The former regulator has jumped ship to pursue “dreams” of making partner.
Taylor David taps senior ASIC lawyer for associate role
National law firm Taylor David has named a former regulator as an associate in its Brisbane office, strengthening its insolvency practice as company collapses return to pre-pandemic highs.
Adam Carr has joined the firm after nearly seven years working at ASIC and the Australian Financial Security Authority (AFSA).
Mr Carr, 35, said he was prompted to leave the corporate watchdog after it announced an organisational restructure in May.
“The catalyst that kicked it off was there was about to be a restructure. I'd seen Taylor David were already doing good things in the [insolvency] space, so I approached them.”
Mr Carr was open about his “dream” of making partner in private practice.
“I have partnership ambitions,” said Mr Carr, who was admitted to the legal profession in 2016.
He hoped to “bridge the gap between the private sector and the public sector” and expects to bring value by leveraging his expertise in both corporate and personal insolvency matters.
As a lawyer at ASIC, he administered the Assetless Administration Fund, established by the government to curb phoenix activity.
He also helped liquidators secure freezing orders and warrants for the search and seizure of company property and books.
Partner Scott Taylor said: “We’re delighted to welcome Adam Carr to the Taylor David team.”
“Adam’s proficiency in managing complex insolvency matters will further strengthen our ability to deliver high-quality legal solutions to our clients.”
“It’s beneficial for us to have someone in our team who’s got experience on the regulatory side so we know how to better advise our clients on potential risks and also when they do have issues with the regulators on how best they can be addressed.”
Mr Taylor, the Brisbane office’s sole partner, said that his new associate would help the firm meet the demand of clients hoping to avoid insolvency due to pressures from interest rates and ATO debt crackdowns: “We’re really focusing on turning businesses around that are close to the edge.”
“There’s quite a few more proactive clients that are coming to us…we’ve grown fairly significantly in the last financial year, and we will be looking at increasing our resource base to cope with the demand in this second part of the year,” he said.
The ATO recorded a 58 per cent increase in administrations and liquidations from April to May, and a 50 per cent increase in insolvencies over the same period.
ASIC also reported 868 insolvency and restructuring appointments, the highest monthly figure recorded since November 2015.