Steven Raeburn

Today - May 6 2010 - Steven Raeburn, the editor of Scottish legal magazine, The Firm, announced he had led a management buyout of the title from The Carnyx Group, publishers of The Drum media and marketing magazine.

1. Is this your first venture into publishing? Have you previously worked only as a journalist?

I worked in residential and commercial conveyancing for nine years first, and drifted into journalism as a freelancer for a few years, before making the switch full-time. So my background was in law. Journalism happened gradually, but quickly took over. I've been doing it now for seven years. It seems to be what suits me best.

2. Why the buy-out?

A combination of things, the main one being the willingness of Carnyx to enter into the agreement in the first place and to consider me as someone to handle a business they had nurtured since 2003. For that, I am very grateful. The move seemed to fit with their business priorities, and I'm hopeful I can make a success of it.

3. To what extent are these good times to be entering magazine publishing in Scotland?

To be frank I think the industry is facing a difficult period, but the key to running a sucessful magazine is - in my view - listening to your audience and making sure you are giving them what they want, need and are interested in. If I can do that, I believe the traditional business model based around advertising can survive, and maybe even flourish.

4. Is there something about niche audiences that make a purchase like this particularly attractive?

Only insofar as that niche audiences are not catered for elsewhere. It can be hard to find good journalism in any specialist area outside of niche publishing, with the possible exception of sport. The niche audience's needs and interests are very real, and in a profession like law, there are always issues that affect not only the profession and industry, but the wider public too. There has to be a platform for debate, comment, analysis and news. The audience are always potentially there, provided those needs are met and reflected in the magazine.

5. How much did you buy the title for? What does a management buy-out get you, exactly?

I hope you'll appreciate that I'd rather not get into figures or finance, as a matter of business confidentiality, but essentially I have taken over control of the magazine, its website and the annual Trainee Handbook that were formerly published by Carnyx, and they are now published by my company, Red Cloud Legal Publishing Limited. In addition to having editorial control, as previously, I now have the additional responsibilities of running the entire operation, and making the wider commercial decisions. So in short I suppose it gets me a few sleepless nights and extra grey hairs.

6. The Firm attracted its own headlines recently, for an article which the Lord Advocate appeared to take exception to. To what extent was that a factor in your decision to proceed with a buy-out?

It had no connection. I was delighted at the time (the issue arose in November last year) to have been backed and supported so fully by Carnyx, and I was proud of them for having the conviction to maintain their principled position against a pretty intimidating situation. But Carnyx and I stood united in that particular challenge, and I had full confidence in the stance of The Firm. The Firm will continue to probe the difficult issues when they arise.

7. So, you will remain editing the magazine. Any other recognisable names involved in the buy-out?

I am staying in post as editor, and I am lucky to be able to have a team supporting me in the key production, advertising and printing roles, as well as the other areas, but I am the sole participant in the MBO itself.

8. What plans do you have for the magazine over the next year?

I'm working on a three-year plan, for now. Two years ago, the magazine was substantially redesigned and relaunched, and that proved to be very successful, so initially I am intending to maintain continuity of layout, look and content. Whilst the title and its audience are established, this is essentially a new business, so if I can maintain the prior success of the Firm in its first year, i'll consider that a good result.

9. Proudest journalistic moment?

It's hard to say. In many ways, the things I am proudest of in this job don't get published. The Firm has taken a solid stance to back trainees in law firms if they are vulnerable, for example, and I have been humbled by some of the private feedback we have had from that. Journalism is only words, but words can change things. That kind of response tells you that you've done something right. Recently, the UN Lockerbie observer singled out The Firm's coverage of the ongoing Pan Am 103 issues for praise, which is certainly something.

10. Most embarrassing?

Sir Ranulph Fiennes, the world's greatest living explorer, asked me for directions after I interviewed him. He's great in the wilds, but not so good on motorways, it seems. I called him while he was at a service station, en route to give a presentation in Glasgow. I think I might have sent him to the wrong university.