Clifford Chance senior associate duo follow funds partners to Weil Gotshal
Weil Gotshal & Manges has secured the hire of Clifford Chance (CC) senior associates Stephen Fox and David Irvine to join its recently-recruited London funds team. The US firm last month (13 June) announced the hire of a four-partner funds team comprising CC partners Ed Gander, Nigel Clark and Nick Benson, as well as tax partner Jonathan Kandel, who works closely with the funds team.
July 04, 2011 at 08:54 AM
2 minute read
Weil Gotshal & Manges has secured the hire of Clifford Chance (CC) senior associates Stephen Fox and David Irvine to join the London funds team recently recruited from the magic circle firm.
The US firm last month (13 June) announced the hire of a four-partner funds team comprising CC partners Ed Gander, Nigel Clark and Nick Benson, as well as tax partner Jonathan Kandel, who works closely with the funds team.
Fox and Irvine, who handed in their resignations last week (28 June), are the most senior members of CC's team of associates focusing on funds. It is understood that they have been offered lucrative deals by the US firm, with the prospect of partner promotions within a three-year period.
The news will come as a blow to CC, which had been hoping to promote its more senior funds associates to partnership to fill the gap created by its outgoing funds team.
The partner departures have left the magic circle firm with just one City funds partner, Nigel Hatfield, who has replaced Gander as head of the remaining funds team.
There is now likely to be a period of negotiations regarding the possibility of more associates transferring from CC to Weil. It is understood that the US firm is interested in taking on as many as a dozen associates to initially support the new funds team.
There have been expectations that more CC associates are set to transfer, with approximately seven thought to be likely to leave CC in the coming weeks.
The moves comes amid a renewal of aggressive recruitment in the European private equity market by US law firms, with funds a particular target given the importance of reaching US investors.
For more analysis, see: Brand versus brawn – can CC get back in the funds game?
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