SJ Berwin loses duo of funds partners to Proskauer
Up-and-coming funds star Nigel van Zyl has quit SJ Berwin for the City firm’s former merger suitor Proskauer Rose, bringing fellow funds partner Oliver Rochman with him.
Nigel van Zyl
Van Zyl, a private equity fund formation expert, joins partners Peter McGowan and Robert Barry in the US firm’s funds team. He is understood to have resigned yesterday (26 July), but the timescale of the departure is not known.
The scoop follows Proskauer’s hire of corporate partners Russell Carmedy and Michael Nouril from Jones Day in the spring (11 April 2011).
Van Zyl made partner at SJ Berwin in 2007 and had been linked with firms including Clifford Chance, where he was tipped as a candidate to fill the gap left by the funds team headed for Weil Gotshal & Manges (13 June 2011). Rochman has been a partner since May this year (6 May 2011).
SJ Berwin was in protracted merger talks with Proskauer last year in a six-month courtship that was seen as unsettling for the British firm. Negotiations were called off in November (12 November 2010).
The firm has seen key partner losses in the past year, with Jon Vivian leading a four-partner real estate exodus to Irwin Mitchell in September (27 September 2010).
Last month competition head Stephen Kon is understood to have resigned from the firm after being voted into the partnership at Milbank Tweed Hadley & McCloy, only to be persuaded to stay (14 July 2011).
Jonathan Blake, senior partner st SJ Berwin, said: “Whilst we’re sorry that they’re [van Zyl and Rochman] leaving, we remain the undisputed market leader for funds with more partners and associates dedicated to this area in the UK and across Europe than any of our competitors.
“Our deep expertise across a very broad team has been built over many years and we’re committed to maintaining and developing that for the benefit of our clients.”
View results 10 per page | 20 per page | 50 per page
Readers' comments (24)
Julian Hedgefund | 27-Jul-2011 11:49 am
That leaves Michael Halford as the only SJB funds partner in London with any standing in the market (Blake and Gold are merely figureheads who left the coalface years ago). Who said the US firms would never establish themselves? Five years ago CC and SJB ruled the private equity funds market in the UK. Quite an achievement to be obliterated by newcomers in such a short space of time. Well, there's always mid-market deals I suppose.
Unsuitable or offensive? Report this comment
Joe B | 27-Jul-2011 12:05 pm
Spot on Mr Hedgefund. Love Blake's bluster - wholly unconvincing. Couldn't happen to a nicer firm.
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 12:19 pm
This just goes to show - what goes around, comes around. I know that there are many ex-SJ Berwin associates who will be delighted at this news.
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 12:32 pm
Julian Hedgefund is absolutely correct. The once pre eminent funds practice has now lost Mark Mifsud, Richard Watkins Justin Dolling plus their team many who are now also partners to Kirkland; John Daglian and Solomon Wifa to O'Melveny; these two to Proskaur; Bruce Gardner to Sidleys and probably a number of others that I cannot recall.
Maybe Blake will have to get back into practice?
That may be the only way to save the funds practice and gives him a face saving way to exit as senior partner before the election??
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 12:40 pm
This is a disaster for SJB - like Julian Hedgefund says, really it only leaves Halford as Blake and Gold are no longer highly regarded in their practice.
Blake as ever is unconvincing with his response - when oh when will they learn?
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 2:26 pm
And just desserts for SJ Berwin, really.
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 3:27 pm
Wow! have I missed something? Where does all this bile and delight at SJB expense come from? Anyone care to fill me in?
Unsuitable or offensive? Report this comment
Anon | 27-Jul-2011 3:36 pm
Few firms deserve this more richly than SJ Berwin. And that's really saying something after the last few years of stealth redundancies et al in the City.
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 3:55 pm
(Seriously) why does everyone apparently SJ Berwin so much? I'm merely a lowly barrister who has never been instructed by them so I have no idea what the firm is like, myself.
Unsuitable or offensive? Report this comment
QT | 27-Jul-2011 4:00 pm
David Ryland is also still there. I imagine someone will be after him soon. If he goes too, SJB are doomed.
