Freshfields' new chief extols business as usual – but without the American accent
When David Aitman joined Freshfields Bruckhaus Deringer from legacy firm Denton Hall in 2001, one of his conditions was that he would not be required to take up a management role. Ten months later, Aitman was head of the magic circle firm's London antitrust, competition and trade (ACT) group. Fast forward a little more than a decade and as Freshfields' new managing partner, he finds himself in one of the most senior management positions in the City.
November 14, 2013 at 07:07 PM
5 minute read
David Aitman talks to Anna Reynolds about his passion for piano and reluctance to join management ranks
When David Aitman (pictured) joined Freshfields Bruckhaus Deringer from legacy firm Denton Hall in 2001, one of his conditions was that he would not be required to take up a management role. Ten months later, Aitman was head of the magic circle firm's London antitrust, competition and trade (ACT) group.
Fast forward a little more than a decade and as Freshfields' new managing partner, he finds himself in one of the most senior management positions in the City.
It's a far cry from the 57-year-old's former career as a concert pianist, which he left behind after realising he had reached a point he would not get beyond: "I would never be more important than the music."
Having also turned his back on an academic career when Margaret Thatcher's Government threatened severe cuts in the sector, Aitman finally turned to the law; a decision that seems to have been thoroughly vindicated, not least by his appointment to succeed Ted Burke when the former managing partner opted to move to his native Boston to take up the GC role at private equity house ArcLight Capital.
Aitman will take over managing responsibilities from Burke in early 2014 – halfway through Burke's term – but he insists that few will notice the change at the top of the firm.
On the strategy side it will be "business as usual", says Aitman, adding that the pair's management styles are also closely aligned: "We're both financially and economically literate, good listeners and supportive. The main difference is his American accent. Any differences will not be personality-driven, but market-driven."
Those market drivers are already starting to be felt. Aitman highlights the increasing importance of regulation in terms of what Freshfields' clients are looking for from their legal advisers.
"Corruption and bribery practices were never deemed so necessary before. But now the firm needs to cover all areas of risk, cyber security and crisis management, requiring further interaction between disputes, intellectual property and corporate."
As the former head of one of the City's pre-eminent competition groups, Aitman acknowledges he should be in a good position to help Freshfields adjust to whatever the market might throw at it, as the practice "involves analysing how businesses work".
And his colleagues seem to agree that their firm is in good hands with the formerly reluctant manager. "His real gift is his ability to bring people on board and take views of the practice into account," elaborates one Freshfields partner. "His position as co-chair of the ACT group was extended for two years and in that time he achieved a lot, so I'm sure the same will apply now. His balance of client work means he is not internally focused and understands how the market is moving."
That said, Aitman knows that challenges to the serenity of any law firm can come, more or less, out of the blue. And he disagrees that the bigger the firm, the harder it is to change course.
Questioned on the impact of the collapse of Lehman Brothers in 2008, he remembers: "We quickly shifted our practice and were successful in becoming one of the strongest firms in private equity. Large chunks of our corporate department became restructuring and insolvency lawyers.
"We will have to do this again – there are challenges in adapting, but being a big firm in many ways is an opportunity rather than a challenge."
On the international front, the firm's focus in recent years has been on BRIC countries. But now there are new areas of investment emerging, particularly in Africa. Aitman says it is important to look at where clients need a local service, and the firm is currently growing its offering in Singapore and Brazil.
But the key international question for the firm is whether its service to clients in the US is right. Aitman has no hesitation in his response: "The US is clearly the biggest economy in legal and any firm would be mad to say they would never do a merger in the US or Australia. But it's not the only way to get to be a leading global practice. I'm not going to pre-judge. For now, we are happy where we are."
As for his own future, Aitman remains guarded. He is continuing with client work while learning the ropes ahead of the official handover in January. He concludes: "Management should not be a dead-end job – every partner should have a continuing client base and change at the top is a good thing."
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