ICFM Issue 161/19 by WideWorldMedia

ISSUE: 161/19

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In this issue: News, Reviews & Business Views Motoring: Mini Electric Gadgets & Gizmos Travel: Columbia

Driving digital transformation in the finance sector KEEPING USERS AS THE FOCAL POINT OF CHANGE PROGRAMMES LEADS TO SUCCESS

In Conversation: Akber Datoo Founder and managing director, D2 Legal Technology

D A L L A

V E R I T Ă&#x20AC; S I N C E

A team of experienced professionals provides services to international Groups and high-networth individuals (HNWI). The team combines a wellestablished expertise with a thorough knowledge of corporate law and international taxation.

Tel:Â IT: +39 051 269900 UK: +44 (0)207 535 1070 info@dallaverita.it

P A R T N E R S

1 9 8 8

COMPLEXITY MADE SIMPLE

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Contents In this issue... NEWS 4 IN CONVERSATION: Akber Datoo, founder and managing director, D2 Legal Technology

BUSINESS FEATURES Driving digital transformation in finance sector

Sky is the limit

Out in the open

62 Welcome... Social awareness of environmental issues is rising, and it is having a noticeable impact on the way businesses are operating. This is particularly true when it comes to minimising their carbon footprint. And importantly, reducing a company’s carbon footprint does not just have a positive impact on the environment – it can also deliver huge energy savings by helping to identify ways to reducSe costs and consumption, and ultimately improve their operational efficiency. As someone who works closely with startups and scaling companies, Nic Redfern of KnowYourMoney has seen first-hand the benefits of having a clear carbon footprint strategy in place. Here he discusses how businesses can reduce their operational costs by effectively managing their carbon footprint. Procurement fraud has become a widespread thorn in the side across business, instigating both financial and reputational consequences. That being said, it is by no means unbeatable and with the right approach, organisations can take action to curb it before it even begins. Lauren Colombant explores the four key steps that companies must take to beat procurement fraud. Finally, with all of the hype around Facebook introducing its own cryptocurrency Libra, Simon Rodway of Entersekt examines what this really means for the banking system and what impact it would have on the traditional banking system. Looks like Facebook is determined to continue to break new grounds, scale new heights. Can it capture our imagination once again? Watch this space.

Isaac Hamza - Editor

Intercontinental Finance & Law • 161/19

Reaching out

Change of attitude

Leaving their mark on the environment

All for one

Start of new relationship

Great investment

New coin on the market

The knockout punch

100 LEADING LAW FIRMS

TOP 50 GLOBAL LAW EXPERTS 2019

LIFESTYLE City – Columbia

Hotel – Hyatt Place Columbia

Adventure – South Carolina

Gadgets & Gizmos

Motoring – Mini Electric

Profile – Chris Ducker

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GLOBAL NEWS

Intercontinental News IRELAND

INDIA

Irish exports to UK increase by four per cent despite Brexit backdrop uncertainty

India to reconsider single citizenship policy as ‘Global Indians’ continue to dominate international business

Enterprise Ireland, Ireland’s trade and innovation agency, announced that its Irish client base increased exports to the UK by four per cent to Deirdre McPartlin, e7.9billion in 2018. manager, Enterprise With increased business Ireland UK to the UK, Irish companies continue to contribute significantly to the economic success of the UK, with Enterprise Ireland clients employing over 100,000 people in the UK. Deirdre McPartlin, manager, Enterprise Ireland UK, said: “Irish companies are proven to be dynamic partners to their UK counterparts and in a post-Brexit era, Ireland wants the closest possible trading relationship with the UK as this benefits business on both sides of the Irish sea. “Irish companies’ commitment to the UK market and maintaining the strongest trading relationship with the UK, is very much reflected in our clients export results and the opportunities that we see in the market. “Despite the backdrop of Brexit uncertainty, we are pleased to see that exports to the UK, our number one trading partner have remained steady and have increased by four per cent.” According to McPartlin, the growth was particularly strong across a number of key sectors for Irish exporters including construction and cleantech infrastructure, fintech, digital, aerospace and life sciences. “We are also seeing strong growth in the Northern Powerhouse region, and this year Enterprise Ireland opened a second office in the UK, based in Manchester to support growth opportunities in this region.” Globally, Enterprise Ireland announced that the agency’s clients recorded export sales of E23.8billion in 2018, representing a six per cent increase on 2017. The Irish construction sector recorded the fastest growth up 22 per cent on 2017 to €1.97billion. Ireland’s fintech sector exports grew by 17 per cent to E829million, while Engineering grew by nine per cent to €E1.6billion and digital technologies exports grew by six per cent to E2.2 billion. Enterprise Ireland is the Irish Government’s trade and innovation agency. As one of the world’s largest seed capital investors and with offices worldwide, it helps develop a pipeline of cutting-edge Irish companies and provides international partners with a gateway to Irish innovation.

Draft legislation currently before the Indian parliament to allow dual citizenship has been widely applauded by the largest diaspora in the world. Opposition MP Shashi Tharoor introduced the bill a few weeks ago to amend the Indian Constitution, which currently requires that Indian nationals give up their passports once they have obtained citizenship of another country. The concept of ‘global Indians’ has grown through the phenomenal success of the Indian diaspora across international business, media, and cultural communities. Tharoor argues that many Indians have migrated abroad for new opportunities - seeking access to a higher quality of life, better education, high-paying jobs in multilateral organisations, or merely for mobility and travel freedom - and taking a foreign passport for convenience does not make them any less Indian. According to the UN World Migration Report 2018, over 15.6 million Indians are living in other countries, making it the largest mass dispersion of a population globally. According to Dominic Volek, head of Southeast Asia at investment migration firm Henley & Partners, there has been a noteworthy spike in interest recently among high-net-worth Indian nationals regarding residence-by-investment options. He said: “We have seen a significant increase year on year of Indian citizens looking to manage their global mobility challenges and invest in residencebased programmes. “Amending the constitution to allow dual citizenship would allow Indians to take advantage of belonging to multiple jurisdictions, providing them with greater freedom, opportunity, and ease of international travel.

Shashi Tharoor, India politician and former international civil servant

“Moreover, holding two passports makes it easier to retain community ties within a country of origin while also being an active civic participant in a new home country.” According to the 2019 Wealth-X report, India is one of the top 10 fastest-growing high-net-worth countries, alongside other Asian countries like Bangladesh, China, the Philippines, and Vietnam. Statistics show that there has been significant interest from Indian clients, centred on Greek, Maltese, and Portuguese residence programmes in Europe, where minimum investments start at €250,000, € 330,000, and €250,000, respectively. Outside the EU and Europe’s Schengen Area, the Thailand Elite Residence Program, the UK Investor Immigration Programme, the US EB-5 Immigrant Investor Program, and various investor visas in Australia including the Significant Investor Visa (SIV) stream, are also very popular options.

UNITED STATES

Biometric market growth set to skyrocket The global biometrics market’s growth is set to reach $11.1billion by 2023, with changing consumer demands and the emergence of the Internet of Things fuelling this rapid growth, according to new research by Frost & Sullivan. The firm says that the market is currently valued at $4.6billion, meaning a staggering annual growth rate of 19.3 per cent. Biometric technology is quickly becoming more mainstream across numerous sectors; ranging from BFSI, retail and healthcare, to government, policing and security. The driving factors behind this remarkable growth can be attributed to the improved security and ‘ease-ofuse’ biometric solutions provide.

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Great business is built through trust, transparency and reciprocity Intercorp Group is a privately owned highlevel consulting firm, which provides tax, estate planning and fiduciary structure solutions to high-net-worth families. Intercorp Group functions as an accessible interface, streamlining intelligence from an elite global network of professionals and specialists and ultimately bestowing on clients both the knowledge, confidence and solutions to handle their matters in the best possible way. Intercorp Group provides advice with responsibility, liability and execution. It functions as an accessible interface, streamlining intelligence from an elite global network of professionals and specialists; ultimately bestowing on clients knowledge, confidence and solutions to handle their matters in the best possible way.

LONDON OFFICE 50 Sloane Avenue, London SW3 3DD +44 (0) 203 954 0547

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Intercorp Group was established under the supervision of Leonardo Braune with the objective of becoming one of the few truly international tax consulting boutiques. Braune is a respected and highly experienced consultant in the areas of international tax, real estate planning, wealth preservation, fiduciary advice, implementation and management of international structures and projects. With a vast experience in tax, an extremely diversified client base and a very strong global network of top specialists in many different business related areas, Braune has led a large number of successful projects in several industries including oil and gas, telecommunications, real estate, international services, investment funds and asset management.

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GLOBAL NEWS

Intercontinental News SPAIN

Spain, US sign new double taxation treaty The Spain-US Chamber of Commerce signed a new Double Taxation Treaty (DTT) replacing the existing Spain–US treaty (which entered into force in 1990). The new protocols will mean less confusion, more certainty and often fewer taxes for investors between Spain and the US, thus facilitating bilateral foreign direct investment. Most notably, the new agreement reduces taxes at source on dividends, interest and profits and allows for the tax-free transfer of pension plans. The key changes contained in the official text include reduction or elimination of withholding tax on dividends i.e. dividend distribution withholding tax is reduced to five per cent between associated companies (10 per cent participation, previously 25 per cent), when they derive from non-qualifying participation. Dividend withholding tax is eliminated for parent companies who own 80 per cent or more of the shares with voting rights in the paying entity for a 12-month period.

Other changes include elimination of withholding tax on interest and royalty payments, elimination of taxation on capital gains, and permanent establishment. Elimination of withholding tax on interest and royalty payments would mean no withholding tax will apply to interest and royalty payments made by companies of one state to residents in the other state, provided that the recipient is the beneficial owner. Previously, interest payments made to US entities were subject to a 10 per cent withholding. The new treaty also eliminates the taxation on the capital gains at the source of shares. However, one exception applies to shares of holding companies of real estate assets which will continue to be subject to capital gains tax at the source. In addition, the minimum threshold for a building site or construction or installation project to constitute a permanent establishment is extended from six to 12 months.

JAPAN

Home accessories market in Japan to reach $12.20B by 2025 at 3.4% CAGR The Japan home accessories market generated $9.42billion in 2017 and is estimated to garner $12.20billion by 2025, growing at a CAGR of 3.4 per cent from 2018 to 2025, according to a new report from Allied Market Research. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size and estimations, and competitive scenario. Surge in the urbanisation along with growth in infrastructure investment in residential sector are the two major factors that drive the growth of the Japan home accessories market. Furthermore, rise in disposable income supplements the market growth. On the other hand, availability of counterfeit brands hampers the Japan home accessories market growth. However, increase in e-commerce sales and technological advancements provide lucrative opportunities in the Japan home accessories market forecast. On the basis of the products, the segment is divided into PC, camera, video camera, video games, recorder, and other home accessories. The video games segment accounted for nearly one-third of the total market share in 2017 and is expected to maintain its dominance by 2025. This is due to the engagement of young people towards video games, easy availability of the video games on different devices such as personal computers, tablets, and laptops.

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In addition, decreasing cost of video game hardware coupled with easy availability of games is expected to fuel the video game market demand. However, the other home accessories segment is estimated to project the fastest CAGR of 6.7 per cent from 2018 to 2025, owing to the increase in consumer readiness to invest on trending technologies and rise in usage of smart devices among the younger generation. Leading market players analysed in the research include Olympus, HewlettPackard, Panasonic, Dell, Lenovo, Sharp, Sony, Samsung, Canon (Sony), and Nikon. They have adopted different strategies such as mergers and acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the industry.

Appointments BJÖRN ROSENGREN Björn Rosengren has been appointed CEO of technology giant ABB. He will join ABB on 1 February 2020 and succeed CEO Peter Voser in this role on 1 March 2020. At that time Peter Voser will revert to his position at ABB solely as chairman of the board. Rosengren (60), a Swedish citizen, has been the CEO of Sandvik, a hightech global engineering group, since 2015. During this time, he has overseen the successful implementation of a decentralised structure and improved both the profitability and financial strength of Sandvik. Prior to that, he was CEO of Wärtsilä Corporation, which manufactures and services power sources and other equipment for the marine and energy markets (20112015) and spent 13 years (1998-2011) in a variety of management roles at Atlas Copco, a world leading provider of sustainable productivity solutions.

RISHAD PREMJI Rishad Premji will take over as the executive chairman of global information technology firm Wipro. Premji was until recently the chief strategy officer, responsible for shaping Wipro's strategy to drive sustained and profitable growth. He was also responsible for investor relations and all government relations activities for the company. As the chief strategy officer, he led Wipro’s M&A Strategy and conceptualised Wipro Ventures – a $100million fund to invest in startups developing technologies and solutions that will complement Wipro's businesses with next-generation services and products. Prior to joining Wipro Limited in 2007, he was with Bain & Company in London, working on assignments across consumer products, automobiles, telecom and insurance industries. He also worked with GE Capital in the US in the insurance and consumer lending space and is a graduate of GE's Financial Management Program (FMP). He has an MBA from Harvard Business School and a BA in Economics from Wesleyan University in the US. In 2014, he was recognised as a Young Global Leader by the World Economic Forum for his outstanding leadership, professional accomplishments, and commitment to society.

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GLOBAL NEWS

Intercontinental News UNITED KINGDOM

BRITAIN DOMINATING £9B ANNUAL EUROPEAN PEER-TOPEER LENDING MARKET

Lending records were broken last year as Europe’s peer-to-peer industry hit a milestone of £9billion (€10.06billion) lent with two thirds (67 per cent) of this funding coming through UK platforms. The ‘big four’ UK platforms - Funding Circle, MarketInvoice, Ratesetter and Zopa - helping to push the UK market to a domestic lending volume record of €6.74billion (£6.05billion). Rapid growth in the industry, however, is starting to shift its ability to sustain growth rates that have been huge when compared with the growth of other new asset classes. The figures, revealed in AltFi’s inaugural Peer-To-Peer Lending State of the Market Report, show that the UK record was broken while growth in gross lending slowed to just 22 per cent - the lowest growth rate in the last 12 years. Daniel Lanyon, editor of AltFi, said: “P2P lending is still in high growth mode across Europe but a restructuring of the industry is very much apparent. “Investors - both retail and institutional - still seem keen to put cash to work in the sector but a note of caution among major platforms is starting to feel more pronounced.” “Lenders need to double down on quality while still looking to grow their lending activities in order to attract more institutional investors, banks and asset managers”. The decline is from a mixture of reasons, including competitive pressure on headline rates for some types of lending, platforms’ margin requirements and rising loan losses which have jumped from 90 basis points in 2016 to 290 basis points today. Despite the UK’s cooling appetite, lending in continental Europe still grew aggressively at 47.49 per cent in 2018 to €3.32billion – down from the 90.2 per cent near-doubling of the industry that happened in 2017 – but is still on track to hit €4.9billion in 2019. AltFi’s report also flags a struggling class of smaller European lending platforms, both struggling to scale lending volumes and, in some cases, struggling to continue operation.

UNITED STATES

Salesforce completes $15.7B acquisition of Tableau around the world to tap Global CRM firm Salesforce into data across their entire acquired Tableau Software, an business and surface deeper interactive data visualisation insights to make smarter software company. decisions, drive intelligent, Marc Benioff, chairman and connected customer co-CEO, Salesforce, said: experiences and accelerate “Tableau is an extraordinary innovation. company, with an amazing Companies of every size product and team and and industry are transforming an incredibly passionate how they do business in the community. Together we can Adam Selipsky, President and digital age  customers and transform the way people CEO, Tableau Software data are at the heart of those understand not only their transformations. This creates an incredible customers, but their whole world, delivering opportunity for Salesforce and Tableau, powerful AI-driven insights across all types as IDC projects worldwide spending on of data and use cases for people of every technologies and services that will enable skill level." digital transformation to reach $1.8trillion Adam Selipsky, president and CEO, in 2022. 1 Tableau, said: “As part of Salesforce we will With Customer 360, Salesforce already deliver more value to customers faster with provides organizations with a complete, a broader and deeper analytics platform, intelligent view of their customers across fuelled by Salesforce’s customer intelligence every touchpoint. It pioneered AI for CRM platform. We are thrilled to embark on with Salesforce Einstein, and today delivers a journey with Salesforce that will, AI-powered analytics for sales, service, undoubtedly, transform organisations around marketing, commerce and more. Tableau the world by putting data at the centre of the pioneered self-service analytics with an digital revolution.” intuitive analytics platform that empowers With Tableau, Salesforce expects to be people of any skill level to work with data for positioned to play a greater role in driving any use case. digital transformation, enabling companies HONG KONG

BHSI enhances executive first D&O liability insurance in Asia Berkshire Hathaway Specialty Insurance Company (BHSI) has enhanced its Asia Executive First Directors & Officers (D&O) Liability Insurance to include a market-leading provision that reinstates policy limits exhausted by the entity or by individual insureds. Patrick Ko, head of executive and professional lines, BHSI, Hong Kong, said: “Corporate regulatory investigations have become more targeted and aggressive. As enforcement agencies sharpen their focus, we can expect to continue to see deeper and more costly investigations, often involving multiple individuals. “Our automatic reinstatement of limits provision gives insureds confidence that coverage will be there when they need it.” BHSI’s Asia Executive First D&O Liability policy, which provides clear, simplyworded coverage for large commercial organisations and their directors and

officers, now includes an automatic reinstatement provision that applies across the board to all of the policy’s insuring clauses, replenishing limits which have been exhausted by the payment of Side A (D&O indemnification), Side B (company reimbursement) or Side C (entity securities claims) losses for future claims. Emily Poh, head of executive and professional lines, BHSI, Singapore, said: “In Asia, there is a heightened focus on ensuring that directors and officers are held personally accountable for their actions. This is prompting companies and board members to examine their D&O coverage and carriers more closely.” Incorporated in Nebraska, US, BHSI provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programmes, accident and health, medical stop loss, and homeowners insurance.

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LAWYERS

A F S C H R I F T

BRUSSELS • ANTWERP • GENEVA • FRIBOURG LUXEMBOURG • TEL AVIV • HONG KONG • MADRID

The Afschrift Law Firm is more than just an association of tax lawyers. All our members share the same vision of our profession and support the same commitment to advise and defend taxpayers, be they individuals or businesses, both in Belgium and abroad.

T: +32 2 646 4636 www.afschrift.com Avenue Louise, 208 1050 Brussels, Belgium

Created in 1994 by Thierry Afschrift, this law firm brings together lawyers with extensive knowledge in every field of tax law in the widest sense of the term. All our lawyers share the same values values. They fully understand the importance of adopting a global vision in every situation, in response to queries from our clients on the management of their professional businesses or their private assets. They also know that the success of their interventions depends upon speed, efficiency and confidentiality. Aware of the increasing internationalisation of our clients’ private and professional activities and of the complex nature of their taxation matters, we have opened offices at Antwerp, Madrid, Geneva, Luxembourg, Tel Aviv and Hong Kong. Clients who would like face-toface meetings with our lawyers, may make appointments in any of these offices.

