|
Our view...
A few years ago, FFW was seen as a slightly crusty mid-sized firm. Since then,
it has managed to develop a much sexier image, primarily as a result
of the efforts of practice development partner and head of Media and
Technology Mark Abell. FFW did a lot of internet
work during the boom (although taking shares
in lieu of fees may, with hindsight, have been an expensive mistake).
The
more established departments have also developed well and the firm has
a good spread of prestigious clients. It does ICI's property work,
advised Ofex, the stock market for small companies, on its AIM
flotation, beat 47 other firms to be named sole legal adviser to the
General Social Care Council and recently acted on the Home Office's ID
cards programme. Cricket fans will be interested to hear that FFW also
represented the MCC on its recent decision to declare the Kookaburra
reinforced cricket bat (as used by Ricky Ponting) illegal.
Refreshingly, the firm
admits that it didn't get everything right during the boom - staff had to work hard to cope with the
influx of work, salaries didn't keep pace with the rest of the City
and FFW found it difficult to recruit. Underpaid and overworked
assistants do not make for a happy ship, and the firm accepts that
"salary was a huge concern". However rates were eventually hiked up
(see table on right) and pay is now reasonable, if not fantastic. Staffing is
no longer the problem it was, and we hear that the lawyers generally tend to work pretty decent
hours. Although they still have to operate out of rather cramped
offices (which, to be fair, are nearing the end of a major refurbishment) at the arse end of the City.
After a dip in profits per partner in
2003, FFW has pulled itself up by the boot-straps and has seen profits
increase. PEP hit £390,000 in 2004/2005, and jumped 19% to a very healthy
£466,000 in 2005/2006.
The partnership is young
and diverse - Abell himself was a trucker before venturing into the
law. FFW says that it takes a serious interest in the development of junior
lawyers - there's a pretty comprehensive training scheme
(which you would expect) and many assistants have their own marketing budgets
(which you might not).
Another interesting feature of FFW
is its publicly-stated policy of not pursuing a merger, either transatlantic or at
home. There's no doubt it's a brave strategy for a mid-sized firm - whether
that's down to well-placed confidence in the firm's future or a failure to
recognise the significance of the rapid globalisation of the legal industry we
will leave to your judgement. But FFW is categorical that its expansion
will come from organic growth and targeted lateral hires. Although only 25% of
its partners trained with the firm, which doesn't quite seem to square with
this.
Overall FFW presents a good combination of
decent work, fair hours and a healthy attitude.
Email
your comments |
