The merger talks-prompted exodus from Shearman & Sterling continued in recent days with the loss of EMEA and Asia M&A head Philip Cheveley to Sidley Austin in London.
The blow to Shearman will be even more keenly felt since the move represents a reversal for one of its stated ambitions to focus on corporate, and because Cheveley only joined from Travers Smith less than two years ago, in March 2021.
After hiring new global restructuring group leader Stephen Hessler into its New York office from Kirkland & Ellis in July 2022, Sidley also expanded its restructuring practice in London, on Wednesday (1 February) announcing the rehiring of partner Kieran Sharma. Sharma, who previously spent three years at Sidley as a senior associate, joins from global investment firm Strategic Value Partners (SVP), and brings expertise in cross-border restructurings and investment into and acquisitions of distressed businesses.
Elsewhere, Ambarish Dash is set to join Herbert Smith Freehills’ (HSF) finance practice in March. Dash will join HSF from Kirkland, where he spent more than four years developing his experience in debt finance. Speaking to Legal Business, Dash highlighted HSF’s ‘strategic focus on private capital investment’, which he said made the move ‘a very good opportunity for someone like me to build my practice’.
‘Ambarish’s arrival is very welcome for HSF’s leveraged finance practice’, said London corporate and leveraged finance team lead Gabrielle Wong. ‘When we were looking at Ambarish’s business, bringing him over made a lot of sense in terms of the work he’s doing and the clients he’s acting for.’ Dash echoed this, noting that HSF’s expansion in leveraged finance is ‘very aligned with the geographies and sectors that my clients operate in’.
Charles Russell Speechlys has hired restructuring and insolvency specialist Alison Goldthorp into its litigation and dispute resolution practice, starting on Monday (6 February). Goldthorp joins from Norton Rose Fulbright, where she advised directors, corporates, creditors, and financial institutions on a range of contentious and non-contentious matters.
Roger Elford, head of the firm’s insolvency and restructuring team, explained the rationale behind the hire to Legal Business. ‘The team sees an uptick in work in this area in 2023 in light of the increasing headwinds facing businesses including the rise in interest rates, the energy crisis, and the effects of supply chain delays and recruitment challenges post-pandemic and post-Brexit. Alison’s extensive experience acting for boards of directors and insolvency practitioners on restructurings and formal insolvency appointments complements the existing experience in the team.’
Simmons & Simmons, meanwhile, continued to expand in asset management and restructuring with the hires of David Hicks from Speechlys and Alexander Keepin from Bryan Cave Leighton Paisner (BCLP).
Keepin has headed BCLP’s mining team since 2011, and will work closely at Simmons with UK energy, natural resources, and infrastructure head Iain Duncan and corporate partner Isabella Roberts. ‘We’ve known Alexander for many years’, UK company and commercial group head Arthur Stewart told Legal Business, ‘working across the table from him on energy and mining deals in the asset management and investment funds sector’.
According to Stewart, Hicks will deepen the firm’s bench strength, particular in fintech, crypto, and digital assets, where he has experience advising on matters from startups to M&A and governance.
‘Our growth and investment has really focused on asset management and investment funds, financial services and institutions, tech, media, and telecoms, and life sciences and healthcare’, said Stewart. ‘The lateral hires reflect the growing nature of our business, and both fit well within our sector focus.’ They are also ‘the tip of the iceberg’, as Simmons continues to both recruit and promote internally.
At Paul Hastings, high-yield specialist Alexander Horstmann-Caines joined the firm’s expanding global finance offering. Horstmann-Caines has particular expertise in leveraged transactions, and follows the path trodden by former colleagues Patrick Bright and Morgan Bale in leaving Weil, Gotshal & Manges for Paul Hastings.
Simpson Thacher was also active in financial services, bringing over regulatory specialist Stephanie Biggs from Travers Smith to co-lead its European financial services and funds regulatory team. Before Travers, Biggs spent seven years at Kirkland, and she brings to Simpson Thacher over 20 years’ experience advising asset managers, private funds, and financial institutions on matters including regulatory capital, change of control, acquisitions, and structuring.
Biggs’ departure marks another material loss for Travers, which saw private equity head Ian Shawyer head for Cleary Gottlieb in January, and Jessica Kemp leave for White & Case. Kemp has a broad tax practice, with expertise in areas including M&A, capital markets, restructurings, and incentives. She headed Travers’ M&A tax team since September 2022, and made partner at the firm in 2015 after joining from Clifford Chance in 2008.
On 23 January, DWF appointed Deppa Deb as new global head of development and investment in its real estate practice. Deb joined from Dentons, where she was head of real estate for the last three years, and hers is the latest in a spate of hires that have seen DWF build out its full-service real estate offering, even as many in the market brace for a slowdown in transactions.
Another firm making moves in the broader transactional space was Jones Day, which restructured its corporate practice with the appointment of new practice heads Andy Levine and Randi Lesnick in New York and Vica Irani in London. Irani previously chaired the firm’s EMEA M&A practice, and has advised on multiple multibillion-dollar acquisitions.
Jones Day also expanded its London-based global disputes practice with the hire of Julian Bailey from White & Case. A former Society of Construction Law chairman, Bailey has handled construction and infrastructure disputes in a wide range of sectors, and has particularly notable expertise in international arbitration.
Mishcon de Reya continued to grow after completing its merger with Taylor Vinters on 1 January, bringing M&A veteran Nigel Stacey into its corporate team. Stacey joins from Baker Botts, and before that was a partner at Gibson, Dunn & Crutcher and Ashurst, where he worked from 1999 to 2014.
In other moves, on 16 January Clyde & Co hired Jahnavi Ramachandran into its aviation finance and leasing team. Formerly head of HSF’s London aviation finance team, Ramachandran returns to Clydes after spells at Reed Smith (2008-10) and Watson Farley & Williams (2010-18), where she made partner in 2013.
Also notable is Shoosmiths’ forthcoming appointment of Rachel Reid as chief operating officer. Reid will join Shoosmiths in March 2023 from DLA Piper, and will take on the role of COO from Louise Hadland, who is set to retire from the position in April.
