Another big-dollar mandate for Travers as Micro Focus sells software business to EQT

Extending beyond its reputation for outstanding mid-market deal work, Travers Smith has once again put its name to a multibillion-dollar deal as IT company Micro Focus sells its open-source software business SUSE for $2.5bn.

Swedish private equity group EQT Partners is on the other side of the table and turned to US giants Latham & Watkins and Milbank, Tweed, Hadley & McCloy to advise on the acquisition. Continue reading “Another big-dollar mandate for Travers as Micro Focus sells software business to EQT”

Dealwatch: Europe provides rich pickings for City firms and US giants

Michael Immordino
  • White & Case and a group of Italian elite independents advised CVC Capital Partners on the €3bn acquisition of a 52% stake in Italian drug maker Recordati from the family of the company’s founders. The US firm’s Milan office founder Michael Immordino (pictured), London partners Mike Weir, Steven Worthington, Martin Forbes and James Greene were part of the team alongside Milan-based Ferigo Foscari, Leonardo Graffi, Iacopo Canino and Alessandro Nolet. Italian PE firm Gattai Minoli Agostinelli & Partners also acted for CVC with founder Bruno Gattai and partners Gerardo Gabrielli, Nicola Brunetti and Lorenzo Cairo. Pedersoli advised Recordati’s shareholders, led by Carlo Pedersoli.

Continue reading “Dealwatch: Europe provides rich pickings for City firms and US giants”

Freshfields and King & Spalding secure mandates as Equitable Life completes its turnaround with £1.8bn sale

City of London

Equitable Life put pensions at risk when it nearly collapsed in 2000. But 18 years on it has completed its turnaround with Life Company Consolidation Group (LCCG) agreeing to acquire the UK’s oldest life assurer for £1.8bn.

Equitable Life turned to Freshfields Bruckhaus Deringer, which fielded a team led by corporate insurance partner George Swan and included restructuring and insolvency specialists Neil Golding and Craig Montgomery. Continue reading “Freshfields and King & Spalding secure mandates as Equitable Life completes its turnaround with £1.8bn sale”

The new outlook for City leaders – Casinos hitched with a utility

Clifford Chance

Through much of 2018 the talk has been that major City firms have been extraordinarily busy. GDPR, a rebound in transactional activity as deals put on hold by Brexit are pushed through, a robust showing from the global economy…

And this has translated into… not that much. London’s Big Four Magic Circle firms have packed in closely this year, with revenues up between 4% and 6%. True, in contrast to 2016/17, when currency movements flattered subdued underlying results, this year they have performed modestly better than the headline numbers suggest. But for those whose memories stretch to the 1990s through to 2008, when ‘really busy’ meant routinely sticking 10% to 15% like-for-like on the top line, this remains a very different environment. Continue reading “The new outlook for City leaders – Casinos hitched with a utility”

Law firm IPOs still don’t make much sense (but soon could)

London Stock Exchange Finance

‘Who would possibly invest in a law firm?’ asks one leader this month, reflecting a common view. Yet the current vogue for floating law firms suggests momentum is indeed building, more than a decade after the introduction of the Legal Services Act. In recent weeks, DWF has turned heads with talk of a £1bn float this year. While the price – not officially attributed to the firm – looks fanciful, even a standard £400m-£600m valuation would be by some way the largest legal float yet seen. The last 12 months have seen a series of offerings, with Knights in June raising £50m and others recently braving the market, including Rosenblatt, Gordon Dadds and Keystone Law. And while larger commercial law firms publicly play down the prospects of raising outside capital, there is no doubt it is now getting more active consideration.

