Hi I have to complete this question for PwC Legal - who is your ideal client and what services would PwC be able to offer them and the factors PwC should consider when offering advice… this is what I have drafted so far. Comments would be much appreciated! Thanks
My ideal client is Workspace Group PLC, a commercial property company that is on the London Stock Exchange as a FTSE 250 firm. Workspace provides business premises to small and medium sized enterprises across London. I have recently completed a work placement for this company and believe that they would offer a great range and volume of work for PwC Legal.
PwC Legal could provide valuable advice and services to Workspace in a range of areas.
Firstly, business structuring services would be extremely valuable, broadly in consideration of the company’s objective to be the leading provider of flexible business space, but more specifically surrounding potential property acquisitions and expansion. PwC’s assets department would be able to offer an in depth legal service through their real estate expertise and with Workspace’s business success being dependent on their property portfolio, this is imperative.
Secondly, PwC’s corporate transaction advice would be of great benefit to Workspace due to the company’s recent growth and, consequently their objective to expand their property portfolio. This may be in regards to combining business centres with residential projects and therefore developing associations with superior companies in this field, and also in terms of further joint venture schemes with asset management firms, such as Blackrock.
Finally, the finance department would be able to use the resources of the PwC network to advise Workspace on issues surrounding their regular endeavours to raise capital.
Evidently, there are social and economic factors affecting Workspace due to the downturn in the property market and in particular that relating to commercial property. When advising this client, especially in relation to future property acquisitions, although it is expected that they would be attractively priced, it would be important to carefully consider the reduced demand for business accommodation and the other key players in the market.