Asset finance lawyers at Freshfields
Bruckhaus Deringer continue to leave

Brendan Malkin

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It was a deal that could have won it
awards: Freshfields Bruckhaus Deringer’s advisory work on the sale
of Angel Trains.

It involved a team from Freshfields comprised
of no less than 18 associates and partners, headed by partner
Richard Phillips, acting for a consortium led by Babcock &
Brown in its complex acquisition of Angel, the UK’s largest
rosco.

How things have changed, however, since the
deal was completed in June of last year.

Since then, in a strategic move by the firm to
rid itself of asset finance, lawyer after lawyer has left the firm
and joined smaller rivals (see box, below).

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For the likes of Denton Wilde Sapte and
Stephenson Harwood, the arrivals of these former magic circle
lawyers has been something of a coup, not least as it has meant
they have been able to ramp-up their rail finance capability.

Interestingly, the two Freshfields partners
who led the Angel deal, Phillips and Simon Hall, a former head of
finance at the firm, remain at the firm. Although their practices
spread wider than just asset finance, one wonders whether it will
be their time soon to also move on to fresh pastures.

Freshfields: recent exits

• Paul Ng Paul Ng
(aircraft finance): From Freshfields Bruckhaus
Deringer (partner) to Stephenson Harwood (partner)

• Richard Parsons (asset
finance, particularly air finance): From Freshfields (Counnsel) to
Stephenson
Harwood (partner)

• Jean-Marc Allix
(project finance, PPP and asset finance): From Freshfields
(solicitor) to Salans (partner)

• Bob Charlton (global
finance and projects, including asset finance): From Freshfields
(partner) to DLA Piper (head of global finance and projects
practice).

• Jean L’Homme (general
banking and finance, including asset finance): Freshfields
(partner) to Proskauer Rose (partner) in April 2008 to DLA Piper
(partner)