60 Second Interview with...
Frances Coulson Partner, Wedlake Bell LLP
|
1. Is the industry ready to face the challenges that it’s going to encounter over the next 12 months?
A: In terms of workloads I am an optimist. I think the industry is more than capable of gearing up to whatever it needs to face. The insolvency profession (in which I include insolvency lawyers!) are endlessly adaptable. They have to be. I am sure PwC didn’t have hundreds of people sat doing nothing when Lehman came in overnight, and similarly the profession(s) will be up to any challenges thrown at them in terms of workloads, and adapting to new tools. That said, a “tsunami” of insolvencies were predicted for most of last year and this, and now (in more muted terms) mid to late next year. The government support measures in CIGA and elsewhere however have slowed and stemmed that tide and business has been fairly resilient. Plus there is an awful lot of money out there waiting to be invested. That investment may involve restructures but will save businesses and jobs and the profession will be at the forefront of that. There are other challenges in terms of regulatory and statutory changes, as well as attracting new people into the profession, Europe and tech, but I do think we will cope and cope well. |
2. What changes must those in the industry make to face those challenges effectively?
A: In some ways the same changes many businesses are having to make, with different ways of working and being attractive to young entrants to the profession and embracing technology (without losing people skills). In this business though we do still need people to be flexible and work hard when the business need is there. This isn’t a 9 to 5 job! In terms of changes in law and regulation we just have to engage in consultations, keep up, lobby where we can to ensure change is sensible and proportionate, and approach change positively. That endless adaptability I mentioned above is a strength. . |
3. What do you think the industry will look like in the next five to 10 years?
A: Hopefully a bit more diverse. It has changed in some ways in the last 10 years but in many, not. It is a profession and will adapt like other professions. |
4. Without giving too much away, what do you hope delegates will learn from your keynote at TRI Conference?
A: Positivity and faith in our jurisdiction! |
5. What advice would you give to the next generation of people joining the industry?
A: First, you won’t regret it –you will look back in 35 years and wonder where they all went but you will recall they were good. Second, the profession is not just about the technical legal/insolvency skills although they are of course important, but needs a multiplicity of skills including, very much, people skills, strategic and marketing skills, making relationships and getting involved not just for the benefit of your career (though it will help) but for the greater good. Insolvency is an overlooked but amazing area of law and practice. It can do so much in the right hands and so be inspired and, to the female entrants, don’t be a male clone, be yourself and (when not in court) you don’t have to wear grey! |
Get the latest Industry news
Permission Statement
