White & Case partner set to join Morgan Stanley

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  • Is it common for people from a legal background to go into a business role?

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  • Pretty unusual - good on Mr Glengarry!

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  • Not another departure. He was only made partner in 2009. This is worrying. What is going on?

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  • Re Anonymous: - We all hope it is. Legal profession is so boring.

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  • These moves are rarely successful. Matthew French's moves to UBS and Nomura for example; he's now back at Jones Day.
    The odds are on Glengarry being back in legal practice within 2 years.

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  • "What is going on"? Are you serious? He's just landed one of the leading jobs in the European finance market - that's what's going on. It doesn't speak to anything else.

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  • I really don't understand as to why big law partners are seduced by investment banks ? Several white shoe firm partners had made such kind of decision in the past !!

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  • Costa Concordia, White & Case....

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  • I think in this case, it's quite product specific. Unlike the new money areas which are as much about fanciful financial projections and flesh pressing as they are hard judgements and clever negotiation, navigating a financial restructuring successfully comes down very starkly to seeing the relative leverage of each stakeholder at any given moment, which is itself rooted in the complex network of legal relationships that exist in a corporate distress situation. International banking and insolvency, corporate and securities law amongst other areas all comes into sharp focus on a big workout as it's these issues that drive the strategy, more so than in any other product area. Those on the business side that are alive to these specifics will, along with the lead counsel on the restructuring, have the commercial agenda.

    I think the longevity angle to these roles is a red herring. In Mark's case, he is a first class lawyer with world class experience and a deep appreciation of the commercial context of restructuring. Investment banking is also young person's game. He probably takes the view that a few years spent at a prestigious global financial institution will do wonders for his career progression - much more so than staying on the evidently very greasy W&C pole as a junior partner!

    If people want to make comparisons, they should note that Dan Maze turned down partnership at W&C to go to a senior business role at (coincidently!) Morgan Stanley, following which he stepped into a heavyweight position at Latham.

    I don't think anyone that really understands the market can sensibly suggest that this sort of role is a failure because the person moves back into private practice after a few years. Job for life is not what investment banking is all about.

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  • ohhhhhh.........listen to Bamber Gascoigne @ 3:58pm. Fancy!

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