Salans hit as nine jump ship for Locke Lord’s City launch
UK firm falls prey to US outfit as banking and real estate chiefs lead seven-partner defection
Stephen Finch
Salans is set to lose seven partners and two consultants to Barlow Lyde & Gilbert’s (BLG) former merger suitor in one of the most audacious raids yet by a US firm on a London practice.
Global banking chief and former global board chair Stephen Finch has resigned from Salans alongside London real estate head Daniel Polden.
They are set to join Locke Lord as part of the Texas-based firm’s London launch, which is being spearheaded by former Salans global managing partner Roger Abrahams.
Consumer finance partners Paula Howard and Bill McCaffrey, consumer finance litigation partner Kevin Heath, corporate partner Graham Spitz and restructuring partner David Grant are also poised to move.
Banking consultant and global cards and payment head Robert Courtneidge is also joining the upstart together with restructuring consultant James Varley. Courtneidge joins as a consultant, Varley as a partner.
Locke Lord is also hiring Rochman Landau partner Joseph Kosky.
Abrahams left Salans’ partnership in May and has since carried out consultancy work for the firm as of counsel. He was global managing partner between 2002 and 2005 and was replaced by current managing partner Dariusz Oleszczuk.
Finch, meanwhile, is still a member of the firm’s global board, of which he was chairman between 2005 and 2009.
The Lawyer reported the potential raid on Salans in the summer (8 August). The US firm said at the time that it had “strong ties to the London legal market” and that its “strategic growth plan includes expansion in the UK as one of our priorities to continue to serve our clients’ needs”.
Locke Lord (previously Locke Lord Bissell & Liddell until its September rebrand) was formed in 2007 out of the merger of Texas-based Locke Liddell & Sapp and Lord Bissell & Brook.
It has had a City office for a number of years as a base for lawyers who come to London on business, but has not had any permanent legal staff in the capital.
“[At the time of the 2007 merger] we immediately had London as one of our strategic goals. It’s been ongoing for three or four years,” said Locke Lord chair Jerry Clements.
We intend on expanding our core group to explore practices that are synergised with the US; energy and insurance are core to the firm, so we expect to expand in London in those areas.”
Locke Lord held merger talks in 2007 with BLG, which has since combined with Clyde & Co.
A Salans spokesperson said in a statement: “We recognise that it’s a part of life that at different times people will want to come and go or change what they’re doing. It’s an integral part of the business cycle and offers opportunities for fresh resources and ideas.”
View results 10 per page | 20 per page
Readers' comments (15)
Marx | 7-Nov-2011 10:50 am
Wow, this is quite a statement of intent. Seven partners in one go surely hasn't happened for years? I haven't heard of Locke Lord though - are they likely to tak the UK market by storm?
Unsuitable or offensive? Report this comment
PtL | 7-Nov-2011 1:06 pm
Sounds like the name of a S&M porn star.
Unsuitable or offensive? Report this comment
Anonymous | 7-Nov-2011 2:30 pm
Argh, Locke Lord you have honoured us with your presence, we shall prepare the whips.
Unsuitable or offensive? Report this comment
Kim Philby | 7-Nov-2011 4:17 pm
Lock and load?
Unsuitable or offensive? Report this comment
Anonymous | 7-Nov-2011 4:37 pm
This mas exodus may be a blessing in disguise for Salans' London office
Unsuitable or offensive? Report this comment
TheLawMap | 7-Nov-2011 8:27 pm
In many ways the legal market is going through such a revolution here in England and Wales that I am not surprised to see so many moving on to supposedly sunnier pastures. One wishes them the best of luck but I can't help wondering if the grass is really that green on the other side.
TheLawMap
Unsuitable or offensive? Report this comment
Anonymous | 8-Nov-2011 10:20 am
The statement from Salans is probably one of the worst I have read in response to such news in ages. I don't know who is more incompetent - the marketing people for writing it or the lawyers for signing it off!
"We recognise that it’s a part of life that at different times people will want to come and go or change what they’re doing. It’s an integral part of the business cycle and offers opportunities for fresh resources and ideas.”
Nine people leaving, coincidentally for the same place, is not people having a 'lifestyle change'. It points to a fundamental flaw in Salans' strategy which obviously didnt have the support of many of the London partners. This is about maybe a third of their London partners if their website is up to date. With such a loss, jobs are surely going to have to go. Support staff beware!
Unsuitable or offensive? Report this comment
Anonymous | 8-Nov-2011 7:53 pm
3/9 = dedicated consumer finance and a real estate partner. Based on numbers and areas, it doesn't seem too bad in these markets/times (but who knows about client lists)?
Unsuitable or offensive? Report this comment
Anonymous | 11-Nov-2011 8:08 am
"It points to a fundamental flaw in Salans' strategy which obviously didnt have the support of many of the London partners."
So it was definitly nothing to do with the ridiculous amounts of money they were probably offered?
Unsuitable or offensive? Report this comment
Anonymous | 11-Nov-2011 8:38 am
The Salans statement, translated into ordinary English means: "These people are a bunch of losers, and we are happy to get rid of them, although we would have preferred a different manner." Under the circumstances they could hardly have been more explicit.
Unsuitable or offensive? Report this comment