There was a time when the Wilde Sapte half of what is now Denton Wilde Sapte only lost finance partners to the magic circle. But in December, Dentons stood by helplessly as the latest batch of acquisition finance partners to jump ship headed for Herbert Smith (see Deal Week commentary). It is a dispiriting state of affairs; and one that is by no means restricted to Dentons. In the past, Norton Rose too will have comforted itself with the thought that if it did lose partners, they went northwards. Imagine its horror when Baker & McKenzie walked off with its securitisation team.
Norton Rose and Dentons used to be members of that group of international UK firms that were dubbed ‘wannabes’, at a time when it was felt they had a realistic chance of challenging the magic circle. It was always a dangerous place to be, given the ever-present risk of partners in sought-after practice areas losing patience and jumping ship to experience the real thing.
