2 page biography of Jeremy Bentham and his contribution to the study Essay

2 page biography of Jeremy Bentham and his contribution to the study of Ethics - Essay Example Bentham was a great activist who advocated political and economic freedom. He pioneered various political movements that lobbied for the abolition of slavery, legal use of the death penalty, and physical punishment. Political radical ideas advanced by Bentham lobbied for separation of church systems from the state, freedom of expression for all citizens, divorce rights, gender equity, and animal rights. However, Bentham opposed natural rights and law but favored individual legal rights for all citizens (Becker and Becker 137). Bentham mentored several students during his time as a teacher and researcher. Some of Bentham’s great students included James Mill, James Stuart Mill, James Austin, and Robert Owen. His students also developed into great theorists for instance; Robert Owen become the founder of Utopian socialism while John Austin remained as the famous legal philosopher. Bentham, who attended Westminster school at the tender age of 12 in 1760, existed as a child prodigy. He started studying Latin at the age of three and preferred reading England history books. Bentham, who was the brother to Samuel Bentham, completed his Bachelor’s degree at Queen’s college in 1763. Bentham obtained his master’s degree in 1766 at Queen’s college. He practiced law in college though he never represented persons in courts of law. He reportedly hated English legal code and named it ‘Demon of Chicane’. Bentham loved chemistry and spent most of his time conducting chemical experiments and speculating theories relating to legal abuses. His interest in chemistry angered his father who knew that he would develop into a renowned intelligent lord chancellor amongst English courts of law. Due to great interest in sciences, Jeremy Bentham pursued physical science studies and started research on suppositions that had a relationship with politics and law. Research on suppositions related to law and politics

Legal Studies coursework Example | Topics and Well Written Essays - 750 words

Legal Studies - Coursework Example The fourth answer is a summary of the case 23 Wis. J.L. Gender & Soc'y 41. Keywords: statutes, laws Answer to question 1: Drunk driving is a serious civil offence recognized across the United States of America. The two statutes that I wish to discuss with regard to this topic are Mich. Comp. Laws sec. 257.625 and V C Section 23152. (Michigan laws) According to the statute of Michigan, a person does not have the right to operate a vehicle on either a highway or any place of public while under the influence of alcohol. In such a case, as he is intoxicated, it might lead to injury for both the vehicle and others, not to forget the individual himself. If the person who operates a vehicle after being intoxicated causes the death of a person, he will be charged of a felony or crime. The ‘per se’ blood alcohol level for a person driving in the state of Michigan has to be .08 and his zero tolerance level should not exceed .02. If caught, the person will be implied with the conse nt of law. If the offence has been committed for the first time, the defendant’s license may be suspended for a period not exceeding 6 months, however, consequently, the suspension period can go up to more than one year as well. After the second time an offense is created, the person will have to do time in jail and undergo education pertaining to alcohol usage. According to the California statute that follows drunk driving, more or less, the law applied is the same as well. It states that it is against the law for an individual to drive or operate a vehicle if he or she is under the influence of any drugs or alcohol. The ‘per se’ blood alcohol level for this statute applied is also .08 and if there is more than that alcohol found in the blood, the person is committing an offense. (California laws) However, the zero tolerance level in California is .01 and the license of the person is only suspended for a period not exceeding for months after the first time that he commits the offense. After the second and third offenses however, the license may be taken away for 2-4 years and unlike the laws applied in Michigan, the vehicle of the person in California may be confiscated after the third time the individual commits the offense of drunk driving. Answer to question 2: Bluebook citation: Roe v. Wade, 410 U.S. 113, 93 S. Ct. 705, 35 L. Ed. 2d 147, 1973 U.S (1973) This case was dissented by: DA's Office v. Osborne, 129 S. Ct. 2308, 174 L. Ed. 2d 38, 2009 U.S. LEXIS 4536, 21 Fla. L. Weekly Fed. S 945 (U.S. 2009) (129) Earlier case: Roe v. Wade, 314 F. Supp. 1217, 1970 U.S. Dist. LEXIS 11306 (N.D. Tex. 1970) Later overruled by: Garcia v. San Antonio Metro. Transit Auth., 469 U.S. 528, 105 S. Ct. 1005, 83 L. Ed. 2d 1016, 1985 U.S. LEXIS 48, 53 U.S.L.W. 4135, 36 Empl. Prac. Dec. (CCH) P34995, 102 Lab. Cas. (CCH) P34633, 27 Wage , &, Hour Cas. (BNA) 65 (1985) Answers for question 3: 566 A.2d 227 Parallel Citation: Ruetgers-Nease Chemical Co. v. Fireme n's Ins. of Newark, 236 N.J. Super. 473, 566 A.2d 227, 1989 N.J. Super. LEXIS 385 (App.Div. 1989) (192) No cases give a positive treatment of this case. In fact, only two cases have been cited after it that criticize or cite a dissenting opinion for the same. They are 1. Certain Underwriters at Lloyd's, London v. Foster Wheeler Corp., 192 Misc. 2d 468, 746 N.Y.S.2d 776, 2002 N.Y. Misc. LEXIS 1074 (N.Y. Sup. Ct. 2002) 2. GE v. California Ins. Guar. Ass'n, 997 S.W.2d 923, 1999 Tex. App. LEXIS 6732, 99:37 Tex.