Established in 1998 with “Reason” and “Compassion” as the firm’s professional mottos. Created a Greater China Region legal service team through working with attorneys in Shanghai in July 2001 and attorneys in Beijing in July 2010. Comprised of over 40 professionals, the firm fields a legal services team and an intellectual property rights consulting group. Established as a renowned full-service boutique law firm in Taiwan.

www.leetsai.com

Taipei / Head Office

9F, 218 Tun Hwa S. Road, Sec. 2 Taipei 106, Taiwan, R.O.C.

Tel: 886.2.2378.5780

Fax: 886.2.2378.5781

Email: lawtec@leetsai.com

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GLOBAL NEWS

Intercontinental News UNITED KINGDOM

No gender balance in senior roles FTSE 350 finance sector For the fourth year running, the definitive Women Count report has found that there has been no progress on gender diversity in senior roles in the FTSE 350. Funded by UK’s gender diversity business The Pipeline, this research tracks the number of women in executive positions and on executive committees. The report found that only 3.7 per cent of FTSE350 companies have female CEOs - and this is down from 4.6 per cent two years ago; more than 85 per cent of companies have no women executives on their main boards; only nine per cent of executive directors on main boards are women, unchanged since 2017; a mere 17 per cent of FTSE350 executive committee members are women, a tiny increase of just 0.8 per cent since last year; and that one in five companies have no female members of their executive committees at all The report predicts that at the current rate of progress it will take until about 2090 before executive committees achieve gender balance. Lorna Fitzsimons, co-founder, Pipeline,

said: “Over the last four years ‘Women Count’ has proven that the FTSE 350 is not a meritocracy. When over 90 per cent of men hold all the major positions from CEO, executive director and P&L roles there is something seriously wrong. The top listed companies are systemically failing to utilise their equally if not more talented female colleagues.” Chair of Chatham House, former chairman of Goldman Sachs Asset Management, and coiner of the term BRIC that identified Brazil, Russia, India and China as the next wave of developing economies, Lord Jim O’Neil, said: “Today, we are in a ‘productivity recession’ with three successive quarters of negative growth. If we continue to exclude half the population from decision-making roles in our leading companies it’s hard to see how we dig ourselves out of this very big hole.” “Women Count 2019 shows that the proportion of women on Boards and Executive teams is a good indicator for profitability. Taking this into account when investment decisions are made is now long overdue,” he added.

NORWAY

Ageing populations stagnating economies People are living much longer and, as a result, populations are aging. During the last 20 years we have also experienced a significant slowdown in economic growth amongst the world’s most advanced economies. These two phenomena are directedly connected, new research from BI Norwegian Business School and Stern School of Business reveals. Professors Espen Henriksen and Thomas F. Cooley found that changing demographics, in particular ageing populations combined with increases in life expectancy, have contributed to falling interest rates and lower output growth across the world’s most advanced economies. The research, published in the Journal of Monetary Economics, compares the downward shift in economic growth in Japan from the early 1990s and the US from 2007 following financial crises. Despite fiscal and monetary stimulus, growth rates in the US and Japan have been below those of previous recoveries from recessions, and this correlates directly with their ageing populations. During the last 50 years, life expectancy has increased by more

Intercontinental Finance & Law • 161/19

than 10 years in most advanced economies. “Changes in life expectancy impact not only individuals’ savings decisions but also labor-supply decisions,” said Henriksen. “The deeply puzzling issue is why effective retirement age has hardly changed despite the gains to life expectancy. Almost all gains to longevity has meant more time spent in retirement. The mechanism behind falling interest rates and headwinds to economic growth is closely linked to these retirement choices.” “Over the next two decades, demographic trends will generate significant further headwinds to economic growth. Most likely, life expectancy will continue to increase and the median age of the population is increasing throughout the developed world. “Unless voters support changing retirement systems and individuals are choosing to work longer, governments will, in addition, need to finance larger expenditures with a shrinking tax base” added Henriksen. Understanding the impact of aging populations on global markets, through low interest rates and sluggish economic growth, is crucial for policy makers, business leaders and investors.

BRIEFS EUROPEAN INVESTMENT BANK FEE EARNINGS FALL TO LOWEST FIRST HALFYEAR LEVEL SINCE 2016 European investment banking fee earnings have fallen to their lowest first half-year level since 2016 according to analysis by Refinitiv. During the first six months of 2019 (H1 2019), European banks earned a combined $13.3billion worth of investment banking fees – down 14 per cent from this time last year (H1 2018). In the first six months of 2016, European banks, in comparison, earned $12.4billion in fees. American banks earned $25.5billion – down 12 per cent from H1 2018. In comparison, Asian banks earned $11.4billion in the first six months of 2019 – an increase of three per cent. Asian banks saw a huge growth in fees over the last decade with a 13 per cent average annual growth rate. This compares to per cent in the Americas while European banks saw one per cent of growth during this period.

MORE FAMILY OFFICES TO POOL INVESTMENTS TO GAIN BETTER EXPOSURE TO PRIVATE DEBT MARKET New research from Shearwater Aero Capital, a global corporate aviation finance specialist, reveals the trend for family offices to pool their investments in order to gain greater exposure to the private debt market, and potentially better terms, is set to increase. Two thirds (66 per cent) of family offices and wealth managers expect this trend to increase over the next two years, with 20 per cent anticipating no change, and just seven per cent expecting a decline. A key development from this trend is that 52 per cent of those family offices and wealth managers interviewed believe the private debt market is developing and offering a wider variety of investment opportunities for the sector. Only nine per cent of those interviewed disagree with this view. Chris Miller, managing partner, Shearwater Aero Capital, said: “Our research shows that 55 per cent of family offices believe the main attraction of private debt lies in the increasing choice in the asset class, such as business aviation.”.

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IN CONVERSATION

In conversation....

Akber Datoo FOUNDER AND MANAGING DIRECTOR, D2 LEGAL TECHNOLOGY MY NAME IS AKBER DATOO AND I AM THE FOUNDER AND ONE OF THE MANAGING DIRECTORS OF D2 LEGAL TECHNOLOGY (D2LT), A GLOBAL LEGAL DATA CONSULTANCY OF SOME HUNDRED CONSULTANTS ACROSS EUROPE, AMERICA AND ASIA, ASSISTING FINANCIAL FIRMS TO UNLOCK BUSINESS VALUE THROUGH LEGAL CHANGE, PRIMARILY THROUGH THE MEDIUM OF LEGAL DATA. I ADVISE AT THE INTERSECTION OF FINTECH AND LEGALTECH TO ACHIEVE BUSINESS OPTIMISATION, REGULATORY COMPLIANCE AND OPERATIONAL EFFICIENCIES. A technologist by background, after graduating from Cambridge University with first class honours in computer science, I started off my career at UBS, working as part of the front office IT team within fixed income derivatives. Here I designed and developed trading systems, as well as leading the FpML industry initiative internally within the firm. A large part of my role was to allow the firm to price and manage the risks of derivatives. These financial instruments are simply a series of  complex contractual obligations, detailing the various cashflows and event-driven rights between the parties. I was amazed by how poorly these obligations were tracked through systems and data, despite the huge volume of them. A large part of the issue in my view was a very technology-averse legal function, who were unable to appreciate and engage in the increasingly digital agenda and the business

optimisation opportunities this would allow. I woke up one morning, convinced that with some legal training, I could address this gap. As a result, I went back to law school, requalified as a lawyer, working for almost five years at magic circle law firm, Allen & Overy LLP as a derivatives and structured finance lawyer. With this newly-acquired legal skillset and experience, I started D2LT in October 2011, determined to solve the problem of deriving business intelligence from large capital markets legal agreement portfolios. In 2016, I was appointed to the Law Society of England and Wales’ Technology Law Committee in 2016, where I chair the artificial intelligence, blockchain and smart contracts working group. I have also recently had a practitioner text published by Wiley titled Legal Data – Banking and Finance, which seeks to assist with the use of technology by the legal profession, specifically within the investment banking industry.

ROLE AS MANAGING DIRECTOR

D2LT is an award-winning legal data consulting firm acting as a trusted advisor to institutions on process, data and the use of technology to unlock business value through legal change. There is an increasing level of divergence between the fundamental conservatism of the legal profession and the dynamism that our client firms must exhibit to survive and thrive in the digital age. D2LT provide the strategy and assistance to help its banking and insurance clients excel in meeting this challenge.

We have a unique blend of industry knowledge, legal, technology and transformational skills which equips it to quickly assess the issues an institution is facing and to propose and deliver an appropriate solution. I would want this situation to continue as well as ensure D2LT continues to be the consultancy of choice that acts as a credible link between legal, risk, trading and operations to design fully integrated and optimised solutions. I am also keen to ensure we continue to be focused on embracing the digital agenda and help clients to understand, select and configure the tools that sit in this LegalTech/FinTech ecosystem. These include contract management, document assembly, workflow, optical character recognition (OCR), artificial intelligence (AI)/machine learning, blockchain/ distributed ledger and smart contracts.

USP

CHALLENGES

D2 LEGAL TECHNOLOGY

Our unique blend of practitioner industry knowledge, legal, technology and transformational skills. D2LT originates, designs and manages the delivery of legal change solutions for its clients by proactively taking the time to understand their businesses, the regulatory needs and their existing operating environments. Our multi-disciplinary experience, across capital, risk, liquidity, collateral and other

business areas allows us to quickly assess and identify optimisation opportunities and operational risks and to propose and deliver an appropriate solution to address them. The appointment of D2LT by the OTC derivatives trade association, ISDA, to assist with their document digitisation strategy is testament to our leading work in industry and thought leadership. We are creating industry legal agreement data standard, through foundational agreement clause taxonomies and libraries that will allow the use of emerging technologies such as distributed ledger technology and smart contracts.

Financial firms are currently in a very costconstrained market, where businesses are struggling to cope with the plethora of regulation post financial crises. There is therefore a temptation for them to apply tactical and short-term fixes, without realising the impact. Repapering exercises for regulations such as ‘Margin Reform for Uncleared Derivatives’ is a good example of this,

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IN CONVERSATION

I advise at the intersection of FinTech and LegalTech to achieve business optimisation, regulatory compliance and operational efficiencies. where many have failed to address the underlying client and legal agreement data issues. We have worked with our clients to understand the value in taking a longerterm approach and build business cases for them to help support a more sustainable transformational approach to legal data. In some cases though, it has taken the stick of a regulator, including significant fines  with one particular example in respect of close-out netting and the legal opinion management process for regulatory capital purposes  for this brave step to be taken.

AIM, GOALS AND ACHIEVEMENTS

We have established ourselves as a leader in legal innovation in the financial services area; however, the real opportunities, through areas such as artificial intelligence, blockchain and smart contracts are only just beginning to become a reality. We have the opportunity to lay the groundwork, through some of the standards of work we are doing, that has the opportunity to truly transform the legal profession, allowing it to add business value – rather than simply a cost. Whilst we started as a London-based FinTech and legal data consultancy, we have since expanded into North America, having been asked to support our clients who are global in nature. We opened up an office earlier this year in Hong Kong, which is really flourishing continuing our good work within the Asia Pacific region. In particular, the Asia Pacific region is likely to need a number of regional offices, which we would like to target in the short-term future. Most of the work we have undertaken has been in the investment banking area. We have started to work with some insurance clients and see a huge opportunity to reassess the way in which the legal function embraces the digital agenda, including the digitisation of documentation. This will no doubt be a big growth area in the mediumterm future. l

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DIGITAL BANKING

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Driving digital transformation in finance sector KEEPING USERS AS THE FOCAL POINT OF CHANGE PROGRAMMES LEADS TO SUCCESS Almost every organisation is talking about digital transformation. While it means different things to different businesses, the core concept of digitalising processes and using more technology remains the same. But how do you ensure success? Quite simply by placing your users at the heart of your change programmes. Chris Labrey

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TODAY, MANY CUSTOMERS ARE CHOOSING TO MANAGE THEIR MONEY VIA APPS RATHER THAN THROUGH TRADITIONAL BANKING METHODS. This is particularly true with millennials – 45 per cent of them exclusively use their phones to perform banking tasks. This market is particularly unsatisfied with their current financial situation and levels of debt but, despite this, only 27 per cent are seeking professional advice on saving and investment. It seems that millennials and other dissatisfied customers have turned their back on the traditional models and are embracing newer ones. And these new and disruptive mobile-only banking services companies have the technology to analyse their customer’s spending habits and offer them personal advice on how to optimise their income in a way that traditional banks just do not do. This ‘digital disruption’ of the finance world has been driven by names such as Monzo and Transferwise who have made it easy for consumers to leave their traditional bank. But that does not mean that banks cannot do something about it. However, they do need to understand that consumer expectations are very different from what they were 10 years ago, and the finance world has to adapt to them. Indeed, Samsung predicts that retail bank branches will become immersive, advicedriven financial centres that give customers what they cannot access on their own. These centres will incorporate existing technologies, such as smartphones, tablets, self-serve kiosks and wearables, as well as newer technologies such as virtual reality and virtual desktop infrastructure. The challenge for traditional institutions is in how can they digitally transform their business in order to become more customer-driven while meeting their regulatory and security obligations and without impacting the bottom line? But what does this actually mean?

Defining digital transformation

Essentially it is about using technology across the organisation to streamline processes, make staff more productive and improve the customer experience. This could mean a move to the cloud or updating employee and branch devices to increase automation. Nonetheless, it involves a change for the three main areas of any business; people, processes and technology. And, there must also be a cultural change. It is not enough to just think of the technology as a way to catch up with the disruptors in the industry  there needs to be a change in mindset from everyone within the organisation and all the employees are key to this. However, despite the intent and drive to transform a business, funding is always going to be an issue. In a recent report, 44 per cent of businesses stated concerns over spending a large amount of money in a lump sum as

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DIGITAL BANKING

the biggest challenge blocking technology investment. This is where subscription and as-a-service models can prove their worth.

Subscription and as-a-service models

This approach not only eases the burden of an upfront investment, but it also allows financial institutions to implement and manage the latest technology while streamlining payments and minimising the risks of deployment. This strategy has many business advantages: • Access to the latest technology Ideally, technology acquisitions are planned for but sometimes decisions need to be made quickly in terms of updating a branch or office or deploying some new software which allows greater personalisation for customers. With an as-a-service solution, there is no waiting game in terms of budget or capex; the technology can be added to the existing subscription and deployed within the organisation almost instantly. • Placing the customer centre stage Customers expect that the technology works when they need it to and does what it's supposed to do. Otherwise, they will simply leave. And employee needs must also be considered in a digital transformation project. The beauty of a subscription and as-a-service models is that technology can be deployed and upgraded as it is needed – staff can be productive, and the customer experience isn’t impacted. These models are also versatile enough to include warranty and insurance services meaning that technology can be replaced quickly with minimal user downtime. Lifecycle management solutions can also be included to minimise costs associated with total cost of ownership (TCO). • Total cost of ownership Managing lifecycle costs such as storage, warranty, running and disposal – in line with GDPR – may be difficult to account for and could have a significant impact on the bottom line if managed incorrectly. Subscription or as-a-service funding models can incorporate these costs into the contract, therefore transferring the burden to opex and protecting the organisation’s total profits. • Mitigating uncertainties and unexpected costs In a recent report, 43 per cent of respondents had to make an unexpected large technology purchase in the last 12 months. Clearly, this does not help financial institutions to feel secure about

embarking on costly digital transformation projects. However, if financial institutions want to remain competitive and relevant to their customers, they cannot afford to stay still either. With an as-a-service solution, organisations don’t have to choose between the unexpected and necessary technology projects. • Opex versus capex Essentially, subscription and as-a-service models allow organisations to spread the cost of any investment over several years through operating expenses. Thus, capital expenditure is protected, business processes and customer service are improved, and customers are empowered. However, once the intent to embark on a digital transformation initiative is there, organisations may find that they do not always have the right levels of in-house expertise to implement the strategy. One way to overcome this is to find the right technology partner.

The benefits of partnership

Technology partners are ideally placed to help with any digital transformation project. Exposed to the latest technologies from a wide variety of manufacturers, they can assess the needs of a business and advice on the latest solutions in an impartial manner. In addition, replacing, upgrading or installing new technology and software assets can be time-consuming, challenging and costly. Finding a trusted technology partner can go a long way in overcoming these challenges. A partner can also manage this within a subscription model, addressing all the concerns around budget and business agility, and most importantly  placing customers at the centre of any transformation.

Time for digital transformation is now

Banks and traditional financial institutions will need to digitally transform now if they are to keep up with the new disruptors. Through a digital transformation strategy banks can improve customers experience with highlypersonalised agile services through mobile technology, as well as providing face-to-face advisors in the branch. But, the two must complement each other for customers to get the immersive experience that they are looking for. There has been much talk about the death of the high street, the bank branch being part of this. However, while branches may need to adapt, those that embrace technology and integrate it within their organisations to provide the services which customers are looking for, will have a much greater chance of survival. l

Chris Labrey is managing director, UK & Ireland at Econocom, a European provider of business-to-business digital services. Founded in 1974 by JeanLouis Bouchard as Europe Computer Systèmes (ECS), it is headquartered in Brussels, Belgium. With operations in 20 countries, the company employs 8,300 people and has 6.3 million digital assets managed.

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GLOBAL MARKETS

Sky is the limit LOOKING UP TO SEE WHAT MIGHT BE COMING CRASHING DOWN The numerous cross-currents driving today’s markets – trade wars, inverted yield curves, currency wars, economic slowdowns, dangerous debt dynamics, populism, nationalism, as well as the general uncertainties in the global economy – demand that investors, policymakers, and analysts be on the lookout for a forthcoming recession, market correction, or worse. Vikram Mansharamani ONE OF THE FIRST SKYSCRAPERS WAS DESIGNED AND BUILT BY BRADFORD LEE GILBERT IN 1887. It was designed to solve a problem of extremely limited space resulting from the ownership of an awkwardly shaped plot of land on Broadway in New York City. Gilbert chose to maximise the value – and potential occupancy – of the small plot by building vertically. His 160-foot structure was ridiculed in the press, with journalists hypothesizing that it might fall over in a strong wind. Friends, lawyers, and even structural engineers firmly discouraged the idea, warning that if the building did fall over, the legal bills alone would ruin him. To overcome the scepticism of both the press and his advisors, Gilbert took the top two floors for his personal offices. From then on, the skyscraper has been a symbol of economic and financial success, the mark of one’s ascent. It has also been one of the most robust bubble indicators over long time periods – specifically, the world’s tallest skyscraper has been. You may be aware of the Burj Dubai’s

ascent as the world’s tallest structure, and the corresponding global credit crunch that soon followed, but few are as familiar with the consistency of the pattern. Consider the following table, which lists the world’s tallest skyscrapers – at the time – and the accompanying financial crisis that struck the market in which it was built.

