Durham law firm completes tenth deal for leading city software house


Swinburne Maddison LLP, (Swinburne Maddison) Durham City’s pre-eminent law firm, and one of the leading law firms in the North East, has completed advice on its tenth commercial contract in 12 months for Singletrack Systems Limited (Singletrack), a financial software house based in the City of London.

Singletrack operates exclusively in sell-side capital markets to provide cloud-based applications to clients in the financial services industry such as institutional brokers, investment banks and independent research providers.

Solicitor, Mike Ward, has built up considerable experience in software-focused commercial contracts work over the years, and his work with Singletrack has seen a continuous flow of commercial instructions over the last 18 months as Singletrack’s business operations has expanded. His role often sees him working with in-house legal teams in London, across Europe, the Far East, the US and Canada in the preparation and negotiation of contracts based on a precedent developed by him in conjunction with the commercial and technical teams at Singletrack. 

Commenting on the scope of his involvement, he says:

“It is often necessary to work to tight deadlines to coordinate the requirements and aspirations of the commercial, technical and legal teams on both sides with data security and data protection becoming vitally important areas of our work due to the advent of the GDPR (General Data Protection Regulation) which comes into force next May. 

“Every contract has its own particular challenges because each institution takes a different approach and whilst we try to fit into a standard operational model on each occasion, cross-jurisdictional issues can be quite difficult to settle, and this can often necessitate working with overseas counsel.”

Swinburne Maddison has been providing support to Singletrack for the last five years and acting in essence, as the company’s general counsel, has advised on corporate, employment and commercial property matters as well as providing commercial advice.

Singletrack’s chief executive officer, Dr Stuart Berwick, added: “I took the decision to transfer our business to Durham and continue to work with Mike because he really understands Singletrack resulting in a very productive working relationship.  It has proved to be a sound decision.

“We have experienced a period of rapid growth over the last 12 months because our software products have allowed us to capitalise on changes to financial regulations - particularly MiFID II.  Mike and the team at Swinburne Maddison have been totally reliable and provided the kind of fast-paced, flexible, legal support and professionalism that has enabled us to not only seize opportunities as they arose but to dramatically expand our business.”

The completion of this tenth commercial contract for Singletrack coincides with Swinburne Maddison’s shortlisting within the corporate and commercial category of the Legal 500 Awards 2018, where the firm is representing the northern region.

In the opinion of partner and head of corporate and commercial services at Swinburne Maddison, Martyn Tennant, the Legal 500 shortlisting only serves to support his view that the firm has a growing reputation amongst professional peers and clients alike, for its breadth of expertise.  He said:

“We are proud of our association with Singletrack and our successful professional relationship. Dealing with the high quality and complex commercial work we undertake for this leading financial software house says much about the calibre and reputation of our team and the ability of a regional firm to compete nationally for this type of work.”

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