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White & Case has radically overhauled its London banking and finance practice groups in a restructuring that has seen the capital markets team wholly integrated into the finance team.
An internal announcement to staff last Thursday (8 June) revealed that the London banking and structured finance team and separate capital markets team are being combined into the one overarching practice group.
The consolidation follows similar consolidation last September, when the high yield and structured finance sub groups split from the capital markets team to join the bank finance practice group.
The move sparked debate within the firm as the capital markets team was left at half its former size, with just four partners and 14 supporting fee earners.
The announcement said that the rationale behind the continued consolidation was “to more closely match the operating structures of clients and therefore better meet their needs”.
An inaugural meeting of the new combined ‘banking and capital markets group’, will take place this week, when an open forum will be held for staff to voice their views on the change.
Under the new structure, lawyers within the previously separate practice groups will continue to report to those global practice groups. Separate capital markets, structured finance and banking seats will also still be offered to trainees.
The integration is, however, expected to enable more flexibility in career development, as while lawyers will not be required to work across product areas opportunities will exist for movement if requested.