Milbank Tweed Hadley & McCloy has bagged Baker & McKenzie rainmaker Rainer Magold along with his protege Christina Ungeheuer, in the second major blow to the global giant’s German practice this week.

Magold, Bakers’ head of banking, who is regarded as the driving force behind the US firm’s German finance practice, joins Milbank’s five-lawyer Frankfurt arm with Ungeheuer by the end of the year.