Clifford Chance's stand-alone consultancy firm New Bridge Street has lost its managing director, Carol Arrowsmith, to Arthur Andersen's human capital services team.
Arrowsmith was managing director for eight years at the executive remuneration, employee share scheme and pensions specialist firm.
She leaves the consultancy with only four partners, one of whom, David Tankel, a former barrister who joined in 1987, has become managing partner.
Tankel said he had assumed the title “managing partner” rather than “managing director” since it reflected a more collegiate style.
The consultancy, founded in 1984 by Clifford Chance's predecessor Clifford Turner and originally based at New Bridge Street, now has four partners and 15 fee earners mainly former lawyers or accountants and is housed in a building next to Clifford Chance's Aldersgate headquarters. It is wholly owned by the Clifford Chance partnership.
Tankel said that he was taking on a fifth partner Andrew Udale, who is a former accountant on 1 May.
At New Bridge Street, Arrowsmith also a director of share ownership promotion group ProShare had built up a reputation for her work designing share and other executive reward schemes.
New Bridge Street boasts a client list that comprises 20 per cent of the FTSE 100 share index companies.