Jones Day capital markets and funds partner Jonathan Bloom has left the U.S. firm's London base to found a new three-lawyer boutique firm.

The new advisory firm, Avonhurst, officially launches this week and will offer legal, legislative and political risk advisory and capital services. It will act for funds, capital providers, corporate borrowers and issuers, and secured lenders.

Bloom's new colleagues include PwC Legal's former head of banking and finance Laetitia Costa, and Nigel Heilpern, who headed the London real estate and real estate finance department at King & Spalding until he left the firm last year.

Bloom, who left Jones Day in May, said in a statement: "Whilst many traditional law firms profess to offer the best people, services, processes and technology to clients in sophisticated capital, none of them coordinates its resources in the most enterprising way. Clients are increasingly pushing back against the traditional delivery model of legal services and are tired of paying high rates for inexperienced junior resources and intolerant of inefficient delivery and poor communication.

"There is a real demand for more strategic commercial support at every stage of engagement. The status quo needs to change and developments in technology and alternative resourcing present the answer."

He added that the firm's pricing eschews using the billable hour as a metric for value. He said in a statement: "We offer a range of options, from fixed, retained and contingent fees right through to equity share, all geared towards aligning our interests with our clients, now and in the future."

Bloom joined Jones Day in 2014 from Ropes & Gray, where he was one of the leaders of the U.S. firm's global high yield practice. His key funds clients include BlackRock, KKR Asset Management and Vision Capital.