We reported in August 2009, in a post entitled “DLA Phillips Fox(t)rot; Formal Merger DLA Piper Sought“, that national mid-tier firm DLA Phillips Fox was seeking an early 2010 formal financial integration with DLA Piper.
In the current edition of BRW, incoming DLA Phillips Fox Chief Executive Partner Tony Holland sheds some light on the prospects of a full merger:
After just three weeks in the role, most recently managing partner of DLA Piper’s Dubai office, has been forced to defend the Australian firm’s merger talks with his former firm… Holland said negotiations were going well but stops short of offering a time line for completion. However. a global DLA Piper partner’s conference in May could lead to a more definitive time frame… “All I can say is our relationship with DLA Piper is continuing to strengthen and we’re looking at financial integration as one option,” he said.
How Mr Holland, himself a Banking & Finance partner, hopes to achieve “financial integration” remains unclear however given that, according to the BRW, he
“hasn’t had a chance to get across all of the financials.”
Banking and Finance financial FAIL?
More troubling still is the flock of lawyers and compatriots Holland has apparently brought back to DLA Phillips Fox with him from the troubled Dubai office of DLA Piper. Moreover, as reported by The Lawyer:
Regional [Middle Eastern] finance capability will be led by finance and projects co-head and Nakheel relationship holder Damian McNair, who is currently on secondment with corporate partner Peter Monk to DLA Phillips Fox.
This revelation gave rise to the following comments, written below the post:
Are we sure that McNair and Monk are really seconded to Oz? I reckon they lost their jobs because let’s face it, McNair only had one client (Nakheel) which are not instructing anyone and Monk didn’t have any big name loyal clients
Then this:
DLA Piper Middle East have proven to have had a flawed Middle East strategy. They have made some horrible hiring decisions and now are paying the price! By the way, wati and see…more partners to go. If you look at their regional offices some are still seriously underperforming.
And this:
The great thing about the recession is that the people that only came to Dubai during the end of the boom years or at the beginning of the recession (because they lost their jobs in their home countries) will be got rid of and sent packing. The likes of Monk and McNair never had any real interest in the Gulf and only came to Dubai to get on the band wagon. They were paid far too much for doing next to nothing. They are now back in Oz and will never will return to the Gulf – thank God!
Then this:
Correct me if I’m wrong but Damian McNair is a construction lawyer (whose professional gems include the drafting of Nakheel’s standard form contracts). God knows how he can possibly lead a finance department when he can’t even get his specialism right- but wait – DLA haven’t actually got a finance department!! What a disaster!! Close up shop!!
And then, most discouragingly, this:
The term Aussie Mafia just shows how inept, ill-informed and ignorant some people are. The Aussies were specifically sought out and encouraged to come to the region especially during the boom as most of the people there at the time could not deliver and did not have the necessary skills. Many worked 16 hour days 7 days a week both at DLAs and at Nakheel and many national projects such Palm Jumeirah simply would not have been delivered without them. With attitudes such as these the region will only ever attract D grade talent.
So, if these above commentators are to be believed, Mr Holland jumped on the bandwagon, made horrible hiring decisions and presided over an outfit that has been referred to in Dubai as the “Aussie Mafia”?
It is certainly difficult to see how Tony will convince DLA Piper to consider a full merger with DLAPH, but hey, if the financials are in order, who knows? Has anyone seen the financials, by the way?
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