Aggressive regulators creating legal demand, says new law firm leader
Global law firm Jones Day’s new Australian partner-in-charge, Chris Lovrien, says the increasing attention on big business from politicians and regulators is creating opportunities for law firms in an otherwise uncertain legal market.
“It seems like populist politicians can get elected by talking about how they are going to get tough on big companies and financial institutions. That’s going to create needs for our clients,” Mr Lovrien said on Tuesday during a visit to Australia.
New Jones Day Australian managing partner Chris Lovrien says regulators are increasingly active in Australia and overseas. Louise Kennerley
In an unusual move, the Californian trial lawyer will manage the Australian arm of the firm from Los Angeles, while maintaining his American practice. “This is a night job for me. I’m still doing my day job practising law in the US,” he said.
Jones Day is one of the world’s largest law firms, with more than 800 equity partners and 2300 lawyers. The Australian arm is comparatively small, with 30 local partners, but has acted for big ASX-listed clients Westpac and Transurban, and made a number of prominent lateral partner hires from top-tier Australian firms.
Mr Lovrien said he was heading into the role with “real ambitions” to expand Jones Day’s presence in Australia. “It’s a market that our US and European clients are focused on … It’s a great market for lawyers.”
Regulators ‘pushing the envelope’
Mr Lovrien said the firm’s biggest money spinner was its disputes and litigation practice, driven by increasingly active regulators around the world.
Australian regulators were seen as particularly aggressive. “It doesn’t escape notice, even for people who aren’t in Australia, how active and muscular they are,” he said.
“The ACCC, the Tax Office and ASIC are, in a lot of ways, pushing the envelope on the enforcement side of issues, in particular getting out in front of issues related to ESG and transfer pricing in the international tax world.
“I’m seeing more active regulators in a lot of places around the world, but we certainly see that here.”
Mr Lovrien takes up the Australian position after five years as partner-in-charge of Jones Day’s five Californian offices.
The firm has previously employed remote partners-in-charge in European offices, but never in Australia, which Mr Lovrien acknowledged “is a long way away from other places”.
However, the LA-based partner said the firm’s interconnected single global partnership, and regular trips across the Pacific, would ensure “we can bridge that gap pretty easily”.
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