Simmons & Simmons has hired Bear Stearns managing director and head of European equities legal, Allan Yip, in a significant boost to its leading financial services practice.

Yip is set to join the top 10 City firm as a partner from the legacy US bank Bear Stearns on 18 August, returning to private practice after a stint at a number of leading banks.

Prior to joining Bear Stearns, Yip was vice president and assistant general counsel at JPMorgan Chase, having started his career as an associate at Clifford Chance.

At Simmons, Yip will join fellow finance partners Antony Bryceson and Andre Allee in working for the firm's investment manager client base.

Simmons' London financial services head Sarah Bowles said: "This new addition to our team will enable us to advise European hedge fund clients on complex investment transactions, as well as expand the range of clients to whom we are able to provide derivatives advice."

The hire is the latest in a string of departures from Bear Stearns' legal team following its fire sale to JPMorgan in March this year amid sustained pressure on the bank's liquidity.

Last month, Washington Mutual hired the bank's former general counsel, Michael Solender, as its executive vice president and chief legal officer, while Kirkpatrick & Lockhart Preston Gates Ellis took former managing director Philip Cedar, who led a legal team focused on asset-backed securities.