Freshfields is aiming to more than double the size of its New York office by recruiting three US partners and around 10 US associates, primarily in the field of project finance.
Last week, The Lawyer revealed how Allen & Overy has doubled its office space in New York to do exactly the same thing expanding into US project finance and capital markets advice.
Freshfields managing partner Ian Terry, who returned from a recruiting trip to New York last week, said that project finance was the first target for a US capability, since large teams were not essential.
The firm currently has 64 US lawyers worldwide but only 22 of these practice US law full time 11 in project finance and 11 in securities.
Freshfields prospective German merger partner Deringer Tessin Herrmann & Sedemund has closed its office in Leipzig in former East Germany leaving clients to be serviced from its existing Berlin office.
Deringer partner Ludwig Leyendecker said the closure had nothing to do with its alliance with Freshfields. “It's just a result of the fact that it is difficult to get eminent young lawyers willing to settle in Leipzig.”
The Cologne-based firm also has offices in Frankfurt.