, more complex regulatory environment could lead to a long-term decline in work for City law firms. Biotechnology can be good or bad for animals - and it may also produce an answer to the ethical problems of experimenting on animals. Our company and commercial team is highly experienced in working with startups and scale ups as they progress through the business lifecycle. For our technical specifications for using our services, see our system requirements help section. This has been achieved through cutting the bank’s operational costs and ramping up investment in Asian businesses, which accounted for 75% of the bank’s overall profits. Commercial Vehicle Group had a negative return on equity of 7.44% and a negative net margin of 5.85%. Although Barclays itself is in the clear, four former executives are still facing charges. • Ensuring the introduction of clinically and cost-effective treatments are affordable for the NHS now and in the future. The Law Society, a constant opponent of the SRA (the antipathy is mutual), has criticised the plans in the belief that multiple solicitor brands will make consumers feel misled and lose confidence in the system. The planned merger of two of the UK’s biggest has prompted concerns about competition, though, and the Competition and Markets Authority is looking into whether the deal would negatively impact consumer choice and service before it goes through. The acquisition adds EMI’s rights to 2.1 million songs to Sony’s 2.3 million, making Sony the world’s largest music publisher with a catalogue of over four million songs recorded from the 1950s to the present. However, the benefits of slashing food standards, workplace rights, environmental protections and data privacy laws seem questionable for all but the wealthiest Leave voters. RBS fine puts bank in the clear to go private again. by Editor | Feb 24, 2021 | Commercial Issues, National Issues. Chief executive Laurent Abadie explained that if the UK cuts its corporate tax rates to attract business post-Brexit, it could be viewed as a tax haven under Japanese law. Supporters celebrate the convenience it brings to consumers and the flexibility it provides to people who do not want to be tied down by full-time employment and a set number of hours, but critics point out that gig economy workers are often paid below the minimum wage and live in precarious conditions without the freedom of being truly self-employed, or a safety net should they become ill. Facebook was also found to have broken the law in the UK by failing to safeguard user data and not telling tens of millions of people how Cambridge Analytica harvested their data for use in political campaigns. Commercial awareness is a vital skill that all law firms want to see in their training contract candidates. Brexit. Commercial awareness is a key requirement if you want a job in law; it's important that you can speak confidently about the commercial and legal trends affecting law firms, their clients and the legal and business world in general. Meanwhile, several multinational companies have announced plans to cut UK jobs and move them elsewhere in the European Union, including Jaguar Land Rover (JLR), which is owned by Indian conglomerate, Tata. My own personal feedback is an illustration of why you need to know about world commerce issues, if only to convey your enthusiasm for commercial matters to your interviewers. Be sure to catch up on these key stories from the last year in the banking sector. The year’s most famous UK litigation concerning the gig economy was the case brought against Pimlico Plumbers by plumber Gary Smith. However, the Reimann family’s new business has its work cut out to rehabilitate the Pret A Manger brand after the tragic death of a customer, who suffered an allergic reaction to a baguette that she was unaware contained sesame seeds because of the company’s lax approach to food labelling. Commercial Vehicle Group (NASDAQ:CVGI) issued its quarterly earnings data on Wednesday. COMMERCIAL ISSUES 1. It follows an incident in 2020 when a valve got stuck open and was venting hazardous vapour. In recent years, several court cases have exposed how businesses in the gig economy can effectively control workers without taking full responsibility for their wages and working conditions. In other words, commercial awareness is an understanding of what your company needs to do to be profitable, be successful, and serve its customers well. GMB said: “The drivers were required to attend scheduled shifts that were controlled by Amazon, meaning they did not have the flexibility that is integral to being self-employed. This book considers key issues at the intersection of commercial law and private international law. In June GMB, the union which represents professional drivers, announced that it is taking legal action on behalf of members working for three delivery firms used by Amazon, arguing that the companies wrongly classed them as self-employed. Barclays’ profits