Helping an International Firm establish a TMT capability in London
Background:
- We acted for an international firm which, following a major strategic review, wanted to create a new Technology sector as one of the four key areas of strategic focus within the firm.
Strategy:
- There was some fluidity and flexibility as to how the new practice could be constituted. After discussions with the client, Fox Rodney took a broad approach, mapping the following markets:
- TMT (broadly defined to include IT, outsourcing and media)
- IP Litigation
- Client synergies were identified in the market maps.
- Holistic approach to market map was adopted, with one document being produced, utilising colour coding to differentiate between partners with specific practice areas, including those with a financial services focus.
- Focus was on finding a leader to build and drive the practice across Europe.
Challenges:
- The firm had no reputation in the wider TMT space in Europe or the US.
- More specifically, due to lack of presence in Europe, the brand did not prove attractive to candidates in certain areas such as IP litigation.
- Firm could not compete financially with the magic circle and certain US firms.
Outcome:
- Completed the search with the placement of a leading TMT team from major competitor firm. This team was identified extremely early on in the search as a key target.
- Firm’s strategic emphasis on TMT and its willingness to allow the team to shape the practice were key factors in ensuring successful closure, in the face of competing offers.