Strategic Investor Legal Adviser
In May 2021, I set up my own advisory practice “Ogilvy Watson – Strategic Investor Legal Adviser”. I’m indebted to my talented daughter Roxanne from Rare Communications who helped me create my website and manages my social media activity. I use my posts as a discipline to keep up with legal and regulatory developments. But this post is to give an update on my new offering, six months on.
It has been a brisk start. I have advised various clients on public and private investment mandates.
For example, I have advised a US based activist fund on its investment into a UK listed company; and a private equity/private wealth fund on the acquisition of majority controlling stake in an FCA authorised business in the financial services sector. I also helped an Asia based private equity fund on recapitalising a portfolio company. Other mandates include advising companies on early-stage development to attract EIS and first round institutional investors; and advisory work on public company situations. I am hugely grateful to the clients who have entrusted me with important work as well former colleagues and friends who have encouraged me in my new venture.
More and more interesting situations are presenting themselves. There seems to be a market for independent high end legal and strategic advice. I can operate as a quasi-in-house counsel and board adviser who can give independent advice and help manage advice from other advisers. On two recent deals, I brought in other law firms (after I worked with the clients on the heads of terms) to help execute the transaction and provide specialist advice in areas such as tax and financial regulatory. On another matter, I was retained by a major international firm which wanted specialist advice on the Takeover Code and Listing Rules to augment their existing offering.
I started as a freelance solicitor but in September, I arranged for my practice to become fully authorised and regulated by the Solicitors Regulatory Authority. I’ve been asked why I chose to upgrade my regulatory status. Basically –
- Although my firm (in common with bigger law firms) is not authorised by the Financial Conduct Authority (“FCA”) it can now provide certain limited investment-related services, provided they are closely linked with the legal services being provided. This can be useful for clients in some situations.
- My firm can now carry-on certain insurance related activities. This authorisation can be important in private M&A because it is so common for warranty and indemnity insurance products to be used and lawyers need this authorisation to advise on W&I policies. The role will be to act as legal adviser rather than give any recommendation on the merits of a particular insurance policy or otherwise act as a broker or arranger.
- Technically, I can now advise on all so-called Reserved Legal Activities. In most instances, these are private consumer related activities (such as conveyancing) which my firm does not wish to advise on, but by way of example, it does enable the firm to get involved in contentious work (although I would generally expect to engage a barrister or a specialist litigation firm).
- My professional indemnity insurance is upgraded to the SRA mandatory terms of business which offers improved coverage and terms for clients
- I can now employ other lawyers and staff, should I wish to do so. The jury is out on this but who can predict the future?
It’s not all work and no play. Given a couple of clients recently signed deals, I thought I would take my motorbike and tour round Northern Spain and Portugal. Independence has incidental benefits.
However, like any entrepreneur, my phone is always on, and I will be keeping on top of emails. After all, you can work from anywhere these days provided you can navigate the myriad and ever-changing rules and regulations of international travel.
If anyone is interested, I may post from my travels. Just let me know.
Published – 08/09/21
