Mayer Brown departures continue with defection to Cadwalader
Cadwalader Wickersham & Taft has added a structured finance partner to its London base with the hire of Stephen Day from Mayer Brown.
Greg Petrick
Day, whose focuses include commercial paper conduits and structured investment vehicles (SIV), has resigned from rival US firm Mayer Brown and has already been removed from its website.
A lawyer at Mayer Brown’s City office since 2002, he made partner in 2007 and has acted on a number of high-profile insolvency cases, including representing a secured creditor of SIV Sigma Finance in 2008.
He is currently carrying out a range of matters for EMI and Terra Firma Capital Partners and advising the receivers of SIV Golden Key, according to his defunct page on Mayer Brown’s website.
His departure for Cadwalader follows a number of exits from Mayer Brown’s London base this year, with corporate partner William Charnley quitting to join King & Spalding earlier this summer (5 July 2012).
Leveraged finance partner Neil Caddy more recently resigned from the firm to join US rival Milbank Tweed Hadley & McCloy’s London office (13 August 2012), while finance partner Nicola Marley has joined Minter Ellison as its London finance head (2 May 2012).
The hire comes after Cadwalader vowed to kick off a London recruitment drive following the appointment of New York financial restructuring partner Greg Petrick as head of the office earlier this year (2 January 2012).
Mayer Brown London banking and finance chief Dominic Griffiths praised Day’s service as a partner and said it would not have a significant effect on the firm’s remaining practice.
Petrick was unavailable for comment.
Readers' comments (8)
Anon | 24-Aug-2012 4:40 pm
Mayer Brown = Dewey & LeBoeuf. The panic is well underway.
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Anonymous | 24-Aug-2012 9:40 pm
Oh dear! What can the matter be?
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Andrew | 27-Aug-2012 3:55 pm
This firm does seem to be in a bit of a downward spiral. Time will tell if it's terminal though.
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Anonymous | 28-Aug-2012 9:57 am
This is hardly a downward spiral. Mayer Brown is a great firm and a first class international law firm. No, I do not work for Mayer Brown. Cadwalader had huge problems only as recently as a couple of years back and London continues to be a mess. The other firms mentioned above are simply more profitable firms and the London base for Mayer Brown is an easy target. People will leave for lots more money.
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Anonymous | 28-Aug-2012 10:44 am
The rot started just after the firm won Roll on Friday 'Turd of the Year'
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Francis | 28-Aug-2012 12:52 pm
Morale is currently rock bottom and there is a sense of listlessness and crisis in the air.
That is probably true of quite a few firms though.
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Anonymous | 28-Aug-2012 1:08 pm
So he and the security guard will be the only full time members of the Cadwalader London staff...what a great firm!
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Anonymous | 10-Sep-2012 6:14 pm
More redundancies are definitely on the way. Workloads have plummeted and anyone busy at their computer is probably working on their CV. We now keep hearing about associates that are 'leaving'. In just the last 2 weeks I've now heard of 3 new joiner associates (in different departments) that were not kept on at the end of their probation period.
The rot started long ago, but re-electing Sean earlier this summer (Mayer Brown's very own Captain Schettino) was definitely a sign that we're heading for the rocks.
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