Helping an International Firm establish a TMT capability in London
We acted for an international firm which, following a major strategic review, wanted to create a new Technology sector as one of the four key areas of strategic focus within the firm.
There was some fluidity and flexibility as to how the new practice could be constituted. After discussions with the client, Fox Rodney took a broad approach, mapping the following markets:
TMT (broadly defined to include IT, outsourcing and media)
Client synergies were identified in the market maps.
Holistic approach to market map was adopted, with one document being produced, utilising colour coding to differentiate between partners with specific practice areas, including those with a financial services focus.
Focus was on finding a leader to build and drive the practice across Europe.
The firm had no reputation in the wider TMT space in Europe or the US.
More specifically, due to lack of presence in Europe, the brand did not prove attractive to candidates in certain areas such as IP litigation.
Firm could not compete financially with the magic circle and certain US firms.
Completed the search with the placement of a leading TMT team from major competitor firm. This team was identified extremely early on in the search as a key target.
Firm’s strategic emphasis on TMT and its willingness to allow the team to shape the practice were key factors in ensuring successful closure, in the face of competing offers.
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