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Lateral Partner Moves in London

 

Click here for Partner Moves January - February 2021

 

 

Welcome to the latest round-up of lateral partner moves in the legal market from Edwards Gibson; where we look back at announced partner-level recruitment activity in London over the past two months and give you a ‘who’s moved where’ update.

 

There were 90 partner hires in the first two months of 2021 which, although 6% down on the 5-year statistical average for the same period, is actually 13% up on last year (80). Indeed, as we have previously discussed, Big Law has, with some exceptions, so far managed to remain remarkably unscathed by the largest economic contraction the UK has ever seen. 

 

No fewer than six firms took on three or more partners, with Hogan Lovells nabbing five: a four-partner litigation team (two laterals and two promotion hires) from Debevoise & Plimpton and the co-head of corporate - Patrick Sarch - from White & Case.

 

Top partner recruiters in London January – February 2021

 

  •     Hogan Lovells                      5
  •     Addleshaw Goddard            3
  •     Bracewell                             3
  •     Harcus Parker                      3
  •     Paul Hastings                       3
  •     Squire Patton Boggs            3

 

Given the inverse relationship between economic activity and commercial disputes, it is unsurprising that nearly a third of all hires were disputes lawyers and 12% were restructuring/ insolvency specialists, with three firms - Armstrong Teasdale, McDermott Will & Emery and Simpson Thacher – launching completely new practices in that space.  

 

Firms hiring laterals whose practices were primarily restructuring or insolvency related

 

  •     Armstrong Teasdale (formerly Kerman & Co)
  •     Dechert
  •     Edwin Coe
  •     Faegre Drinker
  •     Fried, Frank, Harris, Shriver & Jacobson
  •     Goodwin Procter
  •     Latham & Watkins
  •     McDermott Will & Emery (hired a two-partner team)
  •     Simpson Thacher & Bartlett (hired two partners from separate firms)

 

Although demand for restructuring and insolvency specialists clearly remains very high, many lawyers report that work levels remain eerily quiet due to governments across Europe pumping vast amounts of cash into the system to counter a COVID- lockdown induced economic collapse. Ironically, this debt fuelled stimulus has enabled many zombie companies which, “but for” COVID, would have collapsed, to survive. As such it is likely that many law firms, which paid a premium to acquire restructuring laterals in 2020, are yet to see a return on their investments.

 

Nevertheless, whilst it is rare in any market to find a restructuring lawyer who does not optimistically predict a sharp uptick in their work levels “by this time next year”, it is probable that, even with historically low interest rates, the inevitable tapering of government largess in 2020 will, at last, validate this oft’ repeated portent.

 

Outside of restructuring and disputes, our round-up contains plenty of market fizz with significant hires in corporate, finance and regulatory. Perhaps the most notable was Weil Gotshal & Manges’ snaring of that rarest of beasts in the London market – a Slaughter and May lateral, not even remotely close to that firm’s mandatory retirement age – congratulations to corporate partner Murray Cox.

 

Also of note in this edition

  •   Three firms hired partners from in-house: Clyde & Co (from RSM), Lewis    Silkin (from Deliveroo) and Squire Patton Boggs (from MHMK Capital).
  •   24% of all hires were non-partners moving into partnership.
  •   24% of the total moves recorded were female.

    The firm with the highest attrition rate was White & Case - which lost 4 laterals.

 

Market outlook

 

A significant number of US law firms have posted healthy financial results for 2020 – some have been spectacularly good. Whilst few UK headquartered law firms are expecting to report stellar results this year, it appears that many will perform far better than they were predicting in April last year. With this in mind, having learnt to work remotely and to take advantage of their inherent abilities to hedge their businesses to benefit from COVID-induced workflows, there is perhaps a note of guarded optimism amongst law firm management. Ordinarily, we would expect this to feed through to lateral recruitment but tapering of government stimulus and looming tax rises will doubtless temper this.

 

Please do not hesitate to contact us if you would like to discuss this article or any other aspect of the market in more depth. 

 

 

Please click here to understand our methodology for compiling Partner Moves

 

Many thanks,

The Edwards Gibson Team

 

Click here for Partner Moves January - February 2021

 

      

 

 

 

 

Previous Issues: 

Partner Moves November - December 2020

Partner Moves September - October 2020

Partner Moves July - August 2020

Partner Moves May - June 2020

Partner Moves March - April 2020

Partner Moves January - February 2020

 

 

Partner Moves November - December 2019

Partner Moves September - October 2019

Partner Moves July - August 2019

Partner Moves May - June 2019

Partner Moves March - April 2019

Partner Moves January - February 2019

 

 

Partner Moves November - December 2018

Partner Moves September - October 2018

Partner Moves July - August 2018

Partner Moves May - June 2018

Partner Moves March - April 2018

Partner Moves January - February 2018

 

 

Partner Moves November - December 2017

Partner Moves September - October 2017

Partner Moves July - August 2017

Partner Moves May - June 2017

Partner Moves March - April 2017

Partner Moves January - February 2017

 

 

Partner Moves November - December 2016

Partner Moves September - October 2016 

Partner Moves July - August 2016 

Partner Moves May - June 2016

Partner Moves March - April 2016

Partner Moves January - February 2016

 

 

Partner Moves November - December 2015

Partner Moves September - October 2015

Partner Moves July - August 2015

Partner Moves May - June 2015

Partner Moves March - April 2015

Partner Moves January - February 2015

 

 

Partner Moves November - December 2014

Partner Moves September - October 2014

Partner Moves July - August 2014

Partner Moves May - June 2014

Partner Moves March - April 2014

Partner Moves January - February 2014

 

 

Partner Moves November - December 2013

Partner Moves Sep - Oct 2013

Partner Moves July - August 2013

Partner Moves May - June 2013 

Partner Moves March - April 2013

Partner Moves January - February 2013

 

 

Partner Moves November - December 2012

Partner Moves September - October 2012

Partner Moves July - August 2012

Partner Moves May - June 2012

Partner Moves March - April 2012

Partner Moves January - February 2012

 

 

Partner Moves November - December 2011

Partner Moves September - October 2011

Partner Moves July - August 2011

Partner Moves May - June 2011 

Partner Moves March - April 2011

Partner Moves January - February 2011

 

For further information, or to discuss current trends in lateral partner recruitment, please speak to one of the Edwards Gibson consultants.

Related download: Lateral Partner Moves in London January - February 2021
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Articles by Scott Gibson

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