Insight

An Interview With Norton Rose Fulbright

Australia’s 2020 “Law Firm of the Year” in Insolvency and Reorganization Law

An Interview With Norton Rose Fulbright
Best Lawyers

Best Lawyers

October 22, 2019 02:00 PM

Steven Palmer of Norton Rose Fulbright–Australia’s 2020 “Law Firm of the Year” honoree in Insolvency and Reorganization Law–joined Phillip Greer, CEO of Best Lawyers, to discuss how a changing global landscape in manufacturing and retail has presented unique challenges. In addition, Palmer discusses how their focus on diversity and innovation has positioned them in the marketplace.

This past December, the United Nations Commission on International Trade Law passed amendments to the enterprise group insolvency draft model law. Can you explain any significance of this policy and how it might affect or impact Australian markets specifically?

Steven Palmer: We have seen significant impact from the model law already and I think this will successfully complement the current law. We've been involved in a number of these cross-border cases and there is a potential shortcoming in the current model law in that it really focuses on a single debtor across jurisdictions and ignores the fact that there's likely to be an enterprise group that operates across those jurisdictions. You could get by with the old arrangements, but the new arrangements will streamline things a step further. We're pleased with that development. It dovetails in quite nicely with some other changes in Australian insolvency law. They are designed to aid the rehabilitation of businesses, rather than what has been a relatively punitive stance by Australian legislators by global standards in relation to insolvency of organizations.

Are there any major trends you witnessed in the last year and any trends you see shaping over the next few years in this practice area?

SP: There are. Retail in Australia has been a very difficult space. We've had an enormous amount of retail work over the last two years that's both of the formal insolvency and informal restructuring type work, including some active debt trading. What we've also seen is quite significant growth in Perth, in Western Australia where there's a very significant mining industry. That's an area where safe harbor has probably been used more than elsewhere. There's some other interesting trends developing as well. Some changes in the way recycling of waste products that would otherwise go into a landfill has been dealt with by some of the overseas markets where that's historically been exported by Australia. We have seen some real pressure on that industry (which is a very political issue) when governments and councils who have taken great pride in strong recycling programs are suddenly forced to consider using landfills. We've seen quite a lot of stress in that market.

The regulatory environment continues to tighten and that causes pressure on financial services participants, which has a real impact on all aspects of the market. We have developed a very strong risk offering in all of our major jurisdictions to the market, with legal and non-legal expertise provided.

Otherwise, the impact of global issues continue. The U.S. uncertainty and the inherent instability and uncertainty of Brexit cause concern globally. There's constant pressure on motor vehicle manufacturing; electric vehicles will change the dynamic of the automotive industry. There's quite a broad range of issues that are starting to turn into trends. At the moment, the share market in Australia is strong and it has just peaked at a new high in the last day or so. There's some stirrings in the Australian economy. House prices have been dropping and inflation is extremely low. It does appear that we're in for a bit of a rocky ride one way or the other over the next little while.

Norton Rose Fulbright has specific diversity inclusivity objectives. Has this commitment to diversity positioned you to better serve a global clientele?

SP: I think it has. We take diversity very seriously at Norton Rose Fulbright in Australia and globally. We think it's very important that our offering to the market reflects the make-up of the market. We have a longstanding and broad diversity and inclusion strategy with gender diversity and LGBTI inclusion, as two examples of strategic focus—we've got a LGBTIA network which is very strongly supported both by the people that identify in that group but also by others at the firm who recognize the importance of allowing people to be themselves. We had a slow start in Australia where same-sex marriage was only allowed last year after a national survey and much unnecessary politicizing. Our firm strongly indicated its support for that process, which I was really pleased about. We have 33 percent female partners currently at NRF Australia and our team reflects a similar proportion—I think we're probably closer to 30 percent.

Then, in the other senior ranks our female cohort outranks the males quite significantly. I think that percentage (of 33%) will just improve over time. Those things don't really happen by accident; you do need to have strategic programs and other initiatives to support women returning to work after taking periods of parental leave for example. It's something that we think the market has also recognized our efforts in. The market being made up of the broad and diverse group of people, I think is pleased when large organizations throw resources at doing these things carefully and properly. That is what we have done.

