Barclays Capital is recruiting a former finance partner from Clifford Chance as it restructures its entire global legal function.
Andrew Taylor, who practised at Clifford Chance for 21 years, is joining the investment banking division of Barclays Bank as managing director and general counsel for the UK, Europe and Asia Pacific.
He will report to Frank McGarahan, global head of legal and compliance, and Howard Trust, Barclays Group general counsel, while working alongside Guy Dempsey, general counsel for the Americas.
McGarahan says that the 75-strong department has restructured to combine the 45-member compliance practice into the legal unit.
Earlier this month, McGarahan, previously global head of compliance, took on a combined role as global head of legal and compliance.
He says: “It is a reflection of the decision to pool together the risk management capability, because there was a sense that there was an element of combined work that the group could do more effectively by having a combined reporting line.”
Commenting on Taylor’s appointment, McGarahan says: “To some extent it is a new role in the way we formulate the responsibility for that area.
“Prior to that we had a more regional representation reporting to a different management structure.”
Although Taylor is in his mid-forties, he retired from Clifford Chance earlier this year.
One source says: “It is not common for partners to do this but a few do it because if they have spent 20-odd years in the same practice, they do not want to go to another law firm, they want a change.”
As part of his remit, Taylor will be responsible for Asia Pacific, having spent four years at Clifford Chance’s office in Hong Kong.
While at Clifford Chance, Taylor had relationships with other major institutions, including Citibank.
McGarahan says that while the investment bank arm has input in choosing firms, Barclays Group’s legal department is ultimately responsible for the approved panel of external advisers.