Ropes & Gray funds partner Michelle Moran is leaving the firm—the eighth London-based partner to exit the firm’s U.K. office this year.
Moran is joining K&L Gates’ London office as a partner in its investment management, hedge funds, and alternative investments practice.
Moran, who joined Ropes & Gray as a partner in 2013 from Dechert, specializes in advising European and U.S. clients on the establishment, authorization, and management of all types of retail and institutional investment funds.
K&L Gates’ Europe and Middle East managing partner Tony Griffiths said: “Michelle’s arrival will further strengthen our European investment management practice and our international and cross-border offerings to institutional investors and investment management clients.”
Moran is the latest partner to leave the London office. Last month, investment funds partner Monica Gogna moved to Dechert. Two of her fellow London partners are now at Kirkland & Ellis, with another two at King & Spalding. In addition, one fellow partner went to White & Case and another to Linklaters.
Following Moran’s move, Ropes & Gray’s London office will consist of 28 partners, following the promotion of finance duo Anna Lawry and Alex Robb in its latest promotion round.
Ropes & Gray has seen at least 23 partners leave the firm globally since the start of the year, including seven who have joined Kirkland in London, Hong Kong, New York, Chicago and Boston.
Earlier this month, The American Lawyer’s London-based sibling publication Legal Week reported that following the partner departures, the firm made retention bonus offers to associates of up to £37,500 ($50,000) per person to prevent further exits.
According to former partners, roughly five associates in the London office were offered payments of about £20,000 (about $26,317), while other former partners said several associates in the U.S. and Hong Kong were offered up to $50,000 to stay.
The counteroffers were made by Ropes & Gray after a number of associates whose partners had moved on to other firms were approached to follow them. Sources suggested to Legal Week that about 60 percent of Ropes’ counteroffers to associates were accepted.
“We thank Michelle for her contribution to the firm and wish her all the best with her future career,” Ropes & Gray said in a statement.