Addeshaw Goddard’s head of private equity has quit for DLA.
Manchester-based equity partner Darrell Cooke resigned from the Addleshaws partnership last week, but is yet to confirm a departure date. It has believed to be the first time in five years that Addleshaws has lost an equity partner to a direct national competitor.
Addleshaws’ head of corporate Sean Lippell announced the move to partners last Friday (6 August).
The firm will not replace Cooke with a new head of private equity, instead opting to run the group under the direct management of corporate head Lippell.
Cooke enjoys a close relationship with Barclays Private Equity, and Addleshaws has been in talks with the client following Cooke’s resignation.
It is understood that Cooke did not act for Addleshaws’ trophy private equity client 3i.
Commenting on the departure, Lippell said: “We’re sorry to see him go, but our practice doesn’t revolve around Darrell. We have a large number of partners and a big team.”
Addleshaws’ private equity group is among the firm’s most profitable, turning over an estimated £7m last year.
The hire is a major boost to DLA’s private equity group, which this year welcomed SJ Berwin’s David Harris shortly after partner Andrew Carpenter quit for US firm O’Melveny & Myers.
It is expected that Cooke will be voted into the equity partnership at DLA within the next few days.