As reported by The Lawyer (3 August), the sector approach mimics the investment banking industry model and is seen as a tool to expand the firm’s client base and knowledge in key areas.
All partners have been asked by the management committee to each sign up to one sector group. The sectors encompass consumer goods and retail; communications media and technology; energy; healthcare; industrials; leisure; private equity; real estate; sovereign wealth funds; transport; banking and finance insurance; and investment management.
Corporate head Matthew Layton said: “We’re anticipating that all associates will see sectors as part of their developmental path.”
However, different sector groups may require earlier specialisation. One Clifford Chance source commented: “We’re trying to make it fluid, but associates working in groups around regulated industries such as banking or insurance will grow up with an ingrained knowledge that will make it harder to move groups.”