Cobbetts’ real estate finance practice is to be restructured following the loss of five lawyers resulting from a firmwide partnership overhaul earlier this year.
The team will be led by real estate partner Andrew Dunn and is to be given a new focus of providing commercial property advice to lenders.
Cobbets revamped its partnership structure across the firm in January, splitting the equity between variable equity partners and assured equity partners, as well as creating the role of director for associates with seven to 10 years’ PQE.
The move led to a number of departures from the firm, including those of two real estate finance partners and three other fee-earners.
Dunn said: “As a result of that certain guys moved on, so we’ve restructured the team.
“We’re focusing more on our expertise on the real estate side, particularly in the current climate.
“Lenders want to understand more fully what the commercial property issues are and what the business plans of their customers are before investing.”
Dunn will be joined by finance partner Paul Brown along with seven other real estate finance lawyers on the new team, which will be based in the North West.