Clifford Chance partner Nick Elverston will be the latest partner to leave the firm’s troubled communications, media and technology (CMT) team after announcing his departure for Herbert Smith last week.
The CMT group has suffered a string of departures, the bankruptcy of a number of key clients and, in June, a number of associates were made redundant.
CMT group head Joachim Fleury said: “A lot has happened in a year. We had Tim [Schwarz] leave and Nick leave and we’ve reorganised but that’s just a different way of looking at the market.”
Three years ago, when the group was at its peak, it could rely on clients such as Deutsche Telekom, Energis Global Crossing and MCI. The latter three no longer exist in their former state, while the Deutsche relationship has been hit by the departures in Germany of relationship partner Peter Nägele and litigation partner Bernd-Wilhelm Schmitz, who had been responsible for handling Deutsche’s dispute work and who is now at Latham & Watkins.
Fleury insisted that the group was busy with clients such as Tele2 setting up operations and the private equity market generating M&A activity, although a number of deals were aborted in the summer.
However, Fleury welcomed one piece of good news. Daniel Sandelson is coming back from sabbatical after resigning from the leadership of the group earlier in the year.