Your firm has been recognized for its innovative strategies. Can you discuss examples of innovative initiatives you've provided for your clients that you've put forward for them?

SP: Innovation is something that I think everybody talks about, but a lot of them don't really know what it means. At a very micro level you can undertake “innovative” pricing, you can enter arrangements with clients where you do their work for a fixed fee. There's a whole raft of micro innovative initiatives and then there's some bigger ones as well. One of the good things that global law firms can do is invest in some of those innovative arrangements. We have a number running in Australia and globally. I’ve already mentioned our risk offering. In Australia, we have also launched a chat bot with a major bank that was very well received by our client and by consumers that were interacting with it. It was just a different way to deliver information to people.

Also, in Australia (this just launched last year in our construction group) we launched a program called Deliver&Capture, which supports major construction and infrastructure projects with online contract delivery, claims management, and mobile application portals. Then we've got some labour centers in the U.S. and Newcastle in the U.K. where we can do some commoditized work more effectively. Newcastle is developing a bespoke IT program for us to use on a major new client matter. The one I'd like to focus a little bit more on in Australia is where we've entered into a joint venture with the first majority-owned indigenous commercial law firm, Jaramer Legal. The services that Jaramer will provide are designed to improve economic outcomes for indigenous people. It dovetails into a government policy called “Closing the Gap,” and that's something that we're very proud of and that our team has been a very strong supporter of.

Related Articles

Solving Insolvency


by Best Lawyers

Markus Fellner discusses emerging trends in insolvency and reorganization law and the work his firm has done with the visually impaired.

An Interview With Fellner Wratzfeld & Partner

Anna Inventing: The Importance of Diversity in Innovation


by Emily C. Peyser

A patent from 1887 by female inventor Anna Connelly not only revolutionized fire safety, but highlighted the need for diversity in innovation. Our world is facing big problems that need diverse voices at the table to find solutions that work for everyone. Building diverse teams and encouraging diversity in innovation is a beneficial step forward in resolving our collective challenges.

Diversity in Innovation and Technology

How This Firm Is Shaping the Economic Future of Ukraine


by Best Lawyers

Denis Lysenko discusses how AEQUO has helped build a new business environment.

An Interview With AEQUO

A Globalized Sprint: How Japan’s Insolvency Practice Is Expanding and Preparing for the Future


by Best Lawyers

Emerging legal trends are a relished opportunity for reorganization, while natural disasters present an opportunity for innovation.

Interview with Nishimura & Asahi Law Firm

How PLMJ's Unique Structure Shapes Its Insolvency Practice


by Best Lawyers

A leading attorney with the 2019 "Law Firm of the Year" winner for Insolvency and Reorganization Law in Portugal speaks to Best Lawyers CEO Phillip Greer.

PLMJ "Law Firm of the Year" Interview

An Interview With Eberhard Braun of Schultze & Braun


by Best Lawyers

The 2019 "Law Firm of the Year" winning firm was recognized in Germany for Restructuring and Insolvency Law.

Eberhard Braun Interview

Announcing The Best Lawyers in Germany™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Germany.

Black, red and yellow stripes

Announcing The Best Lawyers in Switzerland™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Switzerland.

Red flag with white cross

Announcing The Best Lawyers in Austria™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Austria.

Red and white stripes

Announcing The Best Lawyers in Italy™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Italy.

Green, white and red stripes

Forging Bonds, Building Business


by Crystal L. Howard and Lizl Leonardo

As disorienting and occasionally frightening as the pandemic has been, it has also forced lawyers to find innovative new ways to stay connected and do business.

Pandemic Sparks Innovative Ways of Conducting

Memphis Bar Gets First Black Female President


by Anissa Cordova

Best Lawyers is celebrating listed lawyer Tannera George Gibson who has become the first ever black female president of the Memphis Bar Association.

First Black Female President for Memphis Bar

Announcing the 2022 Best Lawyers in Colombia™


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers in Colombia™

Announcing the 2022 Best Lawyers in South Africa™


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing 2022 Best Lawyers in South Africa

Announcing the 2022 Best Lawyers™ in Austria


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers™ in Austria

Announcing the 2022 Best Lawyers™ in Switzerland


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers™ in Switzerl

Trending Articles

2025 Best Lawyers Awards Announced: Honoring Outstanding Legal Professionals Across the U.S.


by Jennifer Verta

Introducing the 31st edition of The Best Lawyers in America and the fifth edition of Best Lawyers: Ones to Watch in America.

