The Spirit of Enterprise 25 years of Watson, Farley & Williams

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28 Chapter 6: Looking forward notes Frank Dunne. “That barrier to market entry has simply gone.” Yet at the same time new avenues for capitalising on expertise are emerging. The rapid growth of the LNG sector, fuelled by the need to bring natural gas to western Europe and the USA, has provided a perfect bridge between the firm’s shipping, oil and gas and energy practices which could not have been predicted when the decision to focus on those industries was made. Similarly, the growth in wealth and influence of the private equity industry has enabled smaller firms, without strong positions in the capital markets enjoyed by those close to the large investment banks, to obtain investment and acquisition work particularly suited to specialist areas. So what does the future hold? “We are at an interesting point,” reflects Frank Dunne. “For the last 10 or so years we have been very happy, very successful with what we are, our position in the world, what Watson, Farley & Williams is in the great order of things. We have an inner strength stemming from the satisfaction with the business which we are in. But there is pressure to grow, especially in a world where being big counts for much. We have grown, maybe less than other firms, but importantly we remain distinct. Against this backdrop, our top objective is to maintain our unique position in the market, founded not on size but on the quality of service in our chosen areas of practice. Our founders created this firm in the spirit of enterprise, and we will carry that spirit forward.” Ebbs and flow In the mid 1990s leasing techniques which had been developed in the aviation industry began to be used for high-value equipment in the offshore oil industry, financing floating production units and drillships. The firm’s maritime and tax expertise led it into some very large transactions of this nature and it was able to strengthen its practice in the offshore industry as a result. A change of tax rules concentrated the focus of UK tax leasing onto conventional shipping and the firm developed a premier position in ship leasing, from container vessels to the most modern cruise ships. A further radical change in tax rules in 2005 reduced the flow of deals – but other opportunities always present themselves and the firm continues to be involved in developing new techniques and structures.
The Spirit of Enterprise 25 years of Watson, Farley & Williams Partners’ Weekend, Tower of London, 2006 29
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The Spirit of Enterprise 25 years of Watson, Farley & Williams

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