Only a week after the head of Shearman & Sterling's global leveraged finance group took his practice to Sidley Austin, two partners in Shearman's investment funds group are making the same move.

Nathan Greene and Jay Baris joined Sidley's New York office as partners April 25. Last week, Sidley added Joshua Thompson, who led both the leveraged finance team and the private capital group at Shearman. And the moves come just a month after Laura Friedrich, who led Shearman's investment funds team, joined Willkie Farr & Gallagher in that firm's private equity fund formation group.

Greene, who had been at Shearman for over 13 years, said the move was facilitated by both his and Baris' desire to have a larger integrated practice for their clients, as well as a strong comfort level with the Sidley team they're joining.

"Being the leader in a small practice at a big firm was the best of both worlds," Greene said Monday. "But over time, and in consultation with Jay, we found it was desirable for us to be in a bigger practice. Sidley has a premiere investment practice in every geography, and it is a firm that is growing and is growing in New York."

"Sidley offers an opportunity to join a practice with friends, people I have known for decades," Baris said in an interview.

The duo added that industry consolidation was also a factor in their decision to move, saying that as that trend continues, they wanted to be on a platform that could handle those changes for their clients.

"Our registered fund practice is an important component of our broad private funds practice," William Kerr, global leader of Sidley's investment funds practice, said in a statement. "Nathan and Jay's deep knowledge and experience in the registered fund space will strengthen our already widely established offerings."

Greene's clients include foreign investment companies, sponsors and advisers dealing with operational and regulatory matters, particularly in connection with the Investment Company Act (ICA) of 1940. Sidley said he is also known for his work in the registered alternatives market and for advising clients in M&A deals relating to registered advisers.

Baris, who had been at Shearman for a little over two years, has over 35 years of experience in the asset management industry, the firm said. Similar to Greene, he works with clients on M&A reorganizations and regulatory matters, many of which also involve the ICA.

Neither attorney would speak to whether their respective clients would be making the move with them.

They said that like most everything else in life at this juncture, the presence of COVID-19 has made the transition different.

"We are doing this fully remote," Greene said. "The first department meeting was remote. There is some awkwardness to that, but there is something that is really nice about it. Like when you know someone is doing the call with a child on their lap or a dog in the room. There is something very human about it."

In addition to the departures to Sidley and Willkie in recent weeks, Shearman in November saw the exit of Brian Wassner, co-leader of the firm's private capital industry group, who also took his practice to Sidley.

The firm has also made additions, continuing its Texas expansion in March with two partners from Thompson & Knight after opening up a Dallas office with six partners in February.

A spokesperson at Shearman said the firm thanks Greene and Baris for their efforts and wishes them well in their new roles.

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Sidley Picks Up Shearman Practice Leader As Pandemic Transforms Leveraged Finance Scene