KWM global chief to step down as European partners prepare for meeting on firm's finances
Fuller to return to fee earning in Australia next year, kicking off hunt for a new global leader
November 10, 2016 at 03:19 AM
3 minute read
King & Wood Mallesons global managing partner Stuart Fuller is to step down by the end of the year, prompting a rapid hunt for a successor.
The global firm confirmed the decision in a statement today, with news of Fuller's move coming as partners in the troubled European business gear up for a meeting later today in relation to the firm's stalled recapitalisation plans.
The new European leadership team – Europe, UK and Middle East (EUME) managing partner Tim Bednall and senior partner Michael Cziesla – went to China last week to discuss financial support options from the other parts of the Swiss verein after stalling recapitalisation plans amid a flood of high profile exits.
Fuller, who has been at the firm's helm since the merger of King & Wood and Australia's Mallesons in 2012, will remain as a partner of KWM and intends to return to full-time practice in Sydney in early 2017.
His decision to step down is not directly related to the current European turmoil.
In a statement, Fuller said: "After over a decade in leadership roles in Australia and almost five years as global managing partner, I believe it's the right time for a change for me, my family and the firm.
"I want to thank the partners, lawyers and staff of the global firm for their hard work and support and for the honour of serving as their global managing partner. I am proud of the global firm that we have built over that time and our achievements over that period, and continue to be excited by the firm's enormous potential."
Wang Junfeng, global chairman of KWM, said: "KWM thanks Stuart for his commitment, drive and contribution to our global firm over the past five years. The central role he played in the historic combination between King & Wood and Mallesons in 2012 and with SJ Berwin in 2013 is among his many achievements. We wish Stuart well for his continued success at KWM."
Following a partner restructuring announced earlier this year, KWM Europe has seen a number of senior partners head for the door and last month saw four of its highest billing London partners – UK investments funds head Michael Halford, private equity partner Jonathan Pittal, corporate partner Andrew Wingfield and former managing partner Rob Day – hand in their notice. The quartet are understood to have been bringing in around £9m in annual billings.
The departures prompted the firm to halt its recapitalisation programme, which was was intended to bolster the EUME business – which has debts of £35m – by bringing in more than £14m via a partner capital call.
Management has been looking at additional financial support from the Australian and China arms of the verein, as well as whether European partners will need to contribute additional capital to support the business in the wake of the exits. Measures would probably need to be taken to prevent further exits destabilising the business.
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