Angel, who has been a partner with Ashurst since 1997, is expected to leave Ashurst this week, although it is unclear when he will formally join Milbank.
During his time with Ashurst, Angel has worked on a number of high-profile deals including 2008's sale of Teeside Power to Suez and Gaz de France.
Milbank has a leading restructuring platform in the U.S. but has yet to make any inroads in London, with Angel marking the first restructuring partner for the office. He will take the total partner count in the office to 14.
Earlier this year Milbank recruited litigation partner Julian Stait from DLA Piper, with the hire marking the firm's first lateral partner-level appointment in London since February 2007.
Dennis Dunne, head of Milbank's financial restructuring group and a member of the firm's executive committee, said: "In Nick we have found a true leader in the field of complex international restructurings. His joining complements the London team at a time when the firm is extremely active in this field. We feel uniquely positioned to offer a true global financial restructuring capability with enhanced depth and breadth across the office network."
News of Angel's departure comes after Ashurst brought in highly-rated restructuring partner Dan Hamilton from White & Case on Aug. 10. There are no immediate plans to appoint a new head of restructuring at Ashurst; however, Mark Vickers was recently appointed to the newly-created role of global managing partner of restructuring.
In a statement, Ashurst said: "We are grateful for the contribution that Nick has made over the years and we wish him well for the future."
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