were hit by a $2 billion fine for mortgage misselling in the US, but the bank’s year could have been far worse. The so-called ‘gig economy’ has been at the forefront of political controversy and litigation this year. Commission issues alert to charities engaged in commercial activities Regulatory alert issued today on commercial partnerships and agreements with charities and … Phase 2b will extend the route to Manchester, Leeds and beyond. CATCH Commercial Partners provides strategic commercial advisory services which gives you clarity on commercial issues. Smith took his case to court to seek worker status, which would grant him the right to sick pay and holiday, and an employment tribunal, the Court of Appeal and eventually the Supreme Court sided with him against Pimlico. The Commercial Question is a weekly article written by a leading firm designed to get you thinking about commercial issues. It involves issues that arise in the course of running a business at any stage of the commercial cycle.Such disputes are brought before courts for legal restitution when other methods of resolution, such as arbitration or mediation, have failed to provide a solution acceptable to all interested parties. Royal Bank of Scotland (RBS) was one of the banks that had to be bailed out by taxpayers during the 2008 crisis and has been majority-owned by the government ever since. The bank is utilising new technology to cuts its workforce and costs. But this year, new research revealed that the legal landscape is changing. They accept that. Commercial managers are the ones who are experts in dealing with issues regarding project management. Commercial activity is an activity intended for exchange in the market with the goal of earning an economic profit. Of course, you do need to keep up-to-date with the news. You are invited to join our colleagues at Interlegal on March 17th for a free Webinar “Subrogation & Recourse in Ukraine & Turkey” for insurers, logistics, trade and forwarding companies. The Solicitors Qualifying Exam – the new assessment that all qualifying solicitors will have to pass – is also part of that trend. Covid-19: The impact of the novel coronavirus outbreak on commercial contracts in 15 jurisdictions. The EU-UK Trade and Cooperation Agreement (TCA) will provide a number of legal challenges and hurdles to Welsh businesses. 3. able or likely to yield a profit. Although the London Stock Exchange is thriving, many companies are busy preparing for the possibility of the United Kingdom walking away from the European Union without a trade deal, which would certainly bring widespread disruption to their production and supply lines. Developing this mindset is a commercial awareness issue in that it requires students to understand the role of lawyers within the wider corporate ecosystem, in … But the British retail tycoon, Mike Ashley, owner of Sports Direct and Newcastle United, swooped in and bought the company for £90 million, promising to turn around its fortunes and make House of Fraser “the Harrods of the high street”. In May, coffee and sandwich chain Pret A Manger was sold to an investment fund owned by the Reimann family, the reclusive clan of German billionaires. Deregulation of the solicitors’ profession. We therefore expect, over the course of the next few months, to be advising our clients on a range of legal issues arising out of the TCA. The City is an attractive hub to overseas companies for both transactions and litigation, for reasons including the wide international use and perceived rigour of English common law, the quality of UK legal services, and a shared legal and regulatory framework with the European Union. Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. Keep up to date with our free weekly newsletter, The Chartered Institute of Legal Executives, long-term decline in work for City law firms, no-deal Brexit would result in a £3 billion loss of growth from the legal sector, despite uncertainty over Brexit, City firms are currently flourishing, warned the prime minister that tens of thousands of jobs are at risk, the Institute for Economic Affairs produced a Brexit plan, sizeable chunk of the country’s small and medium-sized firms, firms are already facing a squeeze on their profits, the introduction of Alternative Business Structures into the legal profession in 2011, thousands of gift cards were not honoured by the new owner, sold its majority share in Virgin Money to CYBG, Sony splurged $2.3 billion to take control of EMI Music Publishing, bosses to promise a 10% cut in the price of popular foods, merger of two of the UK’s biggest has prompted concerns about competition, Pret A Manger was sold to an investment fund owned by the Reimann family, cutting the bank’s operational costs and ramping up investment in Asian businesses, ruled against an attempt by the Serious Fraud Office to put Barclays on trial over the £6 billion rescue package it secured from the state of Qatar, agreement with the US