World’s Tallest Skyscrapers and Related Busts Building Singer Met Life 40 Wall St Chrysler Empire State World Trade Center Sears Tower Petronas Towers Taipei 101 Burj Dubai Jeddah Tower Dubai Creek Tower

Location (Completed) New York (1908) New York (1909) New York (1929) New York (1929) New York (1931) New York (1973) Chicago (1974) Kuala Lumpur (1997) Taipei (2004)* Dubai (2008/9)** Jeddah (2020e) Dubai (2021e)

Spire Height 187 meters 247 meters 283 meters 319 meters 443 meters 526 meters 527 meters 452 meters 509 meters 828 meters 1000 meters 1300 meters

Financial Crisis Panic of 1907 Panic of 1907 Great Depression Great Depression Great Depression 70’s Stagflation 70’s Stagflation Asian Financial Crisis Tech Bubble Global Credit Crunch N/A N/A

*Taipei 101 was financed and construction began in 1999, quite near the peak of the technology boom. **It is interesting to note that the uncompleted Burj Dubai tower was classified as the world’s tallest structure on July 21, 2007, right around the peak of the U.S. market before the financial meltdown.

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GLOBAL MARKETS

Why might this indicator be so consistently useful? While there are many likely reasons, three seem particularly striking. First, skyscrapers are inherently speculative ventures, in that they are rarely, if ever, built by their intended occupants or with committed tenants. ‘Build it and they will come’ captures the prevailing spirit. Second, because speculators rarely build such structures with their own money, skyscrapers are powerful evidence of ‘easy money’. Banks and lenders must have faith in a better future, one in which the developer will be able to repay the loan. Third, we have been around long enough and have built high enough that to be the ‘world’s tallest’ is a spectacular act of hubris, if not overconfidence. I often joke that the view from the top of the Middle Eastern skyscrapers is the same, regardless of height. It is sand, followed by water. Building higher is really about saying one is the world’s tallest. These three reasons are reflective of a fertile context for bubble formation, making the world’s tallest skyscrapers a spectacular indicator of bubbly conditions. The economist Mark Thornton eloquently summarised the context surrounding the construction of the world’s tallest skyscrapers: “First, a period of easy money leads to a rapid expansion of the economy and a boom in the stock market... – credit fuels a substantial increase in capital expenditures... [and] this is when the world’s tallest buildings are begun.” While the thought of the Burj Khalifa – it was renamed after the financial crisis –

being surpassed in height may seem irrational, we can look at the tallest skyscrapers under construction to see where money is easiest, speculative juices are flowing, and confidence is high. The source I prefer for future tall buildings is skyscraperpage.com, a site that tracks the world’s tallest buildings in the future – based on current building plans. In 2011, five of the 10 tallest buildings under construction were in China. The site estimated then that Chinese skyscrapers would occupy spots 2, 3, 5, 9, and 10 of the tallest buildings in the world by 2015. At the time, this was another sign of risks in the Chinese credit-fuelled investment boom. Looking forward from 2018 toward 2022, we find that the Burj Khalifa is, as of this writing, supposed to be outdone by a tower in China – Suzhou Zhongnan Center, a project that was, in late 2018 still ‘on hold’ – which in turn is expected to be surpassed by the Jeddah Tower in Saudi Arabia, a skyscraper expected to be one kilometre tall and completed by 2020. Not to be outdone by their Arabian neighbours, the UAE is scheduled to retake the title with the planned 1.3km Dubai Creek Tower. Whoa! What does this mean for the riskiness of the Middle East? Might economic or other chaos be forthcoming? The dynamic is not unlike what transpired in the late 1920s in the US, in which three towers in NYC competed for the world’s tallest title... and what followed was the Great Depression. Despite the allure of ‘it’s different this time’ explanations of why every skyscraper and each time is unique, it sure seems that construction of the world’s tallest skyscrapers is reflective of bubbly conditions. With respect to Saudi Arabia and the Middle East more generally, caution seems warranted. Investors and policymakers alike should exercise extreme caution, because chances are high that it is probably not different this time. l

Vikram Mansharamani is lecturer at Harvard University and a global equity investor with more than 20 years’ experience investing in public and private markets. He served as a managing director of SDK Capital (and its predecessors) until 2011 and founded Kelan Capital in 2017. He is the author of Boombustology: Spotting financial bubbles before they burst (Wiley, 2019).

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CORPORATE SECURITY MANAGEMENT

OUT IN THE OPEN ORGANISATIONS HOLDING UNSECURED MEETINGS FOR WORLD TO SEE Financial company meetings often discuss sensitive and confidential information; so if this information is misplaced or leaked it could have a massive impact on the company. While organisations cannot fully stop what is leaked by employees, they can ensure that the technology they are using in virtual meetings to connect one another is secure and no data leaks happen. Peter Eyre ACCORDING TO RESEARCH FROM ANALYST, FROST & SULLIVAN, THE OVERALL VIDEO AND WEB CONFERENCING MARKET IS ON A HIGH GROWTH TRAJECTORY AND IS FORECAST TO GROW FROM $8.5BILLION IN 2017 TO $11BILLION BY 2023. This expansion is also in turn fuelling growth in virtual meetings, which offers participants a wide range of advantages from cost savings to reduced environmental footprint to increased productivity and efficiency to real-time information sharing. Virtual meetings, in short, offer a myriad of benefits to participating organisations but they also bring with them challenges and risks.

Scoping the challenge

While we are seeing the level of understanding about the security challenges of virtual

meetings increasing and also a growing interest among businesses in raising their awareness levels further, there are still a lot of businesses where virtual meeting security is not fully focused on or seen as a priority. Certainly, issues like GDPR have heightened the awareness of many organisations of the importance of security and the fact that there are security risks out there. Typically, though, the focus is often on areas like email security and password protection. Those are critically important, of course, but there can be some complacency around meetings security. That is often because people believe that meetings are an inherently safe space. They forget that while they might need to use passwords to log into their email programmes, they also need to carry that security on into their meetings. Whether they are using software internally or externally, they still need to put that health check in place.

Many do not have complete clarity on the networks they are using, whether their WiFi is on a closed network, for example, or whether they are using free software. They do not think beyond having a meeting ID and consider whether they actually need a password for a particular meeting, for instance or what might happen is leaked content could be attributed to an individual For many businesses, the biggest hurdle is understanding the platform that they're using and understanding what levels of security it can offer. Often, therefore, there is a desire to take security seriously but a lack of understanding about how best to do that. Software providers have a duty to their customers to be upfront and transparent about security considerations and concerns. Vendors need to be focused on giving the right advice. They should not just be focused on selling software but rather on looking after customers all the way through their journeys.

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It is crucial that security issues are considered from the outset of any virtual meeting, understanding what the customerâ&#x20AC;&#x2122;s requirements are and making them feel confident that those requirements are met. Businesses will do best if they adopt a prudent and measured approach. There is never any need to break GDPR rules or cut corners in any way. It is about understanding your qualities and making sure your vendor is aligned to them. With regards to GDPR, the risks that business run will very much depend on how they plan to use the data they collect as part of the virtual meeting process. If the data that is being collected is anonymous response data, for example, then the business concerned does not need to worry itself about the GDPR ruling. Ultimately, the ethical consideration has come down to meeting organiser, and then how they store data as a company or process data as a company. In our view, the GDPR ruling has done a really good job of making organisations focus on what they need. In fact, it encourages them to collect only what they need and collect permission to use.

What to look for

So, given all this, what are the key elements that organisations need to look for from their meeting app and meeting app provider? First, it is key that they look for providers who are well-informed, who have all the

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CORPORATE SECURITY MANAGEMENT

relevant security-related information on hand. Providers should be there to assist with policies, the architecture of the platform, recommendations for its use and terms and conditions and so on. They also need to look at whether the provider has been independently verified, that it complies with the ISO27001 standard, for example, and that their architecture is regularly pen tested. But it also important to be aware that security threats are evolving all the time, so any chosen provider needs to be cognoscente of that and continuously monitoring for new threats and adjusting their approach accordingly. Businesses should also look for providers that supply robust meeting IDs unique to each meeting, features in place within their architecture that prevent people from running software over the top of it to access the meeting, sharing an ID or simply guessing their way into a meeting, and that are also transparent about the partners they work with and the architectures they use. Ultimately though, it is critically important to realise that no provider can mitigate risk altogether for the organisations they work

with. The ultimate responsibility for the way data is used comes down to the owner or the facilitator of the meeting, and how they store or process data as a company. There is a lot they can do here about making participants aware of what data they are collecting and how they are going to process and use it. When meetings involve discussions concerning confidential or commercially sensitive information, meeting organisers need to be making the right choices about who they invite to any given meeting. It is good practice to only invite the essential attendees, to ensure this information stays at an appropriate level. Equally, businesses should be careful about leaving meeting details lying around: whether it is the agenda; who is being invited; or even the access details themselves. The truth is, of course, businesses can never eliminate human error altogether but by putting in place intelligently-designed processes and intelligent systems, they can at least mitigate the impact of any errors and go a long way towards creating a virtual meeting environment that is safe and secure for all. l

Peter Eyre is managing director at Vevox, a UK-headquartered realtime polling and moderated discussion platform for the workplace and the classroom. The Vevox App increases engagement and participation at meetings, in classes, and at conferences or events and is accessible on any mobile device or through a web browser. The company was founded in 2016.

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CORPORATE SOCIAL RESPONSIBILITY

Reaching out VALUE OF SOCIAL IMPACT THROUGH CSR Social value is often generated by accountancy firms funding charitable projects, launching a foundation, organising volunteering projects and introducing sustainability initiatives. The positive publicity – intentionally or otherwise – generated by such actions cannot be underrated. It brings to fore the importance of reporting on social value in the finance and legal sectors. Chris Farrell

The Why

Demonstrating a social impact is not a legal obligation for all sectors but that does not mean legal and financial organisations should not celebrate the good work they do. With the ease of access, and costeffectiveness of digital media, this behaviour is becoming commonplace across almost all accountancy firms regardless of organisational size. Unfortunately, this is negated by the issue of green-washing and lip-service. These

problems are hindered further by the barriers of short audience attention spans and the overcrowded, noise of online platforms which have led to difficulties in standing out as a genuine pro-social organisation. Financial and legal firms should use their platforms to talk with the people who are engaged with their business, which is fundamentally the point of ‘social’ media. Having all relevant social impact data in one centralised repository is advantageous here, as communications teams can generate

responses that are quick, accurate, and authentic and include real time data.

The How and Who

When it comes to communicating your social impact, we recommend focusing on four key audiences: 1) Internal stakeholders 2) Customers 3) Employees 4) Competitors

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Each audience is different when it comes to what it expects from communications, so it can be challenging creating content that really resonates with all groups. That being said, there are some basic actions you can take to make sure communications are relevant and well-targeted.

Internal stakeholders

Stakeholders, like board members and directors, predominantly rely on the data presented in annual corporate social responsibility (CSR) reports. They often do not have the everyday, ground-level exposure needed to really understand an organisation’s social impact, and so they need require high-level stats that demonstrate it for them. For this level of seniority, keep to the key insights. Data should be displayed concisely and visually. Communicate the data in an easy-to-understand, informative way. Try infographics, visual dashboards, and graphs to grab their attention. Internal stakeholders need to be on your side, as ultimately, they

CORPORATE SOCIAL RESPONSIBILITY

are the ones allocating budget so take the time to appease their needs.

Customers

Stories over statistics. Keep this rule in mind when communicating your impact to your target audience. Humans are 22 times more likely to remember a fact when it has been wrapped in a story. Stories are powerful, and they are an effective way of translating the impact you are having on people. If you need more support on capturing human stories, check out our article on qualitative data capture using surveys. Share these stories frequently on the platforms where your audience exists.

Employees

Employees who engage with your socially responsible initiatives fundamentally do so because they care. As a result, they are keen to know the difference they are making as individuals, and whether they are contributing to something greater. There is undoubtable fulfilment in doing good, so be

Keep it simple

To encourage more stakeholders to get involved take a look at these ten top tips to create social value buy-in at an accountancy or legal firm: 1. L etting employees choose charities – While having a ‘charity of the year’ is the norm in corporate circles, asking staff to nominate a chosen charity can help make this process more democratic. Allow staff to vote from a list and partner with the winning charity - this will help with engagement 2. D eveloping employee initiatives – Organise lunchtime cycling, weekend volunteering and recycling projects for all to get involved. Open the floor to suggestions, allowing employees to make recommendations that are important to them. The most popular ideas are often the most successful.

sure to recognise and celebrate that. One approach we adopt at Impact is gamification. Individuals, teams or departments can log their impact collectively, which feeds into a live leaderboard. This sense of friendly competition has worked in improving engagement, and stimulating enthusiasm from other, previously uninvolved, employees.

Competitors

Speaking of healthy competition, we support the sharing of one’s impact with other organisations within your sector. Granted, not all financial organisations are comfortable with sharing their data, but if we truly want to make a difference, we need everyone to be motivated. And the best way to really motivate a competitor is to show that you are winning. The best way to communicate your achievements to competitors is through CSR reports, by winning socially-related awards, or by simply displaying your insights on your website.

6. A ligning with the Sustainable Development Goals (SDGs) – Benchmark achievements against 17 global goals set by the UN in 2015 to achieve a more sustainable future and address global challenges related to poverty, inequality, climate, environmental degradation, prosperity, and peace and justice. These will help drive growth, attract capital and focus on purpose and offers accountability and assessment. 7. G amifying the creation of social value – Inspire employees to do more and get competitive about it. For example, set up a leader board and offer prizes as incentives. Motivate employees by appealing to their competitive nature. 8. S tarting with the basics – Transforming a business’s attitude to social value won’t be an over-night process. It’s OK to start small and scale up. Get rid of plastics, put recycling bins in place, ditch cars, use public transport or walk into work.

3. B uilding social value into client contracts – Insist that partner organisations prioritise social value too. This is the norm in public sector contracts and is becoming more familiar across a wider range of sectors. It is a sure-fire way to help organisations stand out in business circles.

9. L istening to stakeholders – Align with the organisation’s mission, vision or values. To truly embed social value into a business, it needs to harmonise. It’s about working towards a culture whereby social impact is created naturally and fluidly.

4. L eading from the top – The most successful CSR-focused businesses have CEOs and MDs who are active and committed to a social value mission statement. To show how dedicated a business is to the cause, encourage the CEO/MD to get involved so they become an example for all staff.

10. W orking with pro-social companies – Be open to partnering with social enterprises, charities, or other ‘good’ companies at all stages of negotiating contracts. Learn from each other, offer solutions and network with likeminded people. Move forward, together.

5. Adopting a framework – The time is now to be serious about CSR. Paying lip-service won’t give businesses the desired results. Set real objectives with fixed timeframes, and work towards those.

To maximise social impact, it is essential that pro-social and pro-environmental activities engage and educate colleagues. To aid the process, logging all data needs to be quick and simple as it builds a measurable picture of the organisation’s commitment. l

Chris Farrell is managing director at Impact Reporting, a UK-based bespoke social impact reporting tool. Established in 2017, in Manchester, by the co-founders of Reason Digital, its clients include Manchester Airport Group, DWF, Places for People, One Manchester, Regenda, Breast Cancer Care, NPC, Helpforce and The University of Manchester. In 2018 it measured an impact of over £50million for clients spanning law, construction, transport services and housing providers.

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CHANGE MANAGEMENT

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CHANGE OF ATTITUDE LAW FIRMS MUST WORK TO FIT IN TO MODERN TIMES Workforces around the world are increasingly multi-generational; ‘Gen Z’ (post-Millennials) rub shoulders with baby boomers and each have differing expectations of where and how they want to perform their roles. Contrasting expectations and a desire for flexible/agile working has changed the dynamics of all sectors and nowhere is this more apparent than in the UK legal sector. Karen Hain

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CHANGE MANAGEMENT

THE UK LEGAL SECTOR IS RAPIDLY EVOLVING AND PARTNERS NEED TO DO MORE TO BUILD THEIR FINANCIAL RESILIENCE IN WHAT IS BECOMING A FIERCELY COMPETITIVE MARKET.

Mind the gap

In general it appears small practices are getting smaller, the large are getting larger and the gap between the two is becoming ever more distinct. Between 2013 and 2019, decent fees and low overheads prompted the number of small firms (up to 4 partners) in the MHA client base to more than double and enabled niche specialists to grow in number from 45% to 68% over this period. This trend is reflected across the UK. The Office for National Statistics says between 2001 and 2017, the number of self-employed grew from 3.3million (12 per cent of the labour force) to 4.8million (15 per cent), recording a particular increase in single or partner workers. Across all sectors, profit is no longer the top priority – having a lifestyle choice and maintaining that work/life balance is number one. Starting a business has been made easier by being able to buy-in, at reasonable costs, support resources such as compliance and accounts. Within a legal context, this desire to ‘go it alone’ however, impacts all practice sizes and recruitment/retention is a key issue. Consequently small practices with succession issues are looking to be acquired, mid-tier firms are in merger discussions, and competition from the ‘big four’ accountancy practices continues unabated.

Fee income

A clear growth indicator is fee income. In 2018, sole trader practices and five to 10 partner firms reported 12 per cent and nine per cent growth respectively, midtier practices (11-25 partners) 0.1 per cent and 25+ partners and two to four partner practices saw income falls of three per cent and two per cent. Changes in fee income per fee earner mirrored these findings; for sole trader practices and five to 10 partner firms it grew by 10 per cent and 0.6 per cent respectively, mid-tier firms saw a drop of one per cent and two to four partner firms and larger practices witnessed falls of 12 per cent. Income per fee earner for 11-25 partner firms dropped two consecutive years – largely due to retention and succession strategies to promote senior fee earners to partnership positions. A sound idea, but they have not been replaced with equally senior fee earners. New recruits cannot bill at the same levels, so for a few years, income per fee earner drops while they’re being trained. Drivers include a lack of resource in the marketplace and some fee earners opting for higher salaries with larger practices.

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Firms keen to reduce overheads and make economy of scale expense savings, favour mergers. However senior partner time spent on merger courtship and integration inevitably impacts profits. Synergy of working practices and cross-selling will take a while to generate additional income and profits. The Profit per Equity Partner (PEP) for every category increased by over £15,000 per partner, except 11-25 partner firms where there was a three per cent fall (mergers and acquisitions led to more partners with less to share). This is a significant improvement on the previous year where profits were impacted by a hard market and increased wage demands. For the first time the PEP for sole practitioners exceeds that of two to four partner firms, being partly the impact of niche practices billing their specialist time. All practice sizes, bar 25+, rallied when it came to their total net profit percentages. Sole traders jumped from 12 per cent in 2017 to 23 per cent in 2018; two to four and 11-25 partner firms managed a sluggish one per cent growth on the previous year (16 per cent and 25 per cent respectively), five to10 partner firms reported a two per cent growth to 18 per cent, while 25+ practices suffered a one per cent drop to 24 per cent.