Managing coastal environments Essay Example | Topics and Well Written Essays - 1000 words

Managing coastal environments - Essay Example In 1950-1970s, one of the methods used to achieve protection is the establishment of hard rock protections. Although the said method is aimed to minimize the effects of coastal erosion, it caused negative effects such as the increase of the power of the energy waves that can hit the land. This can be attributed to the magnification of wave action that intensified the momentum of the waves. The accumulation of knowledge on the basis of research and data gathering, the advancement of new methods led to the continuous improvement of methods to lessen the effects of coastal erosion. There are different strategies that can be cited that were applied and empirically observed in different localities and countries. One of the examples of methods applied is located in Townsville, North Queensland. The case of the said locality is having natural erosion in the coast in relation to the two tropical cyclones that affected the area for two consecutive years. The protections that had been established had not been enough to sustain the effects of the erosion. This had effects in the tourism of the area since the recreational beaches, which are the main source of livelihood, became seriously eroded. For that matter, actions had been taken by the local council and the authorities to be able to restore facilities to prepare for the vacation season. Included on the proposed action plan is the establishment of new facilities for the tourists, restoration of the beach and construction of four rock headlands to slow the waves and trap sediments. Through the state legislations and redevelopment proposals, the main sources of funding are the state disaster fund and the council supplementary fund. Another case is the Tweed River in New South Wales which is human induced erosion. Actions were taken to be able to keep the river mouth clear on the basis of the susceptibility to erosion. The training

Discussion unit 7 engl Essay Example | Topics and Well Written Essays - 250 words

Discussion unit 7 engl - Essay Example The transitions between the paragraphs are well done and it is a smooth read because of this. There are a few things that the writer could improve upon within their essay as well. The introduction needs to be added to as it jumps into the impartial jury subject too quickly. There needs to be a smoother build up into this subject. The thesis could be a bit more descriptive as well in that it does not really answer how the judges have sought to define impartiality which would be helpful in focusing the essay further. In their conclusion, it would be better if they took out the phrase â€Å"but as seen above.† The work needs to speak for itself and telling the reader that you have succeeded in your argument does not allow the audience to come to their own conclusion. I also think the writer could expand upon the paragraph that talks about how prosecutors and defense are allowed to pick a diverse jury. It would be helpful if the writer could delve into the process of how jury memb ers are selected and how this process adds to the impartiality of the jury. The conclusion also feels a little bit too short and stunted.

Business Law Essay Example | Topics and Well Written Essays - 2000 words - 2

Business Law - Essay Example it can be specific or general. A general offer is open for more than one person and can be accepted by anyone who is able to accept it validly. In Carlill v Carbolic Smoke Ball Company, the defendant made a product called â€Å"smoke ball† which was a cure for influenza and promised to pay ?100 to anyone who used the product according to the instructions set out by the defendant and got sick with influenza. The defendant used the product and got sick with influenza and claimed ?100 from the defendant. It was held that the defendant was liable. An offer lapses in the event of a counter-offer. When an offer is made by an offeror and the offeree presents his own terms of acceptance, the original offer is revoked. If the original offeror accepts the terms of the offeree, a new contract is formed which is different from the contract that would have formed if the original offer was accepted. A valid acceptance is also essential for a legally binding contract. An acceptance is valid if it is made on the same terms as the offer. The parties to a legally binding contract must agree to the same thing in the same sense. Acceptance must be made when offer is open for acceptance. An acceptance would not be effective if the offeror has revoked his offer. Acceptance must be made by the person to whom the offer was intended and conveyed to the person who made the offer. A person to whom the offer is not open for acceptance cannot accept the offer. The effectiveness of acceptance varies according to the different modes of communication. When both the parties are in an instantaneous interpersonal communication, the acceptance becomes effective when it is received by the offeror. The relevant issue here is of acceptance by email. In communication via email, it is of paramount importance whether the offeror has designated an information system for the purpose of receiving communication. If he has, an acceptance is deemed to have been received when the email reaches the info rmation system. Application of the law A counter-offer revokes the original offer. When Burt said that he would pay $5000 for the bike, he made a counter-offer. Sally’s offer of selling the bike for $6000 was revoked. She made a fresh offer by sending the message that she would sell the bike for $5500 to Burt. Burt rejected this offer. Once the offer was rejected, Burt was not able to accept the offer of purchasing the bike for $5500. Sally also was not able to accept the offer of selling the bike to Burt for $5000 because she had rejected his counter-offer. Therefore, there is no contract between Sally and Burt. When Peter asked for additional information from Sally, he was not accepting her offer to purchase the bike. At that time, the offer was still open for acceptance. Peter also made a counter offer when he asked whether the bike could have been sold for $4000. Sally did not reply Peter for some time and it might reasonably be expected that she was not willing to sell t he bike for $4000 at that time but she did not communicate her intentions to Peter. Peter’s counter-offer was open for acceptance during the business hours which is reasonable time for acceptance. Sally accepted the counter-offer of Peter which would result in a legally binding contract. She replied Peter via email which was sent to an information system that can be deemed to have been designated by Peter because it was the only mode through which

Sanctions in Criminal and Civil Law Essay Example for Free

Sanctions in Criminal and Civil Law Essay Answer to Question 1 Sanctioning or Punishment is the act of imposing an unpleasant condition upon a subject in order to stop an undesirable behavior that he has displayed. The main rationale is that if people are harmed for their wrongful conduct, such wrongful conduct will no longer continue in the future.[1]   In law, there are two general types of sanctions – civil and criminal.   A civil penalty or sanction is one that is imposed upon a person who commits a wrong. Its purpose is to compensate the state or the injured person rather than to punish the act committed. (wikipedia, civil penalty). In simple terms, it would be to correct a wrong committed through the payment of damages or compensation.   Penalties can also be agreed upon as in the case of contracts. The parties to a contract can agree that each will pay a certain amount as damages in case a breach occurs. Although this is not a state-sanctioned penalty, this is allowed under the people’s general freedom to contract.   A criminal penalty is one that is imposed to punish a person for his wrongful conduct.   Forms of penalties Fines Persons are punished by making them pay money to the state. Confiscation The objects of the crime are confiscated in favor of the state or the offended party. For example, stolen goods are taken from the offender and returned to the original owner. Demotion In the military and in government offices, persons found to be guilty of offenses against the law may be demoted in rank or even dismissed from service. Loss of civil rights A person convicted of a crime may be stripped of certain rights like the right to vote or the right to run for office. Forced labor / Community service Persons convicted may, instead of serving time in prison, render community service without compensation. In some places, convicted persons are sent to labor camps to perform manual labor for the state. Imprisonment Persons convicted may be separated from society and sent to prison for a period of time. After serving time, he will be released and will then be allowed to rejoin society. Rehabilitation Persons convicted for certain crimes like drug abuse will be sent to specialized institutions for rehabilitation. Banishment In some countries, persons convicted of crimes may be banished or sent away from their localities. Retraining orders   Those convicted of violent crimes can be prohibited from further approaching their victims through a restraining order. Public humiliation For some crimes or undesirable behavior, persons may be punished by making their acts known to the public through publication or announcement. Corporal punishment In some countries, persons may be punished by flogging or whipping. The number of lashes will depend upon the severity of the offense. Capital punishment In many countries, people may be hanged, short, electrocuted or submitted for lethal injection for the most serious crimes.   Specific Reasons for Punishment [2] Deterrence Deterrence means dissuading someone from committing the same acts in the future. It is about sending a message to society that the cost of doing such an act outweighs the benefits and, therefore, it would not be worth doing. By punishing one who violates the law, other will become fearful of committing the same violation. Incapacitation By imprisoning offenders of the law, society is protected from them. For as long as they are placed in confined space and monitored closely, then the community will be safer. This is concerned with keeping violators of the law in control by separating them from the law-abiding members of society. Rehabilitation Some punishments are designed to change or rehabilitate the wrongdoer by making him understand that his behavior was wrong and that he must not commit the same offense again. It is about changing a person’s attitude and making it very clear to him that his actions were harmful to himself and to society and that they must never be repeated. This idea is based on the belief if any real change is to happen, violators of the law must be taught to take responsibility for their own actions and they must be given the chance to undo their mistakes and reform their ways. Restoration For minor offenses, the wrongdoer might be given a chance to â€Å"right the wrong† that he committed. For instance, if a person commits vandalism by spray-painting a wall, he might be punished by forcing him to clean up or repaint the wall. The purpose of this is to offset bad behavior with a corrective act. Retribution Some people continue to believe that the harm inflicted on the wrongdoer is a good in itself even if no person benefits from it in reality. This philosophy emerged from the very old belief of â€Å"an eye for an eye† – meaning that any person who commits a wrong must suffer the same wrong. This philosophy has long been abandoned by the greater part