Olswang

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Overview

A relative upstart in the City legal community, Olswang once did much to cultivate its image as a brash and entrepreneurial outfit. That image came from the firm's focus on the media sector, where Olswang swiftly built up a profile for commercial, litigation and intellectual property (IP) work. Having grown rapidly in the 1990s, Olswang expanded its corporate practice to serve its media and technology client base, with the firm making hay in the days of the first dot.com boom before a period of retrenchment and recovery pushed the firm towards maturity.

Still viewed as culturally distinct from many of its rivals, Olswang has effectively broadened into a full-service practice that sits just outside the UK top 30 in revenue terms. Broadly, the firm would now be classed as a mid-tier practice, benchmarked between firms like Taylor Wessing and Bird & Bird on the media/IP side and more corporate-driven outfits such as Travers Smith and SJ Berwin. Having considerably widened its focus in recent years, the question for the firm - which has often sold itself on its unfussy style - is where it goes now that it more closely resembles its City rivals.

History

Founded in March 1981 by Simon Olswang and current senior partner Mark Devereux, Olswang built its reputation around the technology, media and telecoms sectors - at the time an unusual move for a City law firm. Culturally, the firm shared some common ground with SJ Berwin, launched the following year, as both firms made a virtue of their entrepreneurial dash and contrast to the conservatism of the City's legal establishment.

Olswang was to continue its rapid growth until 2000, by which point its profitability had rapidly come to overtake comparable rivals. This period was also notable for the appointment in 1998 of Jonathan Goldstein as the firm's chief executive. Goldstein, an energetic leader who was to go on to become very much the public face of Olswang, hit the headlines initially for his age, being at 31 by far the youngest lawyer to ever lead a top 50 UK law firm. However, Goldstein soon had to cope with the biggest challenge to face the firm as its core TMT market collapsed in 2001 in the dot.com crash.

With the firm's profits slumping, Olswang's response was to diversify its practice, most notably in 2003 with the recruitment of a large property team from disintegrating law firm DJ Freeman, a deal Olswang would follow up in 2005 with the acquisition of real estate boutique Julian Holy Solicitors. Another key move of the period saw the firm secure a formal alliance with national US law firm Greenberg Traurig as a precursor to taking the firm's practice international. Having successfully spread its practice and presided over a considerable revival in profits, Olswang was able to celebrate its 25th anniversary in more confident mood.

The next chapter in the firm's history was to come in January 2007 when Goldstein made a surprise announcement that he was to quit the firm to join a client, sparking a leadership contest. The firm effectively re-shuffled its executive team to appoint head of international strategy David Stewart as its new managing partner. With Olswang sensitive regarding the loss of its high-profile head, the firm has been keen to stress continuity, with long-time chief operating officer (COO) Kevin Munslow stepping up to chief executive while senior partner Devereux was reappointed for another three years. The firm now looks to be committing itself to expansion in earnest, in January securing the launch of a German practice.

Olswang's 2008 partnership round saw 10 associates promoted to partner - the firm's largest batch of new partners to date.

The firm's 2008-09 results showed revenues falling by 4% to £89.2m, while partner profits fell by 34% to £359,700 - although the firm was certainly not alone in this regard after a bruising year for the great majority of law firms.

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Culture

The firm prides itself on its can-do style, which is arguably the thread that ties a fairly broad practice together. However, those expecting Olswang lawyers to actually be 'sexy' due to the media tag could be disappointed, according to one contributor. This is perhaps best illustrated by the firm's failure to keep hold of one of most famous recruits, former Lovells poster boy and media lawyer Alex de Jongh, who quickly decamped from Olswang for his current berth at Bates Wells & Braithwaite.

Cheap jokes aside, rivals will be watching to see if the energetic and commercial style that was typified by Goldstein will remain a hallmark of the firm. Goldstein apart, the firm still has plenty of partners with actual personalities.

Key departments

Olswang's media and entertainment team is still viewed as in a class of its own on the commercial side. The firm also has a highly rated contentious practice. Elsewhere, the firm has a growing corporate team and its property practice has expanded dramatically since the recruitment of the DJ Freeman team.

National/international coverage

The firm has in recent years begun turning its mind towards its international capability in earnest since securing its formal alliance with the Miami-based Greenberg Traurig. So far the firm's own foreign offices are limited to branches in Brussels and a newly-launched Berlin office but more launches are expected.

Key clients

As you would, expect key clients are heavily skewed towards the media sector, including the BBC, Channel 4, M&C Saatchi, UTV, Setanta and Independent News & Media. In corporate, Olswang has acted for US buy-out giant Blackstone and mid-market house Graphite Capital. Major property clients include Minerva, Prestbury and Brixton.

Leading partners

In media, key names include Lisbeth Savill, Jacqueline Hurt, David Zeffman, Mark Devereux and Selina Potter. Private equity head Fabrizio Carpanini has helped give the firm a bit more punch in corporate. Also recently upgraded its IP capability with the hire of highly-rated partner Helen Newman.

Career prospects

Olswang made up a record 10 new partners in 2008, indicating that the opportunities are there for the right candidates.

Salaries

Pays near top City rates. Newly-qualified lawyers get £62,000, stepping up annually to £66,000, £75,000 and £81,000. Olswang's lawyers with four years' PQE will earn at least £85,000 while base salary at five years' PQE has risen from £88,000 to £89,000.

(Can we get some details on the bonus? - Wiki Ed.)

Recruitment

Work-life balance

Not as bad as some larger City firms. Recently introduced a scheme to allow all of its staff to take sabbaticals.

Diversity

Regarded as much more progressive than the average City firm. If you are a female lawyer looking for role models you couldn't find a better place as Olswang arguably has more rainmaking/influential female partners, pound-for-pound, than any other large City firm.

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