Goodwin Procter and Ropes & Gray launch in PE and ComLit
International firms in the City maintained their expansive form in April with three US-bred advisers unveiling UK law practice launches. The moves saw Boston’s Goodwin Procter launch a UK practice in private equity, New York’s Cahill Gordon & Reindel hire its first English-qualified partner and Ropes & Gray move into UK disputes work.
Goodwin Procter set up shop in London seven years ago looking to emulate the success of the firm’s property team in the States. But the firm recently announced its intention to compete in London’s private equity space, with the hire of King & Wood Mallesons co-head of corporate Richard Lever.
David Evans, chair of Goodwin Procter’s London office, said: ‘Private equity was never going to be the way into London for us. This sector is quite infrastructure hungry – it requires a firm with a bit of a bench. We needed some brand recognition behind Goodwin first.’
He added: ‘We would be foolish to build an entire office around one practice area. Anyone in our position would be stupid not to look at the lower-hanging fruit.’
Goodwin is also reviewing whether to set up a London disputes offering, with a focus on government enforcement, white-collar crime and financial services litigation – a move already made by Cahill, after it launched an English-law City-based litigation practice. The firm hired litigator Richard Kelly from US rival Shearman & Sterling as it targeted corporate governance and investigations work in London. The firm will also practise English law for the first time after being authorised as an alternative business structure by the Solicitors Regulation Authority in March.
Ropes meanwhile, launched a commercial litigation offering with K&L Gates disputes partner Thomas Ross. The hire is the latest in a series for Ropes which has been pushing to expand its City finance and private equity practices for the past year, but this move will see Ross join the firm’s business and securities litigation practice as the office looks to advise its client base on contentious issues.
‘Regulatory enforcement will be the biggest driver for growth in London for the next year,’ said Ropes’ London managing partner Mike Goetz. The firm recently relocated a number of associates from the US into London in a bid to boost the area and promoted within its government enforcement team. ‘The US are at an advantage here, as so much of the enforcement activity has been in the US,’ added Goetz. ‘With the new regulatory regimes in the UK and the Bribery Act, regions like Europe, Asia and Africa have become a constant source of work for law firms, and US firms are very well placed for this.’
jaishree.kalia@legalease.co.uk