Yet for institutional lawyers, the basic tension in attracting outside shareholders remains. Large law firms generate plenty of capital and have the advantage of an owner/manager structure that closely aligns to the business’ needs and interests. It has never been that clear how the very different incentives of outside investors can be aligned with partners, beyond giving a payout to older partners, a poor outcome for the business as a going concern. Law firms are built on ‘elevator assets’, partners bred to expect huge autonomy make a lousy bet for outside shareholders. Continue reading “Law firm IPOs still don’t make much sense (but soon could)”

The Last Word: The Big Long

Gideon Moore

From Trump and Brexit to debt and tech, we ask Global 100 leaders for their assessment of a turbulent 12 months

Trouble ahead

‘Confidence is pretty high, but there are some significant challenges ahead. The growth of tech is going to have a transformational impact, which is going to increase in velocity over the next year or two. At some point we are due for a recession. It is going to happen soon and Trump’s trade war could provoke it.’
Peter Martyr, global chief executive, Norton Rose Fulbright Continue reading “The Last Word: The Big Long”

Comment: A new Global 100 elite emerges as the old ones decline

In the summer of 2017 the world’s top law firms were looking at their next financial year with scant optimism given a turbulent geopolitical backdrop and uncertain economic headwinds. As it turned out, driven by a robust global economy, bullish investors and a re-born enthusiasm for cross-border transactions, the 2017/18 season proved kinder than forecast, equating to one of the stronger years seen by the Global 100 since the banking crisis recast the industry.

Assisted by consolidation, the 100 drove their collective top line up $6bn to reach $104.4bn. US-centric firms heavy on marquee transactions and private capital made the best showing – it was a relatively subdued 12 months in the vast US disputes market, hitting firms overly exposed to it. Continue reading “Comment: A new Global 100 elite emerges as the old ones decline”

Lucky seven: Stevens & Bolton reveals seventh year of growth and posts record partner profits

car following road sign to global britain

Continuing its consistently impressive organic growth, South East heavyweight Stevens & Bolton has posted a 9% hike in turnover to a new high of £26.8m, as the firm maintains its climb up the Legal Business 100.

Profit per equity partner, meanwhile, also hit a record high in 2017/18, increasing by 25% from £330,000 to £411,000. The results mean the Guildford-based firm has secured consecutive growth for the last seven years, with heightened activity in corporate, employment and pensions all contributing. Continue reading “Lucky seven: Stevens & Bolton reveals seventh year of growth and posts record partner profits”

Disputes round-up: Vannin Capital hires Fountain Court’s Martenstyn as managing director as Stewarts makes litigation tech play

In a further indication of the growing prominence of litigation funders, Vannin Capital has turned to Bar stalwart Paul Martenstyn for its new managing director as Burford Capital announces a robust 17% increase in income.

Elsewhere, Stewarts has struck a partnership with tech start-up Solomonic, while the Supreme Court has ‘with reluctance’ dismissed the appeal of a wife who wants to divorce her husband in the Owens v Owens case. Continue reading “Disputes round-up: Vannin Capital hires Fountain Court’s Martenstyn as managing director as Stewarts makes litigation tech play”

Foreign investment in Israel

Israel has been, and continues to be, a highly desired market for foreigners to invest in. 2017 saw total Israeli exit transactions of approximately $23 billion, including Mobileye for $15.3bn. Though this is down in terms of volume, it is up in terms of value. This is perhaps an indicator that the Israeli market is maturing and that Israeli entrepreneurs are now more able and willing to grow their companies to the point of significant market share, or past an IPO, prior to exit, as opposed to historical trends of those entrepreneurs looking for a quick exit. Continue reading “Foreign investment in Israel”

NRF loses veteran litigator Eastwood to Mayer Brown in further exit as Reed Smith scoops Pinsents’ Middle East head

Mayer Brown

Mayer Brown and Reed Smith are continuing their recent expansion trajectories, this time at the expenses of Norton Rose Fulbright (NRF)’s London base and Pinsent Masons’ Middle East operations.

NRF saw the exit of one of its most senior London partners as veteran litigator Sam Eastwood headed for the door after three decades to join Mayer Brown. Continue reading “NRF loses veteran litigator Eastwood to Mayer Brown in further exit as Reed Smith scoops Pinsents’ Middle East head”

Deal watch: HFW acts for Greek government on major state sell-off while US firms score heavyweight mandates

In a deal of major national significance, Holman Fenwick Willan (HFW) and Clifford Chance (CC) have advised the Greek state on the €535m privatisation of its gas network. Meanwhile US leaders  Kirkland & Ellis, Weil Gotshal & Manges and Jones Day have also acted on substantial buyouts recently.