Funding

Total funding per equity partner spiralled downward; in 2018 it ranged between £25,000-£139,000, a marked difference from the £42,000-£228,000 parameters reported in 2017. Gone are the days when equity partners could buy into a practice for £300,000 and inject that amount of cash. Externally-sourced funding was similarly depleted and prudence appears to be a key priority; borrowing by larger firms from banks

topped £95,000 in 2018, down from £112,000 and £228,000 in the previous two years. Lock up remains static for the majority of practices, at around 120 days, but two to four partner firms still struggle to gain control. Their average lock up figure is 130 days, almost 50 per cent higher than five years ago. The smallest practices report a lock up improvement of 11 days.

Priorities

To build resilience, it is vital sole traders and practices prioritise profits and margins over fee income growth. Firms with improved efficiency benefit from greater profitability and financial stability, increasing their chances of survival in this competitive market. Practices must react quickly to new work prospects as they arise, with staff ‘nimble’ and ready for challenges. Make changes now for a different future work environment. Start by scrutinising the staffing mix, IT, management information and case management systems. Maximise client relationships – understand which service lines and clients are the most and least profitable – and have strategies in place to increase fees. Profitable practices focus on limited services and add value to their work as specialists. They also sell the value of what they are providing rather than base their fee on what it costs, avoiding an undersell situation. Less paper and more flexible working patterns must be in every businesses DNA; automate and gain efficiencies from maximising technology and pay attention to the lock up situation. While the legal sector is considered a ‘traditional’ profession, alongside medicine and religion, it cannot maintain its historical working patterns. l

Karen Hain is head of professional practices sector at MHA, a UK-based accountancy and business advisory firm serving across Britain. Founded in 2010, it joined Baker Tilly International, a top 10 global network of advisors in 145 territories, as the UK member in 2014. For the past seven years, MHA has produced a Legal Benchmarking Report - comparing the financial position of small, mid and large practices.

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BUSINESS AND ENVIRONMENT

Leaving their mark on environment ORGANISATIONS WORKING AT REDUCING CARBON FOOTPRINT MAKES BUSINESS SENSE There is no denying that attitudes towards the environment have changed drastically over the last decade. As we learn more about the long-term degradation of the environment through pollution and carbon emissions, and having seen what the consequences of these are, consumers and businesses alike are placing higher emphasis on finding ways to protect the planet’s valuable resources. Nic Redfern RECENT STUDIES SHOW THAT CONSUMERS ARE KEEN TO SUPPORT COMPANIES THAT ARE ACTIVELY HELPING TO MAKE A POSITIVE IMPACT ON THE PLANET. According to a global survey by Nielson, for instance, 81 per cent of consumers feel strongly that companies should actively help to improve the environment. Consumer pressure is part of the reason why leading companies like Levi Strauss & Co, Siemens and Starbucks have made public commitments to help tackle their industry’s environmental issues,

which range from fabric waste in landfills to excessive carbon emissions and plastic waste. While renowned corporations like this are leading by example, that is not to say that environmentally friendly initiatives cannot be implemented on a much smaller scale. There are plenty of businesses who are taking action to reduce their impact on the planet and tackle climate change. Indeed, adopting greener work ethics isn’t just good for the environment – it can also help businesses cut their expenditure and improve their cost-efficiency.

As more aggressive climate policies are enforced by government bodies, from a business standpoint I would encourage business leaders to explore ways to stay ahead of the curve.

What is your company’s carbon footprint?

Starting from the basics, let’s consider what we mean by a ‘carbon footprint’, particularly within a business setting. In simple terms, a carbon footprint is the best estimate of the total amount of greenhouse gas emissions produced to directly and indirectly operate a business.

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What this means for each individual business will naturally vary. Those offering a product will likely need to assess the emissions produced in the process of its manufacturing. Meanwhile, services-based businesses should look inwards to see how their daily operations, such as electricity consumption, are affecting the environment. Lowering a carbon footprint doesn’t have to be overly complicated – it can be as simple as switching to a renewable energy provider. By utilising comparison websites, businesses can compare deals on renewable energy solutions offered by a number of leading providers like E.On. Many of these are backed by REGO – or Renewable Energy Guarantee of Origin – certificates, which guarantees that the origin of the energy supplied is renewably resourced. Not only can businesses find solutions ideally suited to their needs, they also stand to benefit from energy cost savings by switching to cheaper alternatives. The scope for change extends far beyond this, however. Below I have outlined some practical steps that any business can take to undertake greener practices.

Set targets and monitor your progress

Above all, if you plan on executing a successful carbon reduction strategy, setting targets and monitoring your progress are key to help keep your efforts on track. Begin by assessing your specific carbon emission sources in order to have a better grasp of how you could work to reduce them – for instance, is there a recycling policy in place to help repurpose

BUSINESS AND ENVIRONMENT

paper, glass and plastics, or do these generally end up in the landfill? After you have set specific plans of action and a carbon reduction target, you will be in a position to carry out these ambitions. As your business embarks on its carbon reduction mission, it’s crucial to monitor your progress – not only will this ensure accountability, it will also offer an insight into areas where performance can improve.

Utilise existing tech

Fortunately, the rise of technological innovations can help businesses drastically reduce their carbon footprint through minimal effort. The key is to spread awareness about environmentally damaging business practices, and alternative solutions that can promote better habits. For instance, many employees might be unaware that their daily consumption of paper translates to environmental damage, but the fact that the pulp, paper and print industry accounts for 3.1% of Europe’s total energy consumption should offer some indication of the harm it can cause. The advent of cloud computing is a natural solution to this problem; instead of printing out hard copies of documents and keeping physical notes, businesses are encouraged to utilise the many benefits of storing data in computerised management systems. Beyond reducing reliance on paper records, cloud computing also offers convenience and cost reductions; documents can be accessed by employees from their personal laptops and smartphones, from any location and at any time. What’s more, it reduces the need to purchase resources like ink and paper.

How do employees travel? It’s easy to overlook indirect contributions to carbon emissions beyond the remit of the office walls, but behaviours such as commuting to and from work are big contributors to pollution. The carbon footprint created by members of staff travelling to work every day can be drastically reduced through incentives that encourage workers to travel in more sustainable ways, such as by facilitating carpooling and cycling when possible. Technology has an important role to play here, too. As previously touched upon, cloud computing has opened the doors to remote working by allowing employees to access data from home, or wherever they might prefer to work. Xerox recently experimented with the power of new-found connectivity to drive down the business’ greenhouse gas emissions. It designed a Virtual Workplace Programme to both run a productive company and help protect the environment. The result? By encouraging 11% of its workforce to take the opportunity to work from home full time, Xerox managed to reduce its emissions by 40,894 metric tonnes. The more general point here is to encourage businesses to think creatively about ways they can leverage exiting and readily available technology to encourage greener workplace practices and cut down their collective carbon footprint. And if the benefits to the planet is not incentive enough, taking measured steps to reduce carbon emissions can also drive down business costs in the long-run. l

Nic Redfern is finance director at Know Your Money, an independent financial comparison site based in UK. The site, servicing more than 400,000 customers a month, compares products across a range of verticals, offering users a variety of comparison tools ranging from self-select comparison tables to more advanced search functionality. In 2017, its holding company Notice Media featured in the Sunday Times top 100 list of fastest growing UK technology companies..

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TEAMWORK AND COLLABORATION

ALL FOR ONE HOW TO CREATE TEAM APPROACH TO LAW FIRM BUSINESS DEVELOPMENT Culture and a lack of trust are two major barriers preventing law firm employees from working as teams and thereby providing more wide-ranging and enriching services. Law firms have built their businesses on a billable hour framework that encourages individual efforts instead of teamwork - and legal world is one of the few professions that believes you have to be a practitioner to sell the service. This means that often they simply do not trust others to get new engagements. The approach, as evidence shows, quite simply does not work anymore. Darryl Cross LAW FIRMS CONSIST OF A COLLECTION OF DIFFERENT PLAYERS WHO MUST WORK TOGETHER TO NEGOTIATE A DEAL, ARGUE A CASE, OR SOLVE A PROBLEM FOR THE CLIENT. However, when it comes to business development in the legal profession, it is typically not a team sport. Everybody is working hard, but when it comes to finding the next profitable piece of work, they are probably not always working together. That is not ideal, because, as evidenced by how they come together to deliver complex legal services, law firms

that encourage teamwork deliver better client results. They rack up exponential gains, not just a collection of small wins. This applies to the client and the firm. Most law firms have built their culture around a billable hour framework that rewards individual efforts instead of a team approach. But as competition grows and the world of profitable matters goes to a smaller collection of firms, this model cannot scale. When you add the introduction of alternative service providers and artificial intelligence, there's just no way to squeeze more hours or information

out of an individual, regardless of talent. According to BTI Consulting Group, half of the top legal decision makers see lack of collaboration as their law firmâ&#x20AC;&#x2122;s biggest weakness. A culture shift is required within law firms to establish trust and collaboration between people, data and technologies that can connect and foster teams to accelerate business development.

Leverage outside expertise Legal is one of the few professions today that believes only a practitioner can sell the service.

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The reliance on individuals versus teams perpetuates this model. Lawyers do not trust others to find new engagements, as they do not stand to immediately benefit. Some firms have tried the approach of training every lawyer how to be a great business developer, but it is far-fetched to believe everybody can be great at generating new work beyond a basic level of proficiency. Business development is a specialised skill, and those who dedicate themselves to it tend to have greater success. It takes deliberate practice: a series of purposeful, progressively harder practice sessions to generate expertise. It is not reasonable to think a lawyer will be adept in growing the business when only devoting a small fraction of time to the practice. Law firms need to hire business development specialists, build a different compensation system for client projects, and trust that the pipeline will be taken care of by the experts. By letting other people win the work, lawyers can focus on servicing it. The need for outside business expertise extends beyond client development. For example, a merger of firms in London and New York might be a great idea, but if the two groups won’t work together, share knowledge or agree which clients are the most important, they become two separate silos. The benefits of expanding capabilities are lost without expert-led integration of strategies, resources and data.

Connecting business of law with practice of law

In an information-rich world, clients are demanding data-driven decisions.

TEAMWORK AND COLLABORATION

However, many lawyers believe the client knowledge in their heads is the only data on which they can truly rely. Even if it is the best source, they do not always share it with colleagues or the wider firm. The lack of trust in data is reinforced by seeking out inconsistencies in information management systems. For example, with a new customer relationship management (CRM) solution, lawyers often search for their own contact records first to quickly verify the accuracy of the data. If something is off or missed, it invalidates the whole system. However, lawyers are very capable of trusting data. When they need a citation for a legal case, they search their favourite legal research database. Instead of reading through thousands of cases, they select the cases ranked at the top, and they trust that those results are the most relevant. Not only do individual lawyers trust the data, they feel comfortable sharing it with their peers. That is how deals, matters and engagements get done. Since this model seems to have worked, perhaps it can serve as a way forward. Connecting the business of law with the practice of law is how trust develops. To establish trust in business data, law firms need to start mining the most reliable sources – time and billing. Time and billing databases are the most accurate repositories of information a law firm has about its business. What’s more, this data provides a treasure trove of information law firms can use to understand and broaden their business, information such as the most profitable work, most productive lawyers and opportunities for specialisation

or synergy. From this data, firms can design successful pricing models, project management approaches and team structures, with the potential to increase firm revenue and client satisfaction.

Change starts with teams A change in culture does not start with the individual or firm; it starts with teams. With a team working on a big deal for a client, law firms are able to change the way individuals communicate, how they are compensated, and the methods of sharing data. The interactions transfer over from deal to deal until collaboration becomes routine. The future of high performance will be the fusion of technology, collaboration and teams. The successful merging of human teams and technology resources will determine law firm success now and in the future. Trusting experts, data and technologies in doing legal work as well as business development produces better results for the individual, team, firm, and client simultaneously. Technology enables faster, better decision-making in a dynamic environment that is constantly changing. Armed with data, lawyers react more quickly to new situations, respond appropriately, and utilise the right teams to create a solution. Law firms have the legal and business professional talent. They have the data. They have AI-driven technology designed to support their business. They have all the ingredients for success. They just need to put them all together. That is a culture  and a trust issue. l

Darryl Cross is practice group leader at Intapp, a US-based provider of software and services to professional services and capital markets firms. Its over 1,100 customers globally include 96 of the Global 100 law firms, five of the top eight global accounting firms, and more than 400 capital markets and advisory firms. It serves law, accounting, and consulting industries. Founded in 2000, it is based in Palo Alto, California and has business operations in other cities in US, UK, and Australia.

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CORPORATE-STARTUP PARTNERSHIP

Start of new relationship CORPORATE-STARTUP PARTNERSHIPS TO REVOLUTIONISE LEGAL SPACE While for many, the legal sector evokes images of silk robes and powdered wigs, no industry can remain untouched by the rising tide of modernity. New tools and technologies are constantly under development, each one with more disruptive potential than the last. Consequently, firms are seeking new ways to harness this technology to keep their practice at the vanguard of the legal space. Ritam Gandhi

A RANGE OF DRIVERS ARE ACCELERATING THE DEVELOPMENT AND ADOPTION OF LAWTECH. PRIMARY AMONG THESE IS AN ESCALATING NEED FOR EFFICIENCY. LARGE ORGANISATIONS ARE INCREASINGLY STRETCHED ACROSS A NUMBER OF DIFFERENT JURISDICTIONS WHICH CREATES MORE DEMANDING AND COMPLEX WORKLOADS. For many firms, managing their vast data sets and document stores is half the battle of staying in operation. Consequently, firms are looking to artificial intelligence (AI) and machine learning (ML) for greater efficiency. According to a recent study of London law firms by CBRE, 48 per cent already rely on at least one AI tool. However, for some firms it is prudent to go beyond simply integrating existing tools into their current offering. These are firms with specific needs or inefficiencies that require innovative and bespoke solutions. Consequently, law firms are increasingly partnering with dynamic tech companies in order to direct their insight and resources towards generating better and more useful lawtech.

Partnerships in legal space

For individual law firms, the potential benefits of integrating new technologies into their practice are incalculable. For example, by automating existing processes by utilising the latest AI, firms can streamline procedural work and create new, innovative ways of managing the thousands of documents, contracts and pay slips that pile up in any legal office. It would not be an exaggeration to say that AI has the potential to completely revolutionise the way lawyers read and analyse documents. Indeed, tools already exist that are indicative of AI’s future impact. Take, for instance ROSS. This is an artificial intelligence app currently being developed by Nextlaw Ventures – an investment fund set up by the multinational law firm Dentons. The app allows lawyers to quickly find and cite authorities thus slashing the time they currently spent trawling through online databases such as BAILII. The main areas in which law firms are actively seeking to embrace new, more

dynamic ways of operating are research and due diligence, document generation and practice management. And while commercially available software exists to help firms carry out these tasks, it’s clear that a new generation of more advanced, and more industry-specific tools are required to help firms attain the levels of efficiency required of them as global businesses over the coming years. When a firm partners with a startup, they are not only facilitating the development of useful products, they are also ensuring that the firm is best positioned to make the most of these advances. For example, Allen & Overy’s Fuse and Mishcon’s MDR Lab are incubators designed to provide finance and insight to early stage and growth startups developing products applicable to the legal industry. Not only will these firms have early access to these products; they can begin to orient their business around the future contours of the industry. For dynamic companies in the lawtech space, partnerships with big firms make sense for a number of reasons. First and

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foremost is the injection of finances that such partnerships provide. UK legal tech leader Luminance has so far received approximately $10million in investment finance from city firm Slaughter and May and this has allowed Luminance to expand its technological capabilities and hire more developers. Developing new tools is resource intensive, and so receiving finance from within the industry grants the tech company greater headroom as well as a vote of confidence. In return, Slaughter and May get to remain at the cuttingedge of the industry as well as establish themselves as one of the most dynamic brands in the legal space.

CORPORATE-STARTUP PARTNERSHIP

When it comes to partnering with a law firm, the benefit, both in terms of information exchange and access to finance are usually too good to pass up for startups. The challenge is finding and striking the right type of partnership that delivers mutual advantages and gains.

Creating more dynamic legal sector

According to a recent Forbes article the legal tech sector grew by 713 per cent in 2018 and much of this growth is being driven by law firms themselves. Clearly, the boom of legal tech is well underway and increasingly, firms are recognising the need to engage with this process as investors as well as consumers.

This is important because ultimately, it is legal professionals who have the best idea of how advances like this one can best be integrated into their firmâ&#x20AC;&#x2122;s service. By playing a proactive role in the innovation process, firms can adopt a more strategic approach to handling any resulting disruption. In essence, partnerships provide the freedom for firms to shape the industry around their long-term vision rather than their short-term interests. Consequently, I expect the trend for forward thinking firms to collaborate with tech startups to only continue as more stakeholders from within the industry look to play an active role in the innovation process.l

Ritam Gandhi is founder and director at Studio Graphene, a UK-based firm specialising in developing blank canvas tech products for small businesses through to large corporates. Working with many startups alongside innovation teams in more established companies, the London-based agency plans, designs and builds tech products for its clients. Founded in 2014, the company has offices in the UK, Switzerland and India.

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FINANCIAL PLANNING

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REMOVING THE COMPLEXITY FROM CROSS-BORDER PROPERTY PURCHASES Investing in real estate outside your home country can be a bit daunting for most but if you could bear a few important points in mind, it could prove a great investment for you in bricks-and-mortar in another part of the world that you could rightly be proud of. Marc Pritchard

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FINANCIAL PLANNING

WHETHER YOU ARE BUYING A PROPERTY OVERSEAS AS A SECOND HOME OR AS AN INVESTMENT, IT IS IMPORTANT TO APPRECIATE THAT CROSS-BORDER TRANSACTIONS OF THIS NATURE CAN COME WITH A FEW MORE COMPLEXITIES THAN DOMESTIC PURCHASES. AS SUCH, IT PAYS TO DO YOUR HOMEWORK AND UNDERSTAND THE LEGAL AND FINANCIAL FRAMEWORK OF THE COUNTRY IN WHICH YOU INTEND TO BUY LONG BEFORE YOU COMMIT YOUR FUNDS.

Preparing for your purchase

The first matter to look into is whether or not there are any restrictions on foreign buyers. If so, ensure you have a full understanding of what these are and how they relate to your intended property purchase. Assuming that the country in question welcomes international real estate buyers, it’s time to find the perfect property. Internet research and email/phone liaison with local agents will only get you so far before you will need to visit the country for yourself. This is particularly the case for those buying holiday properties, as you need to get a feel for the property and the local area before committing to the purchase.

