Power, who joins as partner, has more than 15 years’ experience in energy industry disputes and his practice involves complex cross-border matters in the energy sector. He also has expertise in outsourcing, commercial banking and insolvency-related disputes.
According to the Legal 500, which recommends Power for international arbitration, ‘he has a long track record of resolving disputes at an early stage using alternative dispute resolution and especially mediation.’
Clyde & Co co-chair of arbitration Peter Hirst said: ‘The fall in the oil price has caused much disruption in the energy sector. Cancellation of contracts, coupled with geopolitical instability and growing regulation further increases the prospect of disputes arising. With Richard on board, supported by the firm’s global network, we will be even better equipped to service our clients.’
In June the firm’s senior partner James Burns told Legal Business the decision to form an international arbitration group to target commercial disputes had seen the practice grow by 40% in the last year.
In the past 18 months Clyde & Co has hired a string of partners to the global arbitration group including including June Yeum (New York & Asia), Patrick Zheng (Beijing), Christopher Jobson (Abu Dhabi), Brian Dunning (New York) and Prakash Pillai (Singapore).
While the firm has been one of the fastest-growing in the UK in recent years with revenues growing 8% to £395m in 2015, it reviewed its London corporate practice recently after losing a series of substantial mandates to rivals.
The review started at the end of last year and has since seen four partners leave, three of whom resigned in recent months, including one partner that was separately headhunted by a major US firm in what will be regarded as a loss to the firm.