The Times Online Q&A: Meet the Boss, James Partridge, Thomson Snell & Passmore
01/02/2010
By James Partridge. Featured in The Times Online.
Questions:
- What's your take on the firm's performance?
I am enormously proud of the way in which our people have tackled the challenges, including some personal disappointments, mostly with a smile on their face. Given the markets in which we operate, we have done well over the last year. Having a diverse range of work has served us well and enabled us to keep the ship largely intact.
- What is the outlook over the next year? Are you expecting to grow? Which areas are causing the greatest headaches?
Uncertain. We are expecting to grow in some areas, not in others. Many of our business clients are hugely frustrated that the credit crunch and recession is holding back their ambitions. So are we. There are some shrewd early movers but there is going to be an almighty rush to get transactions done when the dam bursts.
- Can law firms recapture the profit growth they have been used to in the past decade?
Yes, some more than others. Profits are likely to be harder won for many firms and those vulnerable to competition from "new entrants" will find it very difficult, unless they change the way they operate.
- Where do you see your firm in five to ten years? What are the biggest challenges you'll face?
Still around but looking quite different to today. We are just at the start of looking again at the shape of five years or beyond, so I don't want to pre-empt the debate. The biggest challenge will probably be getting the best out of everyone in the firm. If we can, they will beat the other challenges. (I know that this is not an original observation)
- On the whole, do you think law firms are well-managed? Would they be better run if they recruited more non-lawyers as executives?
Yes, most of the firms I know well seem to me to be pretty well managed and, like us, most of them already have non-lawyers in senior posts. It is also true that many small firms provide decent service but are not well managed businesses. We have debated whether having non-lawyer business managers in each department would be helpful. I think it would bring benefits, particularly in helping to drive the changes to the way we operate.
- What's the hardest decision you've had to make as managing/senior partner?
Having to ask loyal members of staff to leave.
- Which person outside the legal sector do you most admire?
General Sir David Richards, now Chief of the General Staff of the Army (and, no, I am not expecting promotion).
- If you could hire one lawyer from a competitor who would it be and why?
Are you trying to get me blackballed from the dining club? We have really capable people that are committed to leading this firm into a successful future. If a similarly capable lawyer shared our values that would be good too.
- Are City lawyers overpaid?
Some individuals must be. However, I know many senior ones who are hugely able, work very hard and who carry big responsibilities for their clients. There would be an awful mess without them. I do not think they are overpaid. Too many more junior lawyers seem to me to do very routine work in a drilled and doctrinaire way and I think they are overpaid for that.