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.
Barclays has typically hired from private practice as Harding himself joined the bank in 2003 from Clifford Chance (CC), while deputy group GC Michael Shaw joined from Herbert Smith in 2009. Other in-house lawyers to join the bank include global GC for the bank’s corporate and investment banking arm, Judith Shepherd, who joined from Gibson, Dunn & Crutcher in 2006 and in 2011 Erica Handling was appointed as EMEA GC at Barclays Capital from Ashurst.
‘They will need someone with a strong market reputation and credibility.’
Tony Williams, Jomati Consultants
But the market is divided over whether Jenkins will recruit internally or externally.
‘Back in Bob Diamond’s day, Barclays’ methodology was to pick an up and coming partner to run it. It’ll be interesting with this particular hire, as they need someone with a bit more of an understanding of crisis management and the pressures of the banking world, than someone from a law firm,’ said Matt Simmons, head of banking and finance at recruitment agency Laurence Simons.
In light of the bank’s recent appointment of former Financial Services Authority (FSA) chief executive Hector Sants, some partners point to the FSA as a good source for recruits. ‘They have obviously made that [Sants] choice because they want to get the regulator’s seal of approval,’ said Simmons.
The move would follow that of rival Lloyds Banking Group, which hired former FSA GC Andrew Whittaker at the end of last year to head up its legal function.
Other names in the running are CC senior partner Malcolm Sweeting and Stuart Popham QC, who is now vice-chairman of EMEA banking at Citigroup.
Tony Williams, head of Jomati Consultants, said: ‘If they adopt an outsider route, they will need someone with a strong market reputation and market credibility so that they can give a clear “fresh start” message. To take an outsider, it will probably be a Magic Circle-type partner, with a strong reputation.’