Business News Wales has interviewed Peter Lynn who is senior partner at Peter Lynn and Partner Solicitors. He talks to us about his career history, plans for the next five years in the legal industry and the need to raise standards in education for the future workforce.
Can you give our readers a little background into yourself and your role within Peter Lynn and Partners?
I am senior partner and founder of legal practice Peter Lynn and Partners Solicitors. I founded the firm in 1999 after a two-year partnership at Murphy Lynn in London, Cardiff and Swansea. Previous to that I had a partnership at Graham Evans and partners in Swansea. We specialise in commercial deals and litigation.
What are your plans for the next five years, and where do you see your challenges and opportunities?
To consolidate market gains from the past five years and to expand by niche acquisition of key personnel and small businesses in the south wales region.
Looking back at your career, are there things you would have done differently?
Sometimes I did not go with my gut instinct on business issues and missed opportunities. Also, I should have followed my own advice and arranged more formal agreements to protect myself personally. In my early career, I should have embraced mediation as fervently as now.
What do you think are the most important qualities for success in business?
- Hard work and preparation
- A passion for getting it right and doing the best you can for the client, if you win a medal wear it
- Get marketing and PR right
What are your top three tips for success?
- Work hard
- Surround yourself with the best talent available
- Make the most of networking marketing opportunities
Are there any innovations within your sector that you believe should be adopted by the wider Welsh market?
Not really, but there is a trend to consolidate businesses for economies of scale which I generally agree with. I would like to see welsh business realise that their products and services can compete with anyone in UK Europe or even the World at large if marketed properly .
Do you foresee any issues that Welsh business will be facing in the short/medium/long term?
Brexit could be huge. We will have to wait and see if central Government will match prior EU funding, improvement in infrastructure. This is vital – especially in IT and Broadband. We desperately need to be ahead of the game all over Wales. In turn, this may need some capital investment from businesses themselves and they need to invest now. Government could help hugely in this regard.
Do you have any predictions in regards to the impact of Brexit on your sector?
It’s too early to say and I hope I am wrong, but I cannot see central Government match funding the initiatives. EU promise -as such there will be less support that Welsh Government and agencies can give to welsh business. In turn this means less money in the Welsh economy and particularly the rural economy. Austerity could deepen in Wales. Welsh businesses need to look at alternative capital funding and opening up new markets in England and further afield.
What do you think Wales’ strengths and weaknesses are as a place to do business?
The main strengths are the people, the geography, the ability to attract talent and competitive salary base. Weaknesses would include poor infrastructure, historically poor outlook, lack of joined-up team building of agencies and businesses.
What can Wales do to attract more inward investment?
- Lobby politicians to replace EU funds (as promised in Brexit referendum by Brexiteers)
- Agencies to join-up and market efficiently, showcasing the talent in Wales
- Work harder; that’s bosses and workers to be more profitable and efficient
- Take pride in the environment, educate ourselves to highest standards especially in IT , Maths and engineering
What skills should the education system be promoting to the next generation?
All schools and colleges need to raise standards across all subjects, especially maths, IT and engineering. Also widen variety of interconnecting skills, look for innovation, encourage innovation and enterprise. Encourage the arts and creative industries, including leisure and sport. We are very good at these and punch above our weight internationally; be proud of this and market it.
How important is it for there to be a close relationship between business and higher education in Wales?
This is vitally important. Education establishments and businesses need to look out to local business and encourage it. Also, collaboration is needed for a variety of vocational projects. Skills in certain sectors need to be developed with guidance from local industry, knowledge of local opportunities for graduates/students is vital to keep talent local. Communication is needed, innovation and entrepreneurial skills need to be developed in conjunction with local business by all educational institutions. Opportunities for close links and sharing of knowledge need to be fostered/created.