It has become a well-worn strategy for law firms hit by departing teams to make bold statements about their future commitment to the now-depleted practice area. Take Norton Rose, which vowed to fight on in 2002 after Allen & Overy (A&O) ripped the heart out of its acquisition finance practice with the recruitment of a four-partner team led by Tim Polglase.
A second wave of departures, which saw Tom Speechley join Macfarlanes, followed soon after, but the signs are that the firm is now well into its second attempt to restore its acquisition finance brand to its former glories.
