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(From The Lawyer)
And so the Kirkland & Ellis recruitment saga draws to a close with the hire of leveraged finance partner Stephen Gillespie from Allen & Overy (A&O).
Kirkland's trawl for leveraged buyout (LBO) partners is the only story that private equity and banking lawyers have been talking about for the past few months. The revelation on www.thelawyer.com (27 April) that Kirkland had snared Gillespie set the lines buzzing once more.
While A&O moved into damage limitation mode, there was jubilation over at rival Clifford Chance (CC), where Gillespie is held in high esteem. It's true that Gillespie has been less visible on frontline fee-earning for a couple of years, but in the past 10 months or so he was back leading bank deals.
The wider issue is clearly this: A&O has lost serious ground to CC. A&O banking partners work like dogs, but the lack of a sponsor practice (with the exception of Robin Harvey's PAI relationship) has done it damage.
No other finance firm has lost so many prominent partners in such quick succession. The most senior leveraged lawyers there now are the former Norton Rose crew, headed by Tim Polglase. By contrast, CC has suffered only one London banking defection in five years, when ...