UK Government publishes ambitious 10 Year Strategy for Infrastructure The UK’s 10-Year Infrastructure Strategy sets out major plans for growth and development, with key relevance for aspiring lawyers. UK Government publishes ambitious 10 Year Strategy for Infrastructure The UK’s 10-Year Infrastructure Strategy sets out major plans for growth and development, with key relevance for aspiring lawyers. Aspiring lawyers (whether solicitors or barristers) interested in planning, the environment or project finance should follow the government’s latest announcements with keen interest. This summer, the UK government published its 10 Year Strategy for UK Infrastructure (the ‘Strategy’), setting out the government’s plans to revive the UK’s infrastructure, prioritise economic growth and support social development.

A Record Investment Commitment

The Strategy promises a transformation of the nation’s infrastructure with an unprecedented £725 billion funding commitment over the next ten years. The funding is intended to provide stable and predictable spending, allowing both the government and industry to plan ahead and ensure more efficient delivery of projects, attract private sector investment and ultimately boost the UK economy.

What Does the Strategy Commit To?

Whilst previous governments have published similar strategies to cover economic infrastructure, this Strategy is the first to also include commitments relating to social and housing infrastructure, reflecting the Labour government’s prioritisation of these areas. Of particular note within the Strategy is the government’s commitment to:

• deliver 1.5 million new homes within the current Parliament;
• commit £39 billion to the government’s Affordable Homes Programme;
• progress work on the Lower Thames Crossing – a planned road crossing of the Thames estuary that would link Kent and Essex;
• deliver rebuilding projects at over 500 schools;
• deliver 35 new hospitals;
• build three new prisons;
• create nine new water reservoirs – an important move given the ongoing issues with the UK’s water supply;
• invest in clean energy and support renewable energy projects, nuclear power and hydrogen infrastructure. This is in keeping with the government’s goal to generate enough clean electricity to meet the UK’s total annual electricity demand by 2030.

How will the government achieve these commitments?

In addition to the commitments noted above, the new Strategy aims to improve the delivery of infrastructure more generally by:

• reforming institutions – the government will establish a National Infrastructure and Service Transformation Authority to integrate infrastructure policy, strategy and delivery into central government and ensure delivery is more effective by developing stronger partnerships with the private sector;
• providing certainty, confidence and stability – through the commitment to £725 billion for infrastructure over the next decade, ensuring that capital funding grows in line with inflation and creating certainty in the sector. This is bolstered by the government’s launch of the Infrastructure Pipeline digital portal to provide comprehensive information on publicly funded infrastructure projects to provide businesses with certainty and give them the confidence to invest in skills and technology to help deliver the government’s commitments;
• removing barriers to delivery – the government has committed to taking forward “the most ambitious planning reforms in a generation”. The measures in the Strategy are supported by the government’s Planning and Infrastructure Bill and its commitment to fast track 150 planning decisions relating to major infrastructure projects during this Parliament. The government has also committed to reforming public procurement in the construction sector in order to ensure it is more aligned with commercial realities and to drive up investment.

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How will stakeholders respond to the Strategy?

The Strategy places a great deal of emphasis on the role of local authorities in helping to meet the government’s infrastructure commitments, particularly in relation to housing, transport and social infrastructure. The Strategy expects local authorities to ensure that their approach to delivery of such infrastructure projects recognises national priorities. This may place an additional burden on local authorities who are already facing resourcing issues.

Local authorities and particularly elected members of such authorities may encounter difficulties in trying to reconcile overarching national objectives (as set out in the Strategy) with the specific interests of local communities. This is particularly the case where large scale infrastructure projects may meet a national need but not be welcomed by local communities.

The Strategy does however present additional opportunities for local authorities in that it allows them to access new funding and offers opportunities to create partnerships with public bodies and the private sector, therefore driving up long term investment in infrastructure.

Significant investment from the private sector is required in order to advance the government’s ambitious infrastructure initiatives. Delivery of key infrastructure projects is likely to rely heavily on structured approaches like public-private partnerships and utility regulation. Encouragingly, the Strategy’s focus on strengthening UK supply chains through a centralised system and digitalised portal may motivate investors by building a robust UK-based network for infrastructure-related technologies and services.

For investors, the presence of defined timelines for delivery within the Strategy, as well as complimentary government initiatives for delivery of infrastructure through, for example, the Planning and Infrastructure Bill, enhances confidence in delivery and increases the appeal of investing.

There remain however a number of hurdles to investment, including the expected returns from such long-term investment, as well as the inherent risk of investing in such large-scale projects. The recent hugely over budget and part-cancelled delivery of High Speed 2 has left many investors hesitant of committing to large scale government infrastructure projects. The government will need to ensure continued dialogue with stakeholders/investors in order to ensure that private motivations are met whilst still delivering key public infrastructure priorities.

Why Should Aspiring Lawyers Be Interested?

Infrastructure offers varied and intellectually demanding work that spans across many different areas of law, including planning, environmental, property, public procurement, and contract law. Understanding how these areas of law within long-term government strategies builds a strong foundation for both solicitors and barristers entering the profession.

Lawyers working within planning, infrastructure and/or energy sectors are likely to see an increase in work from developer clients – including house builders and energy providers – who feel this now provides sufficient certainty to commit to projects. With net zero goals and climate resilience built into the strategy, there is also a growing demand for lawyers with expertise in environmental law and policy who may need to advise clients as to how their proposals can be adapted in order to meet policy targets and assist in shaping a sustainable future for the UK.

Equally, lawyers may be engaged to object to infrastructure schemes where it is felt that these do not meet government targets, including relating to climate change policy.

The Strategy also relies heavily on private finance and innovative funding models to deliver infrastructure. Lawyers working in finance teams will play a critical role in structuring deals, navigating regulatory compliance and drafting and negotiating contracts to finance these deals – whether this be acting for lenders, developers or public bodies. Understanding the government’s commitments and the risks/rewards involved in investing in long-term infrastructure is essential commercial awareness for any project finance lawyer. Related More Resources 2

US Imposes Tariffs on Trade with Countries Across the Globe Donald Trump introduces tariffs on goods imported into the US from other countries. US Imposes Tariffs on Trade with Countries Across the Globe Donald Trump introduces tariffs on goods imported into the US from other countries. This article will delve into the recently announced tariffs President Trump has imposed on goods imported into the US, and it will consider their purpose, their effects, and the legal implications they raise. Since reassuming office in January 2025, US President Donald Trump has introduced trade tariffs on goods imported into the US from many other countries, with the stipulated aims of bolstering American manufacturing and industry, protecting American jobs, increasing investment in American businesses, and generating more revenue from taxes. These tariffs have been placed on certain imported products, mainly those generated by industry, e.g. metals and cars, and at different rates for different countries. In addition, Trump wishes to decrease what he has termed the ‘trade deficit’, namely the disparity between the cost of what the US sells to other countries and the cost of what it buys from them, as he sees this as currently inequitable. In this article, we will look at what goods the principal trade tariffs apply to, how the tariffs differ between countries, and why the tariffs are relevant to legal practitioners.

Context to the US Trade Tariffs

Put simply, tariffs are a form of taxation governments impose on goods emanating from foreign countries, and are usually calculated as a percentage of the price of these. In general, these are put in place to increase revenue for a government, safeguard and boost domestic manufacturing and industries at risk of being undermined by cheaper foreign competition, and to help a government to gain political leverage. In the case of the tariffs introduced this year by the US, President Trump has declared that some, particularly in the case of those imposed on China, Mexico and India, are to pressure these countries to combat the trade in illicit drugs and illegal immigration. He has also introduced tariffs for companies trading with Russia, and on products from China and Hong Kong, reportedly to prevent cheaper clothes and everyday items undermining domestically produced equivalents. The tariffs President Trump has introduced differ considerably from country to country, and are even changing day by day as negotiations are still ongoing, but we outline below some of the established ones and the effects they are having on business and the law.

