Warmest Wishes from Garfield Smith – Technology & Data Lawyers

On behalf of all the team at Garfield Smith – Technology & Data Lawyers, I wish you a very happy upcoming festive holiday with your family and friends.

The holiday period is a time to reflect on the year that has passed. It does not feel like a long time ago when I met, in January, for breakfast with a group of entrepreneurs to reflect on what the year ahead might look like. How time flies ! We hadn’t been collectively visited by Ebeneezer Scrooge’s Ghost of Christmas Yet To Come when we discussed the question, “What could a Labour government mean for business sales in 2024?”. We all started 2024 knowing that it was a year when there would be political and economic changes in the UK. Indeed, the expected change in the UK Government in July and anticipated changes to the tax regime in the October budget, fuelled a significant increase in corporate mergers and acquisition work for us over the spring and summer. Highlights of the many deals that we completed prior to the October budget included the sale of Benthos to Red Panda Inc, the sale of a green energy business to an Italian-headquartered multinational and the purchase of a well known recruitment business for a client in the construction sector.

Similar to last year, investment work has been slower in 2024 than in previous years reflecting a continued difficult environment for starting and scaling early stage businesses. The volume of transactions is certainly lower. Nevertheless, we were very fortunate to be instructed on a number of very high quality investment deals for some fabulous businesses. Two particular transactions, led by our Head of Commercial, Technology, Media and Data, Caroline Hughes, stood out. These were helping a veterinary science business on its first seed investment and a physics modelling AI business on its $8.5 million further funding round. We look forward to watching these businesses grow in 2025. There are still opportunities out there for the right founders with leading technology and solid business ideas. We have investment deals already in the pipeline for closure in early 2025. If you are looking for investment in 2025 or need assistance finalising an investment deal, please do get in touch with me or Caroline.

Despite the continued sluggish nature of market for new capital, we have still been kept consistently busy on day-to-day commercial and regulatory advisory matters for new and longstanding clients alike. Work that we have particularly enjoyed assisting with has included advising a Japanese technology conglomerate on its day to day contract needs, helping two large US businesses on compliance in the UK with data protection regulation and advising a large UK luxury travel company on the implementation of new AI systems. We’re seeing more and more organisations implement AI-based systems and we are happy to advise on how to mitigate the risks of doing so against a dynamic legal and regulatory backdrop.

Internally, we were very pleased to formally welcome Rhian Radia to the firm in March 2024. Rhian has over 23 years of experience practising employment law having worked in a large international law firm in the City of London. I have worked with Rhian since 2012 and I’m personally really delighted that she will be leading our employment practice. She has already been kept busy assisting our existing clients with a wide range of employment matters. Our other big news was that, in October, after seven years in the Bishopsgate Tower near Liverpool Street station, we moved a short distance to a new larger office in the Insurance Hall on 21 Aldermanbury; close to the Guildhall. As well as some more floor space, our new office has some fantastic event areas that we hope to make the most of in 2025.

Our usual tradition at this time of year is to make a small donation to a worthy cause instead of sending out physical greetings cards. This year we have chosen St Joseph’s Hospice in Hackney. St Joseph’s Hospice was founded by the Sisters of Charity who came from Ireland in 1900 to care for the poor and dying of East London. They opened the doors to the Hospice five years later in 1905. The hospice provides compassionate, specialist palliative care to people in the diverse community of East London and the City of London who are living with life-limiting illness. You can find out more about St Joseph’s Hospice here.

Finally, in line with other corporate and commercial legal practices in the City of London, our offices will close at noon today (Friday 20 December 2024) and will re-open for business at 9.00am on Monday 6 January 2025. However, I and your usual contacts at our firm will be available by mobile and by email throughout that period should the need arise.

Warm wishes for the festive holiday and I look forward to working with you in 2025.

Garfield Smith