Norton Rose's entire securitisation group has resigned for Baker & McKenzie, leaving the top ten firm with no capital markets capability at partner level in London.
The four-partner team, which comprises Jonathan Walsh, Vincent Keaveny, Bruce Somer and Ian Porter,told the Norton Rose management of their intentions this week. It is understood their billings account for some £5m a year.
The team has agreed to serve out a full 12-month notice period as Norton Rose embarks on a search for replacements.
This contrasts with Norton Rose's experience three years ago when pressure from clients forced it to cut short the notice period of its four-partner acqusition finance team which had resigned for Allen & Overy.
Norton Rose banking partner Stephen Parish told The Lawyer: "This is a setback - it's always disappointing when friends and colleagues leave."
"They've done a great job in building the business and will leave us in 12 months' time in a stronger position than when we were starting out on this five or six years ago."
"We'll continue to service clients and will have 12 months to regroup."