'We feel like we're winning market share' - Bakers' London managing partner on his first term
Paul Rawlinson on brand, Belfast and his ambitious goal of being referred to in the same breath as the magic circle
December 03, 2015 at 06:05 AM
4 minute read
"I'd like to see us referred to in the same breath as the magic circle by the end of the three years." That was the vision Paul Rawlinson, managing partner of Baker & McKenzie's London office, laid out to Legal Week in 2013 when he stepped into his current role.
With seven months left of his term, ending July 2016, does he think the firm has achieved that goal and what's next for the international firm in London?
Speaking last week and reviewing that aim, Rawlinson stops short of declaring that he has met his target. He says: "There's definitely a strengthening of Bakers' brand recognition that puts us in the same ranking and means that we are increasingly recognised as a main player in the London market.
"Our increased representation on bank panels, our FTSE 100 clients; these are all signs that the strategy has worked."
In 2014 the firm scored a lead role on the £1.35bn financing deal for London's iconic Battersea Power Station. Bakers advised the banking syndicate together with Singapore-based member firm Wong & Leow.
If we can get on board the right number of partners through organic and lateral growth in the key areas, we'll have been very successful
Earlier this year, a London-based team advised on aspects of US data centre business Equinix's £2.35bn acquisition of rival TelecityGroup.
Rawlinson's strategy is now to continue to grow the London office's headcount, particularly within its corporate, corporate tax and disputes practices. This week, the firm appointed James Thompson and Joanna Hewitt (pictured) as partners in the London corporate practice. Rawlinson says: "We feel if we can get on board the right number of partners through organic and lateral growth in the key areas, we'll have been very successful."
Thompson joins the firm from Linklaters where he was a managing associate in its City corporate practice, while Hewitt re-joins the firm from Olswang's corporate practice where she was a senior associate, having started her career as a trainee at Bakers.
Rawlinson adds that Bakers also has "imminent lateral partner hires coming up, as well as on-going organic growth within the office".
Prior to Rawlinson beginning his term, the total headcount for the London office stood at 680. The headcount is now over 800.
As well as headcount growth, Rawlinson's other big priority is ensuring the firm's London office can compete in an increasingly sophisticated and demanding market.
In the firm's 2013-14 financial year, which ran from 1 July 2013 to 30 June 2014, the London office generated revenue of £133m. In 2014-15 that rose 5% to unaudited revenue of £140m.
He believes the office has kept up with clients' demands for efficient, cost-effective services, arguing: "Although the market is increasingly competitive, we feel like we're winning market share."
Clients want global or at least regional solutions – we have global capabilities
He adds that Bakers extensive international network gives its London office – the firm's largest worldwide – an edge over its City competitors. "There's the increasing relevance of being able to deliver genuine cross border work, which we do. Clients want global or at least regional solutions – we have global capabilities," he says.
Bakers added to its legal services capabilities when it opened a second alternative legal services centre in Belfast last summer and Rawlinson is palpably excited by the progress of the Belfast offering.
"Belfast is hugely successful – the client reaction to it has been hugely positive and exceeded our expectations. We are delivering services in a cost effective way and clients are impressed by the price point and delivery of service," he says.
He says the Belfast centre is helping the London office on some "quite big investigations work".
Though nearing the end of his three year tenure Rawlinson declines to say whether he we will run for London managing partner again and is still clearly very much focused on the job in hand.
Realistically, Bakers has some way to go before it is likely to be mentioned in the same breath as the magic circle in London but with significant growth in lawyer headcount, decent financial results and some good client wins the firm looks to be on the right track in the City.
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