Sidley Austin has parted company with its first real estate finance partner in London since the global financial crisis savaged the practice area.
The Chicago-based firm has avoided the wholesale carnage of other firms that were similarly exposed to the structured finance market, but did lay off three associates last year following a programme of associate performance appraisals.
A source at the firm said no more cuts were planned, but refused to rule out the possibility of more given the unprecedented economic conditions.
Finance partner Debbie Carslaw left the firm for personal reasons at the end of the year. She joined Sidley from Denton Wilde Sapte in January 2003 together with Mark Menhennet as the US firm looked to build up its real estate finance team.