TOGETHER WITH…

Table of Contents

• EDITOR’S RAMBLE 🗣

• FEATURED REPORT 📰

• A BIT OF FUN 😄

• IN OTHER NEWS 🗞

• AROUND THE WEB 🌐

• STUFF THAT MIGHT HELP YOU 👌

EDITOR’S RAMBLE 🗣

I’m often asked: “Can I write for LittleLaw?”

Recently, it’s mostly been me doing the writing (on top of everything else).

But now, I’m excited to announce… we’re hiring!

So, if you’re interested in applying to be a writer, click this link.

Anyone can apply — no experience needed.

Plus, it’s a paid gig (we’ll even pay you if your application is really good).

Good luck 🤞 

- Idin

FEATURED REPORT 📰

💼 Non-lawyers could own law firms soon

What's going on here?

The European Court of Justice (ECJ), Europe’s top court, is considering a case that could let private equity investors and non-lawyers buy shares in German law firms. Depending on its outcome, it will have an impact on Europe more widely.

What’s the story?

Daniel Halmer, a legal tech entrepreneur, sold 51% of his law firm to an Austrian company that’s owned by non-lawyers. This is against the current rules in Germany, which only allow lawyers to own law firms. So, Munich’s Bar Association took away his law firm's license.

Halmer believes it’s unfair that only lawyers can own law firms. So, he’s challenged the decision in court.

The ECJ now has to decide Germany’s Federal Lawyers’ Act is compatible with the free movement of capital, the freedom to provide services, and the freedom of establishment in the EU.

Why does the ban exist?

Lawyers deal with important things (wills, contracts, litigation). Bans on non-lawyer ownership exist to ensure the quality and independence of people delivering legal services. The bans try to limit risks of outside influence on lawyers.

But critics of it (like Daniel) say the ban is unfair and slowing down innovation in the legal industry.

What’s the position in other countries?

Nearly 12% of law firms in England and Wales are owned by non-lawyers (so it’s popular here).

Everywhere else, it’s a mixed bag— this table gives you an overview 👇️ 

Whatever’s decided in this case, it will have a knock-on effect across other European countries that currently ban non-lawyer ownership.

What’s the big picture effect?

💼 For law firms: There would be fresh competition through alternative legal service providers (think: the Big Four providing legal services) — this could be a downside for traditional firms. Plus, some people think non-lawyer ownership would raise issues with the independence and integrity of legal services.

But on the positive side, it means law firms could more easily raise money from non-lawyers — money they can use to help them open new offices, invest in technology, or hire more staff.

🏢 For non-law firms: This change would open new investment opportunities into law firms (probably from private equity companies). Thomas Kohlmeier, a partner at Nivalion (a litigation finance company), called law firms “the last untapped gold mine for investors”. Investors could buy equity in law firms and participate in their growth.

It could also lead to innovative business models from non-law firms (for example, Farewill, a tech company that creates wills more efficiently than a law firm). The change could see clients get better, cheaper services.

TOGETHER WITH TECHPRESSO* 🤝

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A BIT OF FUN 😄 

each rejection is +1 resilience for me

IN OTHER NEWS 🗞

• 📸 BeReal, a photo-sharing app, was acquired for €500 million by Voodoo, another French tech company. BeReal became more popular during the pandemic for its unique concept of sharing unfiltered experiences. It had over 40 million active users but struggled with growing more, which is why they decided to sell. Weil, Gotshal & Manges advised Voodoo, while Orrick represented BeReal.

• 🎮 Steam, the largest online PC game company, is being sued for £656 million. Valve Corporation, which owns Steam, is accused of overcharging 14 million UK gamers by forcing game publishers not to allow cheaper prices on other platforms. This allows Valve to charge high commissions of up to 30%. The case is a group action, led by digital rights campaigner Vicki Shotbolt and backed by the law firm Milberg London.

• 🛩️ VINCI Airports bought 20% of Budapest Airport in a deal worth €3.1 billion. The acquisition was made alongside the Hungarian state-owned investment fund, Corvinus, which owns the remaining 80%. Budapest Airport, handling 96% of Hungary’s air traffic, has seen a strong recovery post-pandemic, with traffic surpassing pre-crisis levels. Latham & Watkins, Orrick and Linklaters were all involved in the deal.

• 🖥️ The US government is suing Adobe for hiding fees and making it hard to cancel subscriptions. The Department of Justice claims Adobe puts users onto expensive plans without clear terms and has high cancellation fees. The lawsuit says Adobe's complicated cancellation process and hidden fees breach consumer protection laws. Here’s the actual court document if you want to have a look.

AROUND THE WEB 🌐

• 🌙 Peaceful: If you’re stressed, play in this beautiful interactive moon river

• 📕 Cool: Write stories with strangers, one sentence at a time

• 🕺 Fun: Make your cartoon drawings come to life

Credit: r/internetisbeautiful

STUFF THAT MIGHT HELP YOU 👌

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