Freshfields high-yield heavyweight Ward McKimm leaves for Shearman
High-yield star becomes latest partner exit from magic circle firm
July 10, 2018 at 04:40 AM
4 minute read
Freshfields Bruckhaus Deringer high-yield star Ward McKimm is leaving to return to Shearman & Sterling, in the latest departure for the magic circle firm following its lockstep overhaul.
McKimm, who co-heads Freshfields' European leveraged finance group and is understood to be one of the firm's best-paid partners, is leaving three years after joining from Kirkland & Ellis in June 2015.
A move to Shearman marks a return for McKimm, who spent about 14 years at the US firm before joining Kirkland in 2011. His key clients include BNP Paribas, Deutsche Bank and Morgan Stanley and he was followed to Freshfields by fellow Kirkland high-yield partner Andrew Hagan in February 2016.
For Shearman, the hire of McKimm plugs the gap left by former European capital markets chief, Apostolos Gkoutzinis, who left for US rival Milbank Tweed Hadley & McCloy this January. The firm recently appointed new London leadership, with Brussels managing partner and global competition head Matthew Readings taking over as City head from Nick Buckworth.
Shearman senior partner David Beveridge said: "We are delighted to welcome Ward back to the firm. He has an excellent reputation in the market and will be a fantastic addition to our London office."
Head of European capital markets David Dixter added: "Clients continue to turn to us to help them navigate the most complex and innovative transactions, and Ward will be a major asset in providing our clients with a top-of-market legal service."
Shearman's last significant lateral partner hire in London was its September 2015 addition of Freshfields TMT co-head Frank Miller, after taking on Addleshaw Goddard M&A partner Ben Rodham the previous year.
However, the US firm has seen a number of London partner exits in recent years, with Rodham leaving for Linklaters in late 2015, and private equity partner Mark Soundy and tax partner Sarah Priestley finding a new home at Goodwin Procter in December 2016. Meanwhile, mining co-head Richard Price left last year to become group general counsel at Anglo American.
For Freshfields, McKimm's exit comes on the back of the high-profile departure of private equity heavyweight David Higgins, who quit for Kirkland at the end of last year.
The firm recently overhauled its lockstep, with more than 60 partners seeing their profit share reduced when the new system was ushered in this May.
Previously, the firm operated a main ladder running from 17.5 to 50 points and a lower ladder for less profitable jurisdictions and practices from 10 to 30 points. However, the new system is based on a single ladder, enabling top performers to make six times more than those at the bottom. All partners join the lockstep at 12 points, with a new top of lockstep rising to 60 points. Everything above 40 points only applies to star performers and those in competitive markets such as New York.
When McKimm joined Freshfields, the firm is understood to have broken lockstep to secure his hire, having already handed above-lockstep pay deals to partners in Asia to shield them from the advances of US firms.
The firm last week posted a 5% uptick in global revenue for 2017-18, alongside a 12% profit per equity partner hike to £1.734m, after what managing partner Stephan Eilers called "a very satisfactory year".
Other recent partner departures include former global infrastructure and transport co-head Martin Nelson-Jones, who is leaving to join DLA Piper, and Paris head Elie Kleiman, who joined Jones Day's base in the French capital.
Freshfields London head of transactions Julian Pritchard said: "Ward helped us build out the high-yield piece of our leveraged finance team, which advises many of the most sophisticated financial investors in the market. We are proud that our market-leading private equity and leveraged finance team supports these clients in delivering outstanding results. We wish Ward well in his new role."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllKirkland Steers Paris-based Antin in ‘Year’s Biggest’ Infrastructure Fund Closing, at €10.2B
3 minute readVenezuela Faces Creditor Class Action Suit After Missing $1.5B Bond Payments
2 minute readTop German Banking Partners Seiler & Rath Rejoin Latham After White & Case Stint
3 minute readMastercard Settles First-Ever UK Mass Consumer Action Over Unlawful Fees
3 minute readTrending Stories
- 1The Key Moves in the Reshuffling German Legal Market as 2025 Dawns
- 2Social Media Celebrities Clash in $100M Lawsuit
- 3Federal Judge Sets 2026 Admiralty Bench Trial in Baltimore Bridge Collapse Litigation
- 4Trump Media Accuses Purchaser Rep of Extortion, Harassment After Merger
- 5Judge Slashes $2M in Punitive Damages in Sober-Living Harassment Case
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250