Kurer has been accused by critics — including former UBS chief executive Luqman Arnold — of lacking the relevant experience to do the job. In a widely published letter
Kurer’s nomination was also openly criticised by a prominent Swiss pension fund, with one trustee on the record as saying “lawyers are advisers and staff people, but not suitable to lead a bank”.
Speaking out against the criticism, Slaughter and May practice partner David Frank told Legal Week: “In general, lawyers are as capable of bringing the relevant skill sets to the table as anyone else. It depends entirely on the individual. While a legal background does not automatically give you the exact skill set required, to say lawyers cannot be directors is just not correct.”
While admitting it is still comparatively uncommon for lawyers to lead large institutions, firms that work with UBS are confident in Kurer’s ability to steer the bank through what is likely to be a difficult time.
One adviser, Baker & McKenzie securitisation and structured finance partner Vincent Keaveny, commented: “The board has to look for the best candidate for the job. This is not a decision they would have made lightly. Lawyers not only bring experience of businesses in a number of situations — good and bad — but also they are used to dealing with people in difficult situations. I would say it is a case of ‘cometh the hour, cometh the man!’”
Criticism was also levelled at the bank for the inference that putting a lawyer to the fore sends out a negative message about the difficulties the bank may be experiencing.
As Simmons & Simmons financial litigation partner Jonathan Kelly summarised: “Lawyers sometimes have a bad press. However, few would deny that they are good men in a storm, and there is no doubt that the world financial markets are in something of a storm.
“Kurer is outstanding in terms of the key attributes you would associate with a senior counsel; of being measured, insightful and a safe pair of hands, but he will undoubtedly also bring a broader business perspective and acumen to the role.”
Editors' Blog: 'Kurer under siege: that's what you're really up against'
