Clifford Chance loses four-partner funds team to Weil Gotshal
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Weil Gotshal & Manges has raided magic circle firm Clifford Chance for a four-partner funds team.
Ed Gander, Nigel Clark and Nick Benson, as well as tax partner Jonathan Kandel, have quit Clifford Chance to launch a funds formation practice in the US firm’s City office.
Weil executive partner Barry Wolf said in a statement: “This transformative move represents a major step forward in Weil’s global fund formation offering.”
He added: “The new London team, combined with our existing strengths in private equity, means we can now provide an integrated full service private equity practice to fund managers, private equity houses and other industry participants across Europe.”
The partner departures follow the resignation last year of Clifford Chance’s funds chief Jason Glover, who joined the London office of Simpson Thacher (read more).
In a statement, Clifford Chance London corporate head Simon Tinkler said: “Clifford Chance has a leading global private funds practice of over 150 lawyers. We will maintain the strength of our capability in London with a long term strategy of a combination of internal promotions and transfers and possibly lateral hires.”
Nigel Hatfield, the most senior remaining funds partner at Clifford Chance, will become head of the group, while the quartet of leavers are likely to have to serve out their notice period at the magic circle firm.
Readers' comments (7)
Hugey | 13-Jun-2011 4:03 pm
Perhaps the most high-profile blow since Lewinski.
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Glover lover | 13-Jun-2011 4:35 pm
This is an enormous loss for Cliffords. It's a marquee practice and to lose that many senior lawyers in the space of a year to US firms shows that the magic circle are winning the argument.
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Anonymous | 13-Jun-2011 4:40 pm
The writing was on the wall when Jason Glover left. He was the big client man and these guys are pretty junior
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Anon | 14-Jun-2011 4:21 pm
I'm surprised that this isn't the top story, taken together with all of the other recent departures it reflects a firm with severe management issues.
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Anonymous | 15-Jun-2011 12:39 pm
I have to wonder what the firm thought it was doing in allowing these four lawyers to depart. To lose Jason was a major blow for the firm's funds practice and, although the lawyers who have left are junior to Jason in terms of experience, the departures appear to compound the perception that there is something rotten in parts of Upper Bank Street.
Sadly, as an existing client of CC's funds practice, I am still awaiting for the call from a relationship partner explaining the recent departures. If CC cannot deliver on basic client care, why should CC’s clients remain loyal to the firm?
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I know them | 15-Jun-2011 4:28 pm
As far as legal skills, status and reputations go, none of Gander, Clark or Benson are anywhere close to being in Glover's category. However, staying at Clifford Chance at least those 3 had a chance of retaining some CC clients (and having someone senior like Nigel Hatfield would have helped). I really don't know how they'll be able to (i) take CC clients over to Weil; and (ii) win new business. Benson is a solid lawyer, but they lack the rainmaker to bring the business in. It is sad to see CC fall from being the best funds practice in Europe to what it has become now.
Ironically, this should actually benefit STB - if there were any clients who were previously undecided on whether to follow Jason or stick with CC, now will probably all rush to Jason.
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Former client | 16-Jun-2011 9:50 am
I agree with "I know them". I used to use CC (mainly because of Jason) and there is no way people will follow Gander, Clark or Benson (all nice guys, but not rainmakers). STB and the other main U.S. firms in London doing this sort of work, Kirkland & Ellis and O'Melveny & Myers, must be licking their lips in anticipation of taking on a bunch of ex-CC clients.
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