Squire Sanders has hired Addleshaw Goddard’s head of structured finance Mark Thomas for its London office.
Thomas, who specialises in structured finance and capital markets, joined the firm’s finance services practice group earlier this month after eight years at Addleshaw Goddard. He had previously worked at Mayer Brown, Dechert and Clifford Chance.
The move follows the firm’s hire of another former Addleshaw Goddard partner back in June, when Squire Sanders took on Dorsey & Whitney corporate partner Matthew Doughty who had been a partner at Addleshaw Goddard until 2009.
Global head of finance Jim Barresi said: “Mark’s skills and experience are increasingly important to minimizing the cost of capital in the wake of regulatory reform.”
Fee income at Addleshaw Goddard remained static over 2012/13 with the firm posting a revenue drop of two per cent from £170m to £167m (31 May 2013). Average profit per equity partner (PEP) increased marginally by 2.5 per cent from £446,000 to £457,000 while profit margin was at 27 per cent compared with 26.5 per cent a year ago.
Managing partner Paul Devitt said at the time: “Of course, we would have liked to have seen income growth for the year alongside the improved PEP and margin and so, in that sense, we’re disappointed. Nevertheless, after a slow first half to the year, it was good to see some growth in the second half.”
The firm announced redundancy consultations alongside its financials in 2012 and 2011, cutting 24 fee-earners in 2012 and 40 support staff in 2011. Addleshaws’ management admitted at the time that natural attrition rates had fallen among senior fee-earners, preventing younger lawyers from moving up the ranks.
For an analysis of the firm see Number Crunching: Addleshaw Goddard.