Orrick Herrington & Sutcliffe is launching a regulatory practice in the City with the hire of two in-house lawyers from London-based liquidity provider Liquid Capital Markets (LCM).

The US firm is set to bring in LCM’s head of legal, Sam Millar, and fellow legal counsel Tony Katz as partners next month. Millar initially joined LCM from Jones Day in 2008, with Katz following in 2009 from the Financial Services Authority (FSA).