Mr Popular - CC's uber-networking senior partner Stuart Popham on a life in law
From aspiring banker to heading the world's largest law firm - Stuart Popham has travelled a long distance in his career. Suzanna Ring finds CC's outgoing senior partner lives up to his rep as the best-connected lawyer in the City...
January 25, 2011 at 08:26 PM
9 minute read
From aspiring banker to heading the world's largest law firm – Stuart Popham has travelled a long distance in his career. Suzanna Ring finds CC's outgoing senior partner lives up to his rep as the best-connected lawyer in the City
"I have only ever had one job interview in my life – I think that qualifies me as a Stepford wife," quips former Clifford Chance (CC) senior partner Stuart Popham.
As it turns out, though, one interview was all it took to launch a barrage of high-profile roles over the course of more than three decades – not least as one of a chosen few to accompany Prime Minister David Cameron on foreign delegations.
It is this kind of shoulder-rubbing that has really put Popham, who this December stepped down as CC senior partner after eight years, on the map -not through his own desire to be catapulted into the spotlight, but through an ambition to raise the profile of CC in the eyes of those he calls "influencers".
"I intentionally set out eight years ago to make sure that CC was engaged. We weren't always the first name that Government came up with, and I concluded as senior partner that I would need to enhance our name recognition among these influencers," says Popham.
Described by The Times in 2008 as "the most connected lawyer in the City", during his two terms as senior partner of the UK's largest law firm Popham has done much to earn the accolade, with trips accompanying both Cameron and Gordon Brown on their respective ventures to China and India under his belt.
"It's a bit like any sports touring team – by the time you have flown halfway across the world together there's a certain degree of camaraderie that develops and that happens irrespective of which minister is organising it."
It is this kind of self-deprecation – a trait also reflected when he talks about his personal life – that has made Popham so popular within the profession. Speaking of his wife, who as a doctor understands the challenges of working life at its most intense, he says: "I would not have been able to do the job without her. I just wouldn't."
With three adult children, he also admits that family life has not always been easy as a lawyer and openly remarks: "I've been slightly selfish, and hopefully between my wife and I it's worked quite well, but, yes, there were too many school performances that I missed."
However, this does not seem to have affected the success of his children, who now sit between the ages of 20 and 27 with the eldest working for a rival magic circle firm in its business development team. "We agree not to talk about it, but I know which firm is best – only she seems to think she does as well, so that's slightly odd," he says.
Family is clearly important to Popham, who in the last year has also become a grandfather – a title he is struggling to come to terms with. "Despite obviously being far too young, my son has a daughter, so for the last year I have gone around telling people I have a child who's got a child, and when people say, 'so you're a grandparent,' I say no!" he jokes.
Born in Southampton in 1954 to an engineer and a domestic science teacher, he grew up in Surrey before returning to Southampton for university. His choice to attend Southampton University was part-based on his love of sailing, although he describes the decision as a "compromise", giving the impression he feels the need to give a reason why he did not attend an Oxbridge university like many of his peers.
His ambition was to get into business, but with a lack of know-how he decided that law would be a sensible route in. "I didn't intend to remain a lawyer when I first joined the firm; I intended to qualify and then go off into something like investment banking or whatever the equivalent was at the time, because I enjoyed business and I thought business was where I should be. Law was a stepping stone," he says.
Popham was offered a training contract at CC legacy practice Clifford Turner in 1976, starting out in the litigation department, although that was not where he ended up building his practice.
"I did a year in litigation before the then senior partner came to me and said there was a much shorter ladder for promotion in banking and I should join. What I didn't realise he was saying until looking back about 20 years later was, 'You have no hope of a promotion or achievement in litigation – move quickly!'"
Now, having practised at the firm for three decades, he recalls some of his most memorable deals as a banking partner. One stand-out mandate was the MFI management buyout in 1989, which at the time was the largest one of its kind. He was also heavily involved in the Lloyds of London restructuring in 1997, as well as acting on the securitisation of the student loans book in 2000, involving refinancing around £2bn worth of loans for the Government.
But it is the teamwork involved in these deals that has led to some of his favourite memories at the firm: "It was always important to me to get everyone involved, including the support teams, the secretaries and the document producers. To me, the success of CC comes from its team work and lack of hierarchical definition in that way. Everyone has a role."
Popham took up his first term as senior partner in 2002. Despite being re-elected in 2007, Popham clearly misses these heavy-hitting deals and teamwork, still thinking of himself first and foremost as a finance lawyer, having previously headed up both the City and global finance practices at the firm.
He cites former senior partner Sir Max Williams, who held the position between 1984 and 1990, and someone he refers to as "one of the Gods", as one of his principal role models. Other memorable peers include Sir Maurice Victor Blank, who was the youngest lawyer to be made up to partner in the history of CC, promoted in 1969 aged 26, who went on to become the chairman of Lloyds Bank.
While he has undoubtedly enjoyed his time at the head of the firm, he found the relative isolation of the senior partner role hard to handle, particularly in the first few years of his tenure. And during this period Popham was to witness CC's rapid expansion during the credit boom and the pain inflicted on the world's largest law firm by the banking crisis after 2008.
"In retrospect eight years later, it probably seems a bit easier, but there were days when I thought, did you volunteer for this one? Or, why did you volunteer for this one? But those thoughts have sort of faded slightly," he says.
But for first time in his life it seems Popham is unsure of the next step, and while he is retiring from the firm, at 56 he is not ready to pack it all in just yet. "There are days when sitting in a deckchair with nothing more than a good novel seems ideal, but I'm not sure how many days consecutively that it would work; so although it just sounds very old when I say 56, I think it's young enough to be able to do other things," he says.
Work aside, it is likely to be his love of sailing that gives him his next project. His brother, a surveyor, is also set to retire. "Maybe that's it, we'll go on a big sailing trip. He's the bigger brother anyway so we'll have to do what he says." Somehow it's hard to imagine Popham ever just doing what someone else says.
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'Gliding down the Thames' – reflections from peers
"Stuart is one of the most charming men I have ever met. He is incredibly approachable and always very humble. I sometimes think that Stuart invented the concept of networking. I don't think there is anybody he cannot connect with."
Kathy Honeywood (pictured), corporate partner at Clifford Chance
"I first came across Stuart in the mid-80s when I was at County Bank and we worked on a variety of acquisition and project finance deals. He was a pleasure to work with, combining an acute legal brain with a strong understanding of the underlying commercial drivers of a transaction. Always approachable and devoid of ego, he has remained a long-term friend."
Keith Roberts, chief financial officer at FTSE 100 oil company Petrofac
"I've known Stuart a long time, both as a banking partner and as senior partner. The thing that strikes you most about him is his self-deprecating sense of humour – he sees the funny side of life and it's hard to be in his company and not be laughing. That always struck me as a great gift in a serious profession. He's a people person and that has manifested in many ways, including his extensive network. I know he's also a keen yachtsman. I wish him a long and happy retirement!"
David Morley, senior partner at Allen & Overy
"While working for Stuart, he was always very good at letting you know about his whereabouts. I remember some very difficult negotiations when his talents would have been gratefully appreciated and I received a kind email from Stuart informing me that if I looked out of the meeting window at that point in time, I would be able to see him at the helm of his new yacht gliding serenely down the Thames. He was always very considerate in this respect."
Robert Lee, City head of banking at Clifford Chance
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