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Clifford Chance star Signy quits for Simpson Thacher

Why is everyone "agog" at this story? CC is undergoing a major restructuring and reorganisation, morale there is very low, their profits are in freefall and will this year fall below the £1m benchmark, Candover (Signy's big client) is fatally holed below the waterline and won't be doing any more deals (ever), Signy is not the lead relationship partner for KKR, CVC or Permira (CC's other big beast PE clients) and so even if he hasn't been pushed, this looks like a good tactical move for him as he might otherwise begin to look a little exposed at CC. As for Simpson, one swallow does not make a summer and one might say that this move is too little too late. If it's a statement of intent - great, but they'll need to broaden their footprint considerably if they are to be a credible choice for serious PE/M&A work.

7-May-2009

2:30 pm