BusinessCorporate FinanceWhen the tough get going.

When the tough get going.

Away from most of the media glare, Deloitte has been locked in a High Court battle with four of the firm's partners.

Known as the ‘gang of four’, Rustom Kharegat, Robert Ohrenstein, Helen Pratten and John Oldcom, were in court last week to argue the toss over their notice period after being poached by KPMG. Deloitte wants them to sit it out, while the four want to get going straight away.

KPMG is rumoured to be paying well for the four and seems willing to invest considerable time waiting for them to arrive too.

But perhaps the most interesting commentary on this little drama came from a fellow Big Four private equity practitioner who declared it was a ‘relief’ when the judge ruled in favour of Deloitte.

A relief because suddenly some tough competitors had been taken off the field of play. This is revealing in that it shows that despite recent good news about an upturn in corporate finance activity, things are tough enough to provoke financiers into wishing their competitors away. Of course, people always want their competitors to disappear, but corporate financiers usually believe they’re a match for anyone else.

Which brings me to another point. Maybe the confidence of corporate financiers after the recent downturn has been shot to pieces. So much so, in fact, they really don’t relish the fight anymore. If that’s the case then the near disappearance of deals has been much more damaging than we ever thought.

Let me know, if you think different.

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

10m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

11m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

11m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

11m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

11m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

11m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

11m Stephanie Wix, Writer