The acquisition is nearly complete and we have only a few round-up tasks left to make sure that the acquisition of PayGate Technologies goes ahead.
At this point of the Virtual Internship, you should be a Grand Prix emailer. Your task is to update your client on the legal fees that they have incurred throughout the acquisition, and give reasons for why some fees may have exceeded the original estimate. To do so, you first should look at the document attachment titled ‘Email to review’.
Once you have compared the estimated prices to the ones incurred, you should take a note of the difference between them as this will be important when explaining why some of the incurred fees are over the initial estimate.
Now that we have the statistics, we need the information to back it up.
Highlighted in yellow is the reason for the additional expenses by the due diligence team. The client had instructed Linklaters to review the employment agreements of the target company’s staff in addition to the existing amount of due diligence work that needed to be completed. Therefore, it is probably safe to assume that the client was aware that further legal expenses were on the horizon. However, be careful when wording this in your email as there is no guarantees that the client knew of this.
Just like in Email 1, the client had acquired additional costs compared to the estimate. However, in this case it is safe to assume that the client knew that they were incurring extra costs as they took a direct step in approving the changes.
Not much to say here as no additional costs were incurred. In fact, the competition team had saved the Consortium £2000!
Well done, Arnold!
Writing the email:
As a legal professional, you must be able to adapt your language based on who you are contacting. A quick email to a work colleague a few doors down will be worded entirely differently than an email to a client who has amassed over £170,000 in legal fees.
Attention to detail and excellent drafting has never been more important! As well as utilising the email drafting advice provided in Module 2, you should double-check all the fee amounts in your email to make sure that you are charging your client the correct amount. Charge your client too little and the firm won’t be happy, charge your client too much and the client won’t be happy!