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 4:35 pm
Greenaway to the list of departures over the past five years. Then let's shut our eyes, click our heels together three times, while repeating "there's no place like home", and imagine that our leadership of the funds market in the UK and Europe is still "undisputed".
Follow the yellow brick road, indeed.
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 4:52 pm
So does this mean that the success and continuance of SJ Berwin's fund practice rests on Michael Halford's shoulders? If so, the practice is doomed. That is not meant to be disrespectful to Michael Halford, but in all seriousness it can no longer compete against the heavyweight teams of K&E, Simpson Thatcher and (now) Weil Gotshal. If SJ Berwin wants to go out into the market to recruit and rebuild its practice, it will have to compete against Clifford Chance who are also likely to be aggressively recruiting. Plus, I am sure that Proskauer's recruitment spree is not over yet ...
Unsuitable or offensive? Report this comment
Anonymous | 27-Jul-2011 4:59 pm
I wonder if any other partners / associates will jump ship with them ...
Unsuitable or offensive? Report this comment
Marc Daniels | 27-Jul-2011 7:28 pm
It's a funny area, funds - a niche that's always been dominated by a handful of firms, and (other than CC) ignored by the Magic Circle. No sign this is changing, just a different handful of firms. Anyone know why the market is this way?
Unsuitable or offensive? Report this comment
Mike Jays | 27-Jul-2011 8:28 pm
So Mark Mifsud yielded the knife and Nigel Van Zyl did the slaying. End of Act One. Is there an Act Two or is this the beginning of the end for a firm that in the end became the worst version of itself? I feel sorry for some of the fine and decent lawyers that still work there. As for Mr Blake's quote, something is certainly undisputed - his arrogance and/or complacence. There will no doubt be some second rate US firms out there that will still be prepared to take them in but bolt the front and back doors before the exodus arrives.
Unsuitable or offensive? Report this comment
Reality check | 27-Jul-2011 11:33 pm
These guys aren't stars, they've just dipped their fingers into Daddy Blake's client list and picked off the low hanging fruit. Off they go, and maybe Proskaeur and Weil will reslise it takes more than printing off a precedent to be a successful lawyer As for the bitter ex-SJB posters on this site, sorry to disappoint but a new Van Zyl will be created in two months
Unsuitable or offensive? Report this comment
Anonymous | 28-Jul-2011 0:08 am
This must be the death nail for the SJB funds team...struggling to keep their heads above water ever since the K&E departures...the place has only been held together by the valiant efforts of van Zyl and to a lesser extent Halford. Blake should have been put out to pasture a long time ago and Gold gets wheeled out to meet clients but does hardly any hands-on work. The past couple of months has also seen the departure of a great number of associates of all PQE levels...one can only imagine how many more will be walking out that door to Proskauer et al in the coming months...
Unsuitable or offensive? Report this comment
Anonymous | 28-Jul-2011 10:21 am
What must the SJ Berwin partnership now think of its recent promotion of Oliver Rochman, potentially over other good candidates? Surely at the time he and Nigel were in discussions with Proskaeur (and others)?
Unsuitable or offensive? Report this comment
Anonymous | 28-Jul-2011 10:27 am
I'm sorry - how on EARTH can Blake say with a straight face that SJ Berwin is "the undisputed market leader for funds"? That is laughable.
Who is going to have the balls to tell Blake that things have moved on since he was involved in private equity 20 years ago? And this is the firm's senior partner ladies and gentleman ... the mind truly, truly boggles. It is just evidence that SJ Berwin ultimately is run by a tight group of men who are in power for power's sake - not based on merit, or appropriate skill sets, or who is genuinely right for the job. For that reason, they deserve all they get - no wonder people are leaving in their droves.
Unsuitable or offensive? Report this comment
Anonymous | 28-Jul-2011 11:00 am
SJB can not seem to shift its reputation in the market or with the press despite Rob Day's best efforts. A combination of this and the strength of US firms to cherry pick the best PE lawyers (upon which SJB's reputation was built and relies on) must be very alarming for them. Better associate infrastructure and replacement of certain partners wielding an unhealthy balance of power should be the start.....
Unsuitable or offensive? Report this comment