In 1980 I went from doing conveyancing in Manchester to international finance at Coward Chance (CC). The banking practice at that time had around five partners and we were left to our own devices. I got to spend a lot of time with clients, one of which was Citibank, where I went on secondment in 1984 – there were no in-house teams at that time so I was the only lawyer there. At that time, Chase Manhattan Bank was one of Allen & Overy (A&O)’s key clients. I remember going back to my senior partner at CC and saying I thought we could get a lot of work from Chase, and I was told not to bother. But I gave it a go and, eventually, they became one of CC’s biggest clients.
I made partner in 1986, at 29. That was still young, even for that time. I was partner there for eight years and then I realised that there was more to life. In 1995, I resigned and went off travelling, which was unheard of. They thought I was mad. The firm’s announcement said I had gone to find myself – I wasn’t sure what I was going to find! I stopped off in St Kitts in January 1995 for a carnival and it was there that I found my wife-to-be, Janaki – who was a lawyer at Linklaters at the time.
Banking law is quite routine, so to be really successful you have to have a combination of personality and attention to detail. I spot typographical errors in newspapers – we are weird like that in terms of our attention to detail. I always think the best lawyers are people who should have never been lawyers, because a lot of people who enter the profession enjoy law and that tends to be a particular type of person. The best lawyers are able to work long hours, under intense pressure, on stuff that is at times not that interesting, but still able to retain a bit of personality.
Getting the work in is the most satisfying aspect of my job. You spend two to three years building the relationship and there is a real sense of satisfaction when a plan comes together. When News International got into financial difficulties, we did the restructuring at Clifford Chance and it was a fascinating deal – it was complex and involved lending under various credit structures in numerous jurisdictions – it was great fun. Working with Ernst & Young on the administration of Kaupthing at Freshfields Bruckhaus Deringer, I saw a bank deconstructed – everything it had done in the last ten years – and, professionally, this was very satisfying. Telling an oligarch his yacht was not going to be finished anytime soon was interesting. At Ropes & Gray, the Virgin Media deal for Liberty Global has been a highlight – for an office of our size to do six distinct financings to support the merger over three weeks was very gratifying.
Lack of client loyalty can be dispiriting. The banks were very panel driven and all tended to use the same firms. When I left CC and went to Weil, Gotshal & Manges, clients found it hard to follow me to a non-panel firm and that was a little hard to take. The City used to be a club and I think that was bad. At Freshfields, we would refer work to CC or A&O rather than give it to an American firm. But now we are hearing that clients are increasingly wanting the lawyer and not the firm. The personal touch is coming back and banks are moving away from panels. They are finding that using the same firms is not creating the competition they need to get the best service.
When I joined Freshfields, people would congratulate me on rejoining polite society – so there is a certain snob value in the UK market. To be part of an established name is really important here. I am not driven by brand names – that’s really important in London, but it’s not my thing.
‘I always think the best lawyers are people who should have never been lawyers.’
Knowing what I know now, I wouldn’t have joined Freshfields. Our timing was bad and Mike [Goetz, now Ropes & Gray London co-managing partner] and I soon realised it was not going to work out. But I was very lucky that Ropes & Gray came along, otherwise I could have reached a low point at Freshfields. But no more moving now – this will be my last home.
Would parents still advise their children to go into law? I’m not sure. When I came in you knew you could make partner. I don’t think lawyers have that as a necessary goal now. These days people see law as a means of gaining skills. Some will stay in the law, but the social contract between the firm and lawyers is very different.
We have 20 different nationalities at the firm. London has changed a lot in that respect. I was at this talk about diversity once and the speaker said: ‘I am looking at a sea of white, male faces. Just imagine if 80% of the people here were black women, how would you feel?’ Actually the irony was I was able to say to the speaker: ‘I do know how it feels, I have a black wife and three mixed race daughters and it sucks!’ I am joking of course.
There needs to be more opportunity for women. The number of women in partnership is still very low. The whole partnership structure is flawed. Everything is driven by profits. Why should people have to make partnership or leave? It doesn’t make sense.
I am always threatening to retire, but my eldest daughter says: ‘Daddy’s never going to retire, he loves it too much!’ You have to be full on to be successful and it is difficult to achieve any balance. Having children necessarily does force you to make more time for your family. It is difficult to say no to my daughters (and my wife!).
Career wisdom? The great thing about our job is that nobody dies – we just lose money.
Maurice Allen is co-managing partner of the London office at Ropes & Gray