Main Elements of the Trade Tariffs

To date, the US has imposed trade tariffs on more than 90 countries, ranging from 10% (the UK) to 50% (Brazil), and has announced a 10% ‘baseline tariff’ as a minimum on countries, but matters aren’t somewhat more complex than that. In many cases, the tariffs apply only to certain goods coming from these countries, and at certain times, for example a 50% tariff on aluminium, copper and steel imports, and a 25% tariff on cars and car parts, but the 10% UK tariff applies to only the first 100,000 cars coming from Britain, which then increases to 25% once that number has been exceeded. Furthermore, pre-existing or newly established trade agreements exempt some countries from some tariffs on some products, for example the US–Mexico–Canada trade agreement allows these countries to import agricultural, automotive and industrial goods at either a reduced or tariff-free rate. Likewise, as part of the UK’s negotiated 10% tariff, the UK and US can trade beef with each other without incurring tariffs, and the UK has agreed to the US selling 1.4 billion litres of ethanol to the UK without tariffs being imposed. From this, it’s evidently an intricate and ever-changing picture, and one which is subject to additions and subtractions as negotiations continue. But what of the effects the tariffs are having on business and the law? Boost Your Applications Receive 1-2-1 application support to jumpstart your legal career! Learn More https://www.thelawyerportal.com/events/application-advice-mentoring-for-aspiring-lawyers/

Effects of Tariffs

From a legal perspective, knowing about tariffs is hugely important as they now affect a considerable number of contracts that govern trade and supply chains. Since coming into effect, tariffs have caused many contracted parties to reconsider the economic viability of their agreements, and whether renegotiation or even rescission are possibilities. With such reappraisals come the risk of litigation, for example if respective parties cannot agree who should bear the cost of the tariffs, and potential jurisdictional disputes arising from increased scrutiny by customs and where goods are originating from. As an aspiring lawyer, it would be a good idea to have a working knowledge of the validity of the tariffs under international law, how different jurisdictions treat tariffs, and what the tariffs mean for international trade in the long term.
Other aspects of contract law to consider in light of the tariffs are terms (e.g. price adjustment mechanisms and who bears the costs), variation (scope for potential renegotiation), force majeure (arguing that the tariffs constitute an even beyond reasonable control), and termination (one party may wish to end the contract if unwilling to bear the extra costs). A final factor to be aware of is the likely increase in protective clauses being incorporated into contracts that will safeguard parties against changes in the law.

The legal angle aside, another effect that tariffs have is the increase in demand for domestic products over their imported foreign equivalents. With this increase in demand can come the expansion of domestic industries, increased production, and more jobs made available to meet these effects. Conversely, domestic industries, e.g. the automotive industry in some countries, often rely on global supply chains to provide components that are either not made in that country or are cheaper to source abroad. If these components are now subject to tariffs, that extra cost may be passed onto the consumer, meaning domestically produced goods will increase in price. Similarly, tariffs can work both ways, and testament to the continually developing landscape of American tariffs is the proposed (currently suspended) tariffs the EU was due to place on American goods in response to the 15% tariff imposed on EU countries.

Why Should Aspiring (and current) Lawyers Care about the US Tariffs?

Aside from the practical aspects of the law that will become more pertinent in light of the tariffs, as mentioned above, there are also broader legal issues that they give rise to. It will come as no surprise that countries have not accepted the recent tariffs lightly, and some have forecasted a surge in litigation and disputes aimed not only at clarifying contractual rights and obligations, but also questioning the very legitimacy of the tariffs themselves. Law firms across the world have already seen a significant increase in their caseloads as companies and individual litigants seek to challenge and renegotiate extant agreements, and countries, including Canada and China, have appealed to the World Trade Organisation (WTO) to investigate the legitimacy of President Trump’s tariffs. This boost to business, however, may be short-lived. Lawyers should be aware that, as tariffs and retaliatory tariffs hit businesses hard across the US and the rest of the world into the foreseeable future, law firms will likely begin to consider pay scales, bonuses, and reducing workforces and international footprints to compensate for a potential drop in transactional demand in the longer term.

Where to Go Next for Further Information

For further information about the US tariffs, and to keep up to date with their changes, you can consult the website of the US International Trade Administration that allows you to search for relevant tariffs in many different ways. If you’d like information and support relating to studying law, practising law, legal career advice, or to explore more articles of current relevance to the law, take a look at The Lawyer Portal website https://www.thelawyerportal.com), which is host to a wealth of information relating to your legal career and more! Related More Resources 2

Coca-Cola Strikes Agreement with Trump Administration Under mounting pressure from the US government, Coca-Cola has agreed to change its recipe to offer a ‘healthier’ option. Coca-Cola Strikes Agreement with Trump Administration Under mounting pressure from the US government, Coca-Cola has agreed to change its recipe to offer a ‘healthier’ option. Coca-Cola offering a cane sugar-sweetened version of its headline product in the US serves as an interesting example of a wider trend relating to the relationship between corporates and Trump.

What is the context to the Coca-Cola recipe?

The recipe to Coca-Cola syrup, which has been added to carbonated water in order to produce the final product, is a long-held trade secret. The recipe was first introduced by John Pemberton, a chemist working on the formulation in the 1880s. However, it was not until the 1890s when American businessman Asa Candler purchased the recipe and founded the Coca-Cola Company, that the sense of secrecy around the recipe was introduced (partially as an IP protection strategy, but mostly as a marketing strategy – see the World of Coca-Cola’s high-tech ‘vault’ protecting the recipe in Atlanta).

One aspect of the recipe which is well-known by the public, however, is the sweetener used. Until the 1980s, the primary sweetener being used was cane sugar. Also known as sucrose, this is a sugar made up of glucose and fructose, and is produced naturally by plants. This is incredibly widely used – in 2017, 185 million tonnes were produced across the world.

However, a major change arrived in the 1980s with the introduction of high-fructose corn syrup (also known as HFCS) to the recipes of various soft drink manufacturers (not just Coca-Cola) – largely replacing traditional cane sugar. There were a number of reasons for the change initially – the most important driving factor was cost, since HFCS is generally much cheaper than cane sugar in the US due to US government subsidies on corn production and tariffs on cane sugar being imported from abroad. As has been discussed, these are mostly US-centric points – consequently, Coca-Cola still produces its flagship drink using cane sugar in many other countries, such as Mexico, where the drink is known specifically as ‘Mexican Coke’. The change was therefore made, primarily, for economic reasons rather than anything relating to the taste of the product itself.

Why have Coca-Cola agreed to change their recipe?

Trump has taken aim at Coca-Cola’s use of high-fructose corn syrup in recent times. While he is himself an avid enjoyer of the product (often seen drinking Coke and eating McDonald’s on Air Force One, for example), most of the pressure has actually come via the Make American Healthy Again (‘MAHA’) campaign. This is mostly led by Robert F Kennedy Jr, an outspoken member of the Trump administration on matters of health who has repeatedly criticised artificial food additives like HFCS for their impact on physical health (for example obesity) and mental health (including suggestions of a link between highly processed food and autism and other neurodevelopmental disorders, which conversely lack any real basis in medical research). MAHA involves itself with not just food, but also wider aspects of societal health such vaccine development boundaries, which have divided many voters across the United States, especially post-Covid.

In response to this pressure from the administration, Coca-Cola clearly felt pressured into making the change. Trump tweeted a statement saying that the new recipe will feature ‘REAL Cane Sugar’, to which Coca-Cola responded by thanking him for his enthusiasm and, a few days later, announcing a US cane-sugar sweetened version of the drink to arrive this autumn.

