Clifford Chance‘s hire of Allen & Overy (A&O) financial regulation partner Simon Gleeson – revealed yesterday on www.thelawyer.com – is in no way a tit-for-tat thing. That’s what official sources are saying, anyway.
But there’s some history here. A&O made an unusually high-profile raid in the same area just two years ago, when it took on then-Clifford Chance associate Matt Huggett and five of his colleagues. (It was a time of upheaval for Clifford Chance because it was just about to lose partner Tim Herrington to the FSA.)
Fast-forward two years and Clifford Chance retains its crown as the go-to firm for financial services regulation. Gleeson’s own experience on the retail products side is a nice addition, as are his relationships with Citigroup and Goldman Sachs.
A&O has always lagged behind its banking rival in the financial regulatory field. It doesn’t look like it will catch up Clifford Chance any time soon.