London lawyers at New York firm Kaye Scholer will have a spring in their step this morning, given that the office partnership headcount has jumped an impressive 100 per cent since Friday and a brand new practice area is now on offer.
Welcomed today (9 October) with open arms by the Kaye camp is Tim Spangler, formerly of Berwin Leighton Paisner (BLP).
The loss is a blow to BLP. Spangler had been considered one of the firm's star partners, having been integral to it securing a much sought-after place on Gulf International Bank's panel.
But the weight of his client roster, which includes Schroders, has enabled US and UK-qualified Spangler to waltz straight into the role of Kaye's first head of global investment funds.
Kaye already has lawyers working on funds out of the US, but the hope is that the firm can now emulate the success of other US firms in London.
Schulte Roth & Zabel must be shaking in its boots.