Firm Advises Social Finance UK on World First Social Impact Bond on Mental Health and Employment
19 Jul 2016
International law firm Simmons & Simmons has advised Social Finance UK, on a pro bono basis, on the world’s first social impact bond on mental health and employment as part of their Health and Employment Partnerships programme.
Simmons & Simmons played a critical role in setting up the legal structure, supporting the investment of capital from Big Issue Invest, and developing a network of contracts with local councils and Clinical Commissioning Groups in three areas of London and the West Midlands.
Health and Employment Partnerships was set up to help bridge the gap between health and employment provision. The aim is to tackle the gulf in employment rates between people with health conditions or disabilities and those without. With 2.2 million people claiming out of work benefits for health reasons, at a cost of £14 billion each year, there is huge potential to invest in effective interventions that help people achieve their goals of sustained, fulfilling employment.
Social Impact Bonds bring in external, socially-motivated investment to pay for services that deliver better outcomes for individuals and reduced costs for government. In each case, government agencies agree to repay the investment with a small return when and if pre-agreed outcomes are achieved. This model is emerging as an exciting and innovative way to finance solutions to complex social issues.
With the help of Simmons & Simmons, Health and Employment Partnerships has now launched the first mental health and employment Social Impact Bond. The project is focused on scaling an evidence-based service called Individual Placement and Support (IPS), which supports people with severe mental health illness into paid employment.
Senior partner, Colin Passmore, commented: "I never cease to be really impressed by the huge efforts so many of my colleagues go to in order to promote our pro bono objectives. This is but one example of the incredible and socially relevant projects we get involved in and for which our lawyers freely give their time. Well done Richard, Dan and Rosanna
The firm proactively takes a lead role when it comes to pro bono work, having recorded over 14,000 hours of work across 22 offices within the past year.
The Simmons & Simmons team was led by consultant, Richard Armitage assisted by corporate associate, Daniel Whitewood and projects associate, Rosanna Piper- Gill.
Notes to editors:
1. We are a leading international law firm with fully integrated teams working through offices in Europe, the Middle East and Asia, and bring experienced professionals to some of the most active growth markets today. Our focus on a small number of sectors means we are able to understand and respond to our clients’ needs. Our industry sectors are: Asset Management & Investment Funds, Financial Institutions, Life Sciences and Telecoms, Media & Technology (TMT). We also focus on the Energy & Infrastructure market, in particular through our international projects and construction teams. We have a track record for innovation and delivering value to clients through new ways of working.
2. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name “Simmons & Simmons” or one or more of those practices as the context requires. The word “partner” refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP’s affiliated practices. For further information on the international entities and practices, refer to simmons-simmons.com/legalresp
3. Visit our website at simmons-simmons.com or our award-winning online legal service at elexica.com.
4. At Simmons & Simmons we believe that our lawyers have a responsibility to provide access to justice to those who cannot afford it. We encourage every lawyer to become involved in pro bono work, no matter what stage of their career, and believe it will make them better lawyers. Our pro bono work includes advising on small community projects, as well as collaboration between our international offices to assist larger international charities. We share these values with our clients and look to partner with them on projects where possible
5. For further information, please contact Heather McMaster, Senior Communications & PR Executive on +44 207 825 3962 or at email@example.com
, or Lauryn Mann, Communications & PR Executive on +44 20 7825 3764 or email firstname.lastname@example.org