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DLA Piper is set to boost its insolvency practice by retraining 20 lawyers from other departments to meet soaring demand for restructuring advice.
The move will expand the UK practice by around 20 per cent, with two partners set to make the transition.
Litigation and regulatory partner Simon Boon will join the group alongside corporate partner Jonathan Richards.
Boon will focus on asset-based ;lending, ;while Richards will target distressed private equity funds.
The UK restructuring team currently numbers around 100 lawyers, of whom 22 are partners. Fee-earners transferring to the team will initially attend a week-long training session before taking part in DLA Piper’s College of Law-accredited restructure and recovery training programme.
Joint CEO Nigel Knowles said: “We see this as a very effective way of broadening the skills base of lawyers, who will strengthen our 100-strong restructuring team in the UK.”
Eight lawyers in London and five in other UK offices have agreed to the move and will be transferred in December. Another seven are in negotiations.
DLA Piper won a key insolvency instruction in September when it was called in by the administrators of property and financial services group Dawnay Day. Some 80 lawyers across the firm’s offices are working on the administration.