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Equity Partner Presentation

Published on Dec 09, 2015

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PRESENTATION OUTLINE

RESTRUCTURING AND INSOLVENCY

BUSINESS PLAN - 2014/15

CURRENT POSITION (2011 TO DATE)

CURRENT POSITION

CRP income

31.3.11 - £81,562
31.3.12 - £366,885
31.3.13 - £386,979
YTD: - £158,211

CRP write offs:

11/12 - £9,538
12/13 - £54,049.47
YTD: £7,822.83

Total: £71,410.30

Fees to other teams:

Gail Marshall:

31.3.12 - £2,420 (Phyllis Carruthers)
- £1,235 (world WG)

Total: - £3,655

31.3.13 - £8,355 (TimeC 1354)
£2,150 (Woodstone)
£1,764 (pitman Cohen)
£1,185 (High Street)
£750 (Jones)
£490 (Kings and Ross)
£240 (Carruthers)

YTD:
£3,996 (epson homes)
£1,321 (Cramlington garages)
£6,696 (express Thompson)
£1,300 (autoporto)
£988 (Haslam)
£846 (Krasner)
£584 (Matthews and butters)
£456 (Krasner)
£2150 (Woodstone)
£2340 (timec 1354)

£35,611

Kate Sutton

31.3.12
£21,421

31.3.13
£24,659

YTD:

£34,969








Corporate International Global Magazine - winner: Insolvency Law Firm of the Year (UK) 2014

Photo by B3OK

TRADITIONAL FOCUS

INSOLVENCY PRACTITIONER DRIVEN: FORMAL INSOLVENCY WORK
Photo by LendingMemo

MARKET SHIFT

INSOLVENCY MARKET - INSUFFICIENT APPOINTMENTS

MOVE TOWARDS

BUSINESS TURNAROUND ADVISORY SERVICE
Photo by tray

TURNAROUND

  • Collaborative advisory service to support management team
  • Distinct from traditional bank imposed guy to shake up management
  • Continental lawyers - deal with all aspects of restructuring and turnaround
  • AYC is the only qualified lawyer and Certified Turnaround Professional
  • CTP is an international benchmark of quality - only 300 plus in the world

TURNAROUND

  • Different proposition from independent turnaround professionals
  • Our opportunity is to leverage client base
  • Healthy fee income and complex assignments
  • Cecil M Yuill Ltd - worth £250k plus on options and shared equity
  • Absolutely certain above work would have gone to KPMG if we did not secure !

RESTRUCTURING AND INSOLVENCY TEAM

  • Has developed in quick and haphazard way
  • Has grown to 4 fee earners
  • Work levels have been below acceptable level for capacity in 2013/14
  • Primarily due to fall off in formal insolvency work
  • 2013/14 - also invested heavily (underperformance/know-how/BD)
Photo by jenny downing

THE FUTURE

  • Aim is to continue to push for complex assignments
  • Still embrace IP formal work (KJ work stream)
  • KJ supports me delivering legal aspects of turnaround
  • KJ not skilled to do turnaround work
  • In order to gain credibility in space (marketing / finance skills)

THE FUTURE

  • Explore consultancy with Martin Jesper or equivalent
  • Take out cost at junior level (one fee earner)
  • KJ appointed as Associate
  • Important to promote Kelly externally in IP formal space
  • Qualification supports Kelly delivering as a 7 year plus PQE
Photo by zenera

THE FUTURE

  • Ann Cummersdale to provide budget for 1 FSP/ 1 Associate / 2 year PQE assistant
  • Capacity indication above will be used to inform real life anticipated budget based on predicted work flow
  • Requires reflection of migration of service line to turnaround offering
  • Needs to reflect need for team to progress and not maintain stasis / also that team was new start to firm from 2011
  • Also need to consolidate and change types of work

THE FUTURE

  • Historic financial information - better recovery rates from higher quality work
  • Need to wean ourselves away from lower quality insolvency work
  • More fee earners = tendency to grab "all" work to feed hungry team
  • Improve commerciality and efficiency
  • Model outlined only works with investment in senior resource

THE FUTURE

  • Gaining profile in turnaround space
  • Leveraging from connections with distressed VC funds (opportunities generated = chance to win distressed M & A work)
  • High market presence and reputation as a finder of finance and deal originator
  • Need financial skills to increase credibility
  • Live projects to integrate with banks and support client base
Photo by Marcus Vegas