Milbank Raids Cadwalader for Four-Partner Restructuring Team
Cadwalader, which recently saw its revenue in London rise 10 percent, is losing a quartet led by ex-Linklaters partner Yushan Ng.
January 17, 2018 at 01:24 PM
3 minute read
Milbank, Tweed, Hadley & McCloy has raided Cadwalader, Wickersham & Taft for a four-partner team in London led by restructuring star Yushan Ng.
Ng, who has been at Cadwalader since coming aboard from Linklaters in 2012, will be joined at Milbank by fellow Cadwalader restructuring partners Jacqueline Ingram, Karen McMaster and Sinjini Saha. Ng served as global co-chair of Cadwalader's financial restructuring group.
He specializes in cross-border restructurings, insolvency proceedings and financing work for notable clients such as Alchemy Special Opportunities, Apollo International, Avenue Capital, Centerbridge Capital Partners, GSO Capital, Njord Partners and Oaktree Capital Management.
“I'm still very positive about Cadwalader and I've had a great time here,” said Ng, who previously made partner at Linklaters in 2008. “When I came out of Linklaters to grow a hedge fund restructuring practice, they gave me all the support I needed. We're looking forward to a bigger platform.”
Ingram and McMaster also joined Cadwalader from Linklaters, where they were both managing associates at the Magic Circle firm. The duo joined Cadwalader in 2013, with McMaster making partner in 2014 and Ingram promoted last year.
Saha, meanwhile, previously worked at at Simpson Thacher & Bartlett in London, where she was an associate in the firm's European private equity and U.S. securities practice until leaving for Cadwalader in 2015.
“We have found a compelling opportunity to do something truly spectacular on the financial restructuring side in London, broadening and deepening both our bench and client base,” said Milbank's London co-head Suhrud Mehta. “We will now have one of the largest financial restructuring practices in London and when combined with our New York capabilities, it really boosts our global practice.”
The exits leave Cadwalader with four financial restructuring partners in London, including the firm's London managing partner Gregory Petrick.
Milbank last made a lateral hire for its London office in 2015 when it took on Clifford Chance banking partner Nick Swinburne for its global transportation practice. Milbank promoted Laetitia Costa to become its only female partner in London that same year, although she subsequently left the firm to become head of banking and finance at PwC Legal in the U.K.
The exits from Cadwalader comes as the New York-based firm posted a 10 percent increase in gross revenue in London to $50 million, its highest in a decade and its sixth such year of financial growth, according to the Am Law 100 firm.
“We wish our former partners well, but our strategy of growing the [London] office in key strategic areas remains fully in place,” said Cadwalader's Petrick. “We plan to continue to invest in and recruit partners who share our vision and commitment to long-term success.”
Cadwalader saw its firm-wide gross revenue decline in 2016 amid a strategic repositioning under managing partner Patrick Quinn, who assumed leadership of the storied firm in early 2015. In a statement, Quinn expressed confidence in Cadwalader's future outlook.
“We have refocused our practice and are confident that we will continue to grow while providing our clients with superior service,” Quinn said. “Our firm is coming off a very successful year overall, and the London office has played a big part in that success. ”
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