However, it is worth noting that the brand is not giving up on HFCS altogether – they have also defended the ingredient as ‘just a sweetener made from corn’ in an attempt to detract from allegations of the formulation being overly artificial, and have also since clarified that this new product line is an extension of existing options – not a replacement. Executive James Quincey told media that “we are definitely looking to use the whole toolkit of available sweetening options to some extent where there are consumer preferences”.

The change is, regardless, seen as the company buckling under pressure to an administration which has been willing to use executive orders and other similar tools in order to punish companies which do not align their activities with the goals of the MAGA movement.

This is not to say that there are no other reasons for the change too, though. Consumer taste has been developing for a while, and the drive from the US administration to avoid ultra processed foods is reflective of wider sentiment by a large proportion of society who want their food and drink to appear more ‘natural’. Get LNAT-Ready – Start Your Prep Now! Master the LNAT with expert tutoring. Choose your perfect prep package today. Get LNAT Prep https://www.thelawyerportal.com/lnat/lnat-prep/lnat-prep-packages/

What could the commercial impact of this change be?

Immediately, there has been a response by other major food and drink manufacturers who are similarly seeking to win favour with the administration. For example, just a few days after the Coca-Cola announcement, Kellogg’s announced that it would be limiting its use of artificial dyes in certain cereal products within the next few years (in line with various other brands, such as Heinz, who have made similar commitments).

Producing Coca-Cola will now become (generally) more expensive as a result of the cost of cane sugar, especially amidst trade tensions which have been rising as a result of Trump’s tariff threats. Some industry commentators fear this increased cost could be passed onto consumers, which would be particularly difficult given the fact that Coca-Cola operates in a relatively cut-throat market with price-savvy consumers (who could, for example, turn to competitors like Pepsi instead).

This change is also likely to have a large impact on the corn production industry in the US, which counts soft drink companies purchasing HFCS as some of its most crucial clients. Job losses feel almost inevitable as a result, and the shares of various corn processors like ADM fell dramatically after Trump’s comments online.

What are the legal angles to this story?

This story speaks to an important point for future lawyers to understand (especially those working with corporate clients) – it is not just the power of ‘hard law’ such as statutes which drive change – in the world of business, commercial pressure often reigns supreme. By making the change, Coca-Cola are able to align themselves with an incredibly powerful MAGA administration (limiting the risk of any threats to their ongoing success, which others have faced) – in other words, they have been pressured by ‘soft power’. This is widely criticised as ‘regulation by shakedown’ by industry commentators, but has become a hallmark of the current administration under Trump.

Coca-Cola are also able to improve their image from a PR/marketing perspective by aligning with perceived health benefits – however, allegations that some of the health points may be unfounded are often at risk of resulting in some form of litigation, which lawyers again need to be aware of. Related More Resources 2

New Electric Vehicle Subsidy Scheme Launches in UK The government’s long-awaited scheme aiming to increase electric vehicle sales has come into force – but confusion over eligibility is a concern. New Electric Vehicle Subsidy Scheme Launches in UK The government’s long-awaited scheme aiming to increase electric vehicle sales has come into force – but confusion over eligibility is a concern. The recent deployment of a scheme designed to incentivise electric car ownership is a significant milestone in a wider ESG narrative, but issues have been raised.

What is the context to the electric vehicle subsidy scheme?

As readers are doubtless already aware, the push towards ‘green’ energy and investments has been a major trend in recent years. Despite facing recent challenges in the US, largely due to the often-hostile attitude of the Trump administration and Republican lawmakers towards such initiatives, the growth of ESG remains powerful within Europe and the UK.

On the frontline of this growth, one of the key aspects of the journey has been electric vehicle ownership. Taking a look at some statistics in relation to the UK’s relationship with the electric vehicle market will prove useful.

As of 2025, there are approximately 2.5 million electric vehicles in use (out of approximately 40 million vehicles in the UK on the whole). However, this does include hybrid vehicles (which combine both petrol and electric, with owners often having the choice to select which fuel source they are using at any given time) – for battery-only electric vehicles, the number drops to around 1.5 million cars. This, in short, represents approximately 4-5% of the market (back in 2021, this comparable statistic sat at just 1% of the market – growth has therefore been enormous).

The Conservative government had, for a sustained period of time, been considering a scheme whereby electric vehicle ownership would be incentivised by various subsidies. However, in 2022, it was announced that this scheme would be scrapped – the argument being that the market had matured enough independently to not require further stimuli (which costs a substantial amount of money) from Westminster.

Industry representatives were generally unhappy with this announcement, and have lobbied for the new Labour government to reconsider, which has now proved fruitful. Labour’s transport secretary Heidi Alexander recently said on the record that she wanted it to become ‘easier and cheaper’ to purchase electric vehicles in the UK, and reintroducing the idea of a subsidy was a natural progression from that position (though not the only such announcement – for example, a large investment of £63 million into car charger installations is also now in development).

What is the nature of the scheme itself?

The crux of the scheme is this – householders receive discounts (subsidies from the government) on the purchase of new electric cars.

Individual car models are sorted into different categories based on how environmentally friendly they are perceived as being (though the exact criteria being applied here is, naturally, somewhat up for debate). In the highest category, the maximum discount that may be offered is £3,750.

It is worth noting, crucially, that the subsidy only applies if the vehicle (a new electric car) is priced below £37,000. This is quite significant given the fact that the average price for a new electric car in the UK is currently £49,000 – meaning the majority of electric vehicles will not fall under this scheme. ‘Luxury’ offerings like the Tesla Model Y will therefore miss out, but more budget-friendly options like the Nissan Leaf are expected to make the cut. Boost Your Applications Receive 1-2-1 application support to jumpstart your legal career! Learn More https://www.thelawyerportal.com/events/application-advice-mentoring-for-aspiring-lawyers/

What are the major concerns with the scheme?

The major concern among the carmakers at the moment is confusion around how the vehicles will be assigned to each category. Company officials say that the process is somewhat opaque, and that they are being asked to complete application forms for government approval without understanding the full picture. Some sources suggest that certain companies have set up teams tasked specifically with predicting which of their models will fall under which category.

In response, the government has stated that it is in regular communications with car manufacturing companies around eligibility for the scheme, and will go ahead with scheduling various ‘roundtable’ discussions at which manufacturers can ask for clarification on the rules.

Another concern is the fact that the scheme only covers new cars rather than second-hand ones. The majority of vehicles purchased in the UK are second-hand – according to recent research, consumers are three times more likely to buy used than new. The main reason for this is cost – which is ironic, since the EV scheme outlined above was pitched as assisting those who would not be buying ‘luxury’ EVs – in reality, most potential EV buyers on a budget will not be looking at brand new cars. Another concern here is the fact that the scheme is designed (at least in part) to support the wider ESG mission to lower emission and reduce the environmental impact of vehicles – in reality, encouraging the purchase of new cars (whether electric or not) rather than the resale of older vehicles does not align with that goal.

What can aspiring lawyers take from this story?

There are a number of considerations here which the lawyers of the future (whether solicitors or barristers) applying to opportunities like training contracts or vacation schemes could go away and analyse. These could form fruitful starting points for discussions at interview, for example. Some of these are explicitly legal, while others are more generally ‘commercial’, with the latter being increasingly important for lawyers working primarily with corporates (such as those at Magic Circle or elite US firms).

The most obvious and important aspect of this story is undoubtedly the ESG angle – encouraging the production of electric vehicles. This is a growing area within law firms, and in contexts such as these will often be covered by those working within practice areas like renewable energy (sometimes a distinct practice area, sometimes grouped into something like ‘energy law’ more broadly, or adjacent terms like ‘projects’ or ‘infrastructure’).

