find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
More crystal ball gazing required

More crystal ball gazing required

FORESIGHT MAY not be lacking among Australia’s top-tier law firms, but putting that knowledge to work to the benefit of their clients is not so evident, according to the legal counsel for the…

FORESIGHT MAY not be lacking among Australia’s top-tier law firms, but putting that knowledge to work to the benefit of their clients is not so evident, according to the legal counsel for the Packer family’s private company.

Group general counsel at Consolidated Press Holdings, Craig Carracher, said major private equity houses taking large stakes in iconic companies — including his employers’ main media vehicle, Publishing and Broadcasting Limited — provide one example.

He said law firms were well placed to read the “financial services landscape” and predict that private equity would be involved in a major way in the M&A market and marshal the necessary talent.

“It’s only been in the last 12 to 15 months that there has been a great deal of talk about private equity amongst the law firms,” he said. “But I’ll challenge any of them to actually articulate what this means for the industry and what this means for the law firms.

“If you’re running a business as a business, you have to be able to predict where the talent’s going to be required and if they did predict this, we’re not seeing that in the allocation of their talent.”

Damien Hazard, a private equity specialist at Freehills, who is working on some of the major ongoing investments by big offshore private equity funds in Australian companies, including Kohlberg Kravis Roberts’ (KKR’s) joint venture with the Seven Network, said Carracher’s view is “probably true”.

However, he said Freehills was one firm that had a well organised, central team of lawyers with broad private equity experience.

“We’ve been acting for private equity since its birth in Australia. We’ve got a dedicated private equity team in both Sydney and Melbourne … the senior members of which have been working with the industry for 15 years.”

Other large law firms contacted by Lawyers Weekly said they were well prepared to advise the private equity firms now investing in the Australian market.

Overall, Carracher believes law firms, especially the larger ones, should make it their business to try to predict the regulatory changes ahead and assist their clients to determine what impact that will have on their long-term investment decisions.

“How do we predict the regulatory shifts that might encourage us to invest in one sector over another or encourage us to raise money from one jurisdiction over another?”, he asks.

He believes the moves by private equity on “iconic” brands such as Qantas, for instance, “are likely to change the regulatory landscape”.

“I think the law firms that are best able to comment on that [will do well],” he said.

“Not just comment on it, but to meaningfully talk to the hedge funds, meaningfully talk to the private equity houses and meaningfully talk to industries and say part of the fallout of what we’re experiencing ... is going to be an increased regulatory landscape, and this is what we think that could mean for your industry and this is what we think that could mean for your company.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

More crystal ball gazing required
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...