Department of Justice to pay a $4.9 billion fine to end an investigation, women’s sex discrimination case against Lloyds, Deutsche Bank has exceeded the expectations of analysts, gig economy workers are often paid below the minimum wage, court cases have exposed how businesses in the gig economy can effectively control workers without taking full responsibility for their wages and working conditions, legal action on behalf of members working for three delivery firms used by Amazon, Rupert Murdoch’s three-decade reign at Sky TV is to end, improper harvesting of some 87 million Facebook users’ data during its work on elections, Google was fined a record €4.3 billion over its use of its mobile operating system, Android, censored version of its search engine for use in China, the Chinese version of Google would link searches to users’ phone numbers, battle to trademark the design of its shoes, Nestle’s attempts to protect the four-finger shape of its KitKat bar. Thanks to the rise of streaming and a return to a model where teams of writers work together to produce hits, rather than artists writing their own songs, the music business is more lucrative than ever for those who own the rights. The cause for the shift has been attributed to the introduction of Alternative Business Structures into the legal profession in 2011, which increased competition by enabling non-legal businesses (eg, the Co-Op) to provide legal services and own law firms. Law Society President Joe Egan said that the “increase in the country’s capacity to tackle cybercrime and fraud will undoubtedly reassure business and help maintain England and Wales as the global centre for legal services post-Brexit”. Commercial law disputes deal primarily with contract and/or tort laws. The European Research Group (ERG), which is made up of MPs on the right of the Conservative Party and chaired by the publicity-hungry backbencher, Jacob Rees-Mogg, has produced papers on the economy as well the crucial Irish border issue arguing that a no-deal Brexit would not damage the country. Indemnification Provision. The Supreme Court’s decision is a landmark ruling that has the potential to impact the rights of many workers currently classified as independent contractors across the UK, including the huge workforces relied on by Uber and Deliveroo. The Pimlico Plumbers case: self-employed or worker? Both Southwark Crown Court and the High Court have refused ruled against an attempt by the Serious Fraud Office to put Barclays on trial over the £6 billion rescue package it secured from the state of Qatar in 2008, which saved it from having to be bailed by the government during the financial crisis. It is currently developing a censored version of its search engine for use in China, which the repressive Chinese government will allow because it blacklists search terms and websites about human rights, democracy, religion and peaceful protest. “I understand the emotion around the story but it is very difficult to think about disengaging from Saudi Arabia, given its importance to global energy markets,” he said. Commercial awareness is as much about being switched on to the issues that affect law firms’ businesses as it is about understanding those firms’ clients. In September, the car maker’s chief executive, Ralf Speth, warned the prime minister that tens of thousands of jobs are at risk and that he cannot be sure that his company’s UK manufacturing plants will continue to operate after Brexit. The £3 billion deal aims to put Sainsbury’s in a stronger position to compete with the budget offerings of Lidl and Aldi that are taking up an ever-greater share of the market, with the added scale of the combined businesses allowing bosses to promise a 10% cut in the price of popular foods. A strong candidate will be able to see the change in the dominant structure used by law firms as part of a wider pattern of liberalisation of the legal services market that includes deregulatory reform, as well as recent changes that make qualifying as a solicitor more flexible, such as the apprenticeship and paralegal/equivalent means routes. These same firms are already facing a squeeze on their profits. Browse by year, then scroll down to view that years issues. In construction there will be numerous contractual and commercial issues to be resolved between the parties intending to contract prior to signing of the contract coupled with pressure to commence the works as soon as possible due to tight time constraints. What impact will Brexit have on law firms? Despite a plunge in profits during the third quarter of 2018, Deutsche Bank has exceeded the expectations of analysts and bosses are confident that the bank is on track to become profitable for the first time in four years. And at some stations, the ads make up nearly 25% of programming time. 12 th March 2020 . Some 44% of all law firms are now operating as incorporated companies, while only a small minority now use the traditional partnership structure (17%). The majority of lawyers apparently voted Remain in the 2016 referendum – and commercial law firms’ businesses arguably benefited from EU membership. If there is an award for the highest increase in brand awareness of a tech-based firm among the public in the space of a year, it should probably go to (now defunct) Cambridge Analytica. And blogs are a great way of staying informed about these trends. In August, the Law Society predicted that a no-deal Brexit would result in a £3 billion loss of growth from the legal sector. Fiona Hodgson, CEO of SNIPEF and Chair of the Forum’s Commercial sub-group, said: “Since March, the CICV Forum has helped countless professionals across Scotland and beyond with a wealth … Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. Soon afterwards, JLR moved 2,000 staff at its Castle Bromwich plant in the West Midlands to a three-day week. Free Webinar: Subrogation & Recourse in Ukraine & Turkey. But it’s becoming a crisis. HSBC boosts profits through cost cutting and investing in Asia. In this situation, the couriers were treated like employees in terms of their working hours and the GMB union contends they should be treated as employees in terms of their rights too.” The case has yet to go to trial. Commercial issues that could be dealt with are things such as matters of incorporation, defense against lawsuits, copyright infringement, malpractice, and very many more issues. The firm has been accused of breaking the law in a number of jurisdictions, due to the improper harvesting of some 87 million Facebook users’ data during its work on elections and other campaigns, including for the Leave side of the referendum on the UK’s EU membership. The biggest UK media story of the year has to be the news that Rupert Murdoch’s three-decade reign at Sky TV is to end following a long bidding war for full control over the broadcaster between his company, 21st Century Fox, and US media firm Comcast. Barclays avoids trial over actions during the financial crisis. Transgenic animals raise a particularly difficult problem. However, although the business was saved, creditors were left with significant losses and customers were also left out of pocket when thousands of gift cards were not honoured by the new owner. Yahoo fait partie de Verizon Media. The law firm as a business. 1. of, pertaining to, or characteristic of commerce. Let’s take a look at some of the most relevant topics of the year. 4. suitable for a wide popular market: commercial uses for satellites. All law firms want their trainee solicitors to be commercially aware and informed. We connect and engage your business eco system and find the most efficient pathway to deliver your outcomes. Britain voted to leave the European Union by a narrow 2% majority in 2017, but with the final withdrawal date of 29 March 2019 only months away, there is still bitter division in the government and among the other political parties over what the terms of Brexit should be, what kind of future the United Kingdom should pursue after it has left, and even whether the decision should be reversed. With the fourth quarter of 2018 well underway, let’s look at some stories that have made headlines in various practice areas over the year so far and consider how and where they fit together. Speth said that a disorderly Brexit would disrupt the company’s production lines, which rely on the ‘just-in-time’ arrival of car parts made in various EU countries, and hamper access to the single market. If you are set on joining a City or national firm, the chances are high that M&A will be one of its important work areas. The bank’s chief executive, John Flint, pulled out of attending an investment conference in Riyad – billed as “Davos in the desert” – after Khashoggi’s death, but played down any further action. Demand for legal services has increased as companies seek advice on bringing themselves into line with increasingly complex legislation. To view our frequently asked questions, click on a link in the list below. The model enables businesses such as Uber and Deliveroo to rely on a workforce of technically self-employed and temporary workers, but it remains controversial. First Crocs, maker of the eponymous plastic clogs, lost its battle to trademark the design of its shoes – neither the EU’s IP office nor the European Court of Justice were moved by the company’s arguments. Not even the death of journalist Jamal Khashoggi at a Saudi consulate in October – widely believed to be a murder committed by Saudi intelligence agents – looks set to disturb HSBC’s investment in the Middle East and Asia. The authors include judges, academics and practising lawyers, from Australia, New Zealand, Singapore and the United Kingdom. This means that you need to know what's going on in the business world. The ads have been horrible for awhile now. The venerable but ailing giant of British retailing, House of Fraser, finally went bust in August with debts of close to £900 million. Whether the boom will continue in the long term, after regulations become more settled, remains to be seen. The Indemnification Provision is meant to detail what responsibility you … Banks make up some of the most important clients of many leading commercial law firms. Globalisation means that courts need to apply principles of private international law with increasing frequency. