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German firm Wessing & Berenberg-Gossler has seen the departure of two of its partners to set up their own firm Tischendorf Faust & Partner.
Now open in Hamburger Allee in Frankfurt, Sven Tischendorf and Teresa Faust-Beyer's independent practice will deal mostly with M&A, restructuring and insolvency proceedings. The pair have been joined by two associates from their former firm and one external lawyer.
Tischendorf and Faust-Beyer intend to maintain a good relationship with their previous employer.
Tischendorf says: "Of course it was a risky decision to make and in doing so we have lost the kind of security of belonging to a large network of firms.
"On the other hand, it offers us more freedom and a chance to develop our own business and get a better share of the profits."
A source in Germany says that the loss is not expected to affect Wessing & Berenberg-Gossler's existing business.