The sale of the natural gas transmission system operator, DESFA, is part of Greece’s wider strategy of disposing assets to reduce the country’s debt following the financial crisis. The deal implies a total equity value for DESFA of €810m. Continue reading “Deal watch: HFW acts for Greek government on major state sell-off while US firms score heavyweight mandates”

#MeToo: MPs slam ‘utterly shameful’ inaction on sexual harassment amid calls for an overhaul of NDAs

Harvey Weinstein

A parliamentary select committee has blasted employers and regulators for failing to tackle sexual harassment in the workplace and has called for a clamp-down on the use of non-disclosure agreements (NDAs).

The report by the Women and Equalities Committee on sexual harassment in the workplace published today (25 July) is the culmination of an enquiry launched by MPs in the wake of the #MeToo movement that saw the legal profession’s handling of these situations thrust into the spotlight. Continue reading “#MeToo: MPs slam ‘utterly shameful’ inaction on sexual harassment amid calls for an overhaul of NDAs”

Foreword: Barry Wolf

At Weil, we consider ourselves strategic business partners with our clients – you, the general counsel of large public companies, complex financial institutions and sophisticated private equity firms. In my 35 years practicing and running the firm at Weil, I have seen how tremendously the role of general counsel has evolved and expanded over the past four decades. The legal head of a large organization has always borne the heavy burden of ensuring excellence across their legal departments, management and oversight of all risk mitigation systems, and the development and enforcement of quality corporate governance protocols. But today, we are seeing the fusing of all these responsibilities with the business operations and over-arching corporate strategy. Senior lawyers are expected to be providing business judgement as well as legal judgement.

As a result, I’ve seen the role that we play, as outside counsel to our clients, also shift in that time. As we heard from the in-house lawyers who contributed to this report, there is now an interconnectedness of all business, strategic and legal issues. We carefully analyze legal issues for our clients, but we do not stop there. We supply commercial and business judgement, to help them answer that key question: ‘What should I do here?’ This makes for a dynamic time to be a lawyer, whether you are in-house or outside counsel.

I’ve also felt, more and more in recent years, that the legal leaders in organizations are expected to be responsible and responsive corporate citizens – far beyond the walls of their organization. We have always embraced that at our law firm, but now employees want their leaders to have an active voice on global issues that are impacting their lives – whether in or outside of the workplace. Again, this provides in-house legal teams and corporate management with a real opportunity to engage in a dialogue with their employees and address important cultural and social issues. It can forge and strengthen the bonds of loyalty so vital to an organization’s success.

There will always be new and changing developments to the practice of law and the issues facing in-house teams. What will never change is the need for bright, driven, collegial, diverse and adaptive lawyers to fill these roles. As the world and businesses grow more complex, the in-house leaders, including those profiled in these pages, will have the opportunity to be business as well as legal strategists. It’s exciting times, and I congratulate all of the dynamic and diverse GCs featured in this issue.

Barry Wolf Executive Partner Weil, Gotshal & Manges LLP

Tony West, Chief Legal Officer, Uber

I was one of these people who actually did not have a burning desire to become a lawyer. I was much more interested in public service, politics and policy, and I decided that I needed to go to law school so that I could have a marketable skill if a career in public service didn’t work out. But I discovered, to my surprise, that I really enjoyed the law.

I spent the first part of my legal career as a federal prosecutor. After I left that, I ended up spending several years at a law firm where I learned civil litigation. But I always harbored my love for public service and so when President Obama asked me to join his administration, it was a great honor and a privilege to go back to the Justice Department, first as the head of the Civil Division (which is the largest litigating division at the DOJ, with 1,000 lawyers) and then eventually as the third most senior official in the Department.

When I was coming to the close of my time at the DOJ, I knew a few things. I did not intend to remain in the administration to the very end, and I didn’t necessarily want to go back to a law firm. When you’re the Associate Attorney General of the United States, that’s sort of like being the general counsel of the Justice Department. There’s a set of skills and talents which are transferable to being the GC of a large company.