of civilized society. Protection of Values Punishment can be seen as an act of honoring the values of society. By punishing a murder, the state shows that it honors the value of human life. By punishing burglars, we protect the value of property. Current trends Today, experts in criminal justice and corrections are moving towards the idea of reformative or restorative justice[3]. It seeks to use peaceful approaches to rid communities of criminal activity. This theory does away with retribution and revenge. It emphasizes that such violence will only cause society to deteriorate. Communities must participate in the reformation of socially deviant persons by giving them opportunities at a better life. This approach focuses on reconciliation between the victims and the offender. It gives the offender a chance to turn a new leaf and correct the wrongs he has committed. Punishment includes the expression of remorse and restitution for the harm done.   Instead of allowing persons to languish in prison unproductively, theorists argue that those convicted of crimes must be given a chance to look forward to their reintegration into society. Without this hope for reintegration, they will have no incentive to reform their behavior or correct their mistakes. They must be treated with dignity and they must be allowed to work hard to regain society’s faith and trust in them.   There is no single form of restorative justice. Some legal systems give the offenders and the victims opportunities for reconciliation and restitution. Some systems allow offenders to render community service so that they can learn to be more responsible and productive rather than just serving idle time in prison. Some systems use professional counseling as a way to educate offenders and allow them a chance to express their own thoughts and feelings about their actions.   Although many restorative justice initiatives have been found to be very successful with adult offenders, most of the efforts today are focused mainly on juveniles in conflict with the law. Conclusion Different cultures and legal systems in the world continue to debate on the purpose of punishment. There is one thing, however, that is universally agreed upon: punishment is necessary for an orderly society.   For any legal system to work, people must be informed of what is right and what is wrong. Punishment makes these lessons clear because it gives teeth to any law that prohibits a certain action. Without punishment, people will do whatever they want with impunity and without any restraint. There is great interest in defining what the acceptable norms and behaviors are in society and these standards can not be preserved unless some form of punishment is imposed upon those who wish to oppose these standards. Social control is always necessary in any civilized society. People have to be kept in line by exercising their rights in the proper way without harming the rights of others. Without penalties, the laws can never be enforced. They will remain as empty statements of ideals without any real coercive value to back them up. If any society is to flourish, undesirable behavior must be punished and good behavior must be rewarded.   The important thing to keep in mind is that any punishment must always be proportional to the wrongful act it seeks to correct. If it is too light, then there is great risk that the behavior might continue. If it is too harsh, then there is blatant injustice and instead of setting a man right, it might destroy his spirit completely and instead of mending his ways and reintegrating into society, he runs the risk of deviating even further from acceptable social behavior.   It is also important that substantial and procedural due process is strictly complied with. A person must be proven and declared to be deserving of a sanction before it is meted out upon him. The person to be sanctioned must be heard and allowed to defend himself in court with all legal means in his disposal. Sanctions and punishments must always be an incident of justice and never against it. People need to know that they will be punished for wrongdoing but they must also be given the guarantee that any person who is accused of wrongdoing will be treated fairly. Just as society becomes more orderly with a fair and impartial justice system, only chaos will result from an arbitrary and oppressive one.   Answer to Question 2 Under The Employment Equality (Sex Discrimination) Regulations 2005[4], provides that that a person subjects a woman to harassment, including sexual harassment, if: â€Å"(a) on the ground of her sex, he engages in unwanted conduct that has the purpose or effect – (i) of violating her dignity, or (ii) of creating an intimidating, hostile, degrading, humiliating or offensive environment for her, (b) he engages in any form of unwanted verbal, non-verbal or physical conduct of a sexual nature that has the purpose or effect— (i) of violating her dignity, or (ii) of creating an intimidating, hostile, degrading, humiliating or offensive environment for her, or (c) on the ground of her rejection of or submission to unwanted conduct of a kind mentioned in paragraph (a) or (b), he treats her less favourably than he would treat her had she not rejected, or submitted to, the conduct.