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Stephenson Harwood has lost three partners and two consultants from its private capital team, but has stated that the moves were “anticipated” in its business planning following profitability “concerns”.
Partner and head of private capital Robert Partridge and partners Robert Blower and Jonathan Walsh, along with consultants William Corbett and Michael Jennings, are all leaving for Charles Russell.
“For some time now we’ve had significant concerns about the profitability and long-term viability of our private capital practice, which is peripheral to our core business,” a Stephenson Harwood press statement said. “This development with private capital has been anticipated in our business planning.”
In reaction to these claims, Charles Russell managing partner Grant Howell said: “Any recruitment decision we take is based on the need to enhance the profitability of the firm. This is paramount, and careful analysis has shown this would be the outcome of these hires.”
The departures bring the number of partners who have left Stephenson Harwood since its merger with Sinclair Roche & Temperley in May 2002 to 15.