Employee Share Schemes & Incentives: London & UK-wide

This world-renowned practice is characterised by its ability to advise major corporate clients on international share plan issues. Its clients include AZ Electronic Materials, Kimberly-Clark and Standard Chartered. The London team advises on incentives issues across the globe, including in Japan, the USA and Australia. It recently advised International Power in its combination with GDF SUEZ, and its effect on its employee share schemes.

Client Service "They are thorough, they have taken the time to get to know us well and our overriding priorities, including an appetite for risk."

Commercial Awareness "I find them easy to work with, very commercial. You don't get buried in jargon – they are extremely flexible."

KEY INDIVIDUALS The "timely and responsive" Kevin Thompson is "commercial in his drafting and not a point scorer." He was a key member of the team that advised Man Group on the share plan issues during its acquisition of GLG Partners. Daniel Hepburn "provides a broad perspective" that makes him "clear and helpful on big projects." He represented Barclays in the implementation of a new share plan. Robin Tremaine is a senior member of the team who has taken more of a back seat in recent years. He is recognised as "a real gentleman, who is technically outstanding, and creative on tax planning." Newly made partner Sonia Gilbert is noted as a star associate of the team and is described by sources as "a lawyer who combines first-rate technical ability with an approachable manner." She was part of the team that advised Diageo on the creation of a major share plan. Associate Isobel Evans is a more junior member of the team but impresses clients with her ability to "pull together information and analysis."

This firm is recommended for its international presence, which enables it to advise on share scheme issues involving multiple jurisdictions. It is particularly noted for its strength on transactional work. The team regularly works closely with its colleagues in New York, Hong Kong and continental Europe.

Client Service "They make a real effort to meet our requests and deadlines."

Commercial Awareness "I think Linklaters are a bit less legalistic and a bit more practical."

KEY INDIVIDUALS The "outstanding" Anne Croft is praised for her technical ability in particular. She recently represented RBS in its sale of a number of branches to Santander and its sale of WorldPay; both transactions created complicated bonus and share scheme issues. Gillian Chapman is commended for her deep expertise on the subject and her collegiate approach to multiparty situations. She handled the incentives arrangements following GDF SUEZ's reverse takeover of International Power. Kate Kelleher handled the acquisition of VT Group by Babcock and the subsequent effect on VT's share schemes.

The team at this international firm is comprised of two partners and four associates, who are commended for their quick turnaround times and attentive levels of client service. The team is also praised for its consistent associate progression and minimal personnel changes. Recent highlights include advising Thames River Capital on its incentives plans following its acquisition by F&C.

Client Service "They are especially good at being responsive; fast turnarounds."

Commercial Awareness "One of the key things is that the whole team is practical and commercial in the advice it gives us – we get something that's usable and works for our circumstances."

KEY INDIVIDUALS Sylvie Watts "makes herself available" and clients praise her "good turnaround times." She advised Goldman Sachs, UBS and JPMorgan on share ownership matters relating to Ocado's IPO. Paul McCarthy is "extremely knowledgeable with a huge amount of experience." He led on AECOM's launch of an employee stock purchase plan across 42 countries. Jonathan Fletcher Rogers "is clear and precise and able to provide quality, pragmatic advice." He was part of the team that handled Dana Petroleum's takeover by Korea National Oil and its effect on share plans.

The 13-lawyer team at this international firm advises major corporates on their standalone share plan issues and on employee incentive matters arising out of transactions. Examples of typical work include advising Betfair on its alterations to share plans following its IPO. Other clients include BT, Hays and Rolls-Royce.

Client Service "They are able to work with the client well and do it without coming across as lawyerly."

KEY INDIVIDUALS Head of the practice Simon Evans "gives good pragmatic advice with a nod to what we're likely to accept from a risk perspective. He is more measured in his advice for complex work and will come up with something that is pragmatic." He recently advised on the renewal of BP's directors' share plan. He is assisted by Jocelyn Mitchell, who represented Phoenix Group in its share plan after its listing on the LSE.

Major transactions provide this practice with much of its employee incentives work, though it does also offer standalone advice to blue-chip clients. Much of its advisory work recently has been on the subject of disguised remuneration. The firm is able to employ its global network of offices on international matters, and recently advised BSkyB on its acquisition of The Cloud.

KEY INDIVIDUALS Paul Ellerman leads the practice and is said to "show good understanding of investor perceptions" and "provide practical advice." He advised Arriva on its employee incentive matters following its takeover offer from Deutsche Bahn. Mark Ife "is to the point," with clients saying "you get a definitive position with him." He advised on the alterations to incentive schemes at BlueBay Asset Management following its acquisition by Royal Bank of Canada.

