White & Case Moscow headcount drops 15% since Ukraine sanctions
In a further sign of the difficulties facing international law firms in Moscow, White & Case has seen a 15% fall in its office headcount in just over seven months.
December 08, 2014 at 07:13 PM
3 minute read
In a further sign of the difficulties facing international law firms in Moscow, White & Case has seen a 15% fall in its office headcount in just over seven months.
Two partners and two associates have relocated to London since May, while a further six associates who have left the Moscow base have not been replaced. In total, 10 of the 67 White & Case lawyers stationed in Moscow at the end of April have now left the office.
Since then, capital markets practice head Darina Lozovsky has relocated to London on a temporary basis, while M&A partner Jonathan Langley has returned to the City after three years in Russia.
Legal Week understands White & Case decided not to replace any of the six associates who left the firm, with some moving to in-house roles and at least one associate on a fixed-term contract which was not renewed.
A counsel, Chris O'Donnell, has also been placed on a leave of absence, according to the firm's website.
"White & Case has built a strong, top-tier practice in Russia since opening an office in Moscow almost 25 years ago," said a spokesperson.
"Following the imposition of sanctions, it's clear that market conditions in Russia have changed and we are monitoring the situation very closely. We remain committed to our Russia practice in the long term and will continue advising clients on a wide range of matters."
The firm did not say whether it expected to relocate any other lawyers, or allow for further natural attrition.
In September, Legal Week reported how a number of top US and UK firms were reshaping or repositioning their Russian practices in the wake of the Ukraine crisis.
Firms are re-pivoting transactional teams towards Asia and downsizing or relocating junior lawyers to other offices since the US and EU began imposing sanctions on Russia in the summer.
A number of firms including Skadden have reviewed their approach to advising clients affected by the sanctions, which have prohibited a number of corporates and banks from accessing European or US capital markets.
Like White & Case, Cleary Gottlieb Steen & Hamilton – which is also one of the main legal advisers to the Russian Government – has allowed the total numbers of lawyers in its Moscow office "to decline somewhat by natural attrition".
Meanwhile, Linklaters has responded by introducing a programme of intra-office secondments, with at least five associates from the magic circle firm's Moscow relocated to London and elsewhere in the firm's network since May.
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