† It is clear that the offensive remarks and the acts of placing offensive pictures on Nicola’s desk by her male colleagues constitute sexual harassment. Although the act of asking her out to dinner is not, in itself, an act of sexual harassment, when coupled with all these other acts, it may be considered part of the whole group of offensive acts committed against her. Considering that Nicola has already approached her employer who is obliged by law to act on her complaint, it is her right to take the matter to the appropriate government agency. I advise Nicola to make notes on when these instances occurred, who were involved and what happened exactly. She must get her facts straight. She must also get a written copy of the results from the investigation. As to the acts antecedent to the investigation, Nicola must keep copies of the inappropriate emails and organize them according to their date. It would be most wise for her to seek help from her union with regard to advise and representation[5]. With the information in hand, she may now take her complaint to an employment tribunal. It must be noted that Nicola must file her complaint with the tribunal within three months from the time her employer concluded his investigation or from the last instance of harassment[6]. If she is later unsatisfied with the decision of the tribunal, then she can choose to appeal to an employment appeal tribunal. The present law against sexual discrimination will only be effective if the victims themselves assert their own rights. First, they must not be afraid to approach their harassers and tell them that the acts committed are unacceptable. The must not take these acts â€Å"sitting down† but rather, they must send a clear message that this kind of behavior will not be tolerated. Second, the victims must keep in mind that it is the legal duty of their employers to act on any sexual harassment complaints. The victims must approach the employers first and make a complaint to them. If it becomes clear that the employer is unwilling or unable to act upon the matter, then the victim must bring the complaint to the employment tribunal within the appropriate period. Third, sexual harassment is a serious concern of employment or labor unions. Victims must be able to approach their unions for assistance. Unions must be able to protect their members especially from serious offenses like sexual harassment. [1] Punishment, at http://en.wikipedia.org/wiki/Punishment (last accessed July 30, 2006). [2] Specific reasons for punishment, at http://en.wikipedia.org/wiki/Punishment (last accessed July 30, 2006). [3] Restorative Justice, at http://en.wikipedia.org/wiki/Restorative_justice (last accessed July 30, 2006). [4] Statutory Instrument 2005 No. 2467, The Employment Equality (Sex Discrimination) Regulations 2005. [5] Sexual harassment: new law in force in UK, at http://www.out-law.com/page-6187 (last accessed July 30, 2006). [6] Sexual harassment, at http://www.bbc.co.uk/crime/law/sexualharassment.shtml (last accessed July 30, 2006).

Trends and Changes in the Legal Industry

Trends and Changes in the Legal Industry A Report issued for Samantha at PLS to discuss the trends and potential changes in the legal industry alongside financial analysis of the firm and another competitor. Future investment opportunities are also discussed as well as overall advantages and disadvantages. The Legal Sector and Brexit Britain opting to leave the European Union shook the country last year. The uncertainty surrounding Brexit has left legal professionals around the world nervously awaiting its impact on the commercial world. During the two year negotiation period law firms will be awaiting news of a hard or soft Brexit and further establishing how each potential outcome could implicate their clients. 1.1 A hard or soft Brexit? A hard Brexit wold involve Britain giving up full access to the single market and losing all rights to free movement within the EU. However, trading would be regulated by the World Trade Organisation suggesting that there would be no confusion politically about the withdrawal from the EU.[1] On the other hand, a soft Brexit would entail staying closely involved with the EU and keeping access to the single market. This would follow Scandinavian models whereby there is no membership of the EU but still access to the single market via the European Economic Area. 1.2 How Financial Services could be affected Within the commercial world, financial services would be one of the sectors most affected by a hard Brexit because businesses would lose their passport rights to operate in the EU. London is currently ranked as leading in financial services, meaning that Britain has a large trading surplus in the EU[2]. 7.7% of the UKs GDP is from outputting financial services with over 1.1 million employed in the industry and two thirds of them working outside London[3]. Therefore, losing access to the single market would affect many businesses and consequently clients of large commercial firms. The UK financial service sector has been considering loopholes if a hard Brexit is initiated. As banks are mostly affected by losing EU passport rights, alternative options are being considered if the UK did leave the single market with no deal negotiated (essentially a worst-case scenario situation).[4] Insurance and Asset management are less affected because they tend to be part of a global industry, for example, Lloyds of London[5]. However, many banks including HSBC, JP Morgan Chase, UBS and Morgan Stanley are standing by to move thousands of employees to countries within Europe ahead of negotiations taking place.[6] A report issued by Shearman and Stirling suggested that there are various ways of trading with the EU without needing a passport[7]. Some of the main loopholes being discussed are: Reverse solicitation Delegation of fund management/outsourcing of services Conduit entities Back to back trading[8] Back to back trading is the most prevalent of the four listed. Banks would sell its services from a local entity to EU clientele but would then transfer to the UK immediately after[9]. A drawback is that this is a short term solution, but can give law firms more time to find a long term alternative. EU regulators are also likely to frown upon loopholes when they will be relied upon by firms to carry on trading under a hard Brexit. [10]Essentially it is difficult for large commercial law firms to plan exactly how they are going to deal with the loss of passport rights. However, it would be beneficial if the UK attempts to convince the EU-27 that keeping financial markets open across the Channel is a matter of mutual interest because fragmenting Londons Ecosystem would lead to higher costs for everyone involved.