TOGETHER WITH

Table of Contents

• EDITOR’S RAMBLE 🗣

• FEATURED REPORT 📰

• TOGETHER WITH BARBRI SQE* 🤝

• IN OTHER NEWS 🗞

• AROUND THE WEB 🌐

• STUFF THAT MIGHT HELP YOU 👌

EDITOR’S RAMBLE 🗣

You’ve probably heard Trump is picking a fight with big law firms.

Here’s a (simplified) summary of what’s happening.

Over the past few weeks, Donald Trump’s issued executive orders (rules made by the president) against firms that represented his political enemies or supported causes he doesn’t like — firms like:

• Skadden

• Paul, Weiss

• Perkins Coie

• Covington & Burling

So, what does punishment from a president actually look like?

Trump’s orders blocked these firms from working with the government. Lawyers lost security clearances and were banned from federal buildings.

Basically, it meant the law firms were losing a lot of business immediately.

Now, what’s interesting is the different way firms reacted.

Some fought back. Perkins Coie went to court to challenge the president’s decision. Judges temporarily blocked the executive order, saying that it might be unlawful.

Others, like Paul, Weiss and Skadden, took a different route. They made deals with the Trump administration — offering free legal work, promising to stop using diversity policies, and trying to stay on Trump’s good side.

The decision, either way, has repercussions on the firms.

If you fight against the orders, your firm is seen as “anti-Trump” — that could mean losing major business from the government and your existing clients.

But making a deal looks like your firm’s “selling out” — some lawyers have quit over this decision from their firm.

But isn’t this just politics?

Not really. It’s about whether lawyers can do their jobs without fear. If standing up to power gets you blacklisted, that’s a problem for everyone — not just lawyers.

It’s a test of where law firms draw the line — and how far they’ll go to stay in business.

- Idin

P.S. I’d love to hear your thoughts on whether a law firm’s position would change how you feel about applying to them 👇

FEATURED REPORT 📰

🧾 WHSmith’s £76 million store sale

What’s going on here?

WHSmith, the book and stationery retailer, is selling its UK high street shops. The buyer is Modella Capital, a private equity firm that invests in retail and consumer businesses.

The £76 million all-cash deal includes 480 shops across high streets, shopping centres, and retail parks.

Why is WHSmith selling?

WHSmith is selling the high street business (not its travel business) for £76 million. But it won’t get to keep all of that.

After some adjustments, WHSmith will actually receive £52 million in cash. Then, once it pays all the costs of doing the deal — like legal fees and splitting the two businesses — it’ll be left with around £25 million.

But the sale isn’t really about the money. It’s about focus.

Right now, WHSmith’s global travel business makes up 85% of its profits. On the other hand, the high street stores have been underperforming.

Selling the high street shops means WHSmith can stop worrying about its weaker arm and double down on what’s working. It also improves how the company looks to investors.

Before, both the travel and high street businesses sat under WH Smith Plc. The struggling high street side was dragging down the share price.

Now that it's been sold off, WHSmith hopes analysts will give the company a better rating, which could lead to more investor interest and a higher share price.

Will WHSmith’s stock actually be upgraded? 

Maybe, but not just yet.

WHSmith’s travel business is doing well, but its share price has dropped since the Modella Capital deal was announced.

Why? Well, investors are worried about slowing spending in the UK and abroad. WHSmith relies on both the retail and travel sectors — two areas that may face weaker growth in the future.

There’s also concern about its US exposure. WHSmith owns two US airport retailers it bought in 2018 and 2019 — now, 341 of its 1,200 stores are in the US. But uncertainty around Donald Trump’s policies and how they could impact the US economy is making investors cautious, and could delay any stock upgrade.

If the high street business is struggling, why does Modella want it?

Because it’s a bargain.

Modella is paying £76 million for a business some experts thought was worth £100–130 million. The shops have been underperforming, so Modella got a good deal.

It also helps that Modella knows retail. It owns Hobbycraft and The Original Factory Shop, and even tried to rescue The Body Shop.

And Modella won’t be starting from zero. Sean Toal (the current managing director of WHSmith’s high street stores) will stay on after the sale. With his insider knowledge and Modella’s retail know-how, they’re hoping to turn things around.

Will the high street shops still be called WHSmith?

Nope. WHSmith is keeping the name for its travel stores in airports and train stations, so Modella can’t use it for the high street shops.

Instead, the stores will get a new name: TGJones.

What law firms are involved?

Herbert Smith Freehills advised WHSmith and Browne Jacobson advised Modella.

How can you use this in your applications?

If you come across a company with a struggling part of the business (like in a case study) remember: one option is to sell just that part — this is called a “divestment”.

That’s what WHSmith did by selling its high street stores, but keeping its travel stores. It’s a great example of how offloading a weaker division can help a business focus on what’s working.

📋 Things to consider: If the division is already a separate company, the sale is simpler. If not, lawyers may need to help split it off.

That involves things like:

• Valuing the part being sold

• Deciding which staff go where

• Agreeing who keeps the brand and IP

🧠 Why this might be a smart move: It lets management stop wasting time on a failing part and focus on growth. If the company is listed, analysts may rate it more highly, boosting the share price. Plus, the sale brings in cash, which the company can keep, return to shareholders, or reinvest.

TOGETHER WITH BARBRI SQE* 🤝

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This is for students who want global options after graduating.

It’s totally free, and spaces are limited.

P.S. Attendees get an exclusive discount on the course – it’s worth it for that alone.

* This is sponsored content

IN OTHER NEWS 🗞

• 🇧🇷 Womble Bond Dickinson is teaming up with a Brazilian firm. Wombles has formed a strategic alliance with top Brazilian firm Schmidt, Valois, Miranda, Ferreira & Agel. The goal is to help clients across a wider international footprint — especially in the energy world. This move gives Womble easier access to legal experts in Brazil and Latin America. Both firms already know the energy sector well, so joining forces should make them even stronger.

• ✈️ Bryan Cave Leighton Paisner is planning to shut down its Hong Kong and Singapore offices by the end of the year. While the firm is known in Asia for property and construction work, it's shifting focus to its core regions — the US, UK, Europe, and the Middle East. It still wants to serve Asian clients, but will do so through partner firms instead.

• 🏢 Big law firms are quietly cutting back on DEI messaging. Firms like Freshfields, Latham & Watkins, and Hogan Lovells have all removed or rebranded their DEI pages. Mentions of racism, disability, and LGBTQ+ rights are being taken down or replaced with softer terms like “culture” or “inclusion.” The shift comes after the US government warned that some DEI efforts might break anti-discrimination laws.

• 📊 Here are some of the key changes from this year’s Spring Budget that impact businesses:

  • Employer NICs will rise from 13.8% to 15% this April, with the threshold dropping to £5,000. This means higher employment costs for businesses — something clients will be impacted by.

  • Capital Gains Tax on business asset sales is going up (from 10%) to 14% this year and 18% from April 2026. This could impact deal structuring and timing, especially for business owners planning to sell.

  • Business rate relief for small pubs, shops, and restaurants is being cut from 75% to 40%. Business rates are a tax that companies pay on using property for business purposes. The change will increase operating costs for these types of businesses.

AROUND THE WEB 🌐

• 🪐 Whoa: A super accurate scale model of the solar system

• 🤣 Haha: Bored of AD and BC? Try using these time markers like 18AiP (after iPhone)

• 📫️ Awesome: This website lets you write a letter to your future self with delivery options from six months to 10 years from now

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 an insight into the lifestyle of a commercial lawyer in London.