Watson Farley loses NY partner duo to Orricks
City merger bid under strain as two partners go and two more consider offers
May 09, 2002 at 06:01 AM
2 minute read
The merger bid between Watson Farley & Williams and Simmons & Simmons has come under strain this week as it emerged that two star Watson Farley finance partners in New York have resigned to join Orrick Herrington & Sutcliffe.
New York-qualified partners William Haft and Craig Stearns have both resigned from the firm and are expected to join Orricks within the next two weeks.
Legal Week understands that at least two more partners in New York are also considering offers from Orricks amid expectations that more Watson Farley partners are to move to the San Francisco-headquartered firm.
The surprise departures follow the decision this year of Watson Farley's seven-partner Paris team to join Orricks following the breakdown of firm-wide merger discussions between the two firms.
Orricks has also indicated that the firm is close to a deal to heavily bolster its London finance practice to complement its new teams in New York and Paris, with the expectation that four partners could be hired for Orricks' City office by the summer.
Confirming the US hires, Orricks' European head, Michael Bacon, told Legal Week: "There are offers on the table now [for London partners]."
The development is a setback to Watson Farley's merger talks with Simmons, which have been hit by partner unrest in recent weeks.
The loss of Watson Farley's profitable Paris arm – which boasted clients such as Vivendi Universal and Credit Agricole – alongside the New York departures has unsettled partners on both sides.
One Simmons partner told Legal Week: "There is no way I would back the deal in its current form."
Watson Farley has been talking to Simmons for the past six months after deciding to switch its attentions away from a US merger.
The 53-partner Watson Farley last year posted global revenues of £49m, of which half came from its London practice, with average profits per partner of £323,000 compared with £400,000 at Simmons.
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