Lovells is used to all the ups and downs that come with advising on deals involving an internet company. Prior to this latest transaction, acting for John Lewis on its purchase of the UK arm of transatlantic company buy.com, the company acquired a stake in Last Mile Solutions. John Lewis bought a 40 per cent stake in Last Mile for £35m, with which to develop its online food retailing service with Waitrose, which the company also owns. Lovells, led by Frances Le Grys, who is well known for her work on the Granada-United News & Media deal, has acted for John Lewis for a number of years. But in terms of dealing with internet companies, Le Grys says that because there is a lack of documentation, the due diligence process varies widely from that involving conventional bricks and mortar companies. For John Lewis, the purchase of buy.com makes it just one of many retailers swooping on the remnants of last year's dotcom boom. Kingfisher bought Street Online, while Great Universal Stores snapped up jungle.com and breath.com. John Lewis plumped for buy.com after the US internet company lost a staggering £19m between October and December last year, while its share price plummeted from $30 (£20) to just $1 (68p) in 2000.