find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Hunt & Hunt headhunts MDP strays

Hunt & Hunt headhunts MDP strays

WHATEVER fears there may be over audit independence, Hunt & Hunt appears to be collecting the loose ends of former PwC Legal and Ernst & Young Law partners, and weaving them into a tight…

WHATEVER fears there may be over audit independence, Hunt & Hunt appears to be collecting the loose ends of former PwC Legal and Ernst & Young Law partners, and weaving them into a tight partnership.

Now that KPMG Legal has taken its final breath, some former MDP employees who are safe in their new roles at Hunt & Hunt, say that, for their practices at least, the MDP model was not going to work.

Hunt & Hunt’s acquisition of six partners and 40 staff from PwC Legal’s insurance and workers compensation practice sent shock waves through the multi-disciplinary practices (MDPs) and added strength to rumours that, post Sarbanes-Oxley, the Big Four accounting firms would have to close their legal arms.

In the last month, Hunt & Hunt’s new partners came predominantly from PwC Legal. Partners Michael Bowyer, Chris Brierley, Julian McGrath, Bruce McLean, Philip Purcell and Andrew Spearritt all specialise in insurance law, and all were formerly of PwC Legal.

As well, partner Peter Faludi, specialising in banking and finance law, property development and tax sharing agreements, was formerly of Ernst & Young Law, another MDP.

Acknowledging the decision to move the insurance practice to Hunt & Hunt was significantly a reaction to the changing regulatory environment. Philip Purcell, formerly of PwC Legal, said “[the environment] had restricted PwC Legal’s ability to provide legal services to PwC audit clients, particularly in the insurance sector”.

The new position as partner at Hunt & Hunt appears much more satisfactory for Purcell, who said “the firm’s strength in the insurance sector is complimented by our areas of expertise”.

“We believe the synergies between the two practices will enable us to create the leading legal advisory group in Australia,” he said.

The MDP model works for certain areas of legal practice, said Peter Faludi, formerly of Ernst & Young Legal, and new partner at Hunt & Hunt. “But I found that in my areas of practice, being banking and finance and property development, the synergies between the accounting and legal firm were simply not there,” Faludi said.

“As a result, with little appetite for investment in these areas, my ability to grow my practice was limited.”

The MDP model was also not able to offer Faludi what Hunt & Hunt could in marketing resources, he said. Hunt & Hunt’s resources were “solely dedicated to winning legal work and helping partners grow their legal practice and your fellow partners better understand what you do and how they can sell you into their clients.”

Hunt & Hunt as a straight legal firm was thus more appealing to Faludi, who argued that “[the firm’s] strong property group and national presence… will allow me to provide better and more cost effective services to my clients and give me the opportunity to develop existing and new client relationships”.

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

Hunt & Hunt headhunts MDP strays
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
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 & ...