Making the most of your viewing trip

In order to get the best out of your viewing trip, make sure you keep an open mind. Do not fall into the trap of falling for a particular property online and then only visiting that one. Instead, line up a series of viewings for different properties so that you can make the most of your visit. Even if you have a favourite property in mind before the trip, seeing others as backups is a sensible strategy. Ensure you work with reputable agents or developers when doing so – always opt for established businesses with plenty of online feedback and good reputations. For the viewing trip, another tip is to build in time to spend in the local area in between visits to the various properties on your shortlist. Doing so will give you time to check out the local amenities. If you are buying a property for your own use, this will give you the chance to try out the local shops, cafés and restaurants. If you are planning to rent the property out, it gives you the chance to gather useful local details that you can later use when advertising the property for rent. Building in thinking time also means that you do not have to feel rushed when it comes to deciding which property to purchase. This can significantly reduce the pressure that many people feel as part of a viewing trip, when the return flight can create the feeling that the clock is ticking in terms of making a decision.

Taking care of the paperwork

It is also worth lining up a translator and a lawyer early on in the process. Even if you speak some of the language in question

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– or the property experts you are dealing with speak your language – it is likely that you will need a translator to ensure that you fully understand the legal terminology of any paperwork that you sign. A local lawyer to oversee the transaction is, of course, also essential. Your lawyer and/or translator can also help with understanding the financial complexities of buying a home in the country in question. Some countries have different mortgage requirements for overseas buyers than they do for domestic buyers, for example. Clarity on such details will ensure that you know how much you need to find for a deposit and how much you can borrow to fund your purchase. It is also important to be aware that different countries have differing rules regarding what happens to your deposit if you pull out of a transaction. In some cases, doing so can have significant financial implications.

Exchange rate issues It may be that you also need to give due consideration to currency and exchange rates as part of your purchase. If live in one Eurozone country and plan to buy in another, this is not an issue, but if your domestic currency differs from that of the country in which you are buying a property, the sheer size of the amounts involved mean that small differences in the exchange rate can make big differences in terms of your budget. Be sure to shop around when it comes to forex companies, to ensure that you not only get the best rate, but also don’t pay over the odds in terms of the company’s commission and other fees.

Analyse the added extras Finally, be sure that you assess the purchase in terms of additional benefits that might come with it. A number of countries, for example, offer a ‘golden visa’ scheme whereby those investing above a certain amount in property will be granted residency visas, should they wish for them. In Spain, for example, the golden visa programme offers a one-year residency visa for those investing €500,000 or more in real estate. Provided the investment remains in place, the individual (along with their spouse and children) can then apply for a further residence permit every two years. They can then apply for permanent residence after five years (assuming they’ve spent at least six months of each year in Spain) and for Spanish nationality after ten. The golden visa programme not only opens up Spain to the property buyer, but also the freedom to travel throughout the other 26 countries of the Schengen zone. Spain is just one example. Many countries have their own version of a golden visa programme, so those buying real estate overseas would do well to find out the details of the scheme in the country in which they are planning to purchase property.

Enjoy the journey Buying a property in another country is not always easy, but it can be an exciting process that delivers long-term rewards, in terms of both lifestyle and finances. Be prepared for added complexities and potential delays from the outset, in order to avoid becoming frustrated during the purchase process. Keeping your eyes on the goal and its benefits should ensure that you enjoy the journey, as well as the destination. l

Marc Pritchard is sales and marketing manager at Taylor Wimpey España, the Spanish subsidiary of Taylor Wimpey, one of the UK's largest residential developers operating from 24 regional offices across England, Scotland and Wales.

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CRYPTOCURRENCY

NEW COIN ON THE MARKET THE IMPACT OF FACEBOOK'S LIBRA ON TRADITIONAL BANKING SYSTEM Even though it is still early days, Facebook’s Libra – emerging new cryptocurrency – has given us a lot to think about. From all the fake news we are having to filter out, to more legitimate concerns around fraud, money laundering and financial risk, one thing’s for sure: it is going to be an interesting development to watch, Examining some of the concerns as well as the impact of Libra on the traditional banking system. Simon Rodway

THE SOCIAL MEDIA GIANT, FACEBOOK, ANNOUNCED IN JUNE THIS YEAR THAT IT HAD DEVELOPED A CRYPTOCURRENCY, DUBBED LIBRA, AND PLANNED TO LAUNCH IT IN EARLY 2020. THE COMPANY’S BIG PROMISE IS THAT LIBRA WILL DRAMATICALLY IMPROVE THE WAY IN WHICH PEOPLE SEND AND RECEIVE MONEY ONLINE BY MAKING PAYMENTS FASTER, CHEAPER AND MORE ACCESSIBLE – EVEN FOR THOSE WITHOUT BANK ACCOUNTS OR LIMITED ACCESS TO TRADITIONAL BANKING. While some have dismissed it as unnecessary hype, others say it has the potential to disrupt banking and payments as we know it, owing to the sheer dominance of Facebook in people’s social lives – something that should not be underestimated or ignored. Either way, Libra is proving to be an interesting development to watch, especially in the wake of David Marcus from Calibra – Facebook’s cryptocurrency wallet company – presenting his testimony to the United States Congress banking committee. The outcome was that Facebook would ‘take time to get this right’ and there would be no launch until all concerns could be fully addressed.

Faster and cheaper but is it safer? Libra will be based on a blockchain platform called the Libra Network which, importantly, will not be managed by Facebook itself, but rather by a not-for-profit group of organizations called the Libra Association. The association will comprise of representatives from various companies from around the world, including PayPal, Lyft and Coinbase. A total of 28 companies are on board so far, with the aim being to sign up a total of 100 companies by the time Libra is launched. Facebook says that Libra will run faster than any other cryptocurrency, making it ideal for purchasing and sending money quickly. This, together with its vision for financial inclusion, could make a huge difference to the poorer, under-banked members of society. Those working in the UK, for example, and legitimately wanting to transfer their wages to their families in other countries, currently end up paying exorbitant banking fees, only to wait days for their funds to become available. The existing system clearly presents too many blockers for these people – and Libra could change that. But, as noble as these early plans sound, legitimate concerns around fraud,

money laundering, and financial risk are slowly starting to surface. And not without reason: ill-informed speculation and click bait aside, some reports claim that over 100 fake Libra-related domains have already been registered, some containing malicious content. It’s not surprising, then, that those within the more established financial sectors are either dismissing Libra as noise or decrying it as a vehicle for potential terrorist activities. They also maintain that regulators won’t allow Libra to happen at all, despite Calibra openly reporting its intention to work with said regulators and policymakers to ensure that the platform is secure, auditable and resilient. At the same time, of course, they are defending the current system, claiming that it works well, is safe and secure, and does not support terrorism. But, if we are honest, anti-money laundering (AML) systems have, to date, been largely unable to stop the vast amounts of laundered funds from moving around. In addition, our know your customer (KYC) and know your business (KYB) processes use data from the likes of the UK’s Companies House, which has been heavily criticised for their own lack of data validation and governance.

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Financial inclusion could come at a price With everything we know about Facebook and claims around its part in managing personally identifiable information (PII), the other question on everyone’s lips is whether it is wise to trust the big tech companies over banks with identity and payment data. While it is still too early to demand a definitive answer on how this aspect of the system will be addressed, looking at how crypto-wallets are currently used could provide some insight. Blockchain transactions contain only a reference (token) to the wallet. The chain itself does not need to contain any actual PII at all. In a recent blog, Dave Birch published his view on the process of identity tokenisation as it could operate for Libra. This is a valid example and likely to be very close to a working solution in which the tokenisation would ensure that actual PII is not exposed.

CRYPTOCURRENCY

The point, however, is that PII data will still be held as part of the wallet, of which there will be multiple, with Facebook Calibra being one – albeit likely to be the most used. So, the handling of PII by the likes of Calibra will need to be clarified, with indications being that only wallet providers that adequately do so will be successful. For the network itself, what will be additionally important is how they address the money laundering challenge. The Financial Action Task Force (FATF) has proposed a ‘travel rule’ type of regulation to be applied to the chain. This simply means that the source and destination of a transaction will be able to be identified should they be ‘compelled to do so by legal authorities’.

Alternative views

The topic of identity and data in relation to Libra is quickly becoming a hot topic,

with various theories and alternatives expected to emerge over time. One such consideration is that large financial services players like Mastercard and Visa form part of the Libra Association. As things stand today, they possess existing identity solutions that could, in future, play a part in the process. Another solution could come in the form of a Libra-capable wallet from someone other than Facebook, like a credit card provider. This could provide a viable alternative for people who don’t want to run the risk of Facebook accessing their personal data. And, of course, there is the widely-held view that if Facebook does not make it happen with Libra this time around, someone else will. The technology and conceptual design are essentially open source, so the wheels are in motion. Financial institutions that ignore the trend do so at their peril. l

Simon Rodway is solutions architect at Entersekt, a provider of online push-based authentication and application security solutions for banks and enterprises. Founded in 2008 and based in Stellenbosch, South Africa, it offers online and mobile banking, mobile application, and card not present authentication services. The company serves clients in US, Europe, and Africa, and has offices in all three markets. It is represented by resellers in a number of countries, including the UAE, Saudi Arabia, Lebanon, and Nigeria.

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BUSINESS FRAUD

THE KNOCKOUT PUNCH FOUR KEY STEPS COMPANIES SHOULD TAKE TO BEAT PROCUREMENT FRAUD Procurement fraud is always a difficult subject. No one wants to think their employees or suppliers are trying to defraud them, but it is imperative that companies keep on top of anti-fraud efforts.When these activities are discovered too late, it is not just the targeted companies who suffer.The financial cost for victims can be severe and the reputational fallout for the business even worse. Laurent Colombant

IF YOU THINK PROCUREMENT FRAUD IS NOT A PROBLEM IN YOUR ORGANISATION, YOU MAY BE IN FOR A RUDE AWAKENING. New SAS research reveals that almost a third (31 per cent) of UK businesses have been victims of contract bid rigging between suppliers, and 43 per cent have received fraudulent duplicate invoices. According to PWC, procurement fraud has ranked as the world’s second most common economic crime since 2014. Procurement fraud is a widespread issue and, in the worst cases, can become systemic in an organisation if left unchecked. However, it is not unbeatable. With the right tools and approach it’s possible to stop procurement fraud before it even begins. To reclaim control over your procurement process, follow these steps:

1. Recognise the risk One reason procurement fraud is so prominent but so little talked about is that too many assume its impact is small. Indeed, a third of companies don’t consider it important enough to include it in their

auditing processes. Yet, recognising the risk it poses may give a company the impetus it needs to nip procurement fraud in the bud. It is important to acknowledge that guarding against procurement fraud is not a fire-and-forget exercise. Fraud can occur at any stage of the procurement process or during any point of the supplier relationship. One general audit a year would not be enough to stay on top of it. Organisations should follow a regime of continuous end-to-end controls of the entire procure-to-pay chain, with constant detection processes and regular audits. However, delivering on this may well require technology and capabilities currently beyond their reach. W will come to these capabilities and how to implement them shortly. Coming to grasp unknown unknowns is challenging at best. It is easy to ignore what you neither want to see or address.

siloed and the processes are not in place for the easy sharing of data between them. Procurement fraud can arise in any part of an organisation, so it is crucial for everyone to be involved. At the same time, however, there must be a designated fraud leader within the organisation. Even dedicated employees will miss signs and make mistakes, so there must be someone whose sole responsibility is to detect and resolve fraud. In 31 per cent of cases, the CFO or financial controller is handed this responsibility, but they are not always the best choice for the job. Ultimately, your fraud leader should have a detailed understanding of internal fraud detection capabilities, daily contact with any anti-fraud personnel, and the expertise to change strategy to meet ongoing and incoming threats.

2. Consider your culture

Another obstacle to beating procurement fraud is a lack of sufficient technology and inhouse capabilities. Too many organisations rely on outdated technologies and methods of fraud detection, including rules-based

Many companies struggle to tackle procurement fraud due to a lack of awareness and communication internally. Departments do not collaborate, data is

3. Identify improvements

Intercontinental Finance & Law • 161/19

www.intercontinental- finance.com

software and manual controls. Once again, where humans are central to the process error is certain and the prospect of tampering cannot be ruled out. These methods can detect procurement fraud, but slowly and only after the fact once the damage has been done. Itâ&#x20AC;&#x2122;s up to businesses to regularly review and assess current detection mechanisms and allocate budget where improvements can be made. To do this, itâ&#x20AC;&#x2122;s also crucial to spot problems that could frustrate future tech adoption, whether it is a lack of skills or disconnected data silos. Once the foundation has been laid, you can then start implementing the best tools for the job; analytics and artificial intelligence (AI).

BUSINESS FRAUD

4. Apply analytics

Continuous data-driven detection affords companies the best chance of holding procurement fraud at bay (and keep it that way). Advanced analytics and AI can process and analyse staggering amounts of data in seconds, picking up on patterns, outliers and anomalies otherwise missed and alerting investigators before the actual fraud takes place. While both take upfront investment to install, the costs are quickly covered and even surpassed in the money saved for the business. However, it is crucial that you pick the solution, and deployment, that is right for your organisation. Solutions developed inhouse are rarely the best approach and

risk an investment of substantial time and money for capabilities already on the market. A scalable solution can take you up the analytics maturity curve from business rules to anomaly detection, predictive modelling and text analytics. Networks can then be deployed in the cloud, hosted or on-premise. Companies of different sizes have different needs. Larger companies, for example, tend to have more complex supply chains and procurement processes where wrongdoing is more likely to go unnoticed; smaller ones need more packaged solution requiring less data science knowledge. Best-of-breed solutions that identify the most fraud with the least false positives while preventing future cases are a must for all. l

Laurent Colombant is continuous controls and fraud manager at SAS, a business analytics software and services provider with the largest independent vendor in the business intelligence market. An American multinational developer of analytics software founded in 1976 and based in North Carolina, the company develops and markets a suite of analytics software (also called SAS), which helps access, manage, analyse and report on data to aid in decision-making. The world's largest privatelyheld software business, its software is used by most of the Fortune 500.

Intercontinental Finance & Law â&#x20AC;˘ 161/19

DIVINALAW IS A LEADING FULL-SERVICE LAW FIRM IN THE PHILIPPINES. We take pride in advocating and practicing dynamic lawyering â&#x20AC;&#x201C; prompt, proactive, and result-oriented. We offer depth and range in experience and resources and a professional, collaborative work ethic â&#x20AC;&#x201C; qualities that clients appreciate in an emerging and challenging market like the Philippines. Phone: +63 02 822 0808 Email: info@divinalaw.com

www.divinalaw.com

www.intercontinental- finance.com

ICFM TOP 100 LEADING FIRMS 2019

IT IS OUR PLEASURE TO INTRODUCE TO YOU THE INTERCONTINENTAL FINANCE MAGAZINE’S 100 LEADING FIRMS LIST, FEATURING THE BEST FIRMS FROM THE WORLD OF LAW, FINANCE AND PRIVATE EQUITY The honourees on the list have been chosen in accordance with their business practice, depth of knowledge and service rendered to clients. ICF recognises that partnering with the right service provider in today’s highly-competitive world is of utmost importance to organisations who mean business and would settle for nothing less. Our list provides you that cutting edge you need with a roster of names that is a veritable Who’s Who of the business, finance and legal world. Featured are the crème de la crème who can advise you on all corporate matters.

Congratulations to all our Top 100 Leading Law Firms

Intercontinental Finance & Law • 161/19

www.intercontinental- finance.com

ICFM TOP 100 LEADING FIRMS 2019

Australia

Colombia

Brazil

Posse Herrera Ruiz Davis Advisory www.davisadvisory.com.au

Bahrain

www.phrlegal.com

Basilio Advogados www.basilioadvogados.com.br

Cyprus

Canada Christodoulos G. Vassilliades & Co. LLC www.vasslaw.com

Zu'bi & Partners www.zubipartners.com

McCarthy Tetrault LLP www.mccarthy.ca

Belgium Costas Tsirides & Co Llc www.tsirides.com

AFSCHRIFT www.afschrift.com

PatentAxis Inc. www.patentaxis.com

Czech Republic

Gurlich & Co. AMBOS NBGO

Rogerson Law Group

www.amboslaw.be

www.rogersonlaw.com

www.akrg.cz

Equador Botswana

China

Lee, Tsai & Partners Piyush Sharma Attorneys & Co. www.sharma.co.bw

www.leetsai.com

Quevedo & Ponce www.quevedo-ponce.com

Finland

Railas www.railas.fi

Waselius & Wist www.ww.fi

Intercontinental Finance & Law â&#x20AC;¢ 161/19

Oscós Abogados is a high-profile boutique practice that specialises

in both domestic and international conflicts. The firm has rich experience and technical expertise in handling insolvency, reorganization, creditor’s rights, bankruptcy, litigation, alternative dispute resolutions, product liability within a wide variety of industries that range from banking, finance, securities, energy, oil, gas, construction, real estate, industrial property, copyright and commercial companies to telecommunications and business in general, commercial or civil.

Oscós Abogados has been involved in major cross border and domestic

insolvency, litigation and arbitration cases in Mexico. The firm has built up a strong reputation for delivering high-quality results in a discreet and timely fashion. Our profile is client oriented and client target definitions

Paseo del Río (Joaquín Gallo) No. 53 Chimalistac, Del. Coyoacan. C.P. 04340 México, D.F. Tel & Fax: +52 (55) 1253 0100 contact@oscosabogados.com.mx

Congratulations to the Law Office of Ramni Taneja being voted one of ICFMâ&#x20AC;&#x2122;s TOP100 Law Firms for 2019

www.intercontinental- finance.com

ICFM TOP 100 LEADING FIRMS 2019

India

France

Fox Mandal www.foxmandal.in

Cabinet Plasseraud www.plass.com

Anand and Anand www.anandandanand.com

Germany HSA Advocates www.hsalegal.com

Busse & Miessen www.busse-miessen.de

AZB & Partners www.azbpartners.com

Law Office Of Ramni Tanjea www.ramnitaneja.com

Kather Augenstein www.katheraugenstein.com

BTG Legal www.btg-legal.com

Mundkur Law Partners www.mundkur.com

Knierim & Kollegen www.knierim-kollegen.com

D. H. Law Associates www.dhlawassociates.com

O.P. Khaitan & Co www.opkhaitan.com

Pohlmann & Company www.pohlmann-company.com

Desai & Diwanji www.desaidiwanji.com

SIWE www.si-we.d

Greece

PPT Legal www.pptlegal.gr

Intercontinental Finance & Law â&#x20AC;˘ 161/19

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ICFM TOP 100 LEADING FIRMS 2019

Dalla Verita' & Partners www.dallaverita.it

Gianni, Origoni, Grippo, Cappelli & Partners www.gop.it

Lubis Ganie Surowidjojo www.lgsonline.com

S.K. Srivastav

Spadafora De Rosa Law

www.srivastavandco.com

www.spadaforaderosa.net

NKN Legal www.nknlegal.co.id

Subramaniam & Associates (SNA)

Ughi e Nunziante - Studio Legale

www.ip-sna.com

www.unlaw.it

Japan Sanger & Co www.legalconsultantjakarta.com

Tuli & Co www.tuli.biz

YUASA and HARA www.yuasa-hara.co.jp

Israel Jersey VERITAS LEGAL www.veritaslegal.in

E.Schaffer & Co. www.schafferlaw.co.il

Indonesia

Italy

www.corbettlequesne.com

Kenya

Hermawan Juniarto www.hermawanjuniarto.com

Corbett Le Quesne

Annunziata Associati www.acfirm.it

PPT Legal www.pptlegal.gr

Intercontinental Finance & Law â&#x20AC;˘ 161/19

Desai & Diwanji focuses on core areas of commercial and finance activity: corporate and M&A; capital markets; banking, finance, insurance; project finance; energy, natural resources and infrastructure; aviation; admiralty & maritime; technology, media & telecommunications; life sciences & pharmaceuticals;outsourcing; real estate & construction; litigation & dispute resolution; employment, employment benefits and executive compensation; outsourcing. The firm is privileged to work with an impressive array of high-calibre corporations, financial institutions, funds and governments and believes that its continuing success relies on building and sustaining the trust of its clients.

