Allen & Overy retains lone Sao Paulo partner after his attempt to leave
Bruno Soares had been set to make the jump to US firm Paul Hastings but will now stay at the magic circle firm
May 15, 2015 at 12:38 PM
2 minute read
Allen & Overy (A&O) has held onto its sole partner in Sao Paulo after he quit to join US rival Paul Hastings.
Legal Week understands that Bruno Soares has decided to stay at the firm after having quit alongside New York-based Latin America practice co-head Robert Kartheiser and fellow New York partner Cathleen McLaughlin in March.
Kartheiser and McLaughlin joined Paul Hastings shortly after the trio quit and will remain at their new firm.
A&O will keep its Sao Paulo office open now that it has retained Soares. The firm had been reviewing the future of its presence in the city following his decision to leave.
A&O also has one senior associate and one associate on the ground in the city. The team in Sao Paulo will be supported by the magic circle firm's team of Latin America partners in New York.
According to its website, A&O's Latin America team is "primarily based in New York", where the firm lists a total of 31 partners, excluding the two departures from the office.
A&O's Latin America practice focuses on corporate finance, including banking, project finance, capital markets, derivatives, securitisations, mergers and acquisitions, restructurings and insolvency.
A spokesperson for Paul Hastings said: "Individuals sometimes change their minds, which has happened here. We wish Bruno well, and we remain focused on the expansion of our Latin American business, including implementing a new office in Sao Paulo."
Paul Hastings is still in the process of seeking regulatory approval for a potential new office in Sao Paulo.
Soares had been set to be based in New York with the other two A&O partners until his planned move to staff a new Sao Paulo base was given the green light.
The US firm is looking to carry out projects, M&A, banking and capital markets work in Brazil. However, the firm would not be drawn on the timing and the size of any potential office while discussions with regulators were ongoing.
A&O declined to comment.
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