[11] 1.3 The Technology sector Brexit will likely cause little affect to the technology and innovation sector on the premise that the UK stays in the European Economic Area. However, if negotiations mean that the UK fully detaches from the EU, then changes to this sector, as with many others, will be more wide-ranging[12]. Nevertheless, it must be remembered that there are successful countries operating outside of the EU. Norway is a prime example and has a strong presence in the technology and innovation sector without benefitting from EEA tax incentives, research, development, investment and funding.[13] More specifically intellectual property rights are mostly unaffected because they are not regulated by the EU. However, data protection is a hot topic of discussion. It remains to be seen if businesses within the UK will still be allowed to collect sale activity data via subsidiaries in the EU and whether the UK adopts the General Data Protection Regulation. [14]Technology has the same potential threats as financial services and the two year negotiation period will conclude the next chapter for the legal industry. However, it must be remembered that regardless of the outcome, advice and expertise of commercial lawyers will still be needed. Financial Analysis of PLS and FFS PLS 2016 PLS 2015 FFS 2016 FFS 2015 Profitability Return on capital employed 50.35 % 1:0.50 48.77% 1:0.48 91.08% 1:0.91 81.07% 1:0.81 Return on sales 27.99% 1:0.27 27.10% 1:0.27 31.05% 1:0.31 32.26% 1:0.32 Asset utilisation ratio 1:1.80 1:1.80 1:2.93 1:2.51 Liquidity and solvency Current ratio 1:2.63 1:2.90 1:2.14 1:2.40 Liquid ratio 1:2.63 1:2.90 1:2.14 1:2.40 Efficiency Creditor days 191.82 days 160.28 days 174.12 days 164.38 days Debtor days 233.08 days 209.64 days 198.05 days 188.01 days Stock days 0 0 0 0 Investment Gearing 52.80% 1:0.52 44.37% 1:0.44 79.90% 1:0.79 66.28% 1:0.66 Return on equity 48.66% 1:0.48 47.24% 1:0.47 87.20% 1:0.87 78.26% 1:0.78 Interest cover 0 0 0 0 Profitability Law firms are increasingly using profit to measure their firms success rather than revenue. This is because profit is a more accurate version of how the firm, large or small, is doing financially. Law firms are ranked by revenue so it is understandable to focus on this, but often profit points/important data can be overlooked. A law firm is a business and must always aim to improve profitability. [15] 2.1.1 Return on capital employed (ROCE) ROCE is a ratio that measures how successfully a company is turning its capital invested into profit. A higher percentage indicates a more effective use of capital and therefore an increase in shareholder value. When comparing revenue, FFS has a much higher yearly figure than PLS but its revenue has dropped significantly in just one year (70m). In 2016, FFS turned 91.08% of its capital into profit, which is a large improvement from the previous year which measured at 81.07%. The large percentage of profit stemming from capital investment may be due to a higher amount of reserves being re-entered back into the business. FFS seem to be using their share capital in a more financially beneficial way than PLS by retaining their reserves rather than distributing them all to members. This may be because recent investments in new offices needed funding. Eventually, FFS will be striving for a larger shareholder value. PLS has not seen a significant increase in ROCE (less than 2%). This suggests that substantial investment is not occurring. Instead they are using local firms in China, and not reinvesting profit for the financial year available for division amongst members. It may lessen their revenue for a while but investing in new offices like FFS could eventually improve their profitability and shareholder value. 2.1.2Return on sales (ROS) The ROS is a measure of how much profit is being formed per pound of sales. FFS suffered a decrease in their ROS by 1.21% which may be because of their loss in operating profit. Comparatively, PLS improved their percentage by 0.9% from 2015-2016. Where FFS have seen a significant increase in staff costs, PLS have only seen a minor one. Where FFS have suffered a large decrease in turnover, PLS have seen a minor one. PLS may have also focused more attention on the 6 profit points and lessened expenses to improve their overall profitability. PLS is unlikely to be underperforming as it is converting a similar amount of company revenue into profit as FFS, even though FFS has a much higher turnover. 2.1.3Asset utilisation ratio (AUR) The AUR for PLS has not increased from 2015-2016. This would be because they have not invested in the firm to gain more asset appreciation. Generally, the higher the AUR, the better the company is performing because it would be generating more revenue per pound of assets. FFS have invested in new offices meaning the general equity has decreased significantly since 2015. The equity at PLS has barely changed suggesting a higher inefficiency to deploy assets in order to generate a higher revenue. 2.2 Liquidity and Solvency 2.2.1 Current ratio The current ratio portrays the health of the business. A ratio above 1 but no higher than 3 suggests efficiency in utilising assets. Both firms are within this bracket but in 2015 PLS came close to 3 suggesting that they are not investing assets back into the firm as efficiently as they could. This however reduced significantly the next year. 2.3 Efficiency 2.3.1 Debtors days Debtors days is the measurement in days that a firm will take to collect cash from debts. Both firms have rising debtors days but it would take PLS longer to receive debts owed as the days have grown by 25 compared to FFS with only 10. It is well known that billing clients can be a long process and usually the cause for lengthy debtors day results from firms. However, clients could also be asking for longer or different credit terms causing the rise for both firms. PLS could take into account purchasing new software to speed up the billing process, generally improving timekeeping and tracking firm financials more acutely to improve their figures. 