It’s always helpful to have the perspective of the regulators and to understand what they are trying to accomplish. I think oftentimes we find ourselves operating in stereotypes – if you’re in the public sector you have stereotypes of what you think people in the private sector are like, and vice versa. The experience of being on both sides of that line helped me to appreciate that there’s actually a lot of common ground and a real opportunity for people to reach resolutions that are mutually acceptable, but also to work together in a very collaborative way.

The other thing that was helpful was the experience of managing a large organization with many competing interests and, of course, one filled with lawyers. Being able to figure out how I could be most effective in that environment was extremely helpful when I became the general counsel of PepsiCo. And it’s extremely helpful to me now.

The learning curve at PepsiCo was steep, because I had never been in-house before. I had never been a business partner before. That made it critical that I immediately learned the business as best I could – and that’s exactly what I did. I got very granular, talking to business leaders and business colleagues throughout the company.

You are forging the law, you are on the cutting edge of creating a legal framework for the gig economy.

There’s no substitute for really learning the business, because your value as a lawyer to your business colleagues is enhanced when you really understand the problems they’re dealing with from their point of view. I think it helps you to come up with more creative solutions, and it helps you to give them advice that is actionable and useful.

That’s exactly what I’m doing at Uber – spending a lot of time with my team, the business teams, and spending a lot of time in the field, in markets like Latin America, which is currently our fastest growing market.

The greatest thing about Uber is that this is a company that is like no other. It offers a job or an economic opportunity to more people around the world than any other company on the planet. That is an amazing reach. This business model is so robust, it is so widespread, it has its reach in so many corners of the world, that you become very aware of the public trust that you have – because so many people rely on your platform to either move themselves or their loved ones from A to B and so many people rely on this platform for economic opportunity. So many cities are increasingly relying on the data we have on our platform to help them make better planning decisions so they can become more sustainable places for their citizens to live and work. To be a part of that, to be an engine for that, and to be able to advise on the development of that is extraordinarily exciting.

The other thing that’s really extraordinary about this place if you’re a lawyer, is that you work on issues which, if they get themselves into the court system, almost inevitably become issues of first impression. It means you are forging the law, you are on the cutting edge of creating a legal framework for the gig economy – and for a lawyer, that is an incredibly exciting environment to work in.

One of the things that being at a company like Uber forces you to do is to look at the existing paradigm, the existing legal framework, and then think very creatively and innovatively about ways in which you can address the basic values that that framework is trying to protect and do it in a way that actually fits the reality of how people live and work.

For instance, something that’s at the heart of our business model is the independent contractor model – the question of whether Uber is an employer of drivers or whether those drivers are independent contractors. We’re all operating within a framework that was constructed for very good reason over a century ago, and the question – can we preserve the values that framework is seeking to protect, creating a safety net for individuals when they change jobs or decide to move to a work environment that allows them to value their time and their freedom and liberty and flexibility? – can’t be a false choice between flexibility and having an array of benefits or a safety net that will help people retire with dignity, that will protect them when they get sick. Being a part of really pushing that conversation and creating a new legal paradigm that fits today’s reality and today’s economy – being a lawyer at Uber gives you the opportunity to play a very significant role in that.

You have to think of yourself as a counselor and partner who can provide legal advice.

One of the things I’m most proud of here at Uber is that we were able to resolve what was our biggest private litigation, the Waymo case, so quickly. I think the fact that we were able to resolve that and the way we were able to do it not only demonstrates that we’re serious about turning the page on the way things operated and that we are serious about striking a new tone, but I think it also creates a path to greater collaboration and co-operation with a company that, just a month ago, was a big adversary.

One of the things I’m most proud of at PepsiCo is that we were able to really enhance our position as an ethical business leader while I was there. I’m excited about bringing some of the innovations and approaches that we developed when it comes to compliance, ethical leadership and integrity in the way that we do business from PepsiCo to Uber.

The other thing I’m proud about at PepsiCo is the work we did to enhance diversity in the legal profession. We were able to create incredibly diverse legal teams, because we know that when we bring diverse voices around the decision-making table we can make better business decisions, and I look forward to doing that here.

Particularly in technology companies, like this one, where there’s a premium placed on innovation and on speed, the general counsel role is extremely important. I always focus on the ‘counsel’ part. You cannot come to this role and think of yourself as a lawyer. You have to think of yourself as a counselor and partner who can provide legal advice – but also general counsel to your business partner on legal, business, policy and reputational issues.