Another relevant aspect to this story could be a public law angle – analysing the relationship between the government and corporate bodies in contexts such as these. For example, imagine if your client was a car manufacturer who wanted to challenge the government’s decision not to award it with a subsidy under the new scheme – a judicial review case could be on the horizon. Outside of going straight to court, though, lawyers should consider how to foster good relationships between these parties (and avoid the need for litigation altogether), such as through the roundtable discussions that the government are proposing in order to alleviate concerns about this scheme. RELATED More Resources 2

Tech Company Figma Seeks US IPO Figma, a tech company which creates software aimed at designers, is preparing for its IPO on the New York Stock Exchange. Tech Company Figma Seeks US IPO Figma, a tech company which creates software aimed at designers, is preparing for its IPO on the New York Stock Exchange. Future lawyers interested in corporate law (particularly equity capital markets) should follow upcoming IPOs with interest, and the latest example comes from exciting tech company Figma.

Who are Figma?

Figma Inc is a technology company which is known for developing web applications aimed at designers. It was founded in 2012 by Dyland Field and Evan Wallace, who were at the time university students at Brown University. The pitch, according to its founders, was to allow ‘anyone to be creative by creating free, simple, creative tools in a browser’. The organisation is based in San Fracisco, California.

What are Figma’s Tools?

The type of tools designed by Figma are vaguely similar to Canva (perhaps a more well-known, household name amongst the general public), but with a greater emphasis on professionals working in UI/UX design (rather than beginners, or those seeking to create more simple graphics). Figma also allows for greater collaboration, with live multi-user editing and code handoff tools.

In more recent years, Figma have jumped aboard the artificial intelligence (AI) bandwagon by rolling out AI-assisted tools, such as ‘Figma Slides’ (released in beta form in mid 2024), which allowed for collaborative presentation projects with assistance from AI.

How big is Figma?

Monthly active users stand at approximately 13 million currently, but includes a range of large institutions such as Microsoft and Google. The customer base is also particularly strong internationally, with approximately 85% of its users being from outside the United States.

How have Figma been performing?

Figma have generally experienced strong growth in their early years. Its overall valuation has risen massively from around $2 billion in 2020 to approximately $16 billion today. It has achieved this growth through a number of capital injections from various investors over the last few years, including $40 million Series C from Sequoia Capital in 2019, $50 million Series D from Andreessen Horowitz in 2020, and $200 million Series E from Durable Capital in 2021. Silicon Valley-based venture capitalists have spoken highly of the organisation for a number of years. These large investors are following the upcoming listing with interest, since it has been seen by many as a form of test-run of a venture-capital backed technology start-up hitting the IPO market after a few years of difficult forecasts.

The company’s 2024 revenue reached almost $750 million, showcasing an impressive year-on-year growth up 48%.

Recent additions to bolster performance include industry veterans like Luis von Ahn (co-founder of Duolingo) and Mike Krieger (co-founder of Instagram). Keep Up With The Latest News Boost your Commercial Awareness Subscribe Now https://www.thelawyerportal.com/newsletter/?_gl=1*1sgwpxt*_up*MQ..*_ga*MTgwNzQ1NTkwNS4xNzMzNzQwOTcx*_ga_XFZTGLKX00*MTczMzc0MDk3MC4xLjEuMTczMzc0MTAxNi4wLjAuMA..

What is an IPO?

An IPO (initial public offering) is a crucial process for aspiring corporate lawyers to understand – while the concept is not generally taught within undergraduate law degrees/law conversion courses like the PGDL, and even the SQE’s Business Law and Practice module fails to cover the topic in any depth, it is often covered as part of any supplemental firm-specific law school courses after the SQE (such as on BPP’s ‘Essentials for Practice’) as part of studies around Equity Finance.

In short, an IPO is the first time that a company sells its shares, usually by listing on a stock exchange, to the public. There are a number of key parties involved. Aside from the company itself, underwriters will be selected – these are usually large financial institutions who run the process, including matters of due diligence, filing, and marketing. The underwriters also generally agree to purchase the shares themselves (often with a view of passing some of those shares onto the public once the listing occurs).

Why would a company attempt an IPO?

The main reason for a company to complete an initial public offering is to raise capital – by selling shares, the organisation can raise a large amount of money, which is then used for further growth or expansion. This is a form of equity financing – unlike with debt, there is not the same pressure to meet repayment deadlines or worry about ‘gearing’ requirements (though there will be similar pressure to grow the company’s value and issue dividends). The process also increases the public profile of the company (improving its reputation worldwide if listed on a reputable exchange).

There are, of course, drawbacks to the process, too. The process of preparing for an IPO is extremely expensive and time-consuming. In Figma’s case, financial institutions advising include Morgan Stanley and Goldman Sachs, while the legal advisors include Fenwick & West (advising Figma) and Latham & Watkins (advising the underwriters). Furthermore, an IPO means the company will remain on the New York Stock Exchange going forwards – listing on any major stock exchange means heavy ongoing administrative work relating to legal processes like disclosure and reporting requirements.

Why is Figma using New York for its IPO?

The New York Stock Exchange is a world-renowned platform for initial public offerings. As a result, there is a level of prestige associated with this exchange, which simultaneously houses long-term, well-established organisations (known as ‘blue chip’ companies). A listing in New York also gives access to the US equity capital markets, which are the deepest in the world – with especially high funds available for investment into technology companies like Figma. Furthermore, a number of most of the major investors already mentioned in Figma are based in the US (for example, Sequoia Capital).

The London Stock Exchange, or LSE, has, in contrast, been somewhat troubled in recent years in relation to attracting listings. The equity capital markets, while relatively well-developed, are generally less deep, the valuations tend to be more conservative and value-orientated (whereas US tech stocks can often ride a wave of optimism and ‘hype’ to some extent), regulation in the UK is generally quite heavy, and private equity is becoming increasingly dominant (an alternative to listing on a stock market).

Why is Figma’s IPO useful for aspiring lawyers to understand?

IPOs are crucial moneymaking processes for the equity capital market practices at various major City law firms. Furthermore, exciting growth industries like US-based tech companies are always attractive clients for solicitors to advise. In the UK, the leading firms carrying out this kind of work (and therefore the ones who would be most interested in hearing about your analysis of this story in an application) include Magic Circle and elite US outfits. Based on the most recent Chambers rankings, the leading firms in Band 1 include A&O Shearman, Clifford Chance, Linklaters, and White & Case. Related More Resources 2

Nvidia Reaches $4 Trillion Market Capitalisation The staggering growth of US tech company Nvidia has now hit a new milestone – a market cap of $4 trillion. Nvidia Reaches $4 Trillion Market Capitalisation The staggering growth of US tech company Nvidia has now hit a new milestone – a market cap of $4 trillion. Nvidia, the Silicon-Valley based AI chipmaker, has seen its stock price reach new heights recently, hitting the highest market cap on record.

Who are Nvidia?

Nvidia are a tech company based in Silicon Valley – now known most widely for designing and manufacturing computer chips which are used in the development of artificial intelligence (AI) products.

They were founded in California back in the early 90s by Jensen Huang, Chris Malachowsky, and Curtis Priem. Huang remains the CEO and President of Nvidia to this day, while Malachowsky is a senior employee at the company (Priem sold his shares for approximately $30 million in the early 2000s – they would have been worth almost $100 billion today).

The original focus of the company was graphics processing units (GPUs) designed to be used within the gaming industry (another competitor active within this space that also found success was ATI Technologies, which has since become part of AMD). They started on this path with $40,000, though later attracted large amounts of venture capital funding from well-known names such as Sequoia. These early days were relatively rough for the company – key contracts with household names like Sega (Nvidia were due to provide the graphics chip for the Dreamcast console) fell apart due to a lack of technological innovation and experience within an increasingly crowded market.

