Editors' Blog

A disarming new head to lead Slaughters

Posted 17/01/2008 by Deal Comment

There has been no shortage of praise for Slaughter and May’s newly-elected senior partner, Chris Saul, this afternoon, following the announcement he is to replace Tim Clark at the helm of the magic circle firm.

The compliments centre both on his people skills and excellent technical abilities. One partner at a rival firm jokes that although partners will be pleased because of his charm and charisma, Slaughters’ associates will be relieved that he is leaving fee earning as his restless energy makes him such a pain to work with. One rival magic circle head agrees Saul is “as mad as a hatter” when it comes to fee earning. He meant it as a compliment.

This doesn’t mean his appointment was a shoo-in. As London’s top M&A shop, the firm had several higher-profile corporate lawyers in the frame whom many would have seen as senior partner material. Among them are Nigel Boardman and Charles Randall, though it currently appears that neither were seriously interested in the role. Two others M&A lawyers tipped by Slaughters-watchers to have been more interested are Stephen Cooke and Frances Murphy (the firm declined to comment on claims that the pair stood against Saul in the election).

Many would argue that Saul’s profile is lower in M&A circles than the four partners named above, despite his heading Slaughters’ corporate practice since 2004. But that is in keeping with Slaughters’ style. Despite its well-earned reputation as an individualistic partnership, the firm in recent years has opted not to appoint its most forthright heavyweights to ambassadorial or operational roles. This was famously demonstrated by the 2001 appointment of the faultlessly diplomatic Clark in a two-way election against the robust Michael Pescod, even though the latter was at the time viewed by many as London’s best M&A lawyer.

As a more natural consensus candidate, Saul is more able to form agreement across the firm. One senior partner at a magic circle rival admiringly cites Saul’s “disarming” style, adding: “He doesn’t batter you like others do.”

And Saul will need to work those people-skills to keep the partnership united on the big issues.

Under Clark’s tenure, Slaughters has maintained its reputation for unmatched quality and few would seriously dispute that the firm remains London’s best M&A practice. But shifts in legal and M&A markets have not been kind to its model, as more corporate and securities work has gone cross-border.

It is not clear that the firm’s response of further buffing up its best-friends network is really fit for purpose. In recent years the firm has also closed its New York and Singapore branches, as well as merging its Paris operation with French ally Bredin Prat, further underlining its domestic focus. Slaughters must also recognise that cross-border work confers profile and prestige, those hard-to-define but essential qualities for all top-tier law firms that want to attract the best junior lawyers.

As such, plotting the firm’s future course will need much attention. The appointment of the firm’s practice partner, who will act as Saul’s right hand man – essentially a managing partner role, which is currently held by the retiring David Frank – is likely to be very important in this regard. It is telling that the firm has opted to make this appointment elected - rather than appointed, as it was in the past.

paul.hodkinson@legalweek.com