It’s not been the ideal launch after the final phase of its high-stakes global merger. Within days of the union between Ashurst and its Australian ally going live on 1 November, the combined firm has seen a run of senior departures and barely concealed dismay in some quarters at the surprise leadership defeat of Charlie Geffen.
Global head of corporate Stephen Lloyd resigned at the start of November, within weeks of Ashurst voting with an overwhelming 97% majority in favour of full financial integration with Australian big six firm Blake Dawson, and shortly after litigator Ben Tidswell won the vote for the firm’s new chairman role.
Lloyd’s resignation was followed by news that corporate partner Eavan Saunders Cole is to leave, although she cited personal reasons for her departure. The move coincided with junior finance partner Nick Benham’s decision to join Davis Polk & Wardwell’s City practice. These exits came after real estate partner Matthew Hooton quit the firm for Simmons & Simmons in late October.
As we examine in detail in our cover feature this month (‘After Charlie’s War’, page 34), the departures come at a time of uncertainty for the 1,800-lawyer firm, which recently placed 120 support roles at risk of redundancy after launching a low-cost Glasgow back office.
To its credit, some of the uncertainty stems from weeks of senior management elections in which Ashurst has attempted to be entirely democratic. In light of Tidswell’s election as chair, the vice-chair role was only open to Ashurst Australia, with former Blake Dawson chair Mary Padbury elected to the role. Each of its four divisions is also co-headed by a partner from each legacy firm.
However, the message from many senior partners is that the Australian merger gives Ashurst a chance to finally position itself on the global stage.
jaishree.kalia@legalease.co.uk