King & Wood Mallesons (KWM) former EUME senior partner Stephen Kon has resigned from the firm.
His resignation comes just three months after he announced he was stepping down from his post at the end of this year.
It had been announced that Kon would be returning to fee-earning work at KWM. However, it is now understood that he has resigned and is retiring from practice.
Kon was the favourite to win the EUME election process in 2012, defeating litigation partner Hilton Mervis.
He had headed up SJ Berwin’s EU and competition practice prior to joining KWM’s senior management team.
Other former and current members of KWM’s management group have also announced their departure from the firm in the last few months.
Global managing partner Stuart Fuller stepped down from his role, returning to fee-earning in Australia.
Day was one of the four big-billers to quit KWM, leading the firm to halt its capital call.
KWM admitted it would need to find a buyer for its EUME arm in November as it emerged its £14m China rescue deal had failed. Only one fifth of the remaining 130 EUME partners agreed to the terms of the deal, which included signing 12-month lock-ins.
The cash injection was needed for the firm to pay its rental liabilities, meet its financial obligations to lenders and pay its January tax bill.
The Lawyer revealed on Monday (12 December) KWM told lawyers and staff they will be paid in January but salaries cannot be guaranteed beyond then.
It is understood news about the February wage slip was communicated to lawyers in the event a successful takeover does not take place.
Last week Barclays took out a second debenture over KWM’s assets that is understood to be more “all encompassing” than the debenture it secured over the summer. The extra layer of security came as it became increasingly likely KWM would enter into a pre-pack administration.
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