One of the biggest mysteries of the UK legal industry since the wipe-out of 2008/09 is whatever happened at Addleshaw Goddard. The firm had a fine pedigree, the best partnership in the North West, a client-base to die for and a credible City merger under its belt in 2003 when it hooked up with Theodore Goddard.
Rivals often point to the lack of an international practice as holding the firm back but there are plenty of firms in its weight class that have performed strongly since 2009 with relatively lean international networks or none at all, among them Macfarlanes, RPC, Stephenson Harwood, Mishcon de Reya and Travers Smith.
The other often cited culprit is identity – Addleshaws doesn’t exactly have the clearest market position given its full-service offering, but so what? Differentiation is an oversold virtue that is dragged up when firms are struggling. Plenty do well with broad service coverage. Being successful is differentiation. A little focus in a few calling card practice areas usually helps – and the argument made years ago that Addleshaws should have pushed its dispute practice more prominently to stand out had some merit – but it only goes so far.
As best as can be gleaned the firm’s problems had more to do with management and culture. The pairing of senior partner Monica Burch and managing partner Paul Devitt was too democratic and consensual to supply the discipline and direction the firm needed in tough times. This issue was accentuated at Addleshaws as it has long had a reputation for having a partnership culture short on entrepreneurial drive. At the best of times Addleshaws needed leadership that could concentrate minds and set achievable goals – when it was pretty far from the best of times, that became a serious liability.
Joyce comes across as a credible figure and that goes a long way in law firm leadership.
Given that context – the straight-talking style of new managing partner John Joyce cannot have come sooner. It’s not that Joyce has ushered in a better playbook – it’s pretty much the same playbook and one that in some regards looks a little optimistic – it’s that so far Joyce looks more convincing in implementing it and putting the firm’s aspirations in terms that resonate with partners (the firm could, however, still strive a little harder to bring plain English to its endeavours – its laudable efforts to re-imagine its business have been smothered in incomprehensible jargon). Quite simply Joyce comes across as a credible figure and that goes a long way in law firm leadership.
A period of better trading and the goodwill towards Joyce is certainly welcome because Addleshaws simply can’t continue on the trajectory it has been in recent years without being seriously diminished in status. There was much talk of a restless group of partners early last year considering their options – there is only so long that its best lawyers will stick with an institution forever promising to do better. This opportunity must be grasped and grasped firmly before it passes.
alex.novarese@legalease.co.uk