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Sterling & Grey
A chambers monograph · volume IX
MICHAELMAS · MMXXVI
A CHAMBERS MONOGRAPH
PRESENTED IN SEVEN CHAPTERS
SET IN CORMORANT GARAMOND
— STERLING & GREY · BARRISTERS, LINCOLN'S INN —

Of quiet
advocacy.

A book of fourteen years' work · commercial & chancery practice · sixteen junior & silk · Lincoln's Inn, London

Compiled at chambers, Stone Buildings
Adèle Sterling KC & David Grey KC Volume IX · Michaelmas Term Twenty Twenty-Six
Printed in an edition of 320
Quiet London legal library, bound books, oak writing desk and soft afternoon light
Sterling & Grey / Services

Contents

— PAGES iii — 142 —
·· ❦ ··
CH. I
On quiet advocacy & the duty of restraint
An essay
p. 04
CH. II
A commercial dispute, settled at the door
A case · 2023
p. 22
CH. III
A pull-quote from a summing-up
A pause
p. 48
CH. IV
Of chancery, & the cool corners of equity
An essay
p. 54
CH. V
The catalogue raisonné
2017 — 2026
p. 92
CH. VI
A short note on the chambers
Practice note
p. 124
CH. VII
Colophon & instruction
Clerks · contact
p. 134
— CHAPTER IAn essay

On restraint.

— On the duty owed by advocates to the court, to one's opponent, and to one's client, in that order; and on the discipline of saying less.

A barrister's first duty is to the court. The second is to one's opponent. The third — last in order, though often loudest in the brief — is to the client. It is a hierarchy that will not be flattered by the modern client's expectation of advocacy as performance, and we have built our chambers around its observance.

The discipline of restraint is the difficult part. It is easier to say more. A client paying by the hour, anxious before a hearing, will hear silence as inattention. The cross-examination that strikes the witness once and sits down — and which often does the work — is harder to draft than the one that strikes seven times. It is also kinder to the court, and kinder, in the long run, to the case.

In Bingham, The Business of Judging (OUP 2000), the duty of counsel to the court is described as "the lubricant without which the adversarial machine seizes." A line we have hung, framed, in the clerks' room.

The rules of conduct (BSB Handbook, gC8 in particular) place the duty to the court above the duty to the client because the courts are the place where the public, in the end, has agreed to settle its differences. Without a working court, there is no client; without restraint in advocacy, no working court. The two things are not separate.

We do not promise our clients an aggressive defence. We promise them a careful one. Most of our cases are settled before trial; of those that go to a final hearing, we have lost only fourteen in the last four years. We do not advertise that number; we have included it in this monograph because the alternative is to leave you to guess.

"A good advocate makes the court's job easier; a great advocate makes the case look obvious in retrospect."
— ADÈLE STERLING KC, at the Bar Council annual lecture, 2024
— CHAPTER IIA case, 2023

The Halsbury dispute.

— A commercial dispute over the construction of an indemnity clause in a share purchase agreement; settled at the doors of the court the morning of trial.

The Halsbury matter came to us in February 2023 from a Magic Circle firm whose senior partner has known David Grey since pupillage. Our client had sold a software business in 2019 for £64m. The buyer alleged that the indemnity clause covered tax liabilities not disclosed in the data room and sought to claw back £8.4m.

We took the view from week one that the indemnity, properly construed, did not extend to the alleged liabilities — and that the buyer's commercial purpose in the negotiation had been to allocate that very risk to itself. We drafted the defence accordingly and the case went into pleadings.

By March 2024 we had completed disclosure and exchanged witness evidence. The buyer's solicitors made three Part 36 offers in succession, each lower than the last. We declined each. We made one offer — at twelve per cent of the claim — which was rejected.

On the morning of the trial in Commercial Court, the buyer offered to discontinue with costs. We accepted, took the bundles back to chambers, and were home by tea time. The case did not go to a judgment.

