Ashurst signs up Italian projects finance team for international drive
Ashurst takes five-strong Italian projects team from A&O as it moves to implement new three-year strategy
January 11, 2006 at 07:03 PM
2 minute read
Ashurst's strategic push to bolster its projects practice has won an early victory after the firm secured the appointment of one of Italy's leading projects partners from Allen & Overy (A&O).
Respected project finance partner Franco Vigliano is set to join Ashurst's Milan office as a partner with a team of four A&O associates, including John France, who joins at partner level. The hires, reported on legalweek.com
(5 January), give Ashurst its first local projects capability in Italy.
Ashurst energy and infrastructure chief Mark Elsey told Legal Week: "The Italian market is one which operates strongly on individuals. Franco is one of the leading operators there, so this is a significant boost for our team in Italy and a further step for our European practice."
The firm already has project finance capability in France and Spain, as well as Dubai and Germany, where there are plans to grow the practice further.
The decision to focus on projects was a key element of Ashurst's three-year strategy review, which the firm is currently implementing after unveiling the blueprint to its partnership in October last year.
The review also identified private equity, structured finance and leveraged finance as priority practice areas in which Ashurst will aim to become 'top three' practices in Europe.
Ashurst senior partner Geoffrey Green commented: "We have earmarked projects for growth internationally. Overall, between 25%-30% of our turnover comes from outside London, but we want that figure to be at least one third."
Belying the firm's reputation for conservative attitudes to expansion, last week also saw Ashurst make ground on one of its other stated priorities – bolstering its German practice.
Ashurst recruited three partners from German independent Haarmann Hemmelrath, with restructuring specialists David von Saucken and Matthew McDonald joining Ashurst's London office, while corporate partner Ingo Scholz will join the firm's Frankfurt office.
A team of six associates is also expected to join from Haarmann across London and Frankfurt.
Ashurst's German practice has seen a number of senior departures over the last 18 months. In December, three lawyers, led by private equity heavyweight Jorg Kirchner, quit the Munich office for Latham & Watkins.
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