Ashurst chiefs on back foot after crisis meeting
Geffen, Bromwich forced to explain laterals and junior partner ’logjam’
Simon Bromwich
Ashurst’s senior management was forced to defend its strategy at a tense partnership meeting earlier this month, The Lawyer can reveal.
At the meeting senior partner Charlie Geffen and managing partner Simon Bromwich were obliged to account for the firm’s handling of partner exits, the recruitment of laterals and the perception that there are now fewer promotion opportunities, all of which have led to internal unrest.
It is understood that at least one senior figure approached Geffen in advance of the meeting to encourage him to tackle the issues head-on.
“There’s a lot of disquiet because there’ve been so many laterals,” said one partner, who added that the atmosphere among the partnership had been soured by the departure of several colleagues who were seen as pillars of the firm.
Another Ashurst insider told The Lawyer that the lateral recruits had created “a logjam of junior equity partners” who would find it difficult to move up to full partnership.
Bromwich said the meeting was “not unusual” and he and Geffen felt “it was the right time” to address the partnership. However, many believe the meeting was called to lance the boil of discontent.
“It may have coincided with something already scheduled, but this was a special meeting,” said the insider. “They wouldn’t normally be talking about strategy in this way.
“People are p*ssed off about what’s been going on and at least one partner went to him [Geffen] to tell him he had to talk about the problems.”
Bromwich conceded that these issues were raised at the meeting. “Two of the things we did talk about were communication and what’s happening with laterals,” he confirmed.
Ashurst has made a number of lateral hires in recent months, including those of RBS restructuring head Lee Doyle, Centrica general counsel Peter Roberts and former White & Case partner Dan Hamilton.
Meanwhile, several well-regarded partners, including restructuring chief Nick Angel, finance partner Nick Avery and most recently corporate partner Andrew Edge, have left the firm.
“The sharing atmosphere’s gone,” said another source close to the firm.
“It’s a really unhappy place. No one speaks out, because if you do they’ll just clobber you on income. If you don’t get on with Charlie or Simon you can go up and down [the equity] like it’s snakes and ladders.”
Bromwich said: “Whatever anyone may say about a cultural change, this is still a very different place to most firms.”
Readers' comments (17)
Anonymous | 29-Mar-2010 10:29 am
Looks like Simon has managed to F things up!
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HGR | 29-Mar-2010 10:51 am
In short, a career in law isn't what it was. Like the housing market, unless you had the good fortune to be in the right place at the right time (i.e. before now), the game is now tilted against you and it's likely you'll be working harder tfor longer han your bosses ever did and hold a stronger CV.
Hard times.
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Anonymous | 29-Mar-2010 12:51 pm
'Internal unrest' after the meeting would be one way to describe it perhaps 'resignation city' may be another - Has Ashurst with its 'place to work' banner finally had its day?
Simon is quoted as saying Ashurst is '..still a very different place to most firms' indeed it is if your face fits and like the anonymous comment says if you are in the gang with Simon and Charlie then things can go very well for you, if not then your card is marked...More snakes than ladders though!
Perhaps Simon should have left after his second term?
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Anonymous | 29-Mar-2010 1:01 pm
It's hard to know when all your experience comes from just one firm (as mine does), but is Ashurst any different from anywhere else? And if not, are they just not as good at hiding their divisions as other firms?
It sounds like they're paying the price for the years of selling themselves as the friendly firm.
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Anonymous | 29-Mar-2010 1:37 pm
Ashurst hasn't been "the place to work" for a good many years. Run by what can only be described as the Brown and Darling of the legal world the place needs an urgent change of "leadership" (or some would help). I just hope the partnership do something about it before it's too late.
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James | 29-Mar-2010 2:45 pm
Footnote: for "Anonymous" above read "disgruntled ex-Ashurst partner with a big bloody axe to grind".
So, the worst recession in living memory gives rise to a few partner gripes and Ashurst is in the grip of a "crisis" and "on the back foot"??
Next.
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Anonymous | 29-Mar-2010 4:02 pm
Sadly the quality of the outgoing seems to outweigh the incoming laterals.As well as the names mentioned,Avery,Angel etc what about Japan heavyweight Alan Kitchin warmly welcomed to Clifford Chance?
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Anonymous | 29-Mar-2010 4:25 pm
@ Anonymous 4:02 - of course you're right, which is why so many of Ashurst's former partners have ended up at such 'quality' firms as Stephenson Harwood.
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Anonymous | 30-Mar-2010 1:23 am
@Anonymous 4.25 - Please then explain why "failed" senior associates/counsel from magic circle firms have been recruited as partners, whhile senior associates at Ashurst languish. I don't think these recruits can add any value because they can't bring in any clients. Ashurst seems to be going the way of DLA Piper.
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Anonymous | 30-Mar-2010 11:04 am
It's about time that Ashurst's image of being a friendly firm was exposed as being a complete fiction. I left Ashurst voluntarily with another job to go to as I was completely apalled at the way they treat their staff and it looks like everyone is getting fed up with it. I've worked in a couple of other firms of differing sizes and Ashurst does not benchmark well against them in this respect.
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Anonymous | 30-Mar-2010 4:03 pm
Losing Partners then recruiting Partners - do they actually know what they are doing?!
Or is it strategic cost reduction planning - release the expensive Partners and bring in lots of SAs and make them junior equity partners but not pay much - sounds quite smart really!
What does 'Place to work' actually mean within Ashurst?
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Anonymous | 30-Mar-2010 5:52 pm
I worked in this firm for several years. I am not going to start saying it was all bad because it wasnt, I have left many good memories at Ashurst.
I am so sorry to hear that people like Edge and Avery have left because apart from being excellent lawyers they were also great people.
What I do want to say though is that I could not agree more with one of the comments above "more snakes than ladders..."
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Anonymous | 31-Mar-2010 1:41 am
Agree with Anonymous at 11:04. Last year there were so many redundancies at Ashurst (esp London). Associates were "disappearing" almost daily in the run up to the new financial year but Ashurst pretended that the departures were "performance related". At least other firms had the decency to be honest . Now with the stalwarts like Avery, Kitchin et al gone, one wonders what's left. A crop of MC/US frim senior associates masquerading as partners!
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Anonymous | 31-Mar-2010 11:32 am
Agree with Anonymouses at 11.04 and 1.41. Worked at Ashurts for a short period and didn't like the atmosphere at all. Fine if you're in "the club" - forget it if you're not.
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Anonymous | 1-Apr-2010 9:57 pm
Unfortunately, from somebody who works there, it is true that something needs to be done at the firm. Telling your firm about "tough" decisions before 9:29am when something appears in the press would be a start... Something is rotten in the state of Ashurst
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Anonymous | 2-Apr-2010 2:56 pm
Afraid to say that I am another ex-Ashurst who also left after a year because of the vile people and the profoundly unpleasant atmosphere they were all so keen to cultivate. Working there is like eating liver. And no, I do not have a chip on my shoulder; I am far happier at my current firm where I am paid more.
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Anonymous | 7-Apr-2010 11:42 am
Anonymous | 2-Apr-2010 2:56 pm
I personally like liver.
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