Out but not down

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13 July 2016


Saunderson House200Suddenly the world, or at least the United Kingdom, feels like a different place. The ‘out’ verdict in the referendum has cost David Cameron his job and, while yesterday’s developments mean that Theresa May should be appointed prime minister imminently, uncertainty with regard to the timing of the UK’s exit from the EU and the shape of any trade deal with Europe that is put in its place, could well persist for many months.

Along with change at the top of the Conservative party, the referendum result looks likely to precipitate a change at the head of the Labour party with Jeremy Corbyn facing a leadership challenge.

Like the political backdrop, the economic outlook is now also much less certain. Despite this, stock markets have been fairly resilient.

We have taken the opportunity to reduce allocations to equities to ensure portfolios reflect the changed outlook.

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Joint (ad)ventures in the legal sector

Nigel Wallis lo res

We all know that nothing in life is certain. As the actor, director and philosopher Clint Eastwood once said: “If you want a guarantee, buy a toaster.” He also said he’d tried being reasonable and didn’t like it. They should teach this kind of philosophy in law school. One thing in life is reasonably certain though. If you’re a law firm worth your salt, at some point you will be approached by another entity (most probably a work introducer) with a whizzy idea to ‘partner’ with you to ‘help you accelerate your growth’. In commercial speak this means, ‘we’d like to keep feeding you work but we’d also like to share in your profits’. The arrangement may be pitched to you as a joint venture – a win-win no less.

March 27th, 2017