Fox Williams: An introduction from Chien-Wei Lui

1. What is your job title?

I am an associate in Fox Williams’s corporate team, and a member of the firm’s Publishing & Digital Content sector group. 

2. When and how did you take on your job?

I joined Fox Williams in January 2021, which was when we were in full lockdown—how time flies! I was contacted by a recruiter about an exciting opening to work with Mary Elliott, who heads up the Publishing & Digital Content sector group. Mary’s team has a stellar reputation in the industry, and had just advised on the acquisition of Walker Books—so I obviously leapt at the opportunity and the rest is history. 

3. What does Fox Williams do in the publishing sector?

We advise on all legal aspects relating to traditional publishing and content-rich businesses. This ranges from advising on the full range of commercial contracts (including author and distribution agreements) and intellectual property licences, to employment issues, to leases of office space for publishing houses. As corporate lawyers, mine and Mary’s bread and butter is advising on acquisitions and disposals of publishing businesses and assets, investments, joint ventures and shareholder arrangements. 

4. What does your average working day entail?

No two working days are the same but there is never a quiet moment! I could be getting my head down drafting agreements for an audiobooks platform, or negotiating the terms of a sale for and information provider client who is selling its business to a worldwide publishing house. On a good day, I would be having lunch with an owner of an independent publisher, meeting clients at The London Book Fair, or attending one of the IPG’s fantastic conferences (and of course networking at the drinks afterwards!).

5. What do you enjoy most about your job?

I have a passion for publishing and digital content and am lucky enough to work with some of the most industrious entrepreneurs in the industry. It is a real delight to support their businesses as they go from strength to strength. In particular, I find that being part of this journey and advising at all stages of their development—from the inception of an idea or company to key milestones like the eventual sale of the business—particularly rewarding.

6. What is the biggest challenge for a lawyer working in publishing? 

Sometimes, people think that they only need lawyers when they or their businesses are in trouble. However, it is often the case that, if the business in trouble had taken legal advice from the outset, it would have been easier resolved or avoided altogether. It can be a challenge assuring clients that it is definitely worth investing in good legal advice at an early stage, rather than waiting until further down the line when untangling any issues could actually end up being more costly.   

7. What current trends are you seeing in the publishing sector at the moment? 

We find that acquisition activity in the publishing sector—publishing companies or their lists / imprints—can be quite cyclical. When it’s busy, everyone seems to be wanting to sell or acquire publishing businesses, but then there is usually a quieter period. After a busy couple of years, things have quietened down a little, but we are seeing a rise in fund-backed aggregators looking to acquire underlying copyright from authors or author estates for an upfront lumpsum and / or reduced future income stream—effectively buying them out of future royalties. This is already a big business in the music industry and it will be interesting to see how the trend takes off in the publishing sector, not least since private equity and venture capital fund involvement in publishing has historically been the exception rather than the rule. It also reflects a growing trend of activism by authors and copyright holders who may be trying to monetise their copyright, rather than relying on their incumbent agent and / or publisher). It will be interesting to see how this plays out in the long-term, and it will keep the industry on its toes in the meantime.  

8. What have you experienced in your job and working in law within the publishing industry that you didn’t expect?

Although it is a given that academic rigour is fundamental to be a lawyer, I have been pleasantly surprised by the value of developing ‘people skills’ to build your own professional network. I have found that the publishing industry has been very welcoming—lockdowns notwithstanding!—and that the publishing community, especially within the IPG, is a close-knit and supportive group. 

To learn more about Fox Williams and its services for publishers, click here.