Keystone Law and Orrick Herrington & Sutcliffe have hired several practice heads from King & Wood Mallesons’ (KWM) troubled EUME arm.
US firm Orrick has recruited venture capital head Ylan Steiner in London, as well as German corporate head Christoph Brenner in Munich.
Steiner was a partner in KWM’s technology group and acts for companies such as Vitruvian Partners, Warburg Pincus and JC Flowers.
Brenner meanwhile joined legacy SJ Berwin in 2001 after starting out his career at Baker McKenzie in Germany.
As the departures continue from KWM, Keystone has also picked up commerce and technology head Jeremy Schrire. Keystone recruited employment partner Hilary O’Connor over the summer.
The news comes as KWM files a notice of intention to appoint administrators.
A statement from the firm read: “King & Wood Mallesons LLP (London) can confirm that it has, today, filed a Notice of Intention to Appoint Administrators with the court.
“The Notice is designed to protect the firm from its creditors and allows it to maintain client service as it continues to explore all available options. The firm’s management team and financial advisers continue to work to ensure the best possible outcome for clients and staff, and this move supports these efforts at a key point for the business. We have no further comment to make at this time but will issue further updates as appropriate.”
The petition to the court follows a year of partner departures and mounting debt pressures. The firm is understood to be filing for administration now ahead of a rent payment later this month and its January tax bill.
A steady stream of partners have continued to depart from KWM amid the fall-out, including a six-partner real estate team to DLA Piper, a six-partner group to Greenberg Traurig and a three-partner competition team to Macfarlanes.
Former EUME senior partner Stephen Kon will join Macfarlanes as a consultant.
Former EUME head William Boss is moving to Addleshaw Goddard, while head of litigation Craig Pollack is moving to Covington & Burling alongside partner Louise Freeman.
Global managing partner Stuart Fuller also stepped down from his role in recent months to return to fee-earning. His successor has not yet been elected.
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