A tale of three cities: heavyweight partners do battle as Pinsents set for first management election in 16 years
When Pinsent Mason's incumbent managing partner David Ryan finally stands down after 16 years at the helm in April, his successor will have big shoes to fill.
November 23, 2014 at 07:18 PM
4 minute read
When Pinsent Mason's incumbent managing partner David Ryan (pictured) finally stands down after 16 years at the helm in April, his successor will have big shoes to fill.
A three way race for the job kicked off earlier this month, featuring head of property Adrian Barlow, head of banking and restructuring John Cleland and head of client operations Richard Masters.
Glasgow-based Masters served two terms as managing partner at legacy McGrigors, before its 2012 merger with Pinsents. But sources familiar with the firm say that, despite his management experience, he may still have a tough time getting elected by the wider partnership.
One former partner goes as far as to say it would be "almost impossible" for him to win the vote. "The merger wasn't necessarily one of equals," adds the partner. "I doubt he will hold enough sway with the legacy Pinsents guys."
Counting in Masters' favour, however, is his highly commendable record of guiding McGrigors through the financial crisis. He oversaw mergers with West End litigation practice Reid Minty in 2008 and Belfast's L'Estrange & Brett in 2009, eventually posting a 16% increase in revenue by the 2009-10 financial year when many of McGrigors peers were struggling.
Masters is also understood to have been one of the key architects behind the launch of Pinsents' successful contract lawyer service Vario. His reputation as a strong public speaker and presenter should stand him in good stead as the three candidates tour the firm's offices ahead of polling.
With roughly a third of Pinsents partners based in its Crown Place office in London, Barlow, who also works from the capital, has the edge in that he is close to the greatest number of voters. His property group also has a large headcount, numbering around 270 lawyers, compared to Cleland's banking and finance team, which is one of three that sit within the firm's financial institutions and human capital group and which have a combined headcount of around 200.
Based in Leeds, Cleland may have the ear of fewer partners, but arguably will be able to count on the support of a greater proportion of those he works with most directly.
Sources point to Cleland's toughness as an "effective task master" and a hard worker, even if he may need to work on staying personable in order to be successful in the leadership campaign.
"Not necessarily picking a candidate from London is a good thing for the firm," says one former partner. "Adrian [Barlow] has had more of a profile for a longer time, but property is not a very exciting background for a managing partner at the end of the day."
Fortunately for Cleland, the remit of the senior partner at Pinsents, since Richard Foley took on the role in October, is more outward facing than at some firms, leaving the new managing partner to deal with the nuts and bolts of service delivery.
That focus may mean the partnership is eager to pick the candidate it sees as having the most astute technical skills as opposed to the highest external profile or branding nous.
"Richard [Masters] is very smooth, but I'm not sure how strong his practice and vision is," says one source. "The firm needs to be more profitable. That will be the central platform….John [Cleland] would be strong enough, he would take an axe to any waste."
Sources identify the need to boost PEP as a key priority for the new management team, whoever may form it. While reporting a 4.5% increase in turnover to £323m last financial year, PEP is only a hair above £400,000, the third lowest among the highest ranked 20 firms in Legal Week's UK top 50.
The outcome of the vote is expected to be announced before Christmas and it seems that no candidate can yet be called the favourite.
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