US firm Dechert frequently turns to DLA Piper for its City hires and has done so again, recruiting insolvency partner Paul Fleming.
Fleming, who counts Big Four accountancy firms PwC, KPMG and Deloitte as key clients, departs DLA Piper after 20 years at the firm. Fleming follows a well-trodden path between DLA Piper and Dechert’s London offices, with Neil Gerrard arriving as deputy chair of global litigation in 2011 and Miriam Gonzalez joining as co-chair of international trade and government regulation a year later. Jonathan Pickworth is another to make the transition, arriving at Dechert’s Blackfriars office in 2011, but has since moved on to join White & Case.
When financial crisis created a flood of restructuring and insolvency work in 2007, Fleming became a central City figure in handling the fall-out from the collapse of Lehman Brothers. During this period he acted for PwC on the administration process of Lehman, including £7bn worth of claims over estates, pensions liabilities and shareholders’ liability.
Fleming, who made partner in 1999, is known for his work advising HSBC, Credit Suisse and the Irish National Asset Management Agency (NAMA). Earlier this year, he led on NAMA and Duff & Phelps restructuring and sale of five property companies with hotels and apartments across Kensington, Earls Courts and London Bridge to Starwood Capital Group for £206m.
Dechert’s London income dropped by 4% from £50.97m in 2013 to £48.98m for the year ended 31 December 2014, according to filings at Companies House. Fleming’s arrival follows a period of high profile exits from the US firm’s City office, with finance partner Corinna Mitchell joining Pemberton Asset Management as general counsel in June and London arbitration head Daniel Gal departing for Skadden, Arps, Slate, Meagher & Flom last November.
tom.moore@legalease.co.uk
