Clifford Chance has seen the partner headcount in its derivatives and capital markets practice decrease by six since May.

David Dunnigan

David Dunnigan

The magic circle firm, which is currently reviewing its global partnership, has lost derivatives and structured products specialists in its London, Milan and New York offices.

The firm’s capital markets head David Dunnigan claimed a number of departures were due to retirement.

“We’re not concerned about our capabilities in this sector,” said Dunnigan. “In New York we have a number of young lawyers coming through the ranks in this particular practice area.”

Although Dunnigan claimed that losses in ­London and New York were not a concern, the loss of a three-partner capital ­markets team in Milan has left a gap in Italy.

Partners Michele Crisostomo, Paulo Calderaro and Silvio Riolo have left the firm to launch a capital ­markets boutique in Italy.

Dunnigan said: “You never want to lose good ­people, but we’re evaluating our capabilities in Milan. We’re discussing what ­capabilities we need in the derivatives and capital ­markets area.”

He added that the firm recently relocated capital markets partner Franco Grilli Cicilioni to the Milan office from Rome.

Earlier this year Clifford Chance launched a global review of its partnership in a bid to maintain profit (The Lawyer, 23 March).