R3 Member Spotlight: Stephen Rome

23 August 2023

Director of Commercial Litigation at Thursfields, R3 Council member and chair of the R3 Midlands committee, Stephen has developed a broad practice to offer practical assistance to a wide range of sectors — including energy, real estate, automotive, and financial services. He has acted in disputes involving claims for breach of contract, fraud, misrepresentation, breach of fiduciary duty, and insolvency.

1.       Why did you decide to pursue a career in law and insolvency?

The variety of work together with the highs and lows in insolvency litigation mean that there is never a dull day. I’ve found that insolvency in particular has got me working on such a range of things, and quickly having to get up to speed with something new or unfamiliar means it’s impossible to get bored. The fact that it’s very often make or break for a company or individual in an insolvency situation makes winning that much more rewarding, and the high risk associated with losing often gives rise to some ‘outside the box’ solutions which continues to pique my interest, even 15 years on.

2.       How did you get to where you are today?

I think being very people-orientated has been really helpful for my career, both with clients and wider professionals.  Technical ability should be a given for lawyers, but being able to win your client’s confidence and keep it through the ups and downs of litigation is equally as important. You can be the best technical lawyer in the world, but if your client doesn’t have confidence that you’ll deliver, you’re unlikely to get very far.

The same goes for building connections with other professionals. That could be people who could potentially refer work to you, people you work with and the team you build around you. Being able to get along easily with all manner of people and winning the confidence of your team and referrers will mean you always have the opportunity to get involved in interesting work, and will have built a great team to support you in delivering that work.  

3.       What do you consider to be your biggest achievement in the profession to date?

I would have to say successfully defending two former directors of a healthcare business against a claim for £38 million, brought by litigation funders on the premise of a restructure being a transaction to defraud creditors, as well as a breach of their fiduciary duties and an unlawful means conspiracy. After an 18-day trial in the High Court the Judge found emphatically in our client’s favour (as well as finding for all co-defendants). Trials don’t come around too often, especially ones of this size, so to have been involved in what was a really heavily fought and complex claim involving multiple parties with a slew of impressive lawyers on all sides was a really great experience. Topped off with the feeling of reviewing the draft judgment and satisfaction of realising all the hard work had resulted in the best outcome for my clients is definitely something I will remember for a long time.

4.       Since becoming a member in 2019, how have you benefitted from your association with R3?

There are a number of benefits from my association with R3 but the most important is broadening my connections within the insolvency community. At the start, this was mainly within the Midlands though local events like the Spring Ball and quarterly meetings. As I have become more heavily involved in R3, including joining the Council and acting as Chair of the Smaller Practice Group (SPG) committee, my connections to the community have become national. This alongside R3s involvement in championing the profession and providing the technical updates makes being a member worthwhile.

5.       You currently a sit on R3’s Council, and chair the R3 Midlands regional committee and the SPG committee. What has drawn you to these committee positions?

I enjoy being actively involved in R3 to support the great work other members do. Whether this is helping to put together a fantastic programme of speakers for the annual SPG Conference in November this year or seeing our regional committee arrange our popular events like the Spring Ball or East Midlands Ladies Lunch. There is a real sense of spirit in R3 and striving to make the profession better in all respects.

6.       What’s the one piece of advice you wish you’d been given at the start of your career?

Embrace the unfamiliar. Whilst it can seem very daunting when faced with a new opportunity or something unfamiliar, I’ve found that embracing these has always led to something even better (although this comes with the proviso that anything beyond your capabilities is better left to someone who is an expert!). For every time I’ve quietly wondered if perhaps I’ve bitten off more than I can chew, it’s always turned out to be a fantastic experience with a successful outcome for the client.

7.       What do you consider as the biggest challenge for the insolvency and recovery profession in the future?

In the short term it is expected there will be an increase in the volume of work and with a number of experienced individuals leaving the profession, I expect this will create resourcing problems. A number of factors are contributing to this including an expected increase in regulation.

8.       What’s the one thing you wish people knew about the profession?

One of the things I am keen on championing as R3 Midlands Chair is continuing and expanding the profession’s commitment to increasing diversity. I think that it’s important that people feel able to participate fully in the profession, regardless of their gender, ethnicity or background and the profession would only benefit from the broader perspectives this would bring.