The real growth came when Nvidia made the decision in the mid 1990s to focus on their ‘RIVA’ chips, which focused on graphics acceleration. This was followed up in 1999 by the GeForce 256, which became highly influential within the industry. These chips were continually refined over the years – in 2006, the CUDA platform made the technology particularly useful in the context of scientific work, and in the 2010s, talk of artificial intelligence inspired Nvidia to again pivot into pitching their chips as being important tools for the growth of a relatively new industry.

When the AI boom (particularly in the area of generative AI chatbots like ChatGPT) did take off from approximately 2022 onwards, the growth for AI hardware meant that Nvidia’s chips became the beating heart of the most talked-about industry on earth.

What has led to Nvidia’s recent stock growth?

The most significant factor leading to Nvidia reaching this milestone has undoubtedly been the growth in artificial intelligence as an industry. ChatGPT released in late 2022, and similar AI chatbots have taken the consumer market by storm. Since that release date, Nvidia stock has climbed approximately 871% (comparably large tech stocks might be pleased with 40-60% growth over the same period).

However, a rising tide does not necessarily lift all boats – Nvidia positioned itself particularly well by ensuring that its market share remained extremely dominant – competitors like Intel and AMD hold almost miniscule proportions of the market by comparison, with Nvidia controlling about 77% of AI chip production. Boost Your Applications Receive 1-2-1 application support to jumpstart your legal career! Learn More

How does Nvidia’s growth link to international politics?

There have been a number of events and trends within the international political landscape that have had a particularly significant impact on Nvidia’s growth.

First, the US government have made a number of decisions that have been highly impactful (both positive and negative) for Nvidia, as a US company. over the last few years. This has been particularly true in light of Donald Trump’s often controversial and highly impactful policy decisions.

For example, the US government has banned Nvidia from selling some of its most advanced hardware to China amidst growing international security tensions (the company responded by producing adapted versions of some products that remain complaint with the law). US policymakers are also looking to encourage more in-house manufacturing – causing tensions with Nvidia’s close links to manufacturing locations like Taiwan (which maintains extremely close ties to China – US allies like South Korea are seen as much more preferable by the current administration).

The US government has simultaneously poured a lot of money into fuelling the growth of its most successful AI-adjacent companies (Nvidia being the best example) via wide-ranging subsidies covering semiconductor manufacturing and research and development grants.

What role do lawyers play in the growth of companies like Nvidia?

Lawyers contribute massively to the growth of large companies like Nvidia (and more specifically to large companies in the booming AI tech space). There are a number of points here that aspiring lawyers (especially solicitors looking to work at top City law firms, who will advise these types of clients) can take from these stories ahead of application forms and interviews. A useful way to approach these stories can be by splitting the relevant facts and considerations into distinct practice areas (while maintaining an understanding of how they can interact with each other too – cross-selling is common practice between teams at large firms).

Obviously, a large emphasis here falls to Corporate Law. Large companies like Nvidia will need constant help from a corporate perspective – whether that be dealing with reorganising their share capital, dealing with a range of shareholder perspectives, or deciding how best to deal with management disputes (lawyers are expected to be all-round business advisors as well as understanding the legislation nowadays).

Another key team involved in advising firms like Nvidia will be the Antitrust practice area. A lot of Nvidia’s work is market-dominant – to such an extent that the relevant competition law regulators (like the CMA in the UK) are likely to be keeping a watchful eye on these companies in order to ensure that they do not gain a monopoly over the market (thus decreasing competition and driving down prices and innovation). This point also links closely with prevailing political sentiment and policy decisions concerning, which has been discussed above already in detail.

Finally, you might also consider the work that intellectual property (IP) lawyers will be doing for companies like Nvidia. The designs behind their cutting-edge technology are arguably the most valuable assets of the company (as is common with many tech hardware firms), and need to be rigorously protected through the successful registration and ongoing protection (think potential litigation) of IP rights like patents. STEM-qualified lawyers are particularly in demand in areas like these. Related More Resources 2

The fallout from Trump’s tariffs, three months on from “Liberation Day” President Trump’s latest tariffs signal significant changes for U.S. trade policy, with implications for business costs and global supply chains. The fallout from Trump’s tariffs, three months on from “Liberation Day” President Trump’s latest tariffs signal significant changes for U.S. trade policy, with implications for business costs and global supply chains. Aspiring lawyers (whether solicitors or barristers) should be aware of President Trump’s broad new tariffs, which signal a major turn in U.S. trade strategy and present a range of legal and international challenges.

What is a tariff?

A tariff is a tax or duty imposed by a government on imported (and sometimes exported) goods. It is usually calculated as a percentage of the product’s value and is paid by importers when the goods enter the country.

Trump’s tariffs

On April 2, a date he dubbed “Liberation Day”, Trump announced several economic measures under the 1977 U.S. International Emergency Economic Powers Act to impose a universal 10% tariff on nearly all imported goods. This was accompanied by higher tariffs – up to 50% – on goods from 57 specific countries, although implementation has been paused for multiple, due to legal challenges.

Tariffs also targeted specific industries and countries. For example, the administration doubled existing steel and aluminum tariffs from 25% to 50%, with the United Kingdom temporarily exempted at the original rate due to ongoing negotiations. These measures significantly raised costs for U.S. manufacturers reliant on foreign raw materials and components.

China was once again a central focus, with the administration escalating tariffs on Chinese goods, starting at 10% and eventually peaking at 145%, before being partially reduced to around 30% later in the spring. The justification remained similar to the 2018–2020 trade war: alleged unfair trade practices, intellectual property theft, and state subsidies distorting global markets. Other countries, including Canada and Mexico, were also hit with 25% tariffs in March. This led to retaliatory duties from both nations, although certain goods compliant with the United States-Mexico-Canada Agreement were eventually exempted. In a further move, Trump signed Executive Order 14245, applying a 25% tariff on countries importing Venezuelan oil, aimed at punishing governments seen as supporting authoritarian regimes.

Political implications

Despite being the world’s second largest economy, the EU continues to underperform due to inherent gaps in productivity, and is operating below its potential. In particular, Trump’s actions may force the EU to consider further its fragmented defence spending. A useful response could be to amalgamate spending and streamline procurement and innovation in sectors such as tech, to extrapolate itself from reliance on US goods.If executed effectively, this could also drive innovation, particularly in strategic industries such as artificial intelligence and advanced digital infrastructure. Furthermore, the EU could seek to reduce internal barriers in order to effectively compete, to accelerate growth and unlock its economic potential, now more necessary than ever to ensure European strategic autonomy.

Business implications

The tariffs have particularly impacted international retailers. For example, Nike has recently told investors that its business costs will go up $1bn (£728m) this year if the tariffs remain at the current level. It follows a warning from the sports brand last month that it would raise prices due to the taxes imposed on imports. Work to bring down costs is under way, including reducing supplies from China to the US. Clothing prices in the US are set to rise for consumers generally, with Daniel Ervér, the chief executive of H&M acknowledging that the retailer is witnessing competitors in the US raising prices; some aggressively and some more cautiously. Further, clothing companies have seen rapid drops in share price as a result of the tariff announcements. For example, shares in the owner of Primark fell earlier in the Spring, after the chain posted a sharp drop in UK sales and lost market share. The company warned that consumer confidence was likely to worsen further. Further drops in share price for retailers cannot be ruled out. Keep Up With The Latest News Boost your Commercial Awareness Subscribe Now https://www.thelawyerportal.com/newsletter/?_gl=1*1sgwpxt*_up*MQ..*_ga*MTgwNzQ1NTkwNS4xNzMzNzQwOTcx*_ga_XFZTGLKX00*MTczMzc0MDk3MC4xLjEuMTczMzc0MTAxNi4wLjAuMA..

