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Ernst & Young's law firm Tite & Lewis is branching out into private equity work and hiring a partner from Eversheds in London.
`Iain Young has been heading Eversheds' sports law group as well as focusing on private equity work.`He adds a new capability to Tite & Lewis in London, which will have 10 partners when Young arrives and has 60 lawyers in all.`Managing partner Christopher Tite declined to comment on Young's move but said: "We have identified private equity as an important area to develop as part of our corporate finance practice, particularly working alongside Ernst & Young who have an established reputation for their work in that area."`Young also refused to comment on his move, but he is understood to have resigned from Eversheds and is planning to leave the firm on Wednesday (6 June).`Ernst & Young already acts for venture capitalists including 3i in the UK, and has a strong practice representing US private equity houses which are increasingly moving into the UK. Other private equity clients include Bridgepoint Capital, Apax, Candover, Electra and Lloyds TSB.`Tite says: "The thing which we get from our market research is a sense that, although private equity is concentrated in the hands of a relatively small number of firms, clients are beginning to think that they have a limited range of options."`It is understood that Young will take clients with him to Tite & Lewis - a number of private equity funds which include Lion Capital.`A spokesperson for Eversheds confirmed Young's departure.