E&Y ramps up US legal team with finance hire
Legal Week Global reports
May 27, 2003 at 08:03 PM
2 minute read
Ernst & Young's (E&Y) US tied-law firm McKee Nelson has hired the former chairman of Orrick Herrington & Sutcliffe's structured finance group to boost its New York practice.
At West Coast-based Orricks Edward De Sear's practice focused on asset-backed securities, trade receivables and mutual fund fees issues.
His move flies in the face of the current trend for senior lawyers to abandon the tied-law arms of the big four accountants for more traditional firms following the creation of the US Sarbanes Oxley Act.
However, De Sear said: "McKee Nelson has impressed me. Joining the firm offers a unique opportunity to combine forces with a group of lawyers that I have come to know and respect."
He had been a partner at Orricks since 1993 after moving from New York-based Milbank, Tweed, Hadley & McCloy, where he had been since 1988.
McKee Nelson was founded in Washington DC in November 1999 to work on tax and later opened a New York base to practise structured finance.
To comply with US regulations the firm has cut financial ties to its parent and also dropped the name of the big four accountant from its brand.
However, the tied firm now has more than 90 lawyers in the US and maintains ongoing referral ties to Ernst & Young.
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