Lentin Chamber, 3rd Floor, Dalal St, Fort, Mumbai, Maharashtra 400023, India

+91 22 2265 1682

Hechanova & Co. Inc. (HCI) – Founded on August 19, 2005 by Atty. Editha R. Hechanova, a seasoned IP practitioner, with the help of her siblings and several close friends, the humble beginnings of HCI has continued to make history. With over 10 years of solid IP experience and unparalleled expertise, we take pride in being one of the country’s leading firms in the field of patent and trademark protection and prosecution.

C O R P O R AT E L AW • FA M I LY L AW A N D E S TAT E P L A N N I N G • I N T E L L E C T U A L P R O P E R T Y L AW L A B O U R • E M P L O Y M E N T A N D I M M I G R AT I O N L AW

Hechanova Bugay Vilchez & Andaya-Racadio (HBVAR) – The firm was established in the Philippines as Hechanova Bugay & Vilchez on January 2006 by a group of like-minded and innovative lawyers with over 15 years of experience in their own fields of specialization. On March 2014, to strengthen its tax practice, a new partner was admitted, and the firm is now known as Hechanova Bugay Vilchez & Andaya-Racadio, Lawyers. The firm believes that lawyering is not just a profession but a way of life where opportunities to practice the core values of leadership, innovation, relationship and integrity are boundless. Makati G/F Salustiana D. Ty Tower, Paseo de Roxas cor. Perea Street Legaspi Village, Makati City, Philippines – 1229 Hechanova & Co. Inc. T: +63 2 804 2317 / 893 4878 /888 4293 / 812 6561

Hechanova Bugay Vilchez & Andaya-Racadio T: +63 2 893 5553

www.hechanova.com.ph

www.intercontinental- finance.com

ICFM TOP 100 LEADING FIRMS 2019

Lebanon Natividad Abogados Abou Jaoude & Associates Law Firm

www.natvidad.mx

G. Elias & Co. www.gelias.com

www.ajalawfirm.com

T & A Legal

Oscos Abogados

www.tundeadisa.com

www.oscosabogados.com.mx

Tumi Law Firm www.tumilawfirm.com

Nepal Luxembourg

Tokunbo Orimobi LP www.tolegalgroup.com

Pradhan, Ghimire & Associates www.pradhanlaw.com

Pakistan

EY www.ey.com/lu/en/home

Mexico

Nicaragua Kabraji & Talibuddin Guy Jose Bendana-Guerrero & Asociados

www.kandtlaw.com

www.guybendana.com.ni

Berdeja Abogados SC www.berdeja.com.mx

Nigeria

Vellani & Vellani www.vellani.com

Abuka & Partners www.abukapartners.com

IDEAS

Panama

www.ideaspas.mx

Alfaro Ferrer & Ramirez www.afra.com

Peru

OMC Abogados & Consultores www.omcabogados.com.pe

Intercontinental Finance & Law â&#x20AC;˘ 161/19

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ICFM TOP 100 LEADING FIRMS 2019

Turkey

BEZEN & PARTNERS www.bezenpartners.com

UAE

Spain Fichte & Co www.fichtelegal.com

Philippines

Uganda

Maio www.maiolegal.com

DivinaLaw www.divinalaw.com

Sweden CALC Delphi

www.candiaadvocates.co.ug

www.delphi.se

Switzerland Hechanova Bugay Vilchez & Andaya-Racadio www.hechanova.com.ph

ABR Solicitors

Portugal

Weinmann Zimmerli

www.abrsolicitors.com

www.weinmann-zimmerli.ch

The Netherlands

AVONDALE www.avondale.co.uk

CMS Rui Pena & Arnaut www.cms.law/en/PRT/

Heussen www.heussenlaw.nl

Boult Wade Tennant www.boult.com

Trinidad and Tobago SPASS - Santos Pereira & Associados www.spass.pt

J.D.Sellier+Co. www.jdsellier.com

Intercontinental Finance & Law â&#x20AC;¢ 161/19

SERVING THE WORLD FROM AFRICA We maintain the best standards of professionalism, ethics and integrity. We recognise that every client is unique and to that extent, our service to each client is personalized as if it were our only client.

Phone: +234 (0)70 8589 9820 Email: lagos@abukapartners.com.ng

www.abukapartners.com

WE ARE INTELLIGENT LAWYERS WHO RECOGNISE THE DEMAND OF THEIR CLIENTS TO CONSUMMATE PROFESSIONALISM WITH INTEGRATED, INNOVATIVE AND PRACTICAL SOLUTIONS.

T & A Legal is a Full Boutique Law Firm based in Lagos,

We promise an effective and efficient service delivery

Abuja and Ibadan, Nigeria.

while using our network to your advantage. Our people get the job done expediently without compromising

At Tunde and Adisa Legal Practitioners (T & A Legal),

professional standards, to ensure a faster trunaround

we provide first class global legal and advisory services to

time on work given. This of course is not without a

clients with special interest in Corporate Governance &

personalised client-focused approach.

Compliance, Commercial Practice, Intellectual Property, Employment & Immigration, Real Estate, Taxation,

We believe strongly in integrity, excellence, hard work

Dispute Resolution, Foreign Direct Investment (FDI)

and innovation. We therefore strive to acquire intelligent

and Public Private Partnerships. We also offer services

young minds that are creative in thinking, in tune with

relating to Debt/Asset Recovery, Business Advisory, Legal

current events and result oriented in nature.

Risk Consulting, Bank Searches and Probate Matters. T & A Legalâ&#x20AC;&#x2122;s industry strength includes Retail, Real Estate & Construction, Agriculture, Telecommunications & Information and Communication Technology (ICT), Tax, Energy & Power, Government & Public Sector and Mining & Solid Minerals.

Tel: +234 818 141 1811 Email: contactus@tundeadisa.com

www.tundeadisa.com

www.intercontinental- finance.com

ICFM TOP 100 LEADING FIRMS 2019

Imprima www.imprima.com

Liquidity Services Inc. www.liquidity servicesinc.com

Carter Perry Bailey LLP www.cpblaw.com

Maalouf Ashford & Talbot, LLP Intercorp Group Cavendish Corporate Finance LLP

www.maaloufashford.com

www.intercorpgroup.com

www.cavendish.com

Sadis & Goldberg SIA Group

www.sglawyers.com

www.sia-group.co.uk

FMConsult www.fmconsult.co.uk

Fulcrum Chambers

Venezuela USA

Demotech, Inc.

Rodner, Martinez & Asociados

www.demotech.com

www.rodnermartinez.com

www.fulcrumchambers.com

Zimbabwe

HGF Limited

Hill, Farrer & Burrill LLP www.hillfarrer.com

www.hgf.com

Samuriwo Attorneys www.samatt.co.zw

Wintertons www.wintertons.co.zw

Intercontinental Finance & Law â&#x20AC;¢ 161/19

We were founded in 1994. Challenging corporate finance litigation and transactions â&#x20AC;&#x201C; especially mergers and acquisitions, capital markets work and structured lending â&#x20AC;&#x201C; have always and will always have a central place in our repertoire. We have become one of Nigeriaâ&#x20AC;&#x2122;s leading business law firms. We have always had an international outlook. We have a reputation for, and an outstanding record of, carrying out critical, innovative and complex work to the highest standards. We have advised and represented our clients on several of the most significant recent developments in Nigerian business law practice, particularly in the fields of sales of businesses, infrastructure financings denominated in hard currencies and tax and securities law disputes. +234 1 460 7890 / 280 6970 gelias@gelias.com

www.gelias.com

TO INTERCONTINENTAL FINANCE MAGAZINE'S TOP 50 GLOBAL LAW EXPERTS FOR 2018 THE FOLLOWING LAWYERS HAVE BEEN RECOGNISED BY INTERCONTINENTAL FINANCE MAGAZINE AS ONE OF THE TOP 50 GLOBAL LAW EXPERTS IN THE WORLD TODAY. ICFM is a monthly magazine and is distributed to our 158,500 strong corporate database. We hope our Top 50 Global Law Experts will help you to make informed decisions as to what firms or individuals to assist you in corporate matters, whether of a transactional nature, financing or simply ongoing assistance to ensure your businesses are applying good governance in all areas.

Congratulations to all our Top 50 Global Law Experts

Belgium - China

TOP 50 GLOBAL LAW EXPERTS 2018

De Broeck Van Laere & Partners

Didier Van Laere is a business lawyer at the Brussels’ Bar and the Ghent’s Bar, specialized in tax and corporate law. He obtained a Master degree in law at the University of Ghent and a special Master degree in tax law at the University of Brussels. Didier

E: dvl@dvp-law.com

Van Laere is one of the two founding partners of the law firm

T: +32 2 4230 042

De Broeck Van Laere & Partners (1998). His practice includes

F: +32 2 4230 032

corporate tax work, mergers & acquisitions, restructuring and...

www.dvp-law.com

READ MORE HERE

STW & Partners

Shinâ&#x20AC;&#x2122;ichiro Yoshiba is one of partners of STW & Partners. His

main areas of practice are licensing, IP related M&A transactions, and IP litigation and dispute resolution involving infringement

E: shinichiro.yoshiba@stwlaw.jp of patents, trademarks and copyright. He has considerable T: +81 3 3596 7317 experience in handling IT-related legal issues and disputes F: +81 3 3596 7330 regarding various types of internet services and IT system www.stwlaw.jp

JAPAN

Shinâ&#x20AC;&#x2122;ichiro Yoshiba

development. He regularly provides comprehensive legal advice on litigation/dispute resolution,... READ MORE HERE

www.intercontinental-finance.com/globallawexperts-50

TOP 50 LAW EXPERTS 2018

Japan - Mexico Wataru Sueyoshi is one of the founding partners of STW & Partners. His main areas of practice are IP Law and Corporate

JAPAN

Law. He obtained an LLB from the University of Tokyo in 1981 and was admitted in Japan to the Daini-Tokyo Bar Association in

E: wataru.sueyoshi @stwlaw.jp

1983. He joined Mori Sogo (now, Mori Hamada & Matsumoto) in

T: +81 3 3596 7301

1983 and established STW & Partners in 2007. Mr. Sueyoshi was

F: +81 3 3596 7330

the Visiting Professor, University of Tokyo Graduate Schools for Law and Politics from 2013 to 2016... READ MORE HERE

Nelson Ihachi Ashitiva is the Senior Partner and Head of Strategy at Ashitiva and Company Advocates, a firm he founded 5 years

KENYA

ago with partners Ken Ashimosi and George King’ori. A practicing

Nelson Ihachi Ashitiva

he is also a Commissioner of Oaths, Notary Public and an

E: info@ashitivaadvocates.com

Arbitrator and Associate of the Chartered Institute of Arbitrators

Carlos Abou Jaoude is the founder and managing partner of Abou Jaoude & Associates Law Firm. His multidisciplinary expertise

LEBANON

www.stwlaw.jp

Ashitiva and Company Advocates

ADR specializing in corporate restructuring.... READ MORE

and international experience in a broad range of industries in both the public and private sectors include Corporate Law, Banking &

T: +254 20 2710 880 T: +254 722 764 732 www.ashitivaadvocates.com

Carlos Abou Jaoude Abou Jaoude & Associates

E: c.aboujaoude@ajalawfirm.com

Finance, Mergers & Acquisitions, Capital Markets & Securities,

T: +961 1 395 555

Tax & Succession Planning, Structured Finance, Financial

F: +961 1 384 064

Restructuring & Insolvency, Telecommunications, Media, Project

www.ajalawfirm.com

Development & Finance and Privatization.... READ MORE HERE

Shankhnad Ghurburrun has many years of experience in advising international and domestic clients on white collar crime, asset

MAURITIUS

advocate of the High Court of Kenya with 10 years of experience,

of the United Kingdom. Nelson focuses on Commercial Law and

recovery and anti-fraud matters, in both Mauritius and the

Shankhnad Ghurburrun

Seychelles and regional cross border matters. GEROUDIS has its

Geroudis

own in-house intelligence team, and often collaborates with state

E: sanjeev@geroudis.com

authorities in the development and elaboration of commercial crime legislation in Mauritius. The firm has full service capabilities with around 20 Forbes 100 clients... READ MORE HERE

1977 was a good year for beginnings. The first Apple Computer went on sale, The Clash released their first album, Star Wars

MEXICO

Wataru Sueyoshi STW & Partners

opened in theaters, and as for real space exploration the Space

T: +230 2103 838 F: +230 2103 912 www.geroudis.com

Dario U Oscós Coria Oscós Abogados

In Mexico City, there was another sort of launch: Oscós Abogados

E: doscos@oscosa bogados.com.mx

Law Firm was founded by its senior partner Darío U. Oscós Coria.

T: +52 55 5550 2829

Oscós Abogados is a boutique law firm abounding with a team of

F: +52 55 5550 1273

Shuttle made its first test flight and Voyager I & II were launched.

professional lawyers.... READ MORE HERE

www.intercontinental-finance.com/globallawexperts-50

Nigeria - Philippines

TOP 50 GLOBAL LAW EXPERTS 2018

Aham Eke Ejelam SAN

Called to the Nigerian Bar in August, 1985. LL.B (Hons.) (1984)

Principles Law Partnership

of Nigeria on the 22nd of September, 2014. Member, Chartered

University of Science and Technology. Made a Senior Advocate

E: aham.ejelam@principleslaw.com Institute of Arbitrators (UK). Member, International Bar

Association. Member, Commonwealth Lawyers Association.

T: +234 84 302 576

NIGERIA

University of Nigeria. LL.M (2000) from the Rivers State

Member of the Executive, Nigerian Bar Association, Port

www.principleslaw.com

Harcourt Branch... READ MORE HERE

Miannaya Aja Essien, SAN, CArb., FCIArb

Principles Law Partnership is a firm of legal practitioners,

Principles Law Partnership

an extensive range of legal services in areas of litigation,

arbitrators, notaries public and registered capital market

E: info@principleslaw.com

Corporate and Commercial law, Banking law and Secured Credit

T: +234 84 361 582

Transactions; trademarks and trade names, intellectual property,

NIGERIA

consultants in Port Harcourt and Lagos. Principles provides

Capital market, Environmental, electricity, oil and gas law,

www.principleslaw.com

receivership, liquidation... READ MORE HERE

Akabogu & Associates E: emeka@akabogulaw.com T: +234 1453 5940 T: +234 80554 61557 (DL) www.akabogulaw.com

Akabogu is a widely recognised expert in the field of maritime law and policy in Nigeria. He is the Senior Partner at the law firm, Akabogu & Associates, which is active in shipping, maritime, petroleum and international trade representation. He has served and continues to serve on a range of national committees and initiatives on maritime development including the Ministerial

NIGERIA

Emeka Akabogu

Cabotage Review Committee. His book, ‘Maritime Cabotage in Nigeria’, was the first published work... READ MORE HERE

Badaruddin F. Vellani

Mr. Badaruddin F. Vellani is an Honours graduate in Chemical

Vellani & Vellani

(London). He is a senior partner at Vellani & Vellani and has over

Leicestershire and a Barrister-at-Law of the Middle Temple

E: khi@vellani.com

35 years experience in commercial matters, including corporate

T: +92 21 3580 1000

work such as mergers and acquisitions, anti-trust and competition law, corporate finance, project finance, infrastructure projects,

F: +92 21 3580 2120

building and construction contracts... READ MORE HERE

DivinaLaw

Nilo T. Divina is a leading counsellor and authority in Philippine corporate law and litigation. He founded the Firm in 2006, and has been the firm’s managing partner since. He grew the

E: nilo.divina@divinalaw.com

firm from a crew of nine lawyers to the present complement of

T: +63 02 822 0808

50 attorneys and counsels. He is also the dean of the Faculty of

www.divinalaw.com

Civil Law of the University of Santo Tomas, one the Philippines’ leading law schools. Mr. Divina’s experience spans some 25 years

PHILIPPINES

www.vellani.com

Nilo T. Divina

PAKISTAN

Engineering from Loughborough University of Technology,

of appearing before courts of all levels... READ MORE HERE

www.intercontinental-finance.com/globallawexperts-50

TOP 50 LAW EXPERTS 2018

Singapore - Turkey She has more than 35 years of experience of work in IP, including

RUSSIA

patents. According to the most reputable Russian and foreign magazines, Dr Vakhnina is one of the leading IP professionals in Russia. She was recommended by Russian business newspaper

E: mail@vakhnina.ru

Vedomosti and the website www.pravo.ru as one of 2011’s best

T: +7 49 5231 4840

Russian lawyers and as one of 2012’s best Russian lawyers for IP.

F: +7 49 5231 4841

In 2010 / 2011 / 2013 / 2014, she was listed as a leading legal expert by Who’s Who Legal... READ MORE HERE

Mr Ajaib Hari Dass is a consultant with Haridass Ho & Partners, a

SINGAPORE

law firm in Singapore which he co-founded. He is an Advocate and Solicitor, Commissioner for Oaths and Notary Public. Graduated

T: +65 6533 2323

Temple in 1975 and called to the Singapore Bar as an Advocate &

F: +65 6533 7029

Banking division of One Legal LLC. She is also a founder of the

SINGAPORE

Haridass Ho & Partners E: mail@hhp.com.sg

Tracy Chen co-heads the Corporate, Corporate Finance & law corporation. Having been in corporate practice since 1988,

www.hhp.com.sg

Tracy Chen

One Legal LLC

Tracy has been actively involved in various aspects of the practice

E: tracy.chen@onelegal.sg

and particularly in corporate finance, mergers and acquisitions,

T: +65 6720 6786

joint ventures, loan and security, and other corporate matters.