Digital map of the United States illuminated by numerous bright lights

Unveiling the 2025 Best Lawyers Awards Canada: Celebrating Legal Excellence


by Jennifer Verta

Presenting the 19th edition of The Best Lawyers in Canada and the 4th edition of Best Lawyers: Ones to Watch in Canada.

Digital map of Canadathis on illuminated by numerous bright lights

Legal Distinction on Display: 15th Edition of The Best Lawyers in France™


by Best Lawyers

The industry’s best lawyers and firms working in France are revealed in the newly released, comprehensive the 15th Edition of The Best Lawyers in France™.

French flag in front of country's outline

Presenting the 2025 Best Lawyers Editions in Chile, Colombia, Peru and Puerto Rico


by Jennifer Verta

Celebrating top legal professionals in South America and the Caribbean.

Flags of Puerto Rico, Chile, Colombia, and Peru, representing countries featured in the Best Lawyers

Unveiling the 2025 Best Lawyers Editions in Brazil, Mexico, Portugal and South Africa


by Jennifer Verta

Best Lawyers celebrates the finest in law, reaffirming its commitment to the global legal community.

Flags of Brazil, Mexico, Portugal and South Africa, representing Best Lawyers countries

Announcing the 13th Edition of Best Lawyers Rankings in the United Kingdom


by Best Lawyers

Best Lawyers is proud to announce the newest edition of legal rankings in the United Kingdom, marking the 13th consecutive edition of awards in the country.

British flag in front of country's outline

Prop 36 California 2024: California’s Path to Stricter Sentencing and Criminal Justice Reform


by Jennifer Verta

Explore how Prop 36 could shape California's sentencing laws and justice reform.

Illustrated Hands Breaking Chains Against a Bright Red Background

Announcing the 16th Edition of the Best Lawyers in Germany Rankings


by Best Lawyers

Best Lawyers announces the 16th edition of The Best Lawyers in Germany™, featuring a unique set of rankings that highlights Germany's top legal talent.

German flag in front of country's outline

Celebrating Excellence in Law: 11th Edition of Best Lawyers in Italy™


by Best Lawyers

Best Lawyers announces the 11th edition of The Best Lawyers in Italy™, which features an elite list of awards showcasing Italy's current legal talent.

Italian flag in front of country's outline

Tampa Appeals Court ‘Sends Clear Message,” Ensuring School Tax Referendum Stays on Ballot


by Gregory Sirico

Hillsborough County's tax referendum is back on the 2024 ballot, promising $177 million for schools and empowering residents to decide the future of education.

Graduation cap in air surrounded by pencils and money

Find the Best Lawyers for Your Needs


by Jennifer Verta

Discover how Best Lawyers simplifies the attorney search process.

A focused woman with dark hair wearing a green top and beige blazer, working on a tablet in a dimly

Key Developments and Trends in U.S. Commercial Litigation


by Justin Smulison

Whether it's multibillion-dollar water cleanliness verdicts or college athletes vying for the right to compensation, the state of litigation remains strong.

Basketball sits in front of stacks of money

Woman on a Mission


by Rebecca Blackwell

Baker Botts partner and intellectual property chair Christa Brown-Sanford discusses how she juggles work, personal life, being a mentor and leadership duties.

Woman in green dress crossing her arms and posing for headshot

Best Lawyers Celebrates Women in the Law: Ninth Edition


by Alliccia Odeyemi

Released in both print and digital form, Best Lawyers Ninth Edition of Women in the Law features stories of inspiring leadership and timely legal issues.

Lawyer in green dress stands with hands on table and cityscape in background

The Human Cost


by Justin Smulison

2 new EU laws aim to reshape global business by enforcing ethical supply chains, focusing on human rights and sustainability

Worker wearing hat stands in field carrying equipemtn

Beyond the Billables


by Michele M. Jochner

In a recently conducted, comprehensive study, data reveals a plethora of hidden realities that parents working full-time in the legal industry face every day.

Women in business attire pushing stroller takes a phone call