Baker & McKenzie is setting up its first corporate recovery division in the UK.
Jeremy Goldring, an insolvency partner who joined the firm from Dibb Lupton Alsop (The Lawyer, 9 August), is spearheading the move.
Goldring plans to recruit partners from finance, corporate, dispute resolution and other departments which fall under the insolvency umbrella.
He adds that his plan to win around existing Baker & McKenzie clients depends on implementing a profit-sharing structure.
Under the scheme, lawyers working in other departments will be able to refer to the corporate recovery group without losing out on profits.
Goldring says: “I know that the lines of communication at Baker & McKenzie are excellent and I'm confident of the support of my fellow partners. It is within the firm's culture to cooperate with and help each other.”
Although Goldring has already presented his ideas, he is still developing how to implement his plans. But he says he is focusing on taking disputes and commercial property lawyers.
He will consider further recruitment as the internal team develops.
Goldring says that although Dibbs had a stand-alone insolvency practice, it does not refer work from other departments, as he plans to do at Baker & McKenzie.
The firm is following the example of other City outfits which have set up a separate corporate recovery function.
Freshfields and Linklaters & Alliance rebranded their corporate recovery groups following the recession.
A Freshfields spokesman says the firm relaunched its insolvency group as corporate recovery more than two years ago.
He says: “After the last recession a lot of firms with a critical mass were able to feed off work [from other departments] and had work from the accountants.”