I don’t think Dara [Khosrowshahi, CEO at Uber] has ever asked me what’s the law on this, or what’s the law on that. He needs to know my judgement and my approach – and that will be informed by my legal judgement, but what he’s looking for is counsel. That is really what I want all of my lawyers in the legal department to begin to think of themselves as – they are business partners who need to give sound counsel to their business colleagues – and if someone is interested in this role, that’s what they have to prepare themselves to do.

Tom Johnson, General Counsel, Federal Communications Commission

I have always been attracted to public service. A number of my colleagues from my time at Gibson Dunn had gone on to serve as solicitors general in state attorneys general’s offices. Those offices provide unparalleled opportunities, such as the chance to argue appeals and challenge areas in which the federal government has exceeded its powers and placed onerous regulatory requirements on the state. So I was very grateful to have been offered the opportunity to work in the West Virginia solicitor general’s office.

In 2017, I became the general counsel of the FCC. I’m primarily responsible for two components – reviewing Commission rules and orders to ensure they are legally sustainable, and defending those actions in court. I also oversee units that deal with fraud and bankruptcy issues, as well as various internal issues like employment matters. In West Virginia, I supervised four or five attorneys at any given time. Now, I oversee a team of more than 70 lawyers, so I’ve had to focus a lot more on learning how best to allocate my time, how best to delegate, and who are the best people to delegate various issues to.

I came into this position with very much a generalist understanding of administrative law and appellate law. And while I had done some communications work in the past, I definitely rely on staff to brief me on particular areas that require a lot of technical or substantive expertise. But one benefit of bringing a generalist perspective is that I’m in a good place to understand what sorts of questions and issues a judge might have and how they will approach reviewing a particular Commission action, and to ensure that what we’re doing is likely to be upheld in court.

I think the first few weeks in the role were probably the most challenging – you really inherit a whole world when you come into a federal agency, and so the early days are occupied with learning new names, learning people’s responsibilities, and learning the various practices and processes at the agency. Once you’ve had some time to reflect on that, then you can start to think constructively about what’s working, what’s not working, what you’d like to change and what you’d like to improve.

Along with one of the new deputies that came in with me, I spent a lot of our early weeks scheduling meetings, both with different team leaders from the office of the general counsel, as well as with our stakeholders in the agency. That meant they could put a face to a name and we could show that we could learn about what they were doing and also how we could improve the relationships between the office of the general counsel and other offices within the agency. We have tried to create an open door policy so that folks who have pressing issues can come to us directly. That’s the way in which we tried to immerse and integrate ourselves early on.

We have tried to create an open door policy so that folks with pressing issues can come to us directly.

Oftentimes, the perception of a general counsel, whether it be in a federal agency or in the private sector, is of someone who has the unfortunate responsibility to say no a lot of the time, and that person takes on a reputation for impeding progress within an organization. I think that a GC certainly needs to be aware of the legal prohibitions, and there may be times when they need to say no, but that person should also think of themselves as a facilitator, to help further the agency’s mission consistent with the law. In the gray areas, the general counsel needs to be clear in articulating what the various legal risks are, but to also help the organization achieve its objectives.

Unlike in the private sector, we don’t have the option of using outside counsel to represent us for particularly challenging or time-intensive matters. That’s part of the challenge, but it’s also part of what makes the job exciting. At the FCC, we have our own in-house litigation division, so that’s different from some agencies, who rely exclusively on the Department of Justice to handle the cases that end up winding their way to court. It allows us to be more holistic in how we approach legal problems, evaluating at the outset whether the rules or the orders that we’re adopting are easily sustainable – with one eye towards what sort of arguments we can make if they are challenged in court.

Another consideration is that attorneys in private practice divide their time amongst multiple clients, but when you work for the government, your client is ultimately the people. This means there’s much more focus on how the positions you’re taking will serve the public interest as a whole – not only in the case in front of you, but also long after you’ve left office.

