Deutsche relations in spotlight after White & Case departures
White & Case is working to renew its relationship in London with key client Deutsche Bank, after six partners with links to the client left the firm's banking and capital markets practice in 18 months. Since key relationship partner Mike Goetz quit for Freshfields Bruckhaus Deringer in March 2008, a further five partners linked with Deutsche have left in London - putting the connection under strain. At its height the relationship was thought to be worth around $25m (£16m) a year to the firm's London office.
September 30, 2009 at 08:04 PM
2 minute read
White & Case is working to renew its relationship in London with key client Deutsche Bank, after six partners with links to the client left the firm's banking and capital markets practice in 18 months.
Since key relationship partner Mike Goetz quit for Freshfields Bruckhaus Deringer in March 2008, a further five partners linked with Deutsche have left in London – putting the connection under strain. At its height the relationship was thought to be worth around $25m (£16m) a year to the firm's London office.
Finance partner Rachel Hatfield and capital markets partners Tim Jeveons, Andrew Croxford and Andrew Caunt – all of whom worked with the bank – left White & Case between April and September this year.
In addition, the August departure for Ashurst of restructuring partner Dan Hamilton has been a particular blow to the firm as he held one of the main relationship roles within White & Case in London. It is understood that as a result of his move White & Case has lost at least one significant restructuring project.
White & Case denied that there has been any breakdown in the relationship, with co-head of finance Chris Kandel taking charge of the relationship since Goetz departure. Other finance partners working on the Deutsche relationship now include Antonia Rawlinson, Brian Conway and Magdalene Bayim-Adomako.
One White & Case partner told Legal Week: "Dan has taken a lot of work with him but it is a material relationship we have with [Deustche]."
Deutsche declined to comment officially. One Deutsche staffer said the partner departures had impacted on the relationship but stressed that White & Case remained one of the bank's primary advisers.
Deutsche instructs a number of UK and US firms in the City including Allen & Overy, Weil Gotshal & Manges, Latham & Watkins and Mayer Brown, with several of these already predicting an increase in work as a result of the changes at White & Case.
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