BCLP M&A and corporate finance partner Tom Bacon discusses his work and what has kept him at the firm for 14 years
“You are your own business,” says Tom Bacon, M&A and corporate finance partner at BCLP‘s London office. “A law firm is essentially a group of small business owners working together under one umbrella, sharing services to deliver a full service for their clients.” When asked if he enjoys the entrepreneurial side of partnership, Bacon responds: “I was very focused on becoming a partner because, for me, that’s what makes it exciting—the ability to build your own business. It gives you a sense of freedom and agency. You’re developing client relationships and growing your practice, all within the support and security of the larger firm.”
This, Bacon tells me, is what has kept him in private legal practice. “If you go in-house, you become a business service to your organisation, required to deliver for your internal stakeholders. Whereas in a law firm, if you can deliver profitable revenue, you have the freedom to forge your own business strategy,” he explains.
Bacon, an entrepreneurially minded partner, began his legal career as an insolvency paralegal in 2010, following the 2008 financial crisis. “We were a very busy team!” he recalls. After securing a training contract with BCLP, he started as a trainee in 2012 and has been there ever since. Having progressed from trainee to partner at the same firm, I’m curious to learn what has motivated him to stay at BCLP. “It ultimately comes down to a couple of things. First, it’s an incredibly nice place to work—very collegiate and collaborative,” he begins. “Secondly, while the allure of money can be strong for some associates, I’ve always focused on the long term,” he explains. “Being an associate is just a small part of your career. The opportunities for progression at BCLP are unmatched. Staying with the firm has allowed me to build a business platform, create a plan, and start to execute it.”
Shifting the conversation to his work in M&A and corporate finance, Bacon discusses his day-to-day responsibilities. “I primarily work with public limited companies (PLCs) on a variety of matters, including takeovers, fundraisings, IPOs, and private M&A for listed companies. It’s a real range of work,” he notes. For Bacon, the advantage of working at BCLP lies in both the collaboration and the level of responsibility. “At many firms,” he explains, “corporate teams can be quite segregated. But at BCLP, our corporate team handles everything across the corporate finance spectrum. As a junior, you can be doing a public takeover one week and a private equity investment the next. So, from a trainee or newly qualified (NQ) perspective, it’s a unique place to train, with exposure to every type of transaction from a very early stage,” he shares.
With M&A activity impacted in recent years by rising interest rates and inflation, I ask Bacon if the market has recovered. “Yes, I think so,” he replies. “Last year was particularly challenging in the UK, but we’ve definitely seen an upturn, and M&A teams are much busier than they were.” He continues: “From a broader business perspective, it’s all about diversification. If the UK M&A market isn’t thriving, there might be better opportunities for transactions abroad. This is why law firms expand and diversify their client offerings.”
He also notes the specific challenges partners face. “As a partner, you have to balance delivering work for existing clients while attracting new ones. That’s the biggest challenge — ensuring a steady flow of work, regardless of market conditions.”
So, what should aspiring M&A lawyers research to stay on top of the market’s fluctuations? “Well, there are a few things,” says Bacon. “In my area, there’s a focus on the ‘de-equitisation’ of UK markets and the shift away from public markets.” This, he explains, results in fewer stocks and shares being traded, as many companies opt to remain private for longer. “Another important factor for applicants to consider is the impact of the new government on business taxation, such as changes to capital gains tax, stamp duty, IHT (inheritance tax) and corporation tax,” he says. “All of these elements have a direct impact on M&A practices in the City.”
And on the vein of young hopefuls looking to follow in Bacon’s footsteps, I ask him for his advice for junior players in M&A. “You’ve got to be all in,” he says. “You’ve got to commit to the role, commit to involve yourself in as many things as possible. The wider your range of experience, the more people around you will rely on you,” he adds. “Through this, ultimately your clients will respect your advice given the rage of exposure you’ve had throughout your junior years. Ultimately,” Bacon concludes, “you’ve just got to go for it.”
You can find out more about life at BCLP at ‘The return of M&A — with BCLP’, a virtual student event taking place on 16 October. Apply now to attend.
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