The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Hogan Lovells has advised social enterprise Pants to Poverty on the creation of a bond to raise finance to fund its working capital - with interest payable in the form of fair-trade organic pants and a donation to charity.
The ‘pants bond’, which cost £2,500 each, was created by a pro bono team from Hogan Lovells, and will be used to raise funds to fuel Pants To Poverty’s future growth. It expects to raise £250,000.
The 10-year bond has an annual coupon rate paid at 8.65 per cent and the interest will be paid in quarterly instalments of 12 items of fair-trade and organic underwear and £14 donated to the Pi Foundaton, a charity set up by Pants to Poverty to develop sustainable business models in the fashion industry.
Hogan Lovells partner Andrew Carey was responsible for the innovative structuring of the bond. He said: “This is truly a unique financial instrument, which allows for part of the interest to be payable in kind - literally by the delivery of pants.
“This is a nice way of rewarding contributors with a fun and original form of return and one which ensures they get to sample the latest products of the company. We hope this will help encourage further growth in the social enterprise sector.”
Pants to Poverty was established in 2005 as part of the Make Poverty History campaign to devise an ethical new business model for the fashion trade. Next year it aims to launch high-end department stores in the UK, Germany, Austria, Switzerland, Sweden and Norway.