Editors' Blog

Olswang loses golden boy

Posted 5/02/2007 by John Malpas

 How much do you know about Mark Devereux? Or Kevin Munslow? Well, if you’re not too familiar with this duo yet, you are likely to become more acquainted with them in the ensuing weeks.

Back in 1981, Devereux co-founded Olswang with one Simon Olswang. He has been senior partner since 1988, and works closely with Munslow, the chief operating officer, to help form one of the most established and successful management teams in the UK Top 50.

But of course this team has a third member, a lawyer who has become arguably even more associated with the firm than Simon Olswang. That man is, of course, Jonathan Goldstein. But he won’t be around for much longer. As Legal Week reports today, Goldstein will quit the firm in April to pursue an entirely new career as managing director of one of the firm’s property clients, Heron International.

A little less than a year ago, Legal Week marked Olswang’s 25th anniversary with a report on its evolution from brash, pushy media/technology start-up to joining “the front ranks of the City’s increasingly confident brand of mid-tier firms”. At the time the firm could boast one of the most settled management teams of any top 50 practice. And given the youth of the main architect of the firm’s strategic development – Goldstein is still only 40 – there was no reason to suppose this happy circumstance would change any time soon.

But it seems that Goldstein’s ambitions stretch beyond steering Olswang into a comfortable maturity that is more likely than not to culminate with a merger with the firm’s alliance partner Greenberg Traurig. While Devereux and Munslow are understandably playing down the significance of the move, there is no denying that it heralds a potentially awkward period for the firm.

First, because its transformation from start-up to mature business is by no means complete. Second, and more importantly, because Goldstein has become such a dominant figure within the firm. And third, because there is little evidence of any attempt by the firm to prepare for Goldstein’s departure with a defined succession plan.

All of which suggests that the firm has been caught somewhat on the hop by this announcement and that we should take Goldstein’s departure at face value. Having served as chief executive for nine years, he was presented with an opportunity to develop his career in a different direction that he felt unable to refuse.

Having successfully survived the departure of its main founder – a potential crisis-point for any practice – the firm now finds itself in a similar predicament. This was not surely part of the plan when Goldstein took over from Olswang