Clyde & Co is to expand its international footprint with the launch of a base in Madrid after raiding DAC Beachcroft for a team of nine lawyers, including four partners.
The firm is in negotiations to take heavyweight insurance partners Ignacio Figuerol, Ricardo Garrido, Pablo Guillen and Miguel Relano for an imminent launch in the city. Figuerol also sits on the DAC Beachcroft management board.
The Madrid office was opened by legacy Davies Arnold Cooper (DAC) in 1989 and was widely perceived to be a market leader in insurance law in the jurisdiction. When DAC merged with Beachcroft in 2011 (22 June 2011) the firm’s Latin America group was a key attraction.
Since then DAC Beachcroft has hived off its volume arm into a corporate subsidiary (12 November 2012) and looked to grow its international presence through forging associations.
Most recently the firm broadened its network with formal associations with Colombian firm De La Torre & Monroy and Malaysia’s Gan Partnership (20 May 2012).
The departures to Clydes will leave the firm with eight partners in Madrid, including office leaders Paulino Fajardo, Enrique Gich and Pablo Wesolowski.
For Clydes, which merged with Barlow Lyde & Gilbert at the same time as DAC and Beachcroft came together (29 July 2011), the focus has been on growing the international base with a string of office openings around the world.
Most recently Clydes became the first international firm to open in post-Gaddafi Libya after it hired Libyan Investment Authority general counsel Albudery Shariha (12 July 2012).
This came just months after the firm announced office launches in Sydney and Perth with a team of eight from Allens with three partners joining Clydes in Sydney, one in Perth, two in Hong Kong and a further two in Singapore (2 July 2012).
Clydes senior partner elect James Burns, who will take over the position in November (23 January 2013), issued a statement saying: “The DAC Beachcroft office in Madrid has had an excellent reputation for many years. We’ve known and worked with the partners there for a long time and are very pleased that we’re now in a position to establish a Madrid presence with lawyers of the calibre of Ignacio, Ricardo, Pablo and Miguel.”
A statement from DAC Beachcroft managing partner Paul Murray read:”Although we’re obviously disappointed they’ve made this decision, DAC Beachcroft continues to be the leading insurance practice in Spain.
“DAC Beachcroft’s 60-strong team in Madrid will continue to serve its clients across all lines of work and we remain absolutely committed to investing in the development of the Spanish office and continuing to create a Latin American platform.”
Negotiations are ongoing between the firms on when the moves will be enacted.