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Linklaters has become the latest magic circle firm to recruit a high yield specialist to its partnership with the arrival of Cravath Swaine & Moore counsel Mark Hageman.
The hire comes just weeks after Freshfields Bruckhaus Deringer raided Simpson Thacher & Bartlett to bring in high yield counsel Gil Strauss as partner (see story). Strauss became the first non-partner to go straight into the equity at the firm for seven years.
Linklaters global banking head Robert Elliott said: “High yield is playing an increasingly important role in helping clients satisfy their funding requirements, so I’m delighted to welcome Mark to the firm. With his expertise and experience in this area, he’ll be a welcome addition to the team and will play an important role servicing the needs of clients across Europe and the emerging markets.”
Hageman, whose practice also includes general US securities and corporate work as well as cross-border M&A, will join Linklaters next week.
Global head of US securities Cecil Quillen added: “Covenant-intensive debt securities, particularly in relation to refinancings and restructurings in the high yield space, have been huge drivers of the European fixed income markets in 2009-10. Bank lending constraint is generally believed to be a major factor in this, especially in jurisdictions which have experienced particularly severe banking crises.”
Last year, Allen & Overy became the first magic circle firm to target the high yield market with the hire of former Milbank Tweed Hadley & McCloy partner Kevin Muzilla.