Brand versus brawn – can CC get back in the funds game?
While the initial response to Weil Gotshal & Manges’ daring four-partner raid on Clifford Chance’s (CC’s) private equity funds team focused on what the move meant for Weil Gotshal’s UK ambitions, as the dust settles the wider significance for the City market will be defined far more by what the loss ultimately means for CC. There is no doubt that the move punches a sizeable hole in one of the City firm’s marquee practice areas. By its own admission, it doesn’t currently have the partner ranks to service its existing funds clients once the departing partners – Ed Gander, Nigel Clark and Nick Benson and tax partner Jonathan Kandel – have left. Of course, this is before considering whether clients’ patience will hold out – the team having already recently lost high-profile team head Jason Glover to Simpson Thacher & Barlett.
CC funds fightback will test how effective magic circle defences are against US rivals
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