Economic implications

Additionally, there could be more widespread concern for the economy while the trade wars continue. For example, Associated British Foods, which also owns household food brands such as Ryvita and Kingsmill, said that several countries may yet slide into recession as a result of U.S. trade policy, especially as consumer confidence is likely to drop further, in the wake likely increases in individual debt.

Regulatory considerations and safeguards

When companies agree to buy and sell goods across international borders, they need to think carefully about a few important contract terms that can protect them if prices suddenly rise because of tariffs.

First, they should decide whether the buyer will purchase exclusively from the seller and whether the buyer must commit to buying a minimum amount. If the contract names the seller as the only supplier and sets a minimum purchase commitment, the buyer cannot order from someone else or buy less than the agreed amount without risking a breach of contract. On the other hand, if there is no exclusivity or minimum purchase requirement, the buyer has more flexibility. For example, if tariffs make the goods too expensive, the buyer could threaten to stop ordering unless the seller agrees to share or absorb part of the extra cost. This possibility gives the buyer leverage to negotiate with the seller when markets change.

Second, contracts often include a “force majeure” clause, which allows either party to pause or end the agreement if an unforeseeable event – such as a natural disaster – makes it impossible to perform the contract. However, because tariffs only increase costs rather than making trade impossible, they usually do not qualify as a force majeure event. Unless the contract specifically states that government‐imposed tariffs count as force majeure, the buyer must continue to buy the goods, even at higher prices.

Finally, companies can ask to include a “financial hardship” or “material adverse impact” clause. These provisions allow a party to exit the contract if external events cause serious financial strain or upset the commercial balance of the deal. Because trade rules and tariffs can change unpredictably, more contracts now contain such clauses. Buyers should seek to cover additional expenses caused by tariffs—such as extra paperwork or shipping fees—while sellers should propose clear, measurable triggers. For example, they might agree that the buyer can only terminate if tariffs increase by more than 20 percent. By carefully drafting these terms, both buyers and sellers can protect themselves against sudden tariff shocks.

What this means for global trade

Three months after the implementation of Trump’s sweeping tariff measures, the global and domestic consequences are becoming increasingly clear. Economically, these tariffs have driven up production costs for American manufacturers, strained international supply chains, and triggered retaliatory measures from key trade partners. Retailers like Nike and H&M are already feeling the pressure, passing costs onto consumers and warning of further financial impacts. Politically, the tariffs have reignited trade tensions, particularly with China, and may inadvertently accelerate economic divergence between the U.S. and its allies, notably the EU, which now faces renewed urgency to pursue strategic autonomy. Legally and commercially, businesses are adapting by re-evaluating contracts and risk mitigation strategies to better shield themselves from future trade shocks. While Trump’s policies were framed as a move toward economic nationalism and self-reliance, their longer-term fallout suggests heightened global uncertainty, slower growth, and greater regulatory complexity for international trade. Related More Resources 2

Reeves Debuts New Spending Review Chancellor of the Exchequer Rachel Reeves has recently delivered a spending review which signals major changes for government financial priorities Reeves Debuts New Spending Review Chancellor of the Exchequer Rachel Reeves has recently delivered a spending review which signals major changes for government financial priorities. Aspiring lawyers should follow government spending announcements, including this one, with great interest – given that they often impact law firm/chamber clients in various ways.

Context to the Spending Review

Rachel Reeves, the UK’s Chancellor under the current Labour government, has recently followed up her last Budget announcement with a Spending Review. These announcements reveal a great deal about the government’s intended direction on a number of issues.

Contextually, Labour are dealing with a UK economy faced with high public debt and strenuous interest payments. The government have pledged to avoid rises across numerous taxes (like income tax or VAT), but needs to raise money quickly – services like the NHS and sectors such as housing are under increasing strain to stay afloat amidst what has been deemed as chronic under-funding historically.

This announcement is the party’s first multi-year Spending Review since 2009, and has been pitched largely as one ‘renewing Britain’ – a sentiment much-needed after recent polls have suggested weak support for the current government.

What are the key aspects of the Spending Review?

The Spending Review covers a wide variety of issues, and so we will break them down into some of the most key areas to determine which sectors are the ‘winners and losers’ coming out of this announcement.

The NHS

Probably the area of public spending most in the press at any given time, the NHS is an institution which the vast majority of the public tend to feel is underfunded. Labour MP Wes Streeting is the current Minister responsible for the NHS, and has held extensive discussions with Rachel Reeves on the issue.

In the latest announcement, the NHS is certainly one of the areas which has received relatively significant increases in funding. The announcement offers a 3% real-term rise, which is relatively major. In fact, the outlay for this NHS funding increase actually uses up more than half of all the budget increases contained within the announcement.

Housing

The Spending Review contains a £39 billion investment into affordable housing over the next 10 years – in other words, government-subsidised housing which aims to reduce the strain of private renting for many families.

Justice

As many aspiring lawyers will be aware, the UK justice system faces a huge number of funding challenges – a backlog of cases, minimal increases in the salaries of staff (including lawyers) working in this area, and dilapidated court buildings are just some of the major concerns the industry has been speaking about for a while (many of which are covered in well-known industry exposé ‘The Secret Barrister’).

The recent Spending Review includes a commitment to offer up to £450 million more per year to the UK’s courts by 2028/29. This could be viewed as a 1.8% increase on a day-to-day basis. In the Law Society Gazette, Law Society president Richard Atkinson praised this announcement, yet also warned that ‘all parts of the justice system have been starved of investment for decades. It will take long-term sustained funding to fix it, including in civil and criminal legal aid to address the crises there’.

Defence

One of the largest ‘winners’ from the announcement is the defence sector. Reeves has said that the capital budget of the Ministry of Defence will increase by over 7% by 2030, with particular investments in security and intelligence.

These increases arrive amidst ongoing political tension in relation to areas such as Russia and the Middle East, while US President Donald Trump has also encouraged allies (including Britain) to increase their spending on defence-related matters. Earlier in June, a UK review found that the British military is lagging behind a number of other international superpowers in regard to much of its technology and warfare capabilities.

Foreign Office

This is arguably the major ‘loser’ coming out of this announcement. Contextually, consider the rising support for anti-immigration organisations like Nigel Farage’s Reform party, and how Labour feel anxious to tap into those voter sentiments.

Average day-to-day spending in this department is expected to fall almost 7% within the next 4 years, especially in areas like overseas aid (which has been widely criticised in particular areas of the press amidst ongoing aid to countries like Ukraine).

Transport

The British public are known for having relatively negative perceptions of their transport system, and it’s not too hard to see why – intercity rail services are notoriously expensive compared to much of mainland Europe, and even within cities, the London Underground was recently named the most expensive metro system in the world.

It may be a difficult pill to swallow, then, that the Department for Transport is facing a spending cut of 5% on a day-to-day basis. Keep Up With The Latest News Boost your Commercial Awareness Subscribe Now https://www.thelawyerportal.com/newsletter/?_gl=1*1sgwpxt*_up*MQ..*_ga*MTgwNzQ1NTkwNS4xNzMzNzQwOTcx*_ga_XFZTGLKX00*MTczMzc0MDk3MC4xLjEuMTczMzc0MTAxNi4wLjAuMA..

Why should aspiring lawyers care about the Spending Review?

Whether you are an aspiring solicitor at a law firm or an aspiring barrister at chambers, these kinds of stories are incredibly useful to understand in advance of applications for opportunities like vacation schemes or pupillage.

