EY Law has hired Baker & McKenzie banking partner Steven Francis to launch a new financial regulatory practice in the City, alongside Weil Gotshal & Manges London private funds regulation head James Gee and up to 10 associates. 

Francis and Gee will join the practice, which is part of EY Law's financial services group, on Monday (18 May) as executive directors.

Francis joined Bakers in March 2014 as a partner in London. He moved to the firm after nearly six years at Reynolds Porter Chamberlain, where he was a partner and leader of the financial services and regulatory group, a practice he established.

Gee joined Weil in 2013 and was made up to counsel in November 2014.

The pair will report directly to EY Law's head of financial services, Matthew Kellett.

The 10 associates that are set to join the practice have been hired from a range of firms.

Kellett said: "We've already seen significant demand from our clients in this area. Our priority is to get the team in place and start satisfying that demand."

Kellett, formerly finance chief at Berwin Leighton Paisner, joined the accounting giant in September to lead the legal side of its financial services division.

The latest hires come after a series of moves by the big four accountant into law firm territory. In December EY secured approval from the Solicitors Regulation Authority to provide legal services in England and Wales under an alternative business structure.

It went on to recruit two partners from Swedish firm Delphi, breaking into its final Nordic country in the process.

The opening in Sweden followed on from EY's move to take on staff from KPMG's Danish legal team in July last year. 

By 2017 EY expects to have a presence in more than 80 jurisdictions covering all major markets except for the US.