CYPG Update

Merger of Hewitsons with HCR

It was a rite of passage for any Hewitsons’ Managing Partner (I took on the role in 2014) that partnership business strategy discussions lead to considering merger options. Firms chat all the time about tie ups, but most don’t get far. The origin of Hewitsons was a combination of Cambridge and Northampton practices, so mergers were a known path to us.

The legal business today is just so transformed from when I started out nearly 30 years ago. The expectations of juniors are much greater, and why should they not be; good lawyers have plenty of other firms to pick from. There is a critical need to be able to invest sufficiently in IT, training, premises and on building relationships with clients. My fellow partners and I loved Hewitsons, but we knew we needed greater substance, to be better placed to provide the best possible environment to recruit and retain the quality talent needed. Merger is not the only answer to these needs, but it can be, if played right.

Successful mergers are about more than getting the financial model right. It’s also important that the cultures fit. Hewitsons’ culture was of providing high quality, partner led services, and having great respect for our people and an absolute focus on our clients. We knew we would need to find a good match to carry that on.

If you get the choice in these matters get yourself into the right shape, be very defined as to your strategy, and be the party which takes the initiative. We identified HCR – a growing and successful firm with a similar outlook on life. Although bigger than Hewitsons, culturally we connected with HCR’s ‘Passion for People’ values. It was a busy time for sure but while keeping the firm ticking on during the 2020 Covid-19 period, with a great deal of commitment on both sides we completed the deal in 6 months to create an 800 strong firm stretching from Cambridge in the East over to Cardiff and with bases in Birmingham and the City of London.

n LESSON 5 Strong locations such as Cambridge can sustain a broad tier of solicitor practices. But firms need to be continuously looking ahead, planning for how to be attractive to the next generation beyond the partnership group, recognising what our ever more demanding clients will want. If that cannot be catered for by organic growth, merger can work.

And now what for you?

I knew that once I had finished messing around with management it would be time to get back to fee earning and paying the mortgage. I am pleased to say that I have not forgotten how to be a good solicitor. With an office move over to Station Road, a year into the merger to create HCR Hewitsons I am delighted to see the opportunities we wanted out of the merger for each and every member of Hewitsons have been provided in spades.

Above all, we haven’t lost clients. We worked hard to deliver the merger to our long standing practice, to introduce them to a wider range of specialists and ultimately the two firms are not wholly dissimilar.

We have the same fundamentally important values - respect your people, ensure diversity, support for juniors and a need for continuous quality support and education.

Ultimately, both firms – now one firm - just love doing the best possible job for our clients. Cannot fault that business ethos.

CYPG UPDATE

Melissa Barker PR Manager, Cambridgeshire Young Professionals Division

We are delighted to confirm the Charity Ball will take place on Saturday, 3 September 2022 at Murray Edwards so put the date in your diary and retrieve your dusty black tie attire or, even better, use the excuse to buy something new, in anticipation of enjoying an evening once more with old friends, colleagues, contacts and making new ones.

Thirsty Thursdays continue to be popular events and the next one will be on 14th July. If there is a particular venue you would like to see appear as a Thirsty Thursdays venue, do let us know.

The second half of the year will see favourites, such as punting, return and new venues, such as the Tivoli, be arranged. Picnic and Games took place on Jesus Green on Wednesday, 29th June and fun was had by all.

The half year membership runs from July to December and membership can still be purchased for £30. Please get in touch by email to sign up or for further information using cyspg.org@gmail.com. We also have a new instagram account (cambridgeyoungprofessionals - www. instagram.com/cambridgeyoungprofe ssionals/?igshid=YmMyMTA2M2Y=) on which we post information together with our existing Facebook page (Cambridge Young Professionals).

We look forward to seeing you at an event soon.