Culture: Somewhere over the rainbow or are we already home?
A FEW WEEKS AGO, I was writing about corporate culture whilst thinking about the Wizard of Oz, this was inspired by the news there may be a remake ...
The Mid-Tier firms on the East Coast acquired far more of their new Partners externally and from a variety of fields. While attracting from rival Mid-Tier firms was the dominant source, new Partners acquired from the Big 4, Boutique Firms and Commerce & Industry. Interestingly the number of new Partners was evenly spread between Sydney, Melbourne and Brisbane.
Further turbulence was experienced across the Mid-Tier market in 2014, resulting in an increased number of new partners, the majority coming by way of lateral hire (63%). As previously mentioned it was interesting to see the variety of backgrounds new Partners came from, as well as an increased number of new Partners moving from Big 4 firms.
Below are details of Partners hired laterally by the Mid-Tier firms on the East Coast:
Tax Partner Neil Billyard joined the Sydney Practice from KPMG’s Corporate Tax practice
Forensics Partner Andrew Morgan joined the firms Melbourne practice from boutique firm Stopline
Indirect Tax Partner Lisa Rafter joined the firms Brisbane practice from a rival Big 4 firm
Business Services Partner Steve Fornasaro joined from Pitcher Partners
Internal Audit Partner Robin Rajadhyaksha joined from EY
Audit Partner David Munday joined from EY
Corporate Finance Partner Stuart Price joined from REAA Group
Corporate Finance Partner John Dowell joined from Snowball Group
Corporate Finance Partner Nina Forbes joined from boutique firm Whittaker McNaught
Internal Audit Partner Robyn Cooper joined from KPMG where she was a Director
Tax Partner Dominic Moon joined from law firm Cleary Hoare Solicitors
Indirect Tax Partner Sukvinder Heyer joined the firms Melbourne practice from KPMG where she was a Director
Management Consulting Partner Nick Bailey joined the firms Sydney practice from Talent Inteligence
Business Services Partner Raelene Berryman transferred from Moore Stephens Western Sydney office
Tax Partner Clive Bird joined from Grant Thornton
Tax Partner Andy Briggs joined from Crowe Horwath
Tax Partner Samantha Morris joined from Crowe Horwath
Internal Audit Partner Craig Geddes joined from boutique firm Oakton
Cyber Risk Partner Jean-Marie Abi-Ghanem joined from Deloitte
Corporate Finance Partner Tony Schiavello joined from KPMG where he was a Director
Audit Partner Steven Coates joined from BDO
Vanessa De Waal joined from Crowe Horwath
Corporate Finance Partner Brent Goldman joined from Hall Chadwick
Audit Partner Martin Olde joined from Crowe Horwath
Tax Partner Paul Glover joined from EY’s Corporate Tax practice
Corporate Finance Partner Mark Calvetti joined from Crowe Horwath
Insolvency Partner Brendan Copeland joined from FTI
Business Services Partner Adam Field joined from being the CFO of Reed Group
New Partners were spread quite evenly across the traditional Mid-Tier services of Tax, Audit, Business Services. In a growing trend across Mid-Tier firms as they look to expand and differentiate themselves, Advisory Services of Corporate Finance, Management Consulting and Forensics were areas of heavy investmnet in the mid-tier with 25% of new Partner numbers. Interestingly, of these new Advisory Partners, 77% were hired laterally. This highlights that the capacity and skill doesn’t exist within the Mid-Tier firms, and they are having to target talent within the Big 4 and boutique firms that have established skills and relationships in this niche areas.
Mid-Tier firms have also looked at acquisitions to increase size and revenue. In a common theme across the Mid-Tier firms a lot of these acquisitions have been adding to existing practice disciplines, rather than attracting boutique firms to add new service lines. Below is a summary of acquisitions over the 2014 Financial Year:
William Buck acquired 5 Partner Melbourne firm Bell Partners
Pitcher Partners acquired 6 Partner Hunter based firm Farrow Wyatt
Bentleys acquired 2 Partner Sydney based firm Sellingers
Dalchristie and Titan Partners merged to form a 5 Partner firm in Sydney. All of the Partners are ex-Crowe Horwath Partners from Sydney
Walker Wayland had St Kilda based 2 Partner firm Bennett Group join their network