A construction case won by the contract itself. Most are. We spend a great deal of time, in chambers, reading the document the client wrote before they came to us.
CASE NOTE · HALSBURY V. PRINCETON CAPITAL · 2023

What the file said.

An SPA between Halsbury Software Ltd and Princeton Capital LLP, signed June 2019, providing for completion adjustments under the customary clauses and an indemnity at clause 8.4 for "any tax liability arising out of the conduct of the business prior to Completion."

The buyer argued in a 184-page particulars of claim that clause 8.4 covered any historic tax liability, disclosed or otherwise. We pleaded — in a much shorter defence — that the clause must be read in the context of clauses 7 and 9 (the disclosure schedule and the basket).

CASE NOTE · OUTCOME · 17 MARCH 2024

How it finished.

Discontinued at the door of the court. Client retained the full purchase price; buyer paid our costs on the indemnity basis (£480k assessed). No published judgment.

JURISDICTION
Commercial Court, Rolls Building
VALUE
£ 8.4m claim
OUTCOME
Discontinued + costs to defendant
COUNSEL
D. Grey KC · J. Patel (junior)
FILE
S&G/CC/2023/041

Catalogue raisonné

— REPRESENTATIVE WORK · 2017 — 2026 · BY YEAR & PRACTICE AREA —
YEARMATTERPRACTICE AREAOUTCOME
MMXVIINo. 1 · Northbridge trust disputeChancery · trustsMediated
MMXVIIINo. 2 · The Cleeve partnershipCommercial · partnershipSettled, pre-trial
MMXIXNo. 3 · Re Marston LtdInsolvency · directorsJudgment, defendant
MMXXNo. 4 · The Pennington claimCommercial · contractDiscontinued
MMXXINo. 5 · Foster v FosterChancery · 1975 ActJudgment, claimant
MMXXINo. 6 · The Atherton WillChancery · probateMediated
MMXXIINo. 7 · The Brendon matterCommercial · bankingSettled, pre-trial
MMXXIINo. 8 · Re Linden EstatesChancery · propertyJudgment, defendant
MMXXIIINo. 9 · The Halsbury SPACommercial · M&ADiscontinued, costs
MMXXIIINo. 10 · Coltrane trusteesChancery · charityJudgment, claimant
MMXXIVNo. 11 · The Maguire arbitrationCommercial · LCIAAward, defendant
MMXXIVNo. 12 · Re Vance & CoInsolvency · administrationSanction granted
MMXXVNo. 13 · The Penrose brothersChancery · partnershipMediated
MMXXVNo. 14 · Re Ashcombe HoldingsCommercial · directors' dutiesSettled, pre-trial
MMXXVINo. 15 · The Dunlavin petitionInsolvency · winding-upIn progress
MMXXVINo. 16 · HM Revenue v clientTax · commercialIn progress
STONE BUILDINGS, LINCOLN'S INN.Chambers since 1998. The library is on the third floor.
— CHAPTER VIA practice note

The chambers, in three sentences.

Sterling & Grey is a set of sixteen barristers — five silks and eleven juniors — at Stone Buildings, Lincoln's Inn, established 1998. We practise in commercial law, chancery, insolvency, and the cool corners between.

We do not have a tax team, a family team, or a crime team. We refer those matters to chambers that do. We have not grown for the sake of growing, and have declined offers of merger from larger sets in 2014, 2019, and 2022.

Instructions come from solicitors in the City, the Magic Circle, and a small number of regional firms we have known for two decades. We do not take direct-access work except in matters of public importance.

— Established
1998twenty-eight years
— Members
165 silks, 11 juniors
— Cases / year
~140commercial, chancery, insolvency
— Settled before trial
81%of matters issued in court
·· ❦ ··

To instruct
this chambers.

The clerks answer the telephone on the line below between 09:00 and 18:00. Solicitors are invited to call in the first instance; we ask that lay clients address themselves to their solicitor.

Bernadette Hollis, senior clerk, and Tom Wright, deputy.

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