Private equity group Apax Partners is set to hire its first global general counsel, joining a growing list of funds employing dedicated in-house lawyers.
The group has appointed recruiters to find candidates, although the position is not being advertised publicly.
It is understood that the post will be based in London and will pay between £250,000 and £300,000, as well as bonuses and a share of ‘the carry’ – the percentage of profit made on a fund that is used to pay executives. Carry is generally expected to run into millions of pounds.
Apax has relationships with a number of City partners at firms, including Ashurst, Kirkland & Ellis, SJ Berwin and Weil Gotshal & Manges. Key advisers include Mark Soundy of Weil, Graham White at Kirkland and Ashurst partners Charlie Geffen and Stephen Lloyd. SJ Berwin has been used for funds work.
Last year private equity fund Bridgepoint hired Travers Smith partner Charles Barter as its general counsel.
Bridgepoint, a key Travers client, had not previously employed an in-house lawyer.
In 2007 private equity giant Kohlberg Kravis Roberts hired Simpson Thacher & Bartlett New York corporate partner David Sorkin as its first general counsel.
Apax declined to comment on the recruitment process.
Shortlist?
Simon Witney at SJ Berwin must be in the running. Too capable to stay at SJ’s forever.
Shortlist
Mark Soundy at Weils is the frontrunner.
Apax
There’s not any reason for them to go to private practice law firms to find the right guy. Apax are just as likely to hire a GC from financial services given how much the role will be taken up with dealing with the FSA.
Simon Witney?
He’s a great lawyer – very well regarded – but he doesn’t do any fee earning does he? Surely they would want someone who actually has some experience at the coal face, as it were. It’s all very well knowing the theory of it all but surely the Apax GC will be involved in the actual deal doing. Wouldn’t someone like Jason Glover at Clifford Chance – who has worked in private equity firms before – be a better bet?
Mind you, Simon is certainly up to speed on all the regualtory type issues so could be exactly what Apax is looking for.
Apax
I vote for Peter Cornell at Terra Firma. He ran Clifford Chance and is a wise head.
Apax package
The package looks low to me. Even with carry, £300k won’t attract top partners in.
did they fill this role?