Herbert Smith overhauls financial team with two new roles

  • Print
  • Comments (2)

Readers' comments (2)

  • An interesting time for the newly-merged HSF from a financial perspective.

    Freehills is an Australian business. It has 800+ lawyers of whom 190+ are partners. With only one, small overseas office, 99.5% of its lawyers are based in Australia.

    Therefore, although presumably some fee income is generated outside Australia and is denominated in other currencies, the recent fall in the Australian dollar (10% in the past six weeks alone) in light of weak commodity prices and declining consumer confidence has got to be a huge worry.

    Did the legacy HS partners, who voted for the merger, understand that they "bought" a very Australian business at the very top of the market? Would they dream of having such a sizeable single country overweight in their own investment portfolios?

    Unsuitable or offensive? Report this comment

  • "Buying Australia" is a proxy for exposure to China and the Asia-Pacific.
    You have to really ask whether or not exposure to a rapidly growing economic powerhouse makes sense.

    1. My take is that it makes perfect sense in the long term*.

    2. Whether it makes sense in the medium term, as far as cash flow, inter-group politics, reputational effects, staff attrition, talent outflow and varying standards of corporate governance is another question.

    *"But this long run is a misleading guide to current affairs. In the long run we are all dead. " A Tract on Monetary Reform

    Unsuitable or offensive? Report this comment

Have your say

Mandatory Required Fields


Comments that are in breach or potential breach of our terms and conditions in particular clause 8, may not be published or, if published, may subsequently be taken down. In addition we may remove any comment where a complaint is made in respect of it. These actions are at our sole discretion.

  • Print
  • Comments (2)