One of the most touted private equity names in the City, Adrian Maguire, has quit Freshfields Bruckhaus Deringer to join Kirkland & Ellis just over a year after his former colleague David Higgins made the same move.
Freshfields-bred and regarded as a loyalist to the firm, Maguire is leaving the Magic Circle outfit after more than two decades in what will be seen as a notable setback for its attempts to limit the damage of Higgins’ $10m move in December 2017.
For Kirkland it is another significant step forward in its attempts to bulk up its European M&A firepower. Clients of the highly-regarded Maguire include Cinven, Carlyle and Advent International.
The US firm, which last year became the highest grossing in the world as turnover hit $3.165bn, recently made another step in this direction, recruiting a corporate duo from Linklaters to launch its second continental base in Paris.
The firm’s profit per equity partner now sits at $4.7m, giving it the chance to offer huge packages to marquee deal partners.
Coupled with the hire of Higgins, Maguire’s move also sees the Chicago-based giant turn to more mainstream deal advisers, a move reflected in the anointment of Jon Ballis as chair, who is expected to usher a more consensual style than current chair Jeffrey Hammes when he takes over in 2020.
A spokesperson for Freshfields said: ‘Adrian has been a valued friend and colleague over the course of his career with us and we wish him all the best in his new role. We have had a phenomenal year advising clients in 2018, and the strength and depth of our private equity practice is second to none. Adrian’s departure does not change that.’
Maguire took a six-month sabbatical from Freshfields from June to November last year, and a partner at the Magic Circle firm pointed out that the team had its best year ever despite Maguire’s absence. Highly-rated players still at the firm include partner Charles Hayes.
Yet the symbolism of the move for the City legal scene is hard to overstate. If even a Magic Circle loyalist like Maguire can be persuaded to switch to a US rival, fresh questions will be raised about the London elite’s ability to retain key talent. Freshfields had in 2017 gone through a shake-up of its partnership designed to help it keep its star partners from the clutches of higher-paying US rivals. This latest departures suggests it was too little, too late.
For more on Kirkland & Ellis’ meteoric rise, see ‘Wrecking ball’ (£)