2.4 Investment Return on equity (ROE) The ROE depicts a firms profitability regarding how much profit is made from money shareholders have invested. ROCE and ROE come hand in hand because ROE analyses how much profit is being made from shareholder investment where ROCE assesses how much shareholder investment has gone into the company. FFS have a much higher ROE, which has increased by 10% in the year 2015-2016. PLS have barely seen an increase in growth suggesting that they are not investing their equity efficiently enough. Although FFS have suffered a massive reduction in revenue and remuneration to members, their investment from equity seems to be paying off. In 2016 87.20% of shareholder money transferred to profits whereas PLS only saw 48.66 %. Potentially investing globally with equity money could benefit the overall profitability of PLS. 3. Strategy and the legal industry All Industries change how they conduct business when assessing potential and current trends in their environment. This is often done by using analytical tools which further evidence changes to strategic positioning. 3.1 PESTEL PESTEL is a tool used to identify different trends of the legal macro environment. Politically speaking, Brexit is the most current threat to the legal environment. As a result of a hard Brexit the economy may suffer because large corporations are likely to move outside of the UK. [16]This means that the economy will not only suffer from loss of business but lack of investment. Brexit has already caused many firms to hold off further investment, which may be why PLS are considering opening a new office outside of the EU. The tightening of the government purse will also have an effect on firms, particularly in the energy sector where less contracts have become available.[17] Social aspects include the changes in loyalty of clients because it is much easier to shop around and choose different firms. It is in the interest of fee earners to keep their clients satisfied so they dont lose them to other firms. There has been a significant boom in software and technology recently. Clients of law firms who previously would have sought legal advice now have access to the internet and free online legal tools. However, on a more positive note firms have typically improved timing and efficiency because of billing and database software made specifically for law firms. [18]Most firms have also reduced the amount of paper being used because this is more attractive to environmentally conscious clients. The Legal Services Act [19]has meant that accountancy firms such as Deloitte and PWC have extended their own in house legal departments. Consequently, large commercial firms have lost clients and further gained competitors. Brexit may also cause loss of employment rights, lessen mergers and acquisitions and could cause various laws to be changed. 3.2 Porters Five Forces Porters five forces is a tool to assess how competitive forces shape strategy and ultimately profitability. This methodology was initially applied to the legal industry, but seemed to defy the competitive pressures outlined in Porters article, whereby it still experienced a rapid rise in profitability.[20] However, recent changes in the legal industry has led to re-evaluation regarding the use of the five forces tool, to gain an insight into the competitive market of law. The bargaining power of suppliers usually refers to the firms employees, as they do not have suppliers in the typical sense. There has been a growing amount of legal talent throughout the past three years [21]which means that firms have been able to reduce fee agreements. For example, instead of hiring more solicitors a firm may choose to hire experienced paralegals which would cost significantly less. Although this is positive, it does mean that recruiting fees are higher and may cause retention rates of staff to be lower. The power of buyers is the most commanding part of the five forces in terms of competitive strategy. Firms have seen less customer loyalty and less dependency from buying local for legal services.[22] Legal research charges have also been removed from overall billing which is costing firms millions in added cost.[23] The threat of new entrants relates mostly to smaller firms using technology to give legal services on the same level as larger firms.[24] This is because technology now allows this, and smaller firms charge significantly less. As PLS is an international firm it may at some point wish to enter a foreign market but some are saturated and are therefore hard to enter and be successful. The threat of substitute products and services has changed because of the Legal Services Act [25] This means that many companies who would have otherwise used law firms, are now investing in their own in house legal departments. Deloitte, an accountancy firm have done this and have subsequently saved in legal fees[26]. This all adds to the most important aspect of the five forces rivalry amongst existing competitors. However, with trends in the market changing rapidly, further threats in relation to other competitive measures are equally as important and making the market more complex. As in house becomes more popular (6 billion dollars in the US market in 2 years) [27]and client loyalty lessens, firms need to acknowledge that new service models create separation from rivals and provide the uncontested market space necessary to limit the impact of Porters Five Forces on their operational strategy[28] Organic growth vs Mergers Potential Merger with a local firm It is seen that mergers and acquisitions (MAs) are one of the principal ways in which organisations can achieve rapid growth.