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Clifford Chance and Allen & Overy (A&O) have found solutions to succession issues faced by their banking practices. The rival practices have resorted to power splits in order to avoid potential conflict
Clifford Chance finance partners are set to elect two joint heads to lead the London banking and capital markets practice, but in a break with tradition, neither is from the powerful bank lending group.
Debt capital markets partner Robert MacVicar and bank regulatory specialist Tim Plews are running on the same ticket. It is understood that securitisation head John Woodhall also expressed interest in standing but eventually decided against it.
Although banking and capital markets have separate representation on a global level, in London they have traditionally been run together.
At A&O, power has been shared between senior projects specialist Jonathan Brayne, rainmaker Stephen Gillespie and former South Asia managing partner Christopher Rushton. This comes as global banking head David Morley prepares to step into the managing partner role. Brayne succeeds Morley, but under the title of non-executive chairman.
Gillespie and Rushton will continue as the group's managing partners of strategy and operations respectively.