If there was any remaining doubt that the lot of the modern general counsel at a major bluechip is a challenging but increasingly well rewarded role, news last month of a controversial bonus round at Barclays should put that to rest.
The bank announced on 20 March that it was awarding nine executives a total of £40.2m in shares, with outgoing group general counsel Mark Harding receiving shares worth over £3.7m.
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Barclays, one of the UK’s largest banks, has started its hunt for a new general counsel (GC) following the retirement of Mark Harding.
Harding’s decision to step down was announced in early February and comes after ten years at the bank. In a statement, the bank’s chief executive Antony Jenkins said that the rationale behind the move was ‘grounded in wanting to do what is best for the bank’.
Barclays is now looking for someone to replace Harding and to head up its group in-house department, which has over 200 lawyers. Because of the seniority of the role, Barclays said the process could take a considerable amount of time, however speculation is already rising over where the bank will find its next recruit.
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Oxymoronic as it sounds, news that Barclays general counsel (GC) Mark Harding is to depart has been received as startling and yet not entirely a surprise. Barclays had been engulfed in a series of escalating controversies in recent years spanning mis-selling, tax advice, and – most damagingly – allegations of rigging institutional interest rates. While there has been no suggestion that Harding or Barclays’ legal team shoulders any blame, incoming chief executive Antony Jenkins has gone out of his way to signal a total break with the culture under predecessor Bob Diamond, who last year stood down as the Libor investigation generated a record fine against the bank.
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With the Financial Services Authority (FSA) issuing a record £300m of total fines in the UK in 2012, up from £65.5m in 2011, litigation teams in the City are predicting a further surge in banking litigation in 2013 thanks to the Libor scandal.
Barclays’ fine of £59.9m in June was dwarfed by UBS’ £160m fine in December. Clifford Chance and Sullivan & Cromwell were brought in to advise Barclays, while Gibson, Dunn & Crutcher advised UBS in both the US and the UK.
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Barclays
Few general counsel attract the levels of respect from fellow in-house lawyers that Mark Harding, group general counsel at Barclays, commands. He was the first chairman of the GC100, which elevated his profile among his in-house counterparts, and he remains active in the organisation. He firmly believes that the in-house community has a duty to work together to reform the relationship between the client and private practice firms.
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Nearly a quarter of UK law firms with revenues over £50m derive more than half of their turnover from overseas, according to a recent survey by Barclays.
Three quarters of firms surveyed by the bank, of which 73% have a presence in more than five countries, pull in more than 10% of their revenues from outside the UK.
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