[29] They benefit from economies of scale and therefore lower overheads which means cutting costs significantly. Commercial benefits include instant access to client databases and loss in competition with the firm chosen to merge. As PLS are also looking to set up in culture completely different to that of the UK, it would be potentially very beneficial to have access to experienced legal professionals already based in Shanghai who understand the market and clients. The burst of activity in the last quarter helped make 2016 the second-best year for dealmakers since the financial crisis.[30] Therefore, more firms are seen to be merging in order to eliminate vulnerability and to make themselves truly global rather than just international. Norton Rose recently merged with Texas Fulbright and Ashurst with Australias Blake Dawson. Meanwhile, SJ Berwin became the first ever UK firm to join arms with an Asia-Pacific firm, King Wood Mallesons, in 2013.[31] As PLS are friendly with local firms who they pay for their services, there may be an option for a potential merger with them. It would also mean that PLS do not have to pay to set up their new office in Shanghai which would save a significant amount of money. There are risks involved with potential mergers. When two companies decide upon this option they may lose aspects of their brand which could cause an array of disadvantages including loss of clientele. It will also likely mean that they have less control over the business and its future. Given the importance of interaction with their foreign customers, PLS should opt for a high degree of control over their foreign market entry mode [32]and a merger does not necessarily give this. 4.2 Setting up a new office in Shanghai Organic growth is known to be expanding the business from the inside rather than the outside (MA). The economic benefit for PLS of investing in a subsidiary office would be that they do not have to pay local firms for their service. They can build their own client database, promote their own brand and have full control of the office. Businesses that grow organically can control their rate of growth and normally face less cultural and integration challenges than those that choose an inorganic strategy.[33] However, they may face cultural challenges with clients. The risks of organic growth lie in expansion that outpaces the ability to effectively manage, stretches resources too thin, strains capital, or diverts focus from the business core mission[34]. It would cost PLS a substantial sum of money to invest in the office and is the most expensive of the foreign market entry options. Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cash flows ( £000) (1000) 1,500 1750 2,200 2,650 2,900 Present Value (1000) 1,071.42 892.86 801.75 689.82 539.21 Net Present value:  £2,995,000.06 The investment will add  £2,995,000.06 of value to PLS and therefore the office in Shanghai is worth potentially investing in. However, there are some risks involved with the NPV calculation. It does not consider unforeseen expenditure and is often based on estimates. It therefore does not fully account for potential risk in investments costs, discount rate and projected returns. Essentially, each investment holds significant risk because both a potential merger and buying a subsidiary office are very drastic forms of expansion. Other options such as purchasing a stake in an associate office or forming a best friend alliance may fit the needs of PLS more substantially. [35]Further, they may then decide upon organic growth or a merger once they have definitive evidence that the high risk will benefit the overall firm. Bibliography Legislation General Data Protection Regulation (EU) 2016/679 Legal Services Act 2007 Secondary Sources Articles Downey, J, (2008) Mergers and acquisitions, Topic Gateway Series No. 54 Blomstermo, A, Sharma, D, (2006) Choice of foreign market entry mode in service firms, International Marketing Review, Vol. 23 Issue 2 Internet Articles Kuntz B, EYVoice: Organic vs. Inorganic: Which way to grow? 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Rev 435 Booth S, How to ensure UK and European financial services continue to thrive after Brexit (Open Europe, 17 October 2016) accessed 16 February 2017 Millard R, Beyond the box: How to realign your firms business model (Solicitors Journal, 27 June 2012) accessed 16 February 2017 The 6 Profit Points of Every Law Firm: Taking control of data to help increase your firms profitability, (LexisNexis Law Firm Practice Management WHITE PAPER SERIES, January 2013) accessed 16 February 2017 Declaration I declare that: à ¯Ã¢â‚¬Å¡Ã‚ · The work in this assessment was carried out in accordance with the Regulations of The University of Law. à ¯Ã¢â‚¬Å¡Ã‚ · The work is original except where indicated by acknowledgement or special reference in the text, and no part of this assessment has been presented by me or anyone else to any University or body for examination either in the United Kingdom or overseas. à ¯Ã¢â‚¬Å¡Ã‚ · I have not conducted research involving human participants for the purposes of this work Date: 23rd February 2017 Word Count:2996 [1] Sims A, What is the difference between hard and soft Brexit? Everything you need to know (The Independent UK Politics, 3rd October 2016) [4] M Arnold, Banks study loopholes to enable UK branches to sell to EU clients, (Financial times, 02 February 2017) accessed 14 February 2017 [5] Booth S, How to ensure UK and European financial services continue to thrive after Brexit (Open Europe, 17 October 2016)