Wragge & Co has lost its fifth partner in six months, with private equity partner Peter McLintock quitting to join the Birmingham arm of Midlands rival Hammonds.
McLintock, previously a senior legal adviser to venture capitalist 3i, is leaving the Birmingham giant to head up Hammonds’ Midlands private equity practice.
Confirming McLintock’s resignation, Wragges senior partner Quentin Poole said: “We’re sorry Peter’s going, but the move’s a good opportunity for him and we wish him lots of luck.”
McLintock’s resignation comes just days after corporate partner Nick Smith, who has been a partner at Wragges for five years, announced his departure to join Japanese investment bank Nomura in a non-legal role (as first reported on www.thelawyer.com/lawyernews, 2 June).
In addition to McLintock’s relationship with 3i, he also acts for number of other leading private equity houses, including Aberdeeen Murray Johnstone, Barclays Private Equity, Gresham, ISIS and Lloyds Development Capital.
Last December, highly rated litigation partner Ann Benzimra left Wragges to join Hammonds, while in March competition partner Guy Lougher left to join Pinsents as national head of department. Partner Beverly Sullivan also left in April to pursue interests outside the legal profession.
The resignations coincide with an announcement from Wragges that average profits per partner have plummeted by 17.6 per cent to £210,000, even though turnover remained static at £79.3m.