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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Clifford Chance (CC) corporate partner Adam Signy has defected to the London office of Simpson Thacher & Bartlett.
Signy, one of the magic circle firm’s biggest hitters, is Simpson Thacher’s first major corporate hire in London. His departure, which was announced internally this afternoon, comes at a time of turbulence for Clifford Chance.
Last autumn CC managing partner David Childs predicted a profit drop of more than an third this year, which would take top-earning plateau partners from £1.32m down to £900,000.
The most recent financial results for SImpson Thacher saw an average profit per equity partner (PEP) of $2.48m (£1.66m).
A source close to Simpson Thacher said: “Our clients need UK law capabilities. This is something that we have discussed for quite a while now and I certainly think increasing UK law capabilities is a good move for us.”
“Yes, private equity is slow, but deals are still getting done and there is a lot of work for our London team to do. Adam’s reputation precedes him and he is a real generalist. In a small office that is essential.
“As a firm we are more culturally comfortable with promoting internally and focusing on organic growth. But this is a very exciting move for us.”