This three-partner team is particularly noted for its strength on the tax issues surrounding employee incentives. The practice handles a combination of M&A-driven work and ad hoc advisory matters. Its clients are largely major international corporates such as Carillion, Schroders and Cadbury. The team represented Prudential on the schemes that would be affected by its proposed combination with AIA Group.

Client Service "They could not have been more helpful; they have been good at dealing with our idiosyncrasies."

KEY INDIVIDUALS The "commercial and hugely experienced" Eddie Codrington represented Reckitt Benckiser on a range of incentive plan and share scheme matters linked to its offer for SSL. Roland Doughty "can explain the issues to non-legal people," with sources saying "there doesn't seem to be anything about this subject that he doesn't know." He handled Emerson Electric's share scheme arrangements following its acquisition of Chloride Group. Jonathan Fenn "is laid-back and helpful, handles matters skilfully and knows exactly what he is doing. I can't fault his knowledge and his availability is good too." He led on the employee incentive issues of Compagnie Financiere Richemont's acquisition of Net-A-Porter.

Since publication, Eddie Codrington has left this practice.

The two partners in London at this practice are supplemented by two dedicated associates, as well as six further employee incentives partners throughout Europe. The team advised Merlin Entertainments on the share scheme issues surrounding its acquisition by CVC.

Client Service "They are responsive, creative, technically good and on the ball, and did a fantastic job as part of the team."

KEY INDIVIDUALS The highly regarded Paul Randall is a corporate governance expert who recently advised Chloride Group on its takeover. He is assisted by Barbara Allen, who is praised for her ability to "explain the issues and explain why one solution is better than another." She represented Apax on the share scheme issues affected by its acquisition of a majority stake in Sophos.

Since publication, Barbara Allen has joined Stephenson Harwood

The practice at this large global firm is "led by very experienced and committed partners who embrace innovation." The six-strong London team advises major corporates on share plan and other employee incentive issues, including those arising from M&A. Clients include Barclays, SEGRO and Trinity Mirror.

Commercial Awareness "They are very quick to analyse market trends so as to provide fast and effective advice where needed."

KEY INDIVIDUALS Louise Whitewright "can communicate complex legal issues to all levels in very plain language and can quickly absorb a client’s needs and culture to deliver advice in the most effective form." She advised Amazon on the share incentives affected by its acquisition of Lovefilm. Associate Kiran Khetia advises clients on a range of share plan and trust issues.

The two-partner team at this firm advises a range of institutions, including a number based in the Middle East. The team advised F&C Asset Management on incentive plans and other arrangements following its acquisition of Thames River Capital.

KEY INDIVIDUALS Head of the practice David Cohen is a respected expert who frequently contributes to legislation and converses with HMRC on share scheme matters. He is fêted as "one of the biggest names in the industry." Monique Fry has recent experience of the FSA Remuneration Code and is noted for her expertise of Shari'a-compliant employee incentive plans.

The London-based team of this international firm is made up of one partner and seven further fee earners. It is praised for its ability to utilise its vast network of offices to advise its client base of global corporates. Its work includes tax advice, share scheme reorganisations, the impact of transactions on schemes and negotiating with the HMRC.

KEY INDIVIDUALS Jeremy Edwards is well thought of by his clients. He recently handled the British aspects of Coca-Cola Enterprise's split from Coca-Cola and the numerous employee incentives complications that accompanied it.

The practice at this firm is praised for its quick turnaround times and ability to tailor bespoke share schemes to suit its clients' needs. The team recently handled TT Electronics' new share scheme, which was created from scratch.

Commercial Awareness "They gave us clear, pragmatic advice. They gave us the right level of detail to help us understand."

KEY INDIVIDUALS Head of the practice Nicholas Stretch is "exceptionally well informed," according to sources. Interviewees also note that "he knows schemes and the world around schemes, so you can have confidence in his answers." He worked with PuriCore on the establishment of its employee share plan. Tair Hussain is "very responsive; the issue ran late at night and he made himself available." He advised Hartest on its share schemes after Elektron made a cash offer for the company.

This team handles a diverse range of work, including advising on the creation of innovative share plans. The team has recently provided Legal & General with a range of ad hoc advice on its employee incentive arrangements. Other clients include Cineworld, Latchways and Net-A-Porter.

KEY INDIVIDUALS Michael Deeks leads the team and handled work arising from the buyout of Easynet Group, representing the management. The transaction involved the USA, China and Europe. He is praised by clients for providing "a top-quality service" and is said to offer "everything you would ever want from a lawyer."

The team at this firm is commended for its ability to provide "flexibility and pragmatic advice in a cost-effective manner." The practice advised on Henderson Group's newly created employee shared ownership plan.

