TOGETHER WITH...

In today’s email:

• TikTok gets in trouble

• Pints get surge pricing

• Arm shows its strength

• Keanu Reeves says ‘woah’

• Interest rates aren’t so interesting

• A law firm that gives out the answers

• The coolest way to learn a new language

… and more!

EDITOR’S RAMBLE 🗣

You’ve probably heard of Uber surge pricing, right? Basically, if there’s more demand for Uber at a certain time, the price goes up.

Well, pub owners have caught on to this.

If you're planning to grab a pint at Slug & Lettuce or Yates's after work this Friday Thursday, you might find it a tad pricier.

The Stonegate Group, which owns these chains, is introducing a ‘dynamic pricing’ system.

Basically, during busy times, they'll charge more (an extra 20p) for a pint.

The reason? To cover some rising costs, like more staff and cleaning.

So, what do you think of this?

- Idin

🔈️ Quick shoutout — I want to give a shoutout to Kelsie Sun and Bradley Frolick who’ve both been sharing the newsletter this week! Thank you guys so much. Use your referral code (scroll down to see it) to share the newsletter.

FEATURED REPORT 📰

👩‍🚀 DLA Piper has lift-off

What’s going on here?

DLA Piper (one of the biggest law firms in the world by headcount) is launching a space law practice.

What does this mean?

The firm’s new ‘Space Exploration and Innovation’ practice will advise companies operating in the space sector on:

• 💡 intellectual property issues,

• 📝 regulatory issues, and

• ⚔️ dispute resolution.

DLA Piper already has clients in the space industry — for example, they’ve previously represented Space Capital, a US-based venture capital fund that invests in the space space (nope, that’s not a typo).

DLA’s space team will be led by Christian Ford, a partner from the firm’s US offices (who’s also held various national security roles in the US government).

Do other firms have space practices?

Yup — Clyde & Co, Mayer Brown and Hogan Lovells all also have a dedicated space law practice.

How has the space industry changed in recent years?

The space industry is worth over $546bn (£440bn) and it’s projected to be worth over $1tn by 2030. This is largely because of a rise in private investment.

About 20 years ago, over 75% of space research and development was financed by governments. Today, because of private investments, that number has dropped to 50%.

Commercial activities in space aren’t new — the first commercial satellite (Telstar 1, which allowed live TV broadcasts between the US and Europe) was launched in 1962. But what’s new is the rise of billionaire-backed space companies.

SpaceX (owned by Elon Musk) and Rocket Lab (owned by Peter Beck) have built rockets and launched satellites – and others are following their lead. New technologies like low-cost satellites and reusable launch vehicles have helped growth in the space sector.

Why do space companies need lawyers?

Space is a complex industry, so lawyers need to help out in a few ways:

• 📜 Interpreting old laws: Many existing international space laws were written in the 60s and 70s and were designed for nations, not companies. So lawyers will have to interpret the international legal framework and apply it to what their clients are trying to achieve now.

• 📝 Clarifying evolving regulations: Regulation in the space sector is still forming. Lawyers help their clients keep up with applicable laws, and monitor for incoming legislation and regulations that could affect them.

• 🌎 Navigating national security: Big space companies can cause geopolitical issues. For example, the US government is relying more on commercial space capabilities – so, naturally, other countries might get worried about this. Lawyers will have to help their clients navigate the complexities of collaborating with defence agencies and ensure compliance with related regulations.

• 💡 Intellectual property (IP) consulting: Companies will be making new space-related tech innovations and lawyers will be advising on how to protect them by filing patents, registering trademarks and providing general IP support.

• 🤝 Cross-border legal services: Supply chains for space companies tend to be pretty international – parts are often made in different countries. A global law firm like DLA Piper would make use of its international offices to offer legal support for cross-border transactions and collaborations, ensuring compliance with international laws and regulations.

TOGETHER WITH GOWLING WLG* 🤝

Imagine a law firm that just told you how to succeed in their applications

Well, that’s exactly what Gowling WLG is doing.

Over the next few weeks, Gowling WLG is hosting a bunch of events to give you a better insight into commercial law.

The first event is one you really won’t want to miss.

On 3 October, Gowling WLG’s own Early Talent team will be talking you through the firm’s training contract and vacation scheme — and handing out golden application tips.

I mean, that’s like having the test answers beforehand!

* This is sponsored content

A BIT OF FUN 😄

🫠🫠🫠

IN OTHER NEWS 🗞

• 📱 TikTok's been slapped with a whopping €345m fine by the Irish Data Protection Commission. Why? They weren't doing enough to protect kids on the platform. In 2020, their default settings made children’s profiles public by default, and they used sneaky tactics to make users share more personal info. TikTok says they've made changes since then. They've got three months to fix their act.

• 🎉 British chip designer Arm made a grand entrance in its IPO, defying all naysayers. Their shares were a hot ticket, pricing at the peak of expectations, and it ended up being the biggest US debut since Rivian in 2021. It’s a good signal to the market that investors have their appetite back — we might see more IPOs happening soon (which means more corporate work for law firms!). Read our report on this if you want to.

• 💼 Microsoft's received a formal complaint from the EU in relation to Teams. The company first got in trouble for bundling Teams in with the sale of its office package — this was said to be anticompetitive to other messaging apps like Slack. Microsoft kind of unbundled Teams and started selling it separately to customers, with a big discount. But that doesn’t seem to be enough. With the new EU Digital Market Act, big tech, including Microsoft, could face even heftier penalties for this sort of thing.

• 📈 The European Central Bank just cranked up its key interest rate to a record 4%. This jump from a negative rate a year ago is significant and marks the highest since the euro's 1999 debut. While the move is meant to curb inflation (currently at 5.3% in the eurozone, way above the 2% target), there's concern that it might slow economic growth. Experts think this might be the last hike for a while, given the delicate balance needed to maintain economic health. Remember, high interest rates typically mean less M&A activity as companies are feeling the pinch the same as me and you. Less M&A = less income for corporate law departments.

AROUND THE WEB 🌐

• 👅 Language: If you’re studying a foreign language, this site lets you read synchronised translated audiobooks for free — I’m learning Spanish at the moment, and this is an awesome way to study.

• 🤣 Funny: Here’s an entire database of Keanu Reeves saying ‘woah’.

• 🗞️ News: Need a good commercial awareness resource? The Daily Upside was started by a team of wall street insiders, bankers, and scholars. It gives you access to business news insights with absolutely zero BS — all for free. Sign up here.*

Credit: r/internetisbeautiful

* This is sponsored content

STUFF THAT MIGHT HELP YOU 👌

• 📣 Advertise with us: If you're looking to reach an engaged audience of over 8,500 aspiring lawyers, drop us an email.

• 📹️ Free application help: If you're applying to commercial law firms, check out my YouTube channel for actionable tips and an insight in to the lifestyle of a commercial lawyer in London.