Clifford Chance funds chief in shock resignation for Simpson Thacher
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Clifford Chance London head of private funds Jason Glover has left the firm to establish a UK funds practice at white shoe firm Simpson Thacher & Bartlett.
Jason Glover
Clifford Chance London head of private funds Jason Glover has left the firm to establish a UK funds practice at white shoe firm Simpson Thacher & Bartlett.
Glover’s departure is the second high-profile partner defection to Simpson Thacher after corporate partner Adam Signy left to join the firm’s London office last year (5 May 2009)
The news also comes following last month’s announcement that global head of European competition and regulation Simon Baxter was leaving Clifford Chance to join another US firm, Skadden Arps Slate Meagher & Flom (14 June 2010).
Glover will be replaced as London private funds team by Edward Gander. The team includes three funds partners, two tax partners and 20 specialist funds associates.
Global head of corporate Matthew Layton said in a statement: “Jason has been a great asset to the firm and we thank him for his contribution over the past 12 years and wish him best of luck for the future.”
Simpson Thacher chairman Pete Ruegger said: “Jason is one of Europe’s pre-eminent private funds lawyers. His addition to our London office will complement our internationally recognized funds practice group and significantly enhance our ability to meet the needs of our clients in Europe and globally.”
Head of private equity Tom Bell added: “We are indeed fortunate to have someone of Jason’s extraordinary expertise and reputation joining our practice. His addition will give us an unmatched US/UK law ability to advise clients in this important and expanding practice area.”
Glover’s practice focuses on private fund formation, working with private equity houses including Actis, who he advised in its $2.9bn (£1.99bn) fundraising for Actis Emerging Markets.
Simpson Thacher posted London revenues of $55.2m (£35.5m) in 2009, down slightly from $55.6m in 2008. Its 2009 global revenues were $871m (£558.4m).
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Readers' comments (22)
Jimmy Rabbitt | 20-Jul-2010 9:58 am
Good move.
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Anonymous | 20-Jul-2010 10:54 am
U.S. firms are now on the verge of a major breakthrough in London, driven by mergers with UK firms and lateral hires such as this.
UK firms weakness in the massively bigger and more profitable U.S. market is going to finally start really hurting them over the next ten years. Merge or die.
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Yul Brynner | 20-Jul-2010 12:38 pm
I can't help thinking anonymous (above) is being a bite melodramatic
.
This might hurt CC short-term, as Signy leaving did a year ago. But "merge or die"? Is there any suggestion that the firm's in serious trouble? If so, why would partners be so happy to let DC keep steering the ship into the iceberg?
Personally, i don't see it as anything more than a blip, albeit not an isolated one.
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Anonymous | 20-Jul-2010 12:51 pm
YUL ~ I suspect that the "happiness" (which you believe exists) is more a matter of lethargy combined with lack of any one standing to make a fight of the position.
Remember no one on RMS Titanic believed it could sink either ..........
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anon muss | 20-Jul-2010 1:39 pm
@Anonymous 10.54: US firms have already had their major breakthrough in London when it comes to private funds.It's not just Jason Glover, but look at John Daglian at O'Melveny and Mark Mifsud at K&E. They left English firms for Americans because they saw the writing on the wall.
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Anonymous | 20-Jul-2010 1:49 pm
The sad thing is, this couldn't have happened to a nicer bunch of people.
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Lee Van Cleef | 20-Jul-2010 2:03 pm
While the CCs of this world will probably recover from losing people like Jason, the real threat from the yanks is to the mid-market funds boys.
More trouble ahead for SJB?
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Anonymous | 20-Jul-2010 2:24 pm
Perhaps he didn't like CC's hideous new orange and black web site, which is quite possibly the worst corporate site ever.
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Anonymous | 20-Jul-2010 3:00 pm
@ Lee Van Cleef - True, but SJ Berwin do at least appear to be aware of the grave dangers of their position - and the looming threat from US firms and far bigger, global mega firms - hence their desire to merge with Proskauer.
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Anonymous | 20-Jul-2010 3:41 pm
The white shoe firms' profitability in New York is something inherent to New York, and not something inherent to those firms. It lets them afford spectactular big name hires in London, but ultimately their London practices will always be at a similar level of profitability to their UK competitors.
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