Government spending has an overarching, pervasive impact across the UK economy. Understanding such stories, therefore, are crucial in order to demonstrate your commercial awareness – a skill which a variety of legal employers are always looking for.

One way to interpret these stories is to think about your potential clients, since lawyers are ultimately working in the service industry. Naturally, anyone advising public or semi-public organisations (for example, private bodies which are contracted to carry out otherwise governmental services) will encounter these changes within their work. For example, a government contractor may run into difficulties in regard to its contractual relationships with central government if they are being told to cut spending specifically – lawyers will be leading those negotiations (often needing to find compromises). Lawyers in practice areas such as Public Law are also likely to encounter the impact of these changes quite frequently.

However, private bodies are also going to be affected by these Spending Review changes in ways which might require a little more thought to unpack. For example, if the government increases spending within the Ministry of Defence, this, in practice, means that they are likely to be increasing their expenditure with companies who produce the relevant products, like BAE or Boeing. Some of these suppliers have government contracts worth billions of pounds, and changes in government spending are therefore directly impacting them (whether good or bad). Related More Resources 2

How to Pass SQE1: A Real-Life Case Study One of our writers walks you through their own experience on how to pass the challenging SQE1 exams. How to Pass SQE1: A Real-Life Case Study Get advice from a top scorer on how to pass the challenging SQE1 exams. Interested in becoming a solicitor? The solicitor qualifying exams (SQE), and SQE1 exams in particular, are a challenging part of the qualification route – read on for top tips.

The author, Declan Peters, is a future trainee at A&O Shearman (a Magic Circle law firm) and currently studies on an SQE preparation course. He passed both elements of SQE1 (FLK1 and FLK2) first-time in the January 2025 sitting, scoring in the top quintile (top 20%) in both papers, and individually passing every module across the two exams.

What is the SQE?

SQE stands for the Solicitors Qualifying Examinations. This is the new route to qualifying as a solicitor (replacing the older LPC, or Legal Practice Course), and is gradually being introduced to the legal sector in England and Wales (although most law firms and sponsoring organisations do now expect the SQE rather than the LPC for future trainees).

The route is made up of two sets of exams – SQE1 and SQE2. This article will focus on the steps to success in your SQE1 exams.

What is SQE1?

SQE1 is the first of the two sets of exams you will encounter during your SQE studies. For those starting their studies on a full-time SQE preparation course in September (the largest intake in most law schools each year), these exams take place in January (although there are other sittings available throughout the year – check the SRA website for more specific details).

The first thing to note is that SQE1 is notoriously very challenging. You are being assessed at the standard of a day-one qualified solicitor (also known as an NQ in industry terms), whereas the LPC previously assessed candidates at the standard of a day-one trainee solicitor (in other words, without the two years of legal work experience, known officially within the SQE route as Qualifying Work Experience or QWE).

The pass rates have changed slightly with each cohort, though generally around half of students are failing this exam. There are more detailed perspectives you could take on the data, however – and the SRA does publish statistical breakdowns after each sitting. For example, the pass rates tend to be much higher among candidates who achieved a First at undergraduate level, or those on well-known preparation courses such as those offered by BPP or the University of Law.

The content of SQE1 itself is as follows. SQE1 takes place over two days (roughly a week apart), with each day being its own ‘exam’ – FLK1 and FLK2. Different content is assessed within each:

FLK1

• Business Law and Practice (a new SQE module).
• Dispute Resolution (a new SQE module).
• Legal Services (a smaller module, sometimes framed as part of professional conduct).
• *Contract.
• *Tort.
• *Public Law (including Constitutional, Administrative, and EU Law).

FLK2

• Wills and the Administration of Estates (a new SQE module).
• Criminal Law and Practice (a new SQE module).
• Property Practice (a new SQE module).
• Solicitor’s Accounts (a smaller module, sometimes framed as part of professional conduct).
• *Trusts.
• *Land.
• *Criminal Liability.

*Starred topics are those which are considered ‘underlying’ or ‘academic’ law – you are expected to have already covered these during an undergraduate law degree or a conversion course like the PGDL.

In addition to this, ‘professional conduct’ is examined pervasively across both papers.

The style of assessment is pure multiple-choice questions (MCQs) – or perhaps more accurately ‘single best answer questions’ given the fact that multiple options may be technically correct, but one will make the most sense in the client’s situation (e.g. considering speed or cost factors). There are 180 questions in each paper. Both exams are taken in test centres (there are many different centres available) in a closed-book environment (certainly one of the most challenging aspects of the exam). Each day is made up of two halves with a break in-between, with each half taking 2 hours 33 minutes (the total time per day spent within the exam is therefore just over 5 hours). SQE Detailed Breakdown Gain more insight into the SQE assessments SQE Guide https://www.thelawyerportal.com/solicitor/sqe/

Top 10 Tips for Passing SQE1

1. Understand the format

Many students coming into the SQE are likely to be quite experienced in the ‘humanities’ subjects, and are unlikely to have practiced MCQs extensively before. Understanding a few preliminary points about this style is therefore a necessary first step. First, you might want to think about how process of elimination techniques can help you identify the correct answer even where one does not jump out to you. Second, you might consider how to differentiate between two different technically correct options by thinking about factors that might affect the client’s goals.

2. Choose a solid preparation course – or study resources (if self-studying)

Studying for SQE1 is a difficult process. Many students will opt for a preparation course rather than opting for a completely self-study-based approach, since the support given both by tutors and fellow classmates can be invaluable throughout the process. If you are self-studying, explore which resources best suit your learning style, and try to find at least some way to study alongside others (even if informally).

3. Zoom out when learning content

You need to be mindful of the fact that each question is worth only one mark in the exam, and there are hundreds of them across the two days. Do not get caught up spending days trying to understand an incredibly niche concept which might only arise in one or two questions maximum if you are yet to really grasp a key concept which might serve as the foundation for 10 or 15 questions elsewhere

Similarly, remember that you do not need to pass every single module (e.g. Dispute Resolution) – it’s still a pass overall as long as you average a pass within each paper (e.g. FLK1).

You might also apply this thinking to how long you spend on each question – since they are each worth a very minimal amount in the grand scheme of things, it might make more sense to just guess and immediately move on from a question you have no idea on than to waste a few minutes on it just to end up guessing anyway.

4. Memorise efficiently by breaking down content to its most fundamental parts

Break down your notes into manageable, bitesize chunks. There are many different ways to do this, and it ultimately all comes down to your revision preferences – whether it’s mindmaps, flashcards, or anything else, make sure that the really essential information you need gets broken down concisely into something you are realistically to memorise. Some students like to create mnemonics for certain content which would be hard to commit to memory otherwise.

5. Attempt practice questions

There is some debate between students over how many practice questions SQE1 candidates should attempt in the build-up to their exams. Some students will run through practice questions constantly, even while the content is very new (somewhat learning the content through MCQs in the first place), while others prefer to focus on content first and attempt questions later. Regardless, neglecting them completely would not be advisable – they can frame content in ways which you were not aware of (or able to predict) based solely on reading content from a textbook.

6. Don’t neglect the underlying/academic law

There are a huge number of marks available for the content you have studied before even starting your SQE preparation – it’s essential to build time into your week from the very start in order to lock in on that content. Bear in mind especially the fact that: (1) this content now needs to be committed to memory (many undergraduate or conversion courses are open book instead), and (2) this content now needs to be memorised to suit an MCQ exam (many undergraduate courses in particular focus on understanding concepts from an essay perspective instead).

