At the Bar

Suzanne Starbuck chats to George Arghyrakis about striking out on your own

LEAVING the security of a leading firm after 14 years to set up on your own is a big decision to make. For George Arghyrakis it is a decision that has more than paid off. Tucked between Starbucks and another, not so famous, coffee shop is 150 Fleet Street. For the past two years this has been home to one of London’s newest shipping law firms – E G Arghyrakis. And it’s been a busy two years.

What started as a one-man band, plus an office manager, has grown to become a two-partner, two-assistant firm with a string of clients to its name. “Luckily, most of my clients, except one, supported my decision to set up my own practice,” says George. Striking out on his own was something he had been thinking about for a while and he has never looked back. “It’s refreshing to be away from the corporate culture of a big firm,” says George. “If you come in late, no-one questions you. If you work late, no-one brags about it.”

Moving away from the big firm has also enabled George to introduce some unique and interesting measures. For example, all paperwork, both in and out, is filed electronically and backed up on a daily basis. “It’s amazing how much reliance big firms place on paperwork and how easy it is for it to go missing,” says George. Also unusually these days, the firm has no secretaries so partners and assistants alike are responsible for their own typing.

Already, E G Arghyrakis is making its mark on the London scene. Less than two years after its launch, Legal 500 described the firm as having an ‘excellent reputation’ and singled George out as a ‘recommended’ lawyer in the dry shipping sector. But it’s not only dry work that the firm handles. It also covers all aspects of admiralty work, ship finance and insurance advising a wide variety of shipowners, P&I Clubs, traders, brokers and defence clubs in the UK and abroad. One of its most notable areas of growth is shipbuilding contracts. “Disputes in this area are large and very technical – a nice mixture,” says George, who has also established something of a niche when it comes to handling bareboat charter disputes.

Whatever it’s size and areas of expertise, the firm is not immune to the challenges facing London maritime lawyers today. One of the greatest challenges, according to George, is the tendency to settle, mediate or arbitrate. “As a result, there are fewer precedents coming out of London. This bodes ill for the future,” he says. “Often this is due to the expense of the fight, which is understandable, but it means the law itself is impoverished. The real danger is that people will start settling cases, for example, in mediation in Holland, not caring about the outcome but just that it is more economical. And nothing seems to be being done to reverse the trend.”

Not helping the cause are the freight markets that have risen to such an extent that most cases now involve millions of pounds, which used to be something of a rarity. One of George’s biggest cases was a £7.5 million case involving a bareboat charter. “Then it was huge. Now it’s the norm,” he says.

As challenging as it may be, maritime law continues to fascinate George just as it did at the start of his career armed with a degree in English and Philosophy from Bristol University. “I couldn’t imagine making much money as an English and Philosophy graduate,” he confesses, so decided to become a barrister. His second pupillage was in shipping and proved to be a real eye opener. Not only is George still entranced by the sheer size of vessels, he continues to get great pleasure from the people he meets along the way. “Shipping is international, unpredictable and full of characters,” he says.

George is clearly a people person. One of the driving forces behind establishing his own firm was the ability to choose who he worked with and it wasn’t long after the launch that his friend William (Bill) Cawley joined him from Sinclair, Roche & Temperley. Even the café we are sat in, San Carlo’s Sandwich Bar, something of an Italian take on the British greasy spoon, has a special place in the history of E G Arghyrakis. “Bill & I often come here to discuss all sorts of things over coffee and elevenses,” says George, or Signor George as he’s known to the ever-attentive café staff.

Striking out on his own seems to suit George Arghyrakis. He wanted to work more freely, naturally and flexibly and appears to be doing just that.