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Initiative endorsed by UK Film Council, Working Title Films, BBC Films, Pathe, Film4 and PACT Showcasing its position as the UK's premier film practice and at the forefront of innovation, Olswang has devised a brand new approach to film financing. The new structure involves a radical change to the myriad of contractual arrangements required when a number of separate entities collectively agree to fund independent feature films. What was once a labour intensive process involving a huge number of documents with complex and time-consuming negotiations will become a far quicker, easier and more efficient means of film financing. Olswang Partner James Kay and his team designed the structure; combining market leading expertise and value-added commercial insight to offer real improvement to the way multi-party independent film financing transactions are carried out. Dubbed the Olswang "Efficient Deal Initiative" ("EDI"), negotiation time (usually six to eight weeks) is cut to around two weeks, while the number of documents collapses from approximately 60 agreements to 20. Commenting on the EDI, James Kay said, "We recognise the need for our clients' time to be used in an efficient way, so we've designed the perfect solution to what is usually a very time-consuming process. In these more challenging economic times, we also believe it makes sense to rationalise the legal aspects of closing film financing arrangements so as to reduce as much as possible the cost of documenting these complex deals." How it works Historically, the parties providing finance to a producer of an independent feature film would each prepare a suite of agreements to cover the terms on which their finance was being provided. In addition, a number of other agreements are required to regulate the terms agreed between each of the financiers. The costs customarily involved in agreeing all the documents required were in proportion to the complexity of the transaction but not necessarily in proportion to the budget of the films for which the arrangements were being created. Olswang has drawn on its years of experience and in-depth industry knowledge to greatly improve the efficiency of the film financing process without compromising on the complex objectives of the contractual arrangements. At the heart of the new structure is one principal document covering all the provisions required by multiple financiers, including sections relating to chain of title, sequel and remake rights, funding covenants, revenues shares, approvals processes and all of the other terms normally found in an 'interparty' or 'intercreditor' agreement. Matters which were routinely dealt with in a number of documents have now been collapsed into one agreement, which continues to allow financiers to obtain the specific terms and protections enjoyed under their 'standard' documentation. Olswang has already put its creation into practice on Celador Films Limited's most recent feature film project The Scouting Book for Boys starring emerging British talent, Thomas Turgoose (This is England, Somers Town, Eden Lake). Screen East, Pathé, Film4 and Celador Films were involved in the production and, in particular, Film4 were instrumental in helping Olswang nurture the new approach to the documentation. All parties involved benefited from the streamlined negotiation process in order to close the financing swiftly and on schedule. Paul Grindey, Film4's Head of Business Affairs, said, "Olswang has really raised the bar in terms of innovation; we like to work with a firm that isn't afraid to challenge the norm. What they have created is rewriting the future of film financing." What the industry says Other prominent figures in the British film industry have joined in their endorsement of the Olswang Efficient Deal Initiative. Isabel Begg of BBC Films believes the initiative is "genuinely a radical move for the film industry that has been long-needed". John McVay, Chief Executive of film producers' trade association PACT, confirmed that EDI represented "an impressive and commendable approach. Our members will welcome Olswang's thought leadership and the benefits the initiative will bring." John Woodward, CEO of the UK Film Council believes that Olswang's EDI is "a giant stride in the right direction for the British film industry. Other attempts have faltered at the first step but Olswang has actually got on with creating and working with the new documentation." Angela Morrison of Working Title Films; Cameron McCracken of Pathé; Andrew Eaton of Revolution Films; Andrew Paterson of Archer Street; Elizabeth Murdoch of Shine; and Paul Webster of Kudos Film and Television have also all praised Olswang's new initiative, which will be introduced to the film industry at a seminar held by the firm in January. Olswang and Film The Olswang Film Group continues to act on a large number of independent film productions across Europe and America. Most recently the Group has advised Celador Films Limited on the financing and production of British film Slumdog Millionaire directed by critically acclaimed English director Danny Boyle (due for UK release in January 2009) and Descent 2, the horror sequel to the 2005 box office hit. Olswang also advised The Recorded Picture Company on the production of Franklyn, which premiered at the London Film Festival this October, as well as David Parfitt's Trademark Films on Bunch of Amateurs starring Burt Reynolds, Imelda Staunton and Sir Derek Jacobi. Bunch of Amateurs will be this year's Royal Film Performance.. The Film Group also acts for US studios and mini-majors, including The Weinstein Company on the production of Nine which features a star-studded cast including Penelope Cruz, Daniel Day-Lewis, Nicole Kidman and Judi Dench, and has also acted for EON Productions on the latest James Bond film, Quantum of Solace.
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