Allen & Overy seals hire of New York finance partner from Ashurst following firm's CLO pullout
Hire of Larry Berkovich marks ninth partner addition for A&O in New York in just over a year
August 15, 2017 at 01:11 PM
2 minute read
Allen & Overy (A&O) has sealed the hire of finance partner Lawrence Berkovich from Ashurst in New York.
Last month, Legal Week revealed that Berkovich was in talks to join the magic circle firm following a restructuring of Ashurst's New York office.
Today (15 August), A&O confirmed that he has joined the firm as a partner in its securitisation and structured finance practice.
He joined Ashurst in 2015 from Mayer Brown and has a structured finance practice that is focused on collateralised loan obligations (CLOs), which Ashurst has moved away from in its New York office.
Berkovich's hire represents the ninth partner addition A&O has made to its New York office in just over a year. His appointment takes A&O to 22 finance partners in New York.
US senior partner Tim House said: "Larry is an excellent addition to our team. His extensive top-level experience and impressive technical knowledge will be an asset to our clients. This is another significant step in our commitment to grow our US practice."
House spoke to Legal Week about his intention to continue the firm's US growth following his appointment in March this year.
Last summer, A&O significantly expanded its US finance practice with the hire of four partners from Proskauer Rose and White & Case, as well as a Milbank Tweed Hadley & McCloy associate who joined as a partner.
Ashurst has moved away from CLO work in the US after the departure of a team of partners in London to Paul Hastings last year. Paul Hastings had previously hired a nine-lawyer team from Ashurst in New York in 2015, including three partners, which also focused on CLO work.
As a result of the restructuring, five Ashurst New York partners have joined US firm Chapman and Cutler – Pat Quill, David Nirenberg (tax), Steve Kopp (tax), Doug Bird and Tom Glushko.
The exits leave Ashurst with four partners in New York focusing on banking, energy and infrastructure.
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