F: +65 6720 7998

Her clients include listed entities, small and medium enterprises, multinational clients... READ MORE HERE

Marla Bojorge is the owner of Bojorge & Associates, an international corporate and immigration law firm located in Valencia, Spain. The firm specialises in finding the right legal

SPAIN

Ajaib Haridass

(Honours) degree, he was admitted as a Barrister-at-Law, Middle Solicitor in 1976. He has more than 43 years of continuous legal

www.onelegal.sg

Marla Vanessa Bojorge Zúñiga

solution for each client’s unique circumstances. Ms Bojorge

Bojorge & Associates

previously practised in Switzerland (Tribunal de Première

E: marla@visalawspain.com

Instance – Suisse) and the United States (Kavanagh Maloney & Osnato LLP Manhattan, New York), and is a member of theInternational Bar Association (IBA).... READ MORE HERE

Since October, 1982, Mr. Tsai has indulged himself in experiencing all phases of intellectual property laws from preparation to prosecution and then to litigation of patent, trademark, copyright,

T: +34 96 0451 676 F: +34 96 1125 927 www.visalawspain.com

C. F. Tsai

Deep & Far

circuit layout, trade secret, unfair competition and license before

E: cft@deepnfar.com.tw

instances of courts in this country and other countries. Brain

T: +886 2 2585 6688

waves, perseverance and stamina are considered to be most

F: +886 2 2598 9900

important factors of a successful character.... READ MORE HERE

www.intercontinental-finance.com/globallawexperts-50

www.vakhnina.com

from the University of London in 1974 with a Bachelor of Law

experience and specialises in shipping... READ MORE HERE

TAIWAN

Dr Tatyana Vakhnina Vakhnina and Partners

www.deepnfar.com.tw

Taiwan - USA

TOP 50 GLOBAL LAW EXPERTS 2018

Felix Wang is an attorney at law based in Taiwan with over 10

Felix Wang

YANGMING PARTNERS

labor law, securities law, cross-border M&A, and antitrust law.

E: fwang@yangminglaw.com

Mr. Wang has handled various M&A deals across industries,

T: +886 2 8725 6677

including life insurance, food, management services, cable

F: +886 2 2729 5577

television, communication equipment, application software, lodging, and container shipping. He also advised on premerger

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filings for a wide range of multinational... READ MORE HERE

Mehmet Nazım Aydın Deris

Mehmet Nazım Aydın Deriş graduated with first class honours

Deris

spoken command of Greek. Mr. Deris has been shareholder and

He is fluent in French, English, Italian and German and has a manager since July 1971 of the firm Deris Patents & Trademarks

Mr. E. Kerim Yardimci

Founding Partner and Executive Board Member at Deris, Kerim

Deris

Kerim’s international expertise is complemented by his extensive

Agency AS, which provides full-range services for securing, maintaining and defending (search, registration, renewal, opposition) intellectual... READ MORE HERE

attorney locally and internationally. Fluent in English and French, network. Kerim’s innovative approach to intellectual property litigation, complex court proceedings and portfolio management has helped drive Deris’ status as a top, forward-thinking IP law firm... READ MORE HERE

Gary P. Naftalis is co-chair of Kramer Levin Naftalis & Frankel of the 100 Most Influential Lawyers in America by The National Law Journal and as one of the Top 10 Lawyers (Top Point Getter) in New York by Super Lawyers. Mr. Naftalis is a Fellow of the

F: +1 212 7159 238

American College of Trial Lawyers. He represents individuals

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and corporations... READ MORE HERE

The Entrepreneur Law Center, P.L. E: khamner@entrepreneur lawctr.com T: +1 407 6014 980 F: +1 407 6014 981

One of the nation’s leading trial lawyers, he was selected as one

USA

E: gnaftalis@kramerlevin.com

LLP, where he co-chairs the firm’s extensive litigation practice.

For the past twenty five years, Ken Hamner has accumulated a wide variety of experience in finance, accounting, consulting, and

law. He has significant experience in structuring international and domestic transactions, equity and debt relationships, and negotiating contracts. Ken manages and directs all of the primary

USA

Kramer Levin Naftalis & Frankel LLP

Kenneth Hamner

TURKEY

is a highly experienced and respected intellectual property

E: aderis@deris.com.tr T: +90 212 2497 010 F: +90 212 2937 676 www.deris.com.tr

T: +1 212 7159 253

TURKEY

from the Faculty of Law at the University of Geneva in June 1968.

E: aderis@deris.com.tr T: +90 212 2497 010 F: +90 212 2937 676 www.deris.com.tr

Gary P. Naftalis

TAIWAN

years of experience specializing in general corporate matters,

practice areas of the Entrepreneur Law Center, P.L., a boutique law firm with focused practice areas of business planning, international and domestic... READ MORE HERE

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TOP 50 LAW EXPERTS 2018

USA - Uganda Mr. Rami Fakhoury is passionate about immigration law. He is the founder and Managing Attorney of Fakhoury Law Group, PC

USA

(FLG), a Martindale Hubbell AV-rated business immigration firm. Mr. Fakhoury was a pioneer in establishing an office in Mumbai

Fakhoury Law Group, PC (FLG)

to better service FLG’s Indian IT and Engineering clients. His

E: rami@employmentimmigration.com

knowledge of immigration and foresight into immigration trends and policy have earned him widespread recognition. He is currently helping the State of Michigan... READ MORE HERE

om has practiced Property Tax and Real Estate Law since 1978 and has been an MSBA Board Certified Specialist in Real Property Law since the inception of that designation. Tom is

USA

Rami Fakhoury Fakhoury

T: +1 248 6434 900 F: +1 248 6434 907 www.employmentimmigration.com

Thomas R. Wilhelmy

highly acclaimed for his expertise in real property valuation

E: t wilhelmy@fredlaw.com

and property tax appeals, including retail, office, industrial,

T: +1 612 4927 058

apartment and redevelopment properties. He is rated “AV

www.fredlaw.com

Preeminent” by Martindale-Hubbell, and is a MSBA certified

Fredrikson & Byron P.A.

specialist in real property law.... READ MORE HERE

WAYNE N. OUTTEN is a founding and the managing partner of Outten & Golden LLP. His practice focuses exclusively on

USA

representing individuals in all areas of employment law. He co-

Wayne N. Outten Outten & Golden LLP

chairs the firm’s Executives and Professionals Practice Group.

E: og@outtengolden.com

Mr. Outten’s notable cases include a recovery of $12 million in

T: +1 212 2451 000

a gender discrimination/retaliation case against Morgan Stanley

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in federal court and (with partner Larry Moy) a $18.9 million arbitration award... READ MORE HERE

Mr. Martucci, who holds an LL.M. in employment law from Georgetown University in Washington, D.C. practices nationally

USA

in complex class action (employment discrimination and wage

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worth having on any dream team for employment litigation and

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policy issues.” His jury work has been featured in The National

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in California, Florida, Illinois, ... READ MORE HERE

Joseph is the Managing Partner of the Firm; he holds an LLM (SEU) from Arkansas, MA Corporate Governance from Kingston University London, Bachelor of Laws (LL.B) Makerere University Kampala and, a Diploma in Legal Practice (Dip. LP), Law Development Center Kampala. Uganda; he has worked on local

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Joseph Buwembo

Buwembo and Company Advocates

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and international projects and his current practice draws upon

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his experience in commercial and corporate/company law as well

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as in the areas of intellectual property... READ MORE HERE

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Shook Hardy & Bacon LLP

& hour) and EEOC litigation. Chambers notes “Bill Martucci is

Law Journal. Currently, Bill is involved in class action litigation

UGANDA

William C. Martucci

TRAVEL | CITY | COLUMBIA

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Columbia TURN UP THE HEAT IN SOUTH CAROLINA’S HOTSPOT Combining all the charm of the rich past with the vibrance of the rising Sun Belt, Columbia is the state capital of South Carolina. It is home to a major university, Riverbanks Zoo and Botanical Gardens and its State Museum powerfully illustrates the colourful history of the south-eastern state. Carol Wright COLUMBIA, DERIVED FROM THE NAME OF COLUMBUS, IS SOUTH CAROLINA’S STATE CAPITAL. IT WAS AWARDED THAT HONOUR BY A BILL OF 1786 MOVING FROM COASTAL CHARLESTON TO A STATE CENTRING POSITION. THE LEGISLATURE FIRST MET HERE IN 1790. Set on the banks of the Congaree River, the name of the original native inhabitants, Columbia was the head of a river navigation system which for a time, helped by a canal, provided a direct waterway to Charleston. Described as ‘manageable,’ Columbia today is a place where parking is affordable and dogs are welcomed. One of the first planned cities in the US, its rapid development was spurred by the founding of what became the University of South Carolina in 1801, created to stop local families sending their children to England for higher education. The university now has 35,000 students. In 1865, Sherman’s troops burnt Columbia after the civil war by

setting fire to bales of cotton stacked along Main Street. Columbia bounced back from this tragedy that consumed 450 buildings and visitors flocked to see a Southern state legislature whose members included former slaves and an opera house that doubled as city hall. It became a textile centre with six mills in 1901 employing over 34,000 workers. Today, covering 1349.9 square miles with a population of about 134,000, Columbia’s importance, in addition to new bank and high-tech companies, rests on government, university, and the military with Fort Jackson, America’s largest base for basic combat training. Main Street is the central axis leading up to the State House surrounded by a small park. Buildings reflect the nineteenth century boom time mixed with highrise modern glass edifices. The citycentre area is undergoing a regeneration

programme that is driven forward by neighbourhood communities transforming derelict or decaying buildings into new businesses. A prime example is the Museum of Art on Main Street in a former department store and just reopened after a $7.5million renovation that added three galleries for more contemporary art displays. The museum boldly mixes and matches old masters and contemporary works and objects. There are rooms for art classes and space for all to create their own art work. Highlights include the only Botticelli fresco outside Italy and works by Canaletto, Monet, and Warhol. Other museums worth seeing are the important and extensive South Carolina Military Museum, the Rail Road Museum, State Museum, which includes an observatory, and the Historic Houses Museum of five fire-surviving houses from the 1800s. Old buildings such as fire stations, warehouses, market halls and garages are

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TRAVEL | CITY | COLUMBIA

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getting makeovers while retaining sturdy, bare brick walls becoming art galleries, restaurants, and bars many showcasing South Carolina foods as well as an eclectic international mix from Ethiopian to Korean. Bull Street is one regeneration area near the baseball park where Bone-In Barbecue in a former research laboratory offers the Carolina barbeque plate of local delights like pulled pork on mustard sauce, devilled collards (greens), blue cheese hash and rice, bacon-wrapped macaroni and cheese, and green onion and blue cheese bread pudding. Around the State House skirts is the Vista area, a burgeoning spot for galleries, restaurants and bars. For after-work martinis with flair, wine, rich gateaux, and desserts like Toll House Cookie Pie there’s Kaminsky’s Dessert Cafe that slips into a late night after show and concert bar. Next door under the same management is Pearlz Oyster Bar. Dining hot-spots include Terra on State Street where chef Mike Davis dreams up diet defeaters like bourbon icecream, pistacchio creme brulée, and pimento cheeseburger pizza pie. Epitomising the ethic behind many Columbian eateries, smallSUGAR in the old market buildings off Gervais Street is owned by chef Sarah Simmons who has been called ‘a food-focussed social renegade’ employing single mothers and disadvantaged people paying them a full wage so no gratuities are requested. Ingredients come from farms struggling to

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exist. Breakfast, chosen from chalkboard lists, embraces tartine with avocado salad, seasonal salad bowls, yoghurt with granola and berries, and excellent coffees. After 3pm smallSUGAR becomes a cocktail bar open till 2am at weekends. Breweries and brew pubs are popular both for eating and drinking. The HunterGatherer on Main Street, one of the oldest, uses English yeast strains, has barrels made by England’s last remaining cooper, and serves English style beers. The Sheraton Hotel in a former Main Street bank has a rooftop lounge with views, late-night drinks and desserts, or latenights in Vault Martini Bar, which used to be the bank’s vaults. The principal shopping streets are Main and Devine. Main’s elegant clothing shops and galleries are set back under trees and old-fashioned street lamps. On Saturday mornings there is a street flea market. Devine Street noted for its pavement dining, has upmarket boutiques for fashion, shoes, art, jewellery and homeware. The State House’s large shop showcases state-wide craft goods. Columbia relaxes around its rivers with kayaking, canoeing, tubing, zip-wiring, picnicking, and guided bird and other walks through the woods. At the Riverbanks Zoo, visitors can interact with animals for example stroking the ancient throats of giant Galapagos tortoises while fireflies flickering on spring nights in the Congaree National Park give a visit to Columbia a unique plus. l

TRAVEL | HOTEL | HYATT PLACE COLUMBIA

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HYATT PLACE COLUMBIA A STATE CAPITAL STAY IN THE HEART OF THE CITY Located in the heart of Columbia's premier arts and entertainment district, the Hyatt Place Columbia is a short walk away from such places as the Columbia Metropolitan Convention Center, Colonial Life Arena, and the University of South Carolina. Carol Wright

SOUTH CAROLINA’S STATE CAPITAL BUILDING DATING FROM 1790 SITS SERENELY AT THE TOP OF MAIN STREET AT RIGHT ANGLES TO GERVAIS STREET NAMED FOR THE MAN WHO WAS THE AUTHOR OF THE BILL TO MOVE THE CAPITAL FROM CHARLESTON TO COLUMBIA MORE CENTRAL TO THE STATE. A few blocks down from the State House Building is the newly-built Hyatt Place Columbia giving it a central situation yet with a peaceful, laidback ambience. It is in the buzzy vicinity of the Vista area of restaurants, bars and art galleries. There are over 50 restaurants and bars within walking distance of the hotel, including the newly-refurbished former market district around the block from the hotel. With so many good outlets so close, the hotel’s lack of a full-blown restaurant is not a problem. However, the Hyatt is the only hotel in Columbia city-centre offering fresh, made-to-order food for guests 24-hours a day. If the guest wants a burger or a salad at 2am or 9am they will be served. There is also the Gallery 24/7 service of sharing plates and smaller

dishes to go with drinks. Room service as such is not provided but having ordered the food they want, guests can then pick it up from the reception desk at anytime of the day. The Hyatt does give guests a nourishing start to the day with their Signature Hot Breakfast with dishes changed each day so longer stay guests do not get bored. There are daily staples of breads, fresh free-range eggs, Greek yoghurt, fresh strawberries, blueberries and blackberries, cereals and juices. The main rotated dishes reflect the cuisine of the South Eastern Region of the States with pimento cheese and turkey sausage biscuits providing a sustaining all in-one sandwich; sweet potato mix; waffles with powdered sugar; pancakes with berry compote and French toast. The service area immediately behind the reception is a right-angled shape with bar and large TV screen and food service area with high stools along a serving counter. The bar serves a wide range of cocktails and, with coffee, is open from 6am until midnight. Guests staying in one of the three 513 square foot King suites can do their own

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culinary thing with a private kitchenette with large fridge, microwave and utensils provided. These suites also have a dining area for four people, larger TV, double vanity bathroom sinks, and large walkin shower as do the two Queen suites, which contain two queen-sized beds but no kitchen. The Hyatt Place opened in 2017 and has two car parks – one underground – and two entrances. Though the address is Gervais Street, this entrance, away from reception, is opened only with a room key while the main entrance is on Lady Street. There are 130 rooms, eight corner suites, three queen and three king suites set over six floors with the upper levels giving sweeping views through large windows of the countryside beyond the city. Guestrooms are light and airy in feel with plenty of light wood contrasting with neutral fabrics and black leather upholstery plus an open plan feel. Each room has a large desk, mini refrigerator, bathroom – mostly with large shower area and granite counter tops – 42 inch LED TV with 155 channels and in what is a semiscreened ‘cosy corner’ a large L-shaped sofa that converts to a queen-sized sleeper. Up to two pet dogs are allowed in the room provided their combined weight is not more than a total of 50 pounds. For laundry on the go, the hotel offers a washing machine room. The ground floor reception and public room space stretches the block width of the hotel and continues the general open

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TRAVEL | HOTEL | HYATT PLACE COLUMBIA

plan design. To the right of the reception is a small, relaxing lounge area with sofas and contemporary art works reflecting scenes in Columbia on the walls around it. Beyond the bar/breakfast area is an indoor, heated saltwater swimming pool with shower, lounge chairs, and natural lighting from large windows. There is a flexible use boardroom of 168 square feet that can be arranged to accommodate small business meetings of 15 people around a boardroom table or up to meetings of 65 persons. The meeting space can be broken down into two separate smaller areas each with floor to ceiling windows or combined to make a space of 1689 square feet. There is free Wi-Fi – also available in the guest bedrooms – and built-in screen and projector. Full catering can be provided with the space arranged in theatre, classroom, U-shaped, round tables, or conference formats as required. Though Columbia has good wide streets for jogging and the Riverside Park area, the Hyatt has an in-house workout room with up-to-the-minute free-weights and cardiovascular equipment, the latter with audio LCD touch screens. l

Hyatt Place Columbia, 819 Gervais Street, Columbia South Carolina 29201, USA Tel: + 1 803 567 4128 www.HyattPlaceColumbiaDowntown.com

TRAVEL | ADVENTURE | SOUTH CAROLINA

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South Carolina A STATE TO BE IN

Long celebrated for its beautiful beaches and world-class golf destination, the state of South Carolina is also home to an incredible variety of lesser-known outdoor experiences. From the calm and rejuvenating to the active and thrilling, visitors of every age are sure to discover a memorable encounter with the great outdoors. Carol Wright COLUMBIA IS SITED ALMOST DEAD CENTRE IN THE STATE OF SOUTH CAROLINA GIVING VISITORS THE OPTION OF EXPLORING UPCOUNTRY TO LAKE-FILLED NATIONAL PARKS OR SOUTH TO THE COAST AND CHARLESTON. EACH IS ROUGHLY A TWO-HOUR DRIVE. The route north can take in a morning of upping driving skills at the BMW Performance Driving School at Greer before moving on for a more soothing afternoon at Greenville, a delightful, ex-textile town set on the Reedy River centred by a deep gorge of waterfalls passing through a park best seen from a suspension bridge. Art galleries fringe the river bank walk and the main street is a delight of spots for drinks or meals. The new Foxcroft Wine Company offers tastings of the world’s wines and

selective dishes that pair with a wide range of wines, perhaps Merlot with lamb sliders or sparkling wines with an indulgent doughnut with salted caramel dipping sauce. Leave room for dinner at Soby’s New South Cuisine where balcony tables look down over the open kitchen. The menu includes she-crab soup, oyster pie, fried green tomatoes, crab

cakes and mash, Antebellum shrimp and grits, and a decadent white chocolate and banana cream pie. Intake can be worked off on the state’s northern borders in Lake Hartwell Country reached through serene green swathes of forests bright with dogwoods in spring and burning with colour in fall. Nestled among the woods are myriads of lakes like Lake Jocassee backed by the Blue Ridge Escarpment for boating, fishing trips or hikes to waterfalls - a 100 of the 320 waterfalls here are accessible by foot such as the 100 foot Falls Creek Falls and the Moonshine Falls, aptly named as in Prohibition times its 40 foot curtain of water hid an illicit still. The area is rich in wild flowers like orchids and bald eagles and peregrine falcons can be observed. Kayaks are rentable and there is local B&B as well as cabin accommodation in the park.

