Cobbetts loses property finance team after partner shake-up…

A five-strong property finance team has quit Cobbetts for Halliwells.

The move has been made in the wake of Cobbetts' partnership shake-up.

The group, which is led by partner George MacMillan, ;includes ;partner Margaret Norton, associates Claire Hamilton and Alison Kelitt and assistant Katie Ridehalgh.

MacMillan and Norton were both salaried partners, a role that will be phased out with the introduction of the new partnership arrangements, as first revealed by The Lawyer (28 January).

It is understood that MacMillan was offered a role as an assured equity partner (AEP) - the other new equitised role being the variable equity partner (VEP) - at the end of last year, but decided not to take up the position.

MacMillan said that his move was not related directly to the changes to the partnership structure, but was driven by the opportunities offered by Halliwells' "entrepreneurial platform".

Cobbetts managing partner Michael Shaw said the moves would not affect "a very strong, loyal client base". Since the departure of the team Cobbetts has restructured its property finance group to sit within property.