Dechert’s Restructuring Co-Chair Heads to DLA Piper
The partner had prominent roles on well-known matters such as the Lehman and BHS collapses.
November 12, 2024 at 12:37 PM
2 minute read
Law Firm HiringAdam Plainer, a prominent restructuring partner, has exited Dechert in London after little less than four years, according to people close to the matter, and is set to join DLA Piper.
Plainer helped run Dechert’s restructuring practice as global co-chair.
Upon hiring Plainer from Weil Gotshal & Manges in 2021, Dechert described Plainer as “one of the U.K.’s leading restructuring lawyers“.
His high-profile mandates include advising global financial services firm Lehman Brothers and acting on the restructuring of BHS, two of the highest profile collapses in modern commerce.
He also advised Big Four firm KPMG on the administration of global financial derivatives broker MF Global U.K. and had a lead role on the liquidation of The Abraaj Group, a major Middle Eastern private equity fund.
He most recently advised the board of Yodel on the sale of the parcel deliver business. According to a press release at the time, the sale potentially saved 10,000 jobs.
Commenting on his departure, a Dechert spokesperson said: “We wish Adam well for the future.”
Plainer was a partner at Jones Day between 2003 and 2011, during which time he acted as head of restructuring. He then spent a decade at Weil, where he acted on such matters as Barclays Bank’s restructuring of the General Healthcare Group, which involved the reorganisation of over £1.5 billion of debt.
Dechert has had a tricky time of late, facing several partner departures in London against a backdrop of two years of flattening revenues.
U.K. departures this year have included funds partner Thiha Tun who left for Goodwin Procter, white collar partner Judith Seddon and corporate partner Jonathan Angell departed earlier this year, litigator Simon Fawell left for litigation boutique Signature, while last year restructuring partner duo Solomon Noh and Alastair Goldrein left for Cleary Gottlieb Steen & Hamilton and finance partner Smridhi Gulati joined Cadwalader, Wickersham & Taft. The firm also promoted fewer people to its partnership.
DLA's global restructuring co-chair, Chris Parker, said: "Adam's reputation for advising on many of the highest profile stressed and distressed situations, together with his tremendous cross border experience, greatly complements our existing global restructuring and special sits offering. Following the recent senior hires of Sven Schelo in Frankfurt and upcoming exciting appointments in other major European cities, we continue to build so we can be at the forefront of the leading global restructurings."
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