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TRAVEL | ADVENTURE | SOUTH CAROLINA

is soothing to take a historic house tour and slip back into past elegance visiting houses on the Historic Charleston Foundation tours. Down tree-shaded, peaceful streets through which carriage tours clip clop, one can visit the Nathaniel Russell House museum, a neoclassical building from around 1808 with a free flying staircase and rich decorative art collection. The Aiken-Rhett House Museum on Elizabeth Street has fine example of a Appetites sharpened by boating or hiking are certainly satisfied at the Esso Club near Clemson. In a former petrol station, the club opened as a bar the day after Prohibition ended in 1933. Decorated with local baseball memorabilia, it is an iconic place to get acquainted with South Carolina’s love of Pile ’em high food known as meat and three. Choice includes fried steak, baked spaghetti, turkey and dressing plus three sides such as mash, black bean and corn salad, devilled eggs, fried okra, cauliflower bacon salad and a dessert of sweet potato casserole or banana bread pudding. All this, for $9 and tax, comes with cornbread. In contrast to this rather hillbilly ambience, Charleston dating back to 1670 and 109 miles south of Columbia, is noted for its historic houses, plantations and history. It

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double-level piazza or verandah. Separate kitchens – for fear of fire – slave quarters and carriage houses around superb gardens complete house tours and in spring there is a Festival of Houses and Gardens when several privately-owned mansions are open to view. Tradd’s on East Bay Street is a handy place for lunch perhaps off local oysters,

lobster gnocchi, and caramel tart. While the new Hotel Bennett provides an elegant place to stay with rooftop pool and bar and high-end dining at its Gabrielle restaurant, a nearby country experience is to visit Middleton Place plantation 20 miles up the Ashley River from Charleston with one of the oldest and finest landscaped gardens in the States. With an inn for overnight stays, it is worth spending time here. The former rice and cotton producing 6500 acre estate dates back to the 1700s when the Middleton family owned 14,500 slaves. One can see the slave quarters, people recreating crafts such as candlemaking, coopering, pottery throwing, and the farm animals. Tour the restored house containing much original furniture and fabrics that survived its neglect after the Civil War and 1866 earthquake. Among garden highlights are the sundial and rose gardens, camellia alleys like green tunnels, sunken gardens, and parterre and terraces overlooking lakes alongside the river. Reproductions of the house's furniture, porcelain and brass candlesticks are on sale at the museum shop and facilities include a garden market, a restaurant for a low country lunch, or more elegant candlelit dinners. Guests staying at the inn can go kayaking, cycling, hiking and riding. l

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GADGETS & GIZMOS

Gadgets & Gizmos RICOH GR III The Ricoh GR III camera is the latest model in the Ricoh GR series, a lineup of high-end digital cameras providing exceptional image quality in a compact, lightweight body ideal for street photography, travel and capturing candid images. Featuring a newly-designed lens, image sensor and imaging engine built to further upgrade image quality, enhance functionality and improve usability, the camera’s 18.3mm F2.8 lens delivers exceptional imaging performance with a slim design, consisting of six optical elements in four groups, while retaining the 28mm angle of view. It produces the clearest, sharpest images in GR-series history while reducing distortion and chromatic aberration. It also comes equipped with a macro shooting capability with a minimum focusing distance of six centimetres.

IKEA SYMFONISK

In keeping with the GR-series concept of packaging high-image quality in a compact design, the Ricoh GR III camera body is smaller than its predecessor, and is equipped with a large APS-Csize CMOS image sensor with approximately 24.24 effective megapixels to produce high-resolution images. Its short start-up time of approximately 0.8 seconds allows for quick, responsive shooting. Its high-definition LCD monitor features touchscreen operation, offering intuitive control of camera functions right on the screen. The camera also features a high-speed hybrid autofocus system, built-in shake reduction, in-camera image finishing options, USB Type-C, Bluetooth and wireless LAN connectivity options. An accessory wide-angle conversion lens designed exclusively for use with the Ricoh GR III is also available. The GW-4 Wide Conversion Lens expands the angle of view to 21mm ultra-wide angle.

The Ikea Symfonisk table lamp is the loudest lamp by Ikea so far, designed to make it possible to furnish with sound. It is, as the new versatile bookshelf speaker, the result of close collaboration with Sonos, known for their wireless smart speakers. Learning from each other’s respective strengths, Ikea and Sonos have since the partnership started in 2016, focused on combining high-quality sound with a thoughtful design. The speakers are able to connect to other Sonos speakers and to be controlled over an app. As a result of neutral colours and

simplistic design, the aim has been to make them blend-in in most people’s home. The bookshelf speaker is made to be as versatile as possible. There are several possibilities to mount it on the wall, hang it on a rail and to place it horizontally and vertically. It can also be paired with other Symfonisk bookshelf speakers for stereo sound. For Ikea, collaborating with Sonos is part of a journey towards smarter home solutions to improve life at home. Symfonisk will be on sale at Ikea stores from August 2019.

MAGNET-CRAWLER II The Magnet-Crawler II is a lightweight, compact climbing robot for magnetic surfaces. The robot uses two gear motors to drive its magnetic tweels and uses an elastic tail to improve its stability. In the front part of the robot an Odroid embedded system is integrated with a tiltable 720p cam, an I/O-Board, two LED spotlights and one LED tracking light. The Magnet-Crawler II is powered by lithiumpolymer batteries and is controlled via WLAN. The video signal of the robot is displayed at the control-terminal of the robot. The robot shall be used for the inspection of ship hulls.

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GADGETS & GIZMOS

Cool and clever gadgets and gizmos can turn us on, particularly the ones that surprise us with their extraordinary shapes, forms and features. And the day you give into these superlative electronic devices you will wonder how on earth you ever lived without them in the first place?

SENA MOMENTUM Sena Momentum breaks new ground with the first of a kind full-face helmet with Bluetooth. Sena has engineered this helmet from the ground up and for the first time, riders will be able to hear the maker’s industryleading technology the way it was meant to be heard. Optimal speaker position combined with Advanced Noise Control technology allows riders to effortlessly take calls, listen to music through their phone or the built in FM radio, audio multitasking, hear turn-by-turn GPS directions, and even chat through the builtin intercom with up to seven other riders at a distance of up to 1.6 km (1 mile).

BIRD TWO Momentum will be available in glossy white and matte black in sizes XS-XXL. The DOT and ECE approved Momentum full-face helmet with built-in Bluetooth was aerodynamically designed from composite fibreglass shell with multi-density EPS. It features an intricate ventilation system with chin and forehead air intakes, along with an exhaust port in the rear of the helmet to keep riders cool. The scratch and UV resistant visor is pinlock ready (Max Vision 120), and features a quick release system. The quick dry lining is constructed with laser-cut foam and is removable and washable. Momentum also features a reinforced, nylon strap d-ring retention system for a secure fit.

SAMSUNG GALAXY TAB S6 Samsung Galaxy Tab S6 is a new tablet designed to allow people to create and connect and enjoy immersive entertainment on the go. Galaxy Tab S6 makes taking notes with Samsung’s signature S Pen a breeze. Handwritten Samsung Notes can be converted to digital text and exported to formats like Microsoft Word with just one click. You can also jot down quick notes or sketches while watching a video on the same screen by adjusting the Samsung Notes’ window transparency— perfect for effortless multitasking.

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A new-and-improved version of Samsung DeX is also packed into the Galaxy Tab S6, enabling you to seamlessly transition to a PClike experience. With a DeX function key added to the Galaxy Tab S6’s new dedicated Keyboard Book Cover, you can launch and close DeX with the tap of a key. The keyboard has been fine-tuned for better functionality, including an S Pen holder, free angle stand, touch pad and new function keys. Galaxy Tab S6 packs new enhancements to its camera, including Samsung’s first dual camera with Ultra Wide camera on a tablet, within a compact 5.7mm slim body that is both lighter and more portable. With Galaxy Tab S6, you can enjoy more of your favourite content. You can easily browse Netflix content on the device’s Finder or watch your favourite YouTube videos ad-free, offline, and on-the-go with four free months of YouTube Premium. Galaxy Tab S6 comes in Mountain Grey and Rose Blush colours. It will be available in stores and online beginning late August in select markets.

With a seamless form and swanlike silhouette, Bird Two is designed to change micromobility forever. The vehicle has been put through rigorous testing to verify its safety and durability in all environments. According to its makers, the new vehicle carries its safest battery to date and with over 50 per cent more capacity than Bird One. It also has dial anti-tipping kickstand, self-sealing tyres for higher traction and decreased vibration, self-reporting damage sensors, which send alerts when vehicles need attention, and enhanced anti-theft encryption to keep the rides safe and help deter theft. Riders can now surf the streets with fast acceleration and sophisticated control as improved steering geometry offers increased stability and responsiveness at all speeds. Bird Two has the only automotive-grade battery management system in an e-scooter today. The company’s longest-lasting battery is optimised for safe performance, no matter the weather or temperature.

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MOTORING

Mini Electric

ELECTRIFYING DRIVE

As the world faces new environmental, social and economic challenges, the Mini Electric – Mini’s first fully electric model – goes into production at its Oxford plant in the UK late 2019, with first deliveries in March 2020. Every inch a MINI, with performance close to the Mini Cooper S, it is set to electrify the roads with its cool looks and hot drive. THE ORIGINAL MINI, DESIGNED BY SIR ALEC ISSIGONIS, WAS BORN OUT OF THE SUEZ CRISIS OIL SHORTAGE AND THE DEMAND FOR AFFORDABLE MOTORING. THE FIRST CARS ROLLED OFF THE LINE AT OXFORD IN THE SUMMER OF 1959 AND SO BEGAN A GLOBAL SUCCESS STORY WHICH HAS SPANNED SIX DECADES.

Characteristic Mini design

The Mini Electric is based on the same body shell as the 3-Door Hatch, with a number of specific differences. An embossed Mini Electric logo appears on car’s side scuttles, as well as on the tailgate and front radiator grille.

The front grille features the hallmark hexagonal shape but is closed, as the car requires less cooling. This also contributes to excellent aerodynamics, as do the enclosed undercarriage, the rear apron and the special 17-inch Mini Electric Corona Spoke 2-tone wheels, which are optional. The charging plug is located above the right-hand rear wheel, where the petrol filler would normally be. Boot volume can be compromised in electric cars but the Mini Electric retains the full Mini Hatch 211 litres, expanding to 731 litres when the rear backrests are folded down.

Electric drive-train The battery pack has 12 modules of lithium-ion cells arranged in a T-shaped unit in the vehicle floor between the front seats and below the rear seats, providing a battery capacity of 32.6 kWh. The motor is the latest, powerful version of the synchronous electric motor developed by the BMW Group and provides a maximum output of 184 HP and maximum torque of 270 Nm. As a result, the car accelerates to 62mph in 7.3 seconds with top speed limited to 93mph. The power electronics are shielded by a reinforced bumper carrier and the motor Intercontinental Finance & Law • 161/19

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support frame, while the high-voltage battery is protected by a solid base plate. With an unladen DIN weight of 1,365 kilograms, the Mini Electric is only 145kgs heavier than the current Mini Cooper S 3-Door with Automatic transmission In accordance with new EU law, the car is fitted with acoustic pedestrian protection for low speed driving, with a distinctive sound created especially for the car generated via a speaker system.

Even more dynamic Electric drive takes the trademark Mini gokart driving feeling to new heights, thanks to new suspension technology designed for this model. With a centre of gravity that is at least 30 millimetres lower than in the Mini Cooper S and the reduced weight over the front wheels thanks to the electric motor, close to perfect weight distribution helps the new Mini Electric achieve exceptional driving dynamics. The Mini Electric has an innovative Dynamic Stability Control (DSC) system which gives excellent traction at set-off and outstanding driving stability in brake energy recovery mode, as well as when accelerating out of tight bends.

Four driving modes The car offers as standard four Mini Driving Modes - selected via a switch located on the right-hand side of the toggle bar. Sport mode has more direct steering and a more rapid power delivery. The MID setting has less aggressive steering while Green mode features more gentle accelerator actuation. In Green+ mode, some comfort functions such as air conditioning are limited or deactivated to save further power and increase range. A toggle switch to the left of the start/stop

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MOTORING

toggle provides the choice of intense or low-level power regeneration– regardless of the Mini Driving Modes to allow the driver to choose the best setting for their own style of driving. This recharges the battery when the driver lifts off the accelerator, preserving energy, and acts as a braking force.

New digital dashboard The new Mini Electric has a new digital dashboard with a 5.5-inch colour screen behind the steering wheel. Road speed is shown at the centre in figures with a peripheral scale band, as well as information on the charge level of the battery, the selected Mini Driving Mode, the status of the driver assistance systems and check control messages. In addition, details of the available range, current drive power, outside temperature, time and mileage are displayed, with traffic sign detection reports and directions from the navigation system. If the vehicle is connected to a power socket or charging station, it is possible to read off the time, outside temperature, available range and the charge status from the new dashboard. Charge completion time is also displayed and the colour of the panel changes depending on charge status.

Charging flexibility The Mini Electric comes with both home and public charging cables as standard, designed for AC and DC charging using Type 2 and CCS Combo 2 plugs. Above the car socket, a charge level indicator displays orange for start of charge, pulsating yellow light for active charging and green for a fully charged battery. At a 50kW DC fast-charging station an 80 per cent charge is reached from zero in 35 minutes.

Special equipment The new digital dashboard provides information on the current flow of energy and the range, as well as offering ways of increasing range by deactivating comfort functions or boosting energy regeneration. On the navigation map, a circle that indicates the car’s range can be shown. When the route guidance starts, it displays the fastest and shortest route and also suggests a Green route involving the lowest level of power consumption. The standard Navigation includes a 6.5inch touchscreen in the central instrument panel. This allows Mini Online and Apple CarPlay, as well as offering Real Time Traffic Updates (RTTI) which updates the navigation system automatically and displays details of battery charge status and range. In addition there is a map view which shows public charging stations in the local area and remote services allows the driver to control the charging process via a connected mobile phone. The exterior mirror caps are finished as standard in Vigorous Grey and optionally in yellow, as is the horizontal blade on the front radiator grille. Regardless of the trim level selected, all exterior finishes can be combined with roof and exterior mirror caps in body finish  not available with the body colour White Silver metallic  or in black or white. Customers also have a choice of alloy wheels in 16 and 17 inches, including the new, model exclusive Corona Spoke alloy. Dual zone automatic air conditioning with separate ventilation and temperature control for the driver and front passenger as standard. The heater is particularly efficient, using 75 per cent less energy than a conventional version. l

www.intercontinental- finance.com

PROFILE - CHRIS DUCKER

Chris Ducker THE SERIAL YOUPRENEUR A bestselling author, keynote speaker, serial entrepreneur, biz coach, blogger and podcaster, Chris Ducker is a man of multiple talents. As a leader in the world of online business, he has revolutionised personal branding for business owners, professionals, CEOS in the UK and around the world. BASED IN CAMBRIDGE, ENGLAND, 46-YEAR-OLD CHRIS DUCKER OWNS AND OPERATES SEVERAL BUSINESSES THAT COMBINED HOUSE OVER 350 FULL-TIME EMPLOYEES AROUND THE WORLD. HE IS ALSO A TRUSTED INTERNATIONAL BUSINESS MENTOR, KEYNOTE SPEAKER, PODCASTER, BLOGGER. Previously the founder and owner of a ‘virtual assistant’ company, Ducker founded the ‘Youpreneur’ company in 2015 – a digital guide and academy for entrepreneurs wanting to build businesses around their personal brand and expertise. Ducker hosts the annual Youpreneur Summit, held in London each November and which draws 350 attendees from 40+ countries who engage with expert speakers in the online entrepreneurship space. A firm advocate in building a business around who you are, what you are all about, and the people you want to serve, Ducker believes that for an individual to truly gain success, they need to leverage their unique personality and skills to connect with the customers who need them most. “A Youpreneur is a professional that builds a business around their personality, their experience, and the people that they want to serve,” says Ducker. “If I were to take my own example and look back across my career, I see retrospectively that every deal I have landed and every success I have had came from my brand, from me, and from my relationships.” A huge believer in valuing relationships, Ducker believes his best decision to date hands down has been to focus on building his business around his personal brand. “We have more than doubled our annual revenue and tripled our employee numbers since we made that decision, and it is brought massive opportunities our

way, too. Leaning into it, going all in on it, has been the best decision. This is at the heart of every breakthrough, every push into new territory – working from the foundation of myself and my personal brand. That is why I am so passionate about helping other people do likewise.” Ducker found his calling in 2009 when he hit burnout ‘big time’. “In 2009, I was working an 84-hour week as a successful entrepreneur in the Philippines, running several businesses and employing 350 people around the world. Then I had a breakdown that landed me in the hospital for 10 days and eventually led to back surgery from all those deskbound hours. I knew I had to make a change. “By the end of 2010, we had hired eight people to replace me – which gives you an idea of why I was burned out.” In 2015, Ducker launched Youpreneur. The transition from burnout in 2009 to Youprenuer in 2015 came about gradually. “I discovered the power of building a personal brand. In 2015, I decided to share these business breakthroughs with other entrepreneurs. I founded Youpreneur.com, the fastest-growing personal brand business education company in the world and wrote the business bestseller Rise of the Youpreneur: The Definitive Guide to Becoming the Go-To Leader in Your Industry and Building a Futureproof Business.” The results turned out to be unbelievable at the time. “The blog had been growing, and the podcast had grown exponentially. Today, we are at seven million downloads, which is just incredible. People were coming to me to ask for help and coaching. So, we started with an online membership community for mentoring, and this was hugely successful, and we just kept building with the book, the live summit, the coaching.”

Throughout his working life, Ducker has had to face up to challenges but he believes they are all come with the territory of being an entrepreneur. “Being an entrepreneur has the potential to be quite lonely. The issue here more than anything else and why Youpreneur has done so well is that not only do we provide quality information in a convenient library – we provide community. “When you put yourself into a situation where you are surrounded by people who get you, it all becomes so much easier. It is important not just for when you stumble, but also for when you hit your goals and are looking for that highfive. When I am not speaking or travelling, I work almost entirely from home. So even now, that still has the potential to be quite lonely. This is why the community is so important to me.” Success for the entrepreneur is about giving in and giving back. “It is all about what you give as well as what you are giving of yourself to others. And that is not just your time or money, but you, the real you. It is about doing work that is true to yourself, defining yourself and working to that. In this way you leave an authentic legacy, and for me that is success.” Breaking his future down into two parts, he says the first one is his personal future and the second is the business side of things. “For myself, I want to carry on doing what I’m doing in terms of striking a solid work -life balance for me and my family as well as being able to work on my own learning and my own growth as an entrepreneur and as a leader. “As for the business, Youpreneur is something that we are working tirelessly on when it comes to creating a platform that will ultimately become the world’s number one education company for entrepreneurs that want to build future-proof businesses around themselves and their expertise.” l

Intercontinental Finance & Law • 161/19

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