Singapore duo become latest to quit Ashurst as exits hit six in 24 hours
Exits mount as partners in Singapore, Hong Kong, Abu Dhabi and London all quit
September 15, 2016 at 01:26 PM
3 minute read
Ashurst Singapore managing partner Shaun Lascelles has become the sixth partner departure to emerge since last night, as exits mount at the embattled UK firm.
Lascelles is set to leave Ashurst in October and is understood to be joining US firm Vinson & Elkins in London, though this has yet to be confirmed.
News of Lascelles' exit came hours after it emerged that former Singapore head Keith McGuire had handed in his notice in June. McGuire is joining PwC Legal's newly launched Singapore office.
Lascelles has been replaced as Ashurst Singapore head by dispute resolution partner Ronnie King, who becomes the third post-holder in recent months, as Lascelles only replaced McGuire after his resignation three months ago.
Earlier this morning, it emerged that Ashurst's Hong Kong managing partner Lina Lee is joining Allen & Overy alongside fellow Hong Kong capital markets partner Jonathan Hsui.
Meanwhile, City banking heavyweight Nigel Ward is to join a trio of ex-Ashurst colleagues at Paul Hastings. Partners Michael Smith, Diala Minott and Cameron Saylor all quit for Paul Hastings in London at the beginning of this month.
The Middle East has also been affected, with US firm Curtis Mallet-Prevost Colt & Mosle hiring Ashurst Abu Dhabi managing partner Alastair Holland. Holland, who joined the US firm's Dubai office on 1 September, made partner at Ashurst in 2011.
A former Ashurst partner said: "When does the flow become a torrent?"
He added: "Once those key stones move, lots of other bits fall out after them."
Ashurst has seen a slew of departures in recent weeks.
In September, veteran restructuring partner Bertie Mehigan left its Hong Kong office for local boutique Howse Williams Bowers, while finance partner Doo-Soon Choi defected to Mayer Brown JSM in August.
In London, meanwhile, regulatory partner Nicola Higgs is joining Latham & Watkins, where she will be reunited with fellow regulatory partner Rob Moulton, who handed in his notice to join Latham in July, shortly after Latham also hired restructuring partner Simon Baskerville.
Earlier this summer, Ashurst posted disappointing financial results for 2015-16, with profit per equity partner falling back to a more than 10-year low of £603,000 after two consecutive years of decline, while revenue fell by 10%.
Recently appointed managing partner Paul Jenkins subsequently spoke to Legal Week about his plans to turn the firm around.
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