One benefit of being in a management position working for the state is that it allowed me to be a lot more entrepreneurial. The attorney general was very receptive to attorneys coming up with ideas of how best to further the state’s interest, even if that meant initiating a law suit in federal court to challenge federal rules as unlawful. Because we had a lot of authority and ability to think of creative solutions, there was also a lot of trying to stay on top of legal and political developments in the news and trying to ascertain how we could best further the agenda of helping the people of the state when the federal government passed a rule that could adversely affect their interests.

Another thing a general counsel in federal government can do is focus on institutional issues that will affect the agency – not only in your time – but also in the future. There are some perennial issues that agencies encounter, like: how do we fund our programs and activities, how do we manage documents and data collection preservation? While these are not issues that take up a majority of my time, they are mission critical, so they are opportunities to think through how to set processes and procedures in place that will be consistent with both our legal obligations but also introduce efficiencies into the organization so that future people who come into my position will benefit.

Looking ahead, the increasing complexity of the modern administrative state will mean that general counsel are going to need to be much more interdisciplinary and also conscious of what their counterparts are doing in other agencies. There are a lot of areas where agencies share jurisdiction, where jurisdictions overlap, where consultation is required by law, or where review is necessary before action can be taken. So it’s increasingly important for general counsel to know what those requirements are, who to call at other agencies to get things done, and who the different stakeholders in the process are.

General counsel are going to need to be much more interdisciplinary.

I also think that keeping on top of technological developments is going to be important. The tools that lawyers are using to do their work are constantly evolving, and the role that social media is playing in government messaging is evolving. And in the private sector, with respect to a lot of the entities we regulate, oftentimes the law may not evolve quickly enough to catch up with technological change. These factors are going to present challenges for lawyers to exercise good judgement in determining how existing laws apply to new technological developments and unforeseen situations. The answer in a lot of these cases will be for the federal government to get out of the way of competition and technological developments that are occurring.

There are two pieces of advice that I would like to give other attorneys.

The first is to be flexible in your career path and open to taking risks when a new opportunity comes your way that excites you. I would never have believed it if you had told me a few years ago that I would be deputy solicitor general of West Virginia, and then general counsel of the FCC, but those opportunities have been both a really enjoyable and rewarding experience, and I would encourage other lawyers to do the same.

The second is that it’s really important to cultivate a reputation for integrity and excellence among your peers starting in law school, because those are the people who one day are going to be in a position to speak to your character and your qualifications if the right opportunity comes along.

Stacy Cozad, General Counsel, Spirit AeroSystems

I think there are a lot of lawyers who have a vision of their career when they first start out, but I was not one of them. I didn’t have a plan to become a general counsel, for example. I simply had the good fortune of meeting the right people at the right time and being open to new challenges. My career path has been about the people that I’ve met who have been my advocates and promoters along the way.

I started my career clerking for a judge who is now the US Senate Majority Whip, John Cornyn. He was someone who really valued his staff’s views and insights, and I wanted to be a courtroom lawyer in front of judges who respected me like the judge I worked for did.

But as I said, my path has been about the people I’ve met along the way. It was for its people that I chose to go to Southwest Airlines to be head of litigation. Southwest is an airline that was founded by a lawyer (Herb Kelleher) who made it his mission to ‘democratize the skies’ in the US – to make it possible for everybody to be able to fly. I was fortunate to have been a part of that for over nine years.

The opportunity at Spirit AeroSystems arose, and again it was due to a prior relationship – somebody I worked for in the past recommended me for the job. Spirit was an opportunity to go from an airline to an air structures manufacturer, getting to be a part of a global business with operations in the UK, France and Malaysia, as well as multiple places in the US.

To come to the general counsel role was a big leap for me, and I was fortunate that in the past I had had a very diverse litigation practice that included, for example, corporate governance issues. Also, in private practice, I had worked as part of the defence team for CEO Kenneth Lay in the Enron litigation in the US, which was, of course, a huge changer of basic corporate governance tenets. At Southwest Airlines, I also got to do a lot of regulatory oversight, corporate investigations and the integration of another airline. All of those things were very helpful for prepping me for being GC, at least in terms of the legal role.

The best advice I could have given myself is that I don’t have to learn everything today.