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. • Ensuring that any commercial arrangements are transactable within the To undercut the European Union on free trade, Britain would aggressively lower workers’ pay and job security, as well as taxes and public spending. Commercial management is explained as the recognition and growth of trading chances as well as the supervision of projects and contracts, from beginning to conclusion in a profitable way. Lloyds loses sex discrimination pensions case. Commercial awareness is the ability to understand what makes a business or organisation successful, through either buying or selling products or supplying services to a market. these three central issues: • Ensuring treatments are clinically and cost-effective and represent a good use of NHS resources. Deutsche on track for first profitable year since 2014. NASDAQ:CVGI opened at $10.51 on Friday. For those planning to apply for a vacation scheme or trainee vacancy, becoming commercially aware involves learning about how firms and their clients work as businesses, as well as how they are impacted by what is happening in the wider world. With it, you know your organization's core values, biggest competitors, key stakeholders, and current business challenges. What impact will Brexit have on law firms? Introduction High Speed Two (HS2) is the Government’s proposal for a new, high speed north-south railway. To help cement the country’s reputation as the jurisdiction of choice for international legal services and dispute resolution, the Law Society has released plans for a new, state of the art commercial court in London. Pret’s staff benefited from the merger, with every employee receiving a £1,000 bonus when the deal was completed. It’s Time To Fix Radio’s Commercial Problems: And Here’s How. About Commercial Issues in Private International Law As people, business, and information cross borders, so too do legal disputes. That concludes our recap of 2018’s big commercial news. The Lawyer.com brings you the latest international and UK legal news, including breaking stories on deals, lateral hires, panel appointments, disputes and law firm and the Bar developments. In fact, said the ERG, within 15 years of Brexit, the United Kingdom would be a trillion pounds richer than if it stayed an EU member. However, those gloomy predictions have not yet become reality and despite uncertainty over Brexit, City firms are currently flourishing. The new webinars follow four successful Forum online events in May and June, during which experts gave advice on health and safety, cashflow, contract issues and a range of employment matters. Making partner: not as important as it used to be? Google would also appear to be less cuddly and benign than the image of itself that it likes to present to consumers. The proposal is being taken forward in phases: Phase One will connect London with Birmingham and the West Midlands. Josh Richman is the senior editor of LawCareers.Net. This question will likely be presented in a more … However, even such a large fine would do little to dent the company’s cash reserves. Commercial Question Law firms want their lawyers to have commercial awareness so they can relate to the needs of their clients. It is joined by a sizeable chunk of the country’s small and medium-sized firms in lobbying the Legal Services Board (the super-regulator that oversees the activities of the SRA and Bar Standards Board), to reject the proposals on the grounds that they will make it more difficult for smaller, regulated firms to compete with unregulated solicitors. Understanding Commercial . Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée. In the entertainment industry, Japanese corporate giant Sony splurged $2.3 billion to take control of EMI Music Publishing in May. The European Court of Justice gave similarly short shrift to Nestle’s attempts to protect the four-finger shape of its KitKat bar, ruling that the snack is not distinctive enough in appearance to trademark. As well as the above relating to part-time work, below are some examples of how you may already have gained business and commercial awareness at the University of Bradford and in your personal life. Former chief executive John Varley, as well as Roger Jenkins, who ran the investment banking arm, Thomas Kalaris, former head of Barclays’ wealth division, and former European head of financial institutions Richard Boath are expected to face trial in January. Commercial paper is a commonly used type of unsecured, short-term debt instrument issued by corporations, typically used for the financing of …