KEY INDIVIDUALS Judith Greaves is praised for her "great understanding of international share schemes," which is combined with the "ability to distil complicated matters into easily comprehensible advice." She handled a number of share plan issues for Pace, including the consequences of its acquisition of 2Wire. She is assisted by Rory Cray, who is described as thorough and able to "put complex matters into plain English." He represented Misys on the incentives aspects of its large disposal of Allscripts.

The incentives team at this major firm deals with complicated share scheme issues arising from major transactions. Recent examples include representing Pets at Home during its sale to KKR. The team is also praised for its complementary tax expertise. 

KEY INDIVIDUALS Consultant Victoria Nicholl "is always up to date with the legislation and is always a pleasure to deal with." She represented the trustees at Barclays Wealth on a range of benefit trust matters. The "flexible and pragmatic" Mahesh Varia leads the team. He recently acted on the creation of a management incentives scheme for Metro Bank, the newly established retail bank.

The practice here advises a number of FTSE 100 clients on share schemes and employee incentives. The team comprises one partner and six assistants, and is especially noted for its advice to clients in the financial services sector. The team represented Britvic on its share plan due to its acquisition of Fruite Enterprises, which involved dealing with French law as well as English.

KEY INDIVIDUALS Michael Carter is commended for his attentive client service, praised for being "good with clients." He recently provided Assura with advice on its remuneration strategy, including altering its executive incentives.

This practice is singled out for its specialist expertise in employee benefit trusts, as well as its tax advice. Recent highlights include advising XCAP Securities on its AIM flotation and the effect on share schemes. The team attracts praise for providing "good, commercial advice."

KEY INDIVIDUALS Mathew Gorringe leads the practice out of the firm's Leeds office. He acted for Alere on its incentive scheme, particularly regarding its acquisitions. Daniel Blum is based in London and is noted for his "creativity, in-depth experience and good negotiation." He was part of the team that advised Dimension Data on its share schemes throughout its acquisition by Telecom of Japan. Andrew Quayle is based in Manchester and is "a calm, collected and thorough individual," who is "incredibly commercial." He dealt with Flybe on its share schemes during its LSE flotation.

This practice is especially strong on employee ownership matters. It handles the incentive scheme matters affected by transactions and flotations, particularly on the AIM. The team recently handled Access Intelligence's acquisition of Cobent and its accompanying share scheme issues.

KEY INDIVIDUALS Graeme Nuttall has particular expertise in employee ownership and is praised by clients for his in-depth knowledge on the subject. He is also noted as being "flexible in his advice because he doesn't just see the problems." He advised City Health Care Partnership on an employee ownership structure.

The team at this City practice is recommended by interviewees for its reasonable fees. The practice often tackles the share schemes affected by corporate takeovers, such as its recent work with Brit Insurance on its takeover by CVC and Apollo. Other clients include Virgin and J D Wetherspoon.

Commercial Awareness "Well attuned to what is going on in the marketplace, they are good at telling us what they see elsewhere."

KEY INDIVIDUALS Robert Collard is "easy to deal with" and "able to answer questions quickly without needing to go through the books to find the exact answer." He is head of the firm's employee share schemes practice.

This Bristol-based team acts on a range of remuneration issues, including share schemes, incentive plans and tax problems. It advised Jagex on the sale of a large number of shares in the company by its shareholders. New clients include Partnerships for Renewables, and the firm continues to represent the likes of Majestic Wine and Motorola.

Client Service "The firm is sensitive that our budget for legal matters is limited, that we need practical advice and quick turnaround."

KEY INDIVIDUALS Karen Cooper acts out of Bristol where she heads up the firm's practice and is described as being "very good on a complex project." She represented MITIE in the restructuring of its long-term incentive plan and is also noted for her responsiveness.

This compact Covent Garden boutique is lauded for its competitive rates and specialist knowledge of employee ownership issues. The team has provided a range of advice to Betfair on its share schemes. The practice also acts on the incentives implications of corporate transactions. Sources praise the team's "client service and friendly approach."

KEY INDIVIDUALS Robert Postlethwaite "makes it easy to understand a complicated process. He is available for all questions." Stephen Chater "has a great deal of experience in share plans and is proactive." He joined the firm in 2011 having previous practised at Addleshaw Goddard.

This team of one partner and four associates represents clients in both transactional and standalone advisory work. Its client roster is diverse and includes hedge funds, reinsurers and banks. The practice recently acted for HMV Group on its incentive plans, both domestic and international. Sources say the team is "professional, efficient and friendly."

KEY INDIVIDUALS Monica Ma is the contact in London for incentive work.