But the biggest leap was the business, and going from an airline, which is essentially customer service, to aerospace and defence manufacturing. That was an enormous learning curve, and remains so. I read everything I could get my hands on before I got here about the industry. There were people within Spirit who I reached out to, to learn what we do and how we do it – for example, taking tours of our manufacturing facilities, walking through the plant floor to see what we make and talking to the people who make these aircraft structures, and also spending time digging in with our corporate controller to learn the very different financial and accounting aspects of a manufacturing business versus an airline.

At the time, the best advice I could have given myself is that I don’t have to learn everything today. In the first few months I was here, I felt that I needed to know everything right away and, in all of the work that I did trying to learn as much as I could, I neglected myself. Have a plan for all the learning that you need to do, but make sure you are making time to sleep. Taking the job meant moving my whole family to a new city. I have children, and I did not sufficiently take into account what that transition would be like for us on a personal level. So I think you have to learn that you don’t have to know it all on the first day. Have your plan and make sure you take care of yourself in the process.

The things that I find most rewarding really centre around people that I’ve had the privilege to lead who have gone on to do tremendous things in their careers or try new challenges. I’ve been most proud of the teams that I’ve put together and the smart people on those teams. On the flip side of that, the most challenging moments have been ‘people moments’ – learning how to adapt and work with people who don’t operate with the same core principles and values as I do. It’s really tough to stand on an island alone, but sometimes you have to do it. At Spirit, we’ve just begun the journey of shifting our culture and our values, so those most challenging moments are learning that not everybody yet has bought into those core values and principles, and having to learn how to influence people to get on board.

Fortunately, the single most valuable thing that contributed to my view of leadership was the leadership program that I went through at Southwest Airlines. I was actually the first lawyer to go through it, and it taught me the importance of having a core set of principles and values and instilling them in people across your business, so that everybody is operating from the same set of guidelines in making their business decisions. I think that’s no different from understanding your company’s risk appetite or strategy – if you don’t know what those things are, you don’t know the framework for the decisions that you need to make.

There are non-traditional legal service providers that you can couple with a law firm.

Since I’ve been here, I have expanded my leadership to our compliance team, I have taken on our global contracts team, and I will be taking on the information security team – the chief information security officer we’ve just hired will report to me. As you see the general counsel role expanding to really influence business strategy, I think it will also expand to have more leadership of some of these non-legal areas because of the interconnectedness of them. Most businesses will benefit from a general counsel who has some oversight and an intimate involvement with all those other foundational elements of the business.

There are other things throughout my career that helped prepare me for my job at Spirit. I had stepped into my role at Southwest Airlines at a time when e-discovery was just coming into effect, and so I was able to be pretty innovative in the leadership there in getting us to a sophisticated state in our litigation practice. Coming to Spirit, I would say I’m bringing innovation, but it’s not new things; all of the things that I did at Southwest I’m bringing here now. Spirit just hadn’t had the opportunity or the need to get current in the same way.

For example, I have started doing something that’s pretty common in our industry, but wasn’t common at Spirit, which is unbundling the legal services. We’re not hiring law firms for every aspect of a litigation matter or due diligence, for instance, because there are non-traditional legal service providers that you can couple with a law firm, which are a lot more cost-effective. We’re bringing in things like technology-assisted review and artificial intelligence, which started in e-discovery and now we’re expanding over into revamping our contracts management. If you can use tools like AI to help you gather more information about your state of compliance and contracts management, then you’re going to equip your lawyers to deliver much more efficient and practical legal advice.

I think this represents a broader trend. I’m surprised we still have as many very large law firms as we have. At Spirit, we do hire large multinational law firms, but I am personally a fan of smaller practices that I think deliver better value for the client, depending on the matter. There are times when you need a firm with a global presence, but I continue to believe that we’re going to see more boutique-style law firms that really understand their clients’ need for practical advice that furthers their business goal. And I really think we’re going to see more service providers in this area where we’ve unbundled various things. There are companies that are not law firms, but which have lawyers you can use on a project basis with your law firm partners on matters – sort of an ‘à la carte’ menu where you can piece together what you need. More law firms will, I hope, start to see the benefit of partnering with those non-traditional service providers.