The decision of head of insolvency John Houghton and co-head of private equity Charles Fuller to quit Simmons & Simmons for Latham & Watkins last month did a little more than simply rock the boat. Not only did they take with them major clients, they highlighted a key issue that the firm needs to address as a matter of some urgency.
At the time of the departures, senior partner Janet Gaymer said that the pair had not left over the firm’s remuneration system. However, both partners have confirmed that it was, unsurprisingly, an important issue.
