Freshfields Bruckhaus Deringer

Dechert has expanded its employee benefits and executive compensation group by hiring New York-based Howard Klein, a partner from Freshfields Bruckhaus Deringer.

Klein's move is another sign of the struggle of Magic Circle firms to hold on to partners in New York who have U.S.-based client matters.

In an interview, Klein, who joined Dechert as a partner this week, said moving to the Philadelphia-founded firm will allow him to refocus his practice on U.S. matters. Klein declined to name any clients but said that they would be making the move with him to his new firm.

"My time at Freshfields was a time of tremendous personal growth, and working at an international, Magic Circle firm gave me the opportunity to travel all over the world and meet different people in different places," he said.

But Klein explained that his practice at Freshfields was more focused on cross-border mergers and acquisitions, while his bread and butter was U.S.-based private equity transaction work. "Cross-border M&A is not core to my historical experience, and I wanted to take my career back to my U.S. practice," Klein said, who previously practiced at Kirkland and Proskauer Rose. "At Dechert, [my practice] it will be very core to what I've always done."

Representatives for Freshfields did not immediately respond to a request for comment about Klein's move.

Other Magic Circle firms have also seen lawyer exits in the U.S. lately. Last week, Debevoise & Plimpton picked up an investment management partner from Allen & Overy in Washington, D.C., and a New York-based Clifford Chance finance attorney jumped to Morrison & Foerester in November.

Still, Freshfields' New York office has been in a hiring spree lately, taking on a group of lawyers from Cleary Gottlieb Steen & Hamilton led by M&A dealmaker Ethan Klingsberg.

As for Klein, his clients include public and private companies, private equity funds, senior executives and portfolio managers. He focuses on executive compensation and employee benefits in corporate transactions, including mergers and acquisitions, reorganizations, financing arrangement and public offerings.

David Jones, co-chair of Dechert's employee benefits and executive compensation group, said in a statement that Klein's hire will improve the firm's ability to advise various clients on employee benefits and compensation matters "for their most complex transactions."

Klein's move continues a pattern of executive compensation hires in Big Law in 2020. Earlier this month, Baker Botts, Kirkland & Ellis and White & Case all added lateral partners in the field, a practice that is a key part of mergers and acquisitions dealmaking.

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Morrison & Foerster Adds Finance Attorney From Clifford Chance