US firm King & Spalding has established a financial services regulatory practice in London with the addition of Mayer Brown partner Angela Hayes.
Hayes, who was head of LG’s financial services regulatory group before joining Mayer Brown in 2008, advises investment, private and retail banks, fund managers, insurers, listed companies and individual directors on a range of regulatory matters. She has also completed an MA in Zoology at Oxford University.
According to the firm this is its seventh partner hire in London this year, and its second practice launch in the City after former Bird & Bird partner Iain MacVay joined in May to launch a trade and customs group. Further partner hires in the City office this year include litigation and arbitration partner Egishe Dzhazoyan, who joined from the London office of Steptoe & Johnson in January.
Mayer Brown’s partner profits and turnover slid to a six-year low during the last financial year, with revenue falling from $1.13bn (£751m) in 2011 to $1.09bn in 2012. In London, the firm has seen a number of departures, including reinsurance litigator Ian McKenna, who went to US rival Locke Lord; structured finance partner Stephen Day, who left for Cadwalader Wickersham & Taft; corporate partner William Charnley, who quit for King & Spalding; leveraged finance partner Neil Caddy, who joined Milbank Tweed Hadley & McCloy and finance partner Nicola Marley, who left for Minter Ellison.
This came after the firm lost five partners in a short space of time the previous December, when partners confirmed their intention to quit in favour of Orrick Herrington & Sutcliffe, White & Case and Eversheds.
However recruiters point out that Mayer Brown, which hired White & Case dispute resolution partner Alistair Graham in January (18 January 2013), is yet to slow down its recruitment campaign.
A source said earlier this year: “Mayer Brown has been picked on a little bit. The year varie[d] from team to team, some teams have had a nightmare, others have had a great year. There certainly isn’t a huge number of people wanting to leave.”
A spokesperson for Mayer Brown thanked Hayes for her role at the firm, adding: ”Our recruitment into the team is ongoing and in recent months our capabilities on the contentious side of financial services has been strengthened by the arrival of Alistair Graham.”