Clifford Chance has elected Robert MacVicar and Tim Plews as joint heads of banking and capital markets, as predicted by The Lawyer on Monday.
In a break with tradition, neither is from the powerful bank lending group. Debt capital markets partner MacVicar and bank regulatory specialist Plews ran on the same ticket.
Although banking and capital markets have separate representation on a global level, in London they have traditionally been run together, making up a £150m-turnover business.
However, the London roles are expected to be more symbolic and administrative. Last year London finance chief Mark Campbell was elected global head of banking, while fellow London partner David Dunnigan was elected global head of capital markets. Both are expected to keep a close watch on the London practice.
Law firms considering a merger or recently emerging from one should take notice of a recent article published by McKinsey & Co on why mergers fail (The McKinsey Quarterly 2001, No 4) In its study of 193 mergers between 1990 and 1997, it found that a dismal 12 per cent succeeded in maintaining revenue growth […]