Garretts loses US partner
Legal Week reports
January 16, 2002 at 07:03 PM
2 minute read
Drew Salvest, the US capital markets partner hired by Garretts last year, has quit the firm after just nine months to join the London office of Chicago-based firm Mayer Brown & Platt.
Salvest, who boasts Merrill Lynch as one of his biggest clients, will add to Mayer Brown's capital markets and securitisation group of about 20 lawyers across Europe.
His move ends a long search by the firm, which has been keen to break into the buoyant securitisation market in London for some months, but has been unable to find a suitable candidate.
Salvest resigned earlier this month after just nine months at Garretts, where he covered a broad base of US directed securities offerings, mainly for UK and European issuers. As well as Merrills his clients include CSFB, JP Morgan, Citibank and Deutsche Bank.
Legal Week understands that Salvest had personality and cultural clashes at Garretts and he was keen to return to a US firm. Prior to Garretts he undertook a three-year stint at Dewey Ballantine and before that he was at Brown & Wood, which merged with Sidley & Austin last year.
The move is a blow to Garretts. Salvest was its only US-qualified capital markets partner and completed a team of four other UK partners, led by former Norton Rose partner Gilles Thieffrey.
Legal Week understands Salvest will take his clients with him although this is still subject to negotiation.
Salvest said: "The firm [Mayer Brown & Platt] provides me with great opportunities to expand my practice and be part of a growing international team".
Mayer Brown is still negotiating a merger deal with City firm Rowe & Maw.
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