Pescod, along with Gleacher partner Justin Dowley, has left to set up a new group, Tricon Partners. Alton Irby, another Gleacher partner, is also expected to leave the firm soon to join his former colleagues.
It is understood that Pescod and Dowley were asked to leave over “productivity levels”. It is believed there were also disagreements about the strategy of the UK branch.
Sources balked, however, at suggestions that Pescod was struggling with productivity levels, since he has long held a reputation as a prolific and highly respected adviser.
Pescod has accrued vast experience over a long period of time in corporate law, where he has worked on some of the world's largest deals, including advising Glaxo Wellcome on its merger with SmithKline Beecham.
Pescod, one of the most senior corporate partners at Slaughters, left the firm in March 2001 when he opted for early retirement.
His move came just a month after he lost out to Tim Clark in the senior partner elections.
Dowley, the former head of European investment banking at Merrill Lynch, joined at the same time as Pescod.