UK Top 50 2016-17: Eversheds Sutherland's Lee Ranson on long-sought mergers and tech priorities
Eversheds Sutherland co-CEO Lee Ranson discusses the firm's February transatlantic merger, investment priorities and the firm's performance last year
September 21, 2017 at 06:27 AM
4 minute read
For this year's UK Top 50, Legal Week has spoken to law firm leaders across the market for their take on the key trends from 2016-17, as well as their plans for the year ahead. In this Q&A, Eversheds Sutherland co-CEO Lee Ranson discusses the firm's long-sought transatlantic merger and the growing importance of technology.
What was 2016-17 like for Eversheds? "The performance of the business was good, we had 8% growth and we achieved the US tie up that we had looked at for a long time – that was a seminal moment for the firm."
How is the current year going? "Activity remains strong but, being completely open, there is a feeling that the macro conditions could bite – Brexit remains the big unknown, and how that plays out is uncertain."
What are the investment priorities for Eversheds Sutherland? "We continue to see opportunities for growth, the challenges are which ones we take. We haven't got unlimited funds to invest so it's important that we make the right decisions. One thing that is growing and looming in importance is how law firms use technology. How they invest in tech and what difference it makes to how legal services are provided – it's still playing out, but it's accelerating."
How much impact did exchange rate changes have on your results last year? "Currency fluctuations are put forward as the reason some firms had a good year, but the reality is that those firms had a good year because they are making money in their international operations - and that is the result of a strategic decision to have an international business."
Which firms do you think are best placed in today's market? "There has been some rhetoric around globalisation going backwards, but I am not sure we are really seeing that, and the results don't back that up. Businesses servicing clients in numerous jurisdictions, including traditional areas and the newer markets, are tending to fare better.
"Those organisations that have good, strong international businesses are faring well, but the profession is benefiting from an influx of inbound investment, notwithstanding Brexit. The revaluation has meant people still see the UK market as one that can provide value; and not just in other industries, but also in the law – we're seeing US law firms investing more in the legal sector here, which is both a threat and an opportunity."
You've finally found your US merger partner after a long hunt - do you think others will follow? "The sector will continue to consolidate – part of that is driven by the economies of scale that come from mergers, and part of it comes from the fast-forwarding of strategies to grow business in other markets. Part of it also comes from creating organisations with the economic wherewithal to make investments in things like technology that will set them apart. There is little doubt that trend will continue."
What impact are geopolitical and macroeconomic factors having on the firm's performance? "The macroeconomic climate is difficult generally. I don't think anyone can say it is detrimental to Western Europe but not America or Asia though, because there are issues in virtually every area of the world. You just need to carefully manage your exposure."
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