7. Acknowledge that the content could be slightly different to what you were expecting

The official specification for the SQE exams, while relatively useful, does not go into granular detail. As a result, many law school providers are, within the confines of the specification which does exist, somewhat ‘guessing’ at what the SRA will examine you on. Understand (and try to begrudgingly accept) this in advance and prepare yourself mentally for the fact that you may see a few questions you were not expecting. Some students (though not all, it’s worth noting) also like to practice MCQs from a few different providers as a way to feel more comfortable that they have received exposure to a wide variety of content which could potentially come up – though be careful not to overwhelm yourself by doing so.

8. Don’t let others stress you out

There is a fine line here – while it is important to have a support network around you (and discussing shared experiences with other SQE1 students can be incredibly useful), you don’t want to end up in a situation where exam stress becomes an echo chamber. Sometimes, it might be better to take a step away from the law school library, online chat rooms filled with SQE students, or stressful social situations where the only topic of discussion is the dread of your upcoming exams. Use other students for support, by all means, but know when to protect your own headspace too.

9. Take time off

While SQE1 preparation courses are incredibly intense, you still need to take time off (in fact, it could be argued that the intensity of the course ironically makes time off even more important). Whether that’s exercise outdoors, other hobbies, or even just spending time with friends and family, protect your sanity throughout the process as much as possible – you need to refresh your mind periodically in order to perform well in these exams.

10. Know that everyone feels unprepared

It’s very easy to feel that you’re ‘behind’ or that the level of uncertainty you feel about the exams must be unique to you. In reality, these are exams which stretch virtually every candidate to their limits academically, and so while you may feel unprepared right up until the exam days, you are likely in a much better position than you realise. Related More Resources 2

UK Water Regulator Issues Significant Non-Compliance Fines In recent months, UK water sector regulator Ofwat has issued a number of fines to water companies for breaches of water standards. UK Water Regulator Issues Significant Non-Compliance Fines In recent months, UK water sector regulator Ofwat has issued a number of fines to water companies for breaches of water standards. Aspiring lawyers should be aware of this significant development in action from a major UK regulator, which will throw up a variety of legal questions.

Who are Ofwat?

Ofwat (officially the Water Services Regulation Authority) are the non-ministerial government department and economic regulator for the water industry in England and Wales. Their primary goals are to ensure that the water system protects consumers (think fair pricing, transparent terms, etc), that the system both maintains and increases its reliability (for example, the repair of pipes and consistent flow), and that water companies themselves are properly run (think governance, funding, alignment with ESG targets, etc).

Generally, Ofwat is focused on the economic aspects of the industry (drinking water quality is covered by the Drinking Water Inspectorate, and environmental targets are overseen by the Environment Agency), though there is somewhat of an overlap at points (and Ofwat are able to issue fines based on non-compliance in those areas).

The body was introduced in 1989 in conjunction with the privatisation of water authorities in England and Wales, and its powers are mostly laid out by the Water Industry Act 1991. The Water Act 2014 slightly amended these powers further, as have a number of environmentally focused Act of Parliament, which give the regulators more extensive abilities to discipline non-compliant bodies.

Ofwat is funded primarily through licence fees paid by the water companies that it oversees as a regulator.

What are the reasons for the latest round of fines issued by Ofwat?

There have been a series of fines issued by Ofwat in recent months.

The most recent fines announced in early June have been issued against Northumbrian Water, who has agreed to pay a sum of over £15 million following investigations that have uncovered a failure to meet targets relating to maintaining its water and sewage networks. The proceeds of this fine have explicitly been earmarked for local environmental groups and projects to continue improving local water infrastructure (as opposed to just being kept by Ofwat or another branch of the government, as is sometimes the concern amongst consumers).

An Ofwat senior director commented that ‘our investigation has found failures in how Northumbrian Water has operated and maintained some of its sewage works and networks, which has resulted in excessive spills from storm overflows’. In response, Northumbrian Water’s chief executive stated that they ‘agree with Ofwat’s announcement that the financial settlement will be directed into speeding up our storm overflow reduction plans and in meaningful local initiatives via our Branch Out fund’, and specifically went on to point out that the bill will not be paid out of customer bills (but rather via shareholders), which is especially interesting given the fact that the company announced a 21% increase in bills late last year (rising water bills are a major concern amongst consumers).

This is not the first major fine in recent times, however. Just a few weeks earlier, in May, Ofwat issued its largest ever fine – totalling over £120 million – to major industry name Thames Water, stating that the company had ‘let down its customers and failed to protect the environment’. Thames Water has been especially criticised for a number of sewage leaks in recent years, which have led to its failure to meet a number of ESG-adjacent targets.

The situation (in relation to issuing fines) is complicated further by the fact that a number of water companies are already in serious financial difficulty. Thames Water, for example, is currently sitting on around £20 billion of debt. It had recently been in talks with private equity firms such as KKR to inject around £4 billion of capital, but those talks now appear to have cooled.

Many commentators fear that government intervention is almost inevitable, meaning taxpayers could ultimately have to foot the bill. Private equity investment is not without its risks either, however – such investment companies have been widely criticised for stripping assets out of companies (although in Thames Water’s case, it is unclear if there are substantial assets even remaining at this point) and worsening their financial state, with the sole concern of increasing their own profits. Overseeing how these proposed deals come together is again one of Ofwat’s responsibilities. Keep Up With The Latest News Boost your Commercial Awareness Subscribe Now https://www.thelawyerportal.com/newsletter/?_gl=1*1sgwpxt*_up*MQ..*_ga*MTgwNzQ1NTkwNS4xNzMzNzQwOTcx*_ga_XFZTGLKX00*MTczMzc0MDk3MC4xLjEuMTczMzc0MTAxNi4wLjAuMA..

What is the public sentiment on the water industry?

On the whole, public trust in the water industry has plummeted in recent years.

For example, the Consumer Council for Water conducts research in this area, and announced in 2024 that 40% of respondents believed that water companies prioritise pure profit over providing an acceptable standard of service to consumers.

Public bodies concerned about the environmental impact of water company behaviour have also been highly vocal in recent years – in 2024, a number of protests and demonstrations were held by groups such as River Action, who fear the impact on both humans and animals using rivers and other bodies of water across the country.

Why and how should aspiring lawyers follow the Ofwat fines?

There are a number of points to unpack here for aspiring lawyers – whether future solicitors or barristers. Many of these talking points are highly prominent in the news and public perception at the moment, and so will demonstrate that you have been keeping up with current affairs. If you can tie those points to commercial issues which may affect companies and, in turn, the law firms who work with them, then you will also be demonstrating a high level of commercial awareness, which corporate-focused law firms or chambers are especially interested in seeing. These points could be deployed across a broad range of pupillage or vacation scheme/training contract applications and interviews.

You might want to think about this story from a number of angles. To show that you understand these businesses (often clients of major law firms) as a whole, you could zoom out and discuss some of the issues they face as a business (and as an industry altogether) – lawyers do need to be aware of the bigger picture in order to advise their clients effectively, becoming a broadly trusted advisor rather than just legal counsel.

If you do want to take a more explicitly legal approach, you might break this down in terms of practice areas. Understanding how companies interact with public bodies like regulators, especially if disputes arise between them, is a key aspect of public law, which may present itself via teams such as ‘regulation’. On the aspects of pollution (e.g. sewage leaks into rivers), you might consult a specialist environmental lawyer, or at least make sure you are up-to-date on relevant ESG trends.

You might even want to understand how the finances of big water companies work in practice, and look into financial practice areas. Many companies will fund themselves through a mix of equity finance (issuing stakes in the company to shareholders), traditional debt finance (taking on loans) and capital markets (issuing bonds, for example) – there is a lot of profitable work available in this area amongst top-level Magic Circle or elite US firms, for example. In short, this story can be dissected effectively from various angles. Related More Resources 2