"This was a high priority when I became chair": Akin Gump's chief on landing the Bingham London group
In one fell swoop, Akin Gump this week radically transformed its City office from relative obscurity into a sizeable City player by taking on one of the largest ever teams of lateral partners. And from a mark-leading practice, no less.
September 17, 2014 at 07:03 PM
4 minute read
In one fell swoop, Akin Gump this week radically transformed its City office from relative obscurity into a sizeable City player by taking on one of the largest ever teams of lateral partners. And from a mark-leading practice, no less.
Yesterday (17 September), the firm announced it had hired 22 partners from Bingham McCutchen, including the bulk of the firm's London and Frankfurt offices and two partners from Bingham's Hong Kong base.
Understandably, given the rarity of such a large group of lawyers voting with their feet simultaneously – and the fact that this move is in part motivated by the lawyers' opposition to Bingham's ongoing merger talks with Morgan Lewis & Bockius – the focus has fallen on the departing lawyers.
But the move is also an important demonstration of Akin Gump's ability to carve out major talent teams from firms at a point of flux.
"Our financial restructuring team has known Bingham's team for many, many years," explains Akin Gump's chair Kim Koopersmith.
"They've always had a huge amount of respect for them, through industry events and matters in which they had worked together. Both groups always saw a natural affinity, and thought 'wouldn't it be great' if we one day got together and formed a combination."
The chairwoman denies that Bingham's merger discussions with Morgan Lewis provided a need to accelerate discussions at Akin Gump's end, but acknowledged that "we were hoping that one day there may be a good time to talk".
Bingham, for its part, says it will continue to operate an office in London, though Akin Gump expects to add further lawyers from the Boston-headquartered firm. "There will likely be some additional announcements in the coming week or two, and I expect that would change the number of total hires by a few," adds Koopersmith. "Right now, this is the group that we are starting with, and with respect to associates and counsels joining us, we are optimistic."
"We will need more space, no question about that, and though we will be split for the immediate future, our goal is to get into one space where we can all practice as one office."
However, Akin's chair rebuffs the suggestion that the hires are part of a full-service expansion in the City, despite the fact that, with more than 45 partners, the office has now entered a size bracket and scale that might suggest otherwise.
"Our strategy is to continue to play to our strengths – we will do in London and other markets what we do well," comments Koopersmith. "It marks the fulfilment to grow in London in areas we are strong. This was a very high priority when I became chair of the firm; I couldn't be happier than I am, having secured this team of lawyers."
The Bingham lawyers – led by London managing partner James Roome, restructuring partner James Terry and London finance head Barry Russell – are not the first to move to Akin Gump from a firm experiencing uncertainty over its future. In 2012, Akin Gump's City office hired a group from Dewey & Leboeuf, including oil & gas partner John LaMaster and oil and gas partner Marc Hammerson.
Earlier this year, it hired a dozen healthcare lawyers from Patton Boggs in the US, prior to the troubled firm's tie-up with Squire Sanders.
"Our strategy on laterals is very similar to our overall practice-driven strategy", says Koopersmith. "We are opportunistic, but we pinpoint the talent that we think will be most beneficial to the firm with what we are doing. We don't look just to hire to get big."
As for the Bingham group, Koopersmith and Akin's London managing partner Sebastian Rice are confident the new lawyers will bring their business with them.
"We know that they have a very loyal and esteemed client base, and we are very pleased to have the opportunities that will flow from that," says Koopersmith. "There's a great deal of synergy that will flow from the two groups of lawyers now working as one."
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