A couple of weeks ago we broke the story that Freehills was considering severing its ER group from the firm. We later
Rumour has it the project may still be active for other, smaller practice groups inside Freehills, with a view to achieving greater efficiencies for other groups.
After receiving a few requests from readers (if you’ve got something you want us to ask the firm about, email us – news@firmspy.com), we sent the following edited email to Freehills:
If the speculation by the AFR is true that changes to Freehills and the
diversity of its offering are still in contemplation, there are probably
a few worried employees at Freehills right now. Certainly it is the case
that we’ve been receiving emails to that effect. “Who is going?” and
“when are they going” are two of questions we’re being asked to
investigate. And we’ve been doing some investigating. The rumours we’re
hearing is that discrete, “self-sufficient” groups are set to be
targeted. That is, groups that could be safely excised from Freehills
without the firm being caught understaffed if M&A or debt capital
markets suddenly pick up (for example).We’re hoping Freehills can offer some sort of comment either dispensing
with the rumours that major changes to the breadth of the firm’s
offering are afoot, or give some sort of implementation timeline for
worried readers. Assuming the firm admits that partnership changes are
still being carefully considered, we also want comment on whether the
firm will be offering any form of compensation to junior lawyers and
graduates caught in the changes and who, having chosen Freehills in
preference to other prestigious top-tier, suddenly find themselves
immured at a boutique firm.
A spokesperson for Freehills said:
It’s sound business practice for any organisation to regularly review its strategy. At Freehills we always seek to ensure we are meeting our client’s needs. However, this does not involve the type of change you have outlined. Our people are central to our success as a firm and we recognise that fostering and developing our talented staff at all levels is important.
Will your group make it through the Freehills leading practices review? What about your ears?
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i think its fair enough for Freehills to shed some of the underperforming practice areas/partners. Too many partners, especially in Sydney, do not sufficiently contribute to the profit pool and are becoming a drag to some of the better performing practice areas. If Freehills’ wants to stay on top, and retain and reward the best performers its essential that this type of review takes place, it is, after all, a partnership for profit and not a social welfare organisation.