Berwin Leighton Paisner's (BLP) finance practice has had something of a revolving door recently, with the announcement of a new practice head last week prompting yet more departures. 

Since September a total of 13 partners have left BLP – a mix of voluntary and forced moves – with the majority coming out of the finance team. Two more – structured finance partner Lucy Oddy and real estate finance partner Andrew Flemming – are expected to hand in their notice next week.

Things started to look precarious when, following months of speculation about a significant drop in profitability, BLP finally revealed its 2012-13 financial results in September. Profit per equity partner had plummeted 39% to £401,000, while net profit had fallen 38% to £39.4m. 

At the time, partners in the firm blamed a poorly performing corporate department, and said the firm's management still wanted to focus on its real estate practice, which, while not performing as strongly as in previous years, remained a leading area for the firm alongside litigation.

But the focus shifted when, only a few weeks later, finance head Matthew Kellett announced he was to quit the firm. 

The shock departure prompted an independent review of the practice, launched in November by Jomati consultant Tony Williams. The review, which was intended to be completed by Christmas but ultimately ran until last month, had two principal aims: to bring about structural change to an unwieldy practice and to identify a partner to run it. 

The practice is made up of four groups: banking and capital markets, asset finance, real estate finance and projects. Williams recommended the creation of a new structured finance group as well as bringing the banking and real estate finance groups together.

Managing partner Neville Eisenberg said: "Adam Dann [Kellett's successor as finance head] is working with partners on the continued implementation of the recommendations from the recent review aimed at refocusing the team. The finance department will, of course, continue to be a separate department in the firm along with litigation, corporate, tax and real estate."

Dann's appointment to replace Kellett was by no means a smooth transition. One of the main candidates for the job, Ben Larkin, left for Jones Day last month, leaving a straight run-off between Dann and real estate finance chief Laurence Rogers.

Larkin, besides being a potential leader, was a key player with some of BLP's major banking clients. Following his departure and others, one finance partner has suggested the firm could be at risk of losing some of these key clients. BLP acts for all the major commercial banks including the Royal Bank of Scotland, Barclays and Lloyds, with new clients for the finance team including Bank of Tokyo-Mitsubishi, Royal Dutch Shell, AXA and AIG.

Dann's appointment is also thought to have raised tensions between the firm's senior management – separating Eisenberg and executive chairman Robert MacGregor. "MacGregor wanted real estate to be in power," says one partner at the firm. "His vision of BLP doesn't include banking – he wants to cut it right back. But in this case Neville got his way."

The fact Dann's appointment was quickly followed by Rogers' departure to DLA Piper, taking two more partners in tow to launch a real estate finance practice, gives weight to this claim. 

Despite what cannot have been an easy few months, it may be that BLP's senior management now have a finance practice more to their liking, at least in terms of size. Certainly not all the partner exits have been unwelcome, while the firm also culled some senior associates last July.

Despite this it is clear Dann faces an uphill battle, both to stem the flow of talent the firm does not want to lose, and to reposition the practice in the eyes of those outside the firm.

BLP partner exits since September 2013

September 2013 – Adam Rose, Patrick Somers, Liesl Fichardt

October 2013 – Richard Todd and Trevor Wood, Michael Weir

January 2014 – Marcus Jamson, Keith Wilson 

February 2014 – Ben Larkin, Laurence Rogers, Richard Hopkinson-Woolley, Neville Wright, Paul Simcock