Orricks set to secure new Paris arm
Legal Week reports
March 27, 2002 at 07:03 PM
2 minute read
The seven-partner Paris-based finance team led by Watson Farley & Williams partner David Syed is finally expected to resign this week as both sides struggle to reach a deal on the Paris hand-over.
It was announced in November that Syed's team would be breaking away from the firm. Since then the firm has been in negotiations with US firm Orrick Herrington & Sutcliffe where the team has been poised to go for six months.
An insider said Orricks has offered Watson Farley around £10m to take over the whole Paris arm. No formal deal has yet been secured.
A Watson Farley lawyer said: "They are fighting over everything from terms of separation to phone numbers and e-mail addresses.
"The partners are about to resign despite the deal not being agreed. I expect it will be this week."
The delay is frustrating for Orricks, which has already earmarked Syed to take over the leading management role in Europe overseeing London and Paris in what will be its first continental office.
The US firm had originally been interested in securing a merger with the whole of Watson Farley, before moving on to a deal with the firm's Paris office.
Syed is charged with building up a presence for the firm in Frankfurt, Madrid and Milan. He will work alongside head of London Mike Bacon and it is understood Paris partner Stephane Salou will lead Orricks team in France.
The fracas has continued alongside Watson Farley's own merger discussions with Simmons & Simmons, which are on-going.
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