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Shearman & Sterling is taking on the head of WestLB's derivatives legal team to boost its English law structured finance capability.
Patrick Clancy is joining the firm's London office as counsel from his role as a director at WestLB. Before moving to WestLB he spent seven years post-qualification at Slaughter and May. He joins the English capital markets practice under securitisation partner Marke Raines, who joined Shearman & Sterling last year from Allen & Overy. There is one other English structured finance partner at the London office, Clifford Atkins who joined from Ashurst Morris Crisp. Clancy moves to the firm as counsel because the New York giant has a policy of not making people partner if they are not joining from the partnership of another firm. His role is roughly the equivalent of a salaried partner in the English firms. Raines said: "We found him when we came across him on a couple of deals and he was just fantastic. When we learned he was restless we went after him and it took seven months to get him on board." The London office now boasts four structured finance partners and a team of around 12 other lawyers. Two of the partners and about five of the associates are US-qualified.