In this episode of The Purposeful Strategist, Belden Menkus speaks with Martyn Fish, Chief Executive and Partner at HGF, about building a challenger firm in a centuries-old profession, and the strategic choices behind its shift from partnership to private equity ownership.

Martyn joined HGF over 20 years ago and led its European law team for more than a decade before becoming CEO in 2021. He has since taken the firm from a partnership of around 55 partners to a CBPE-backed business approaching 500 people across the UK and mainland Europe. In their conversation, they discuss:

• Why the firm moved on from its partnership model: cumbersome decision-making, capital constraints, and a focus on in-year profit were slowing growth. He discusses what changed once the firm had private equity backing and a long-term view.

• What makes a good private equity partner. Martyn explains why they chose a deal with CBPE, why the right investor acts as a critical friend rather than a controller, and how the firm communicated the change to win its people over.

• Redefining the role of an IP firm. Martyn elaborates on his ambition to move attorneys from technical specialists to trusted advisors who understand a client’s business strategy, value drivers, and investment needs.

• How AI is freeing up higher-value client time, and why strength, depth, and a deliberately nurtured challenger culture matter as the firm continues to grow.

HGF: https://www.hgf.com/

Menkus & Associates: https://www.menkus.com/

Supported by Norman Broadbent: https://www.normanbroadbent.com/

Belden Menkus is the Managing Director of Menkus & Associates, a senior strategic advisory practice that provides strategic clarity for businesses with a public remit, where scrutiny is high, governance is complex, and the answers aren’t obvious. His McKinsey training combined with more than 30 years working at Board and ExCo level gives him both the analytical rigour and the relational experience that complex, high-stakes leadership situations demand.

Belden hosts The Purposeful Strategist, a weekly podcast. It explores how senior leaders bring purpose to life through strategy and reflects the same questions that drive the consulting work.