Legal Business Blogs

Allen & Overy returns to Milbank for City restructuring hire

Allen & Overy has hired its second partner from the London arm of Milbank so far this year, bolstering its restructuring practice with the addition of partner Karen McMaster. 

Recognised as a leading individual in The Legal 500, McMaster leaves Milbank after six years at the US firm.

Her experience includes advising on debt restructuring and reorganisation matters, in addition to advising buy side and distressed investors with investments in distressed, stressed or special situations. 

McMaster’s recent mandates include acting for an ad hoc group of secured creditors in the Irish Scheme of Arrangement of Nordic Aviation Capital, and its later reorganisation through a Chapter 11 bankruptcy process. She also acted for a group of noteholders in the restructuring of Luxembourg-incorporated industrial group Galapagos. 

News of her recruitment comes shortly after A&O, which will combine with Shearman & Sterling on 1 May, hired structured finance partner John Goldfinch from Milbank in February. Goldfinch was joined by four Milbank associates: Adrian Kwok, Peter West, Eleanor Cripps and Alexandra Wells. 

McMaster’s departure also marks the second from Milbank’s City restructuring team this year, after Jacquie Ingram moved over to Akin in January. Like McMaster, Ingram spent six years at Milbank and had previously worked with her at both Cadwalader and Linklaters. 

A&O Shearman is set to become one of the biggest firms in the world when it launches, with combined revenues of roughly $3.5bn and some 4000 lawyers worldwide. The firm  released details of its new leadership team.  A&O’s interim global managing partner and Middle East and Turkey regional managing partner Khalid Garousha has been elected senior partner of the combined firm, with Paris managing partner Hervé Ekué becoming global managing partner. 

Two roles were also announced for Shearman leaders: current senior partner Adam Hakki will become co-chair of A&O Shearman’s board and executive committee and chair of the firm’s US business, while current global managing partner Doreen Lilienfeld will serve as co-managing partner of the merged firm’s US business.