law
Paris Smith and the science of strong client relationships
As part of Paris Smith’s 200th anniversary celebrations The Business Magazine finds out how the firm supports the University of Southampton Science Park and the entrepreneurial start-up businesses based there that are developing tomorrow’s technology breakthroughs
The University of Southampton Science Park (USSP) is a wholly-owned subsidiary of the University set up in 1983 as an independent commercial operation. Its role is to accommodate, empower and nurture businesses to succeed in the highly competitive global science and technology sector. There are around 100 companies based at USSP at its Chilworth site.
“Our aim is to help companies that are capable of high growth deliver to their maximum potential,” explained USSP’s chief executive Peter Birkett. “It’s the place where the University of Southampton has an interface with the business world. One of my roles is to act as an ambassador for businesses on the Science Park to help them develop close links with the University and its graduates.”
USSP’s annual impact on the local economy is in the order of £300 million- £500m in terms of the revenues it generates and the supply chain linked with it. Businesses range from start-ups to global leaders.
One of USSP’s success stories is Fibercore, a University spin-out set up in 1982 that today is a world leader in the design and manufacture of specialty optical fibres. Another is Promega, a life sciences company that outgrew its original premises and is currently building a new UK headquarters at the Science Park to accommodate the expanding business. Pharmaceutical giant Merck, too, consolidated its technical research sites across the south of England into a single building on the Park.
IP support for entrepreneurs
While the big business success stories grab the headlines, one of the really exciting dimensions to USSP is the companies just starting out on the road to success and it is with these that Paris Smith also plays an important role.
Laura Trapnell, head of intellectual property (IP) at Paris Smith, and Crispin Dick and Richard Atcherley, partners in the firm’s commercial team, regularly run seminars for USSP tenants covering
Peter Birkett
subjects such as company law, setting up a company, protecting IP and GDPR.
“Paris Smith presents various seminars that are highlights for our early-stage ‘incubator’ businesses. These highlight the strength of our relationship with the firm,” said Birkett.
“Many of these dynamic companies have limited understanding on legal topics like IP. However, Laura is a very engaging communicator. Attendees come away enthused about looking after their business assets,” he said.
“In the past six years we have welcomed 34 incubator companies and 95% of these are still trading, which we regard as a pretty good success rate,” he added.
Helping entrepreneurs with leases
Another significant initiative undertaken by Paris Smith to help USSP’s business community has been to streamline and simplify property lease paperwork. The firm’s banking and finance team worked with Birkett to negotiate with USSP’s main lender on agreeing less onerous obligations for granting permission for leases.
“We were able to relax the previously tight controls, so that now only in limited circumstances is bank consent required. It means USSP can grant more flexible leases,” said Tom Georgiou, partner in the commercial property and planning department.
Paris Smith has devised a ‘precedent lease’ for smaller deals. This standard document offers incoming tenants a template that is both landlord and tenant friendly. Tenants can take a three-year lease with a three-month rolling break, so they only have to give a short period of notice.
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businessmag.co.uk THE BUSINESS MAGAZINE – MAY/JUNE 2018
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