The latest private equity house to engage in a little spring-cleaning is European mid-size firm Bridgepoint. The group has traditionally handed its UK deal mandates to Clifford Chance, Linklaters and Travers Smith. However, for its next fund, Bridgepoint Europe V, the private equity house has opted to bring a new firm into the mix: Shearman & Sterling.
So, Travers and Shearman are set to become the fund’s new legal dream team. This represents a coup for the US firm, which is in the midst of a growth spurt in London. The firm saw UK revenue growth of 49 per cent for 2013 and has just boosted associate salary rates across the board.
The big City boys will be feeling the presence of the US firms on the block.
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