White & Case’s City arm is looking increasingly like the unhappy child of the credit boom. While the practice could do no wrong in 2006 and 2007, achieving City revenues of around £100m after a period of explosive growth, the news revealed today by Legal Week that it is losing four finance partners leaves it looking badly off the blistering pace it managed a just few years back.
Even in isolation the departures would be highly significant, including well-known names like Chris Kandel and Brian Conway. But coming on the heels of an unsettled 2008 and 2009, during which the firm went through a painful restructuring and lost a number of high-profile partners, it is clear White & Case’s position outside its traditional stronghold of projects is facing a serious challenge.
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