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Baker & McKenzie is reeling after being hit with the loss of its second derivatives partner in less than a month.
As exclusively revealed on The Lawyer website in December, Schuyler Henderson, a highly-rated derivatives and structured finance partner at Baker & McKenzie, is leaving the firm after 10 years to join Norton Rose.
His departure will leave Baker & McKenzie with no specialist derivatives partners at the firm.
Just a month earlier, David Green, a banking and finance partner specialising in derivatives at Baker & McKenzie, left the firm after 12 years to join client Goldman Sachs International as senior derivatives counsel.
Green was the second lawyer Baker & McKenzie lost to a client last year. In March, Graham Allen, a partner and IT specialist at Baker & McKenzie left to become European managing attorney at Cisco Systems.
Commenting on Henderson's departure Russell Lewin, managing partner at Baker & McKenzie, says: "We are never pleased to see people go but there comes a time when people need a new challenge.
"In Schuyler's case it came quite late in his career."
He says: "Obviously his departure is not well timed from our point of view with David leaving. Although they both left for different reasons, they are going in different directions."
Lewin says he will be seeking a replacement but adds that the firm was hoping to reposition the derivatives practice alongside structured finance area.
Henderson will be joined by Vincent Keaveny, formally a senior associate at Cadwalader Wickersham & Taft, who will become a partner in Norton Rose's capital markets group.
Norton Rose re-established its capital markets group in 1995 after shutting down the department during the 1980s.
Gilles Thieffry, head of the capital markets group at Norton Rose, says the firm is concentrating on building up the area: "We are making a number of lateral hires. We need to expand in that field of our network."