New Taylor Wessing head embraces change
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Taylor Wessing’s new managing partner Tim Eyles has set up a ‘change group’ to look into opportunities arising from the Legal Services Act (LSA).
A five-partner committee will examine the possibility of external investment, which has been made possible for the first time by regulatory changes due to come into force in 2011.
It will also have a broader remit covering the changing legal market, including alternative fee structures, procurement and efficiency measures.
Taylor Wessing is one of the few large firms to be openly receptive to outside investment under the new Alternative Business Structures rules laid out in the LSA.
Eyles, who is leading the committee, said: “There’s potentially great change coming in the legal profession and we have to be forward-thinking.
“We’ve put together a group of partners from some of the key areas of the firm.”
The other members of the change group are financial institutions head Tim Stocks, finance partner Peter Shepherd, IP and contentious partner Niri Shanmuganathan and real estate partner Adam Marks.
Readers' comments (4)
Anonymous | 27-Jul-2009 5:20 pm
The ABS discussion is a big gamble; most of the assumptions underlying this project are not feasible for quality firms. The continental partners are most likely not amused; thus this will destroy the international alliance if the project would see the light of the day...Good luck and SOS
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Suhasini Sakhare | 29-Jul-2009 1:12 pm
Very wise.
Like any new market, the initial deals in ABS would happen on the basis of relationship manegment between interested corporates and law firms.
That said, I wonder if they also intend to implement management changes besides assesing the cost-benefit of potential deals.
The most appealing ABS partners and investers will follow at least part corporate methods of assesing firms. They will look at planning done to ensure compliance, HR and business process readiness post LSA. Not to mention a customer focus.
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herbert | 31-Jul-2009 1:08 am
Interesting to see TW have just announced this, given that LSA has been on the agenda for years. There's nothing like being ahead of the game.
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David | 9-Sep-2009 1:58 pm
Interesting that no operational directors are included in this committee i.e. FD? Surely they are in one of the best positions to contribute to discussions on the future of the firm?
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