Freshfields Bruckhaus Deringer restructuring and insolvency heavyweight Nick Segal is leaving the magic circle firm after 12 years to join commercial set Erskine Chambers.

Segal, who is also a former partner at Allen & Overy, joined Freshfields in 2006 from the New York office of Davis Polk & Wardwell.

He has more than 30 years' experience in both non-contentious and contentious restructuring and insolvency and banking matters and, since 2015, has also been a judge in the financial services division of the Grand Court in Cayman.

Career highlights have included advising on the landmark restructuring of Bank of Credit and Commerce International, as well as acting for Northern Rock during its 2007 crisis – a role he described as "like advising in the middle of a tsunami".

In 2003, he made the rare move of leaving A&O's City office to join Davis Polk's Manhattan HQ, where he became dual qualified.

Freshfields global restructuring head Ken Baird said: "We are grateful to Nick for his very significant contribution to the growth of the firm's restructuring and insolvency practice and we know he will both be sought after and successful in this new phase of his career at Erskine Chambers."

He is expected to join Erskine this September, following completion of the formalities of joining the Bar.

Segal commented: "Erskine is a set I have worked with extensively since starting practice and always much admired. It is a set which combines a great culture with first-class legal minds."

Freshfields' recent restructuring work has included advising on House of Fraser's proposed company voluntary agreement, as well the administration of budget airline Monarch. Last year, the firm built out its practice in the US with the hire of a trio of New York restructuring partners from Arnold & Porter Kaye Scholer.

Segal's departure comes on the back of the exit of high-yield star Ward McKimm, who is leaving to return to Shearman & Sterling after three years at the firm. Freshfields recently overhauled its lockstep, with more than 60 partners seeing their profit share reduced when the new system was ushered in this May.

The firm also recently posted a 5% uptick in global revenue for 2017-18, following what managing partner Stephan Eilers called "a very satisfactory year", with profit per equity partner rising 12% to £1.734m.