Legal Business Blogs

Going buy-side: Reed Smith’s global managing partner takes over from Hoyt at PNC

It is still reasonably uncommon to see private practice partners step straight into a general counsel (GC) role but Reed Smith’s global managing partner (MP) Greg Jordan is to join one of the firm’s clients, Pittsburgh’s largest bank, the PNC Financial Services Group, taking over from Bob Hoyt as he prepares to join Barclays. Alexander Thomas, Reed Smith’s global chair of litigation, will take over the global MP role from Jordan.

Jordan, who was only re-elected for another three year term last year, is set to become executive vice president GC and head of regulatory and government affairs. He will report directly to PNC’s CEO William Demchak.

Hoyt, meanwhile, who was also the former GC to the US treasury department, is set to join Barclays this month as the replacement to retiring head of legal Mark Harding.

Reed Smith reported revenues of $1.01bn for 2012-13, a 2% increase on the previous year, coming in at 26 in The Global 100. Since Jordan took the helm 13 years ago, then the youngest managing partner in the firm’s history, Reed Smith has quadrupled in size and now has 1800 lawyers in 25 offices. The firm expanded globally through a mixture of mergers, such as the 2007 merger with the UK’s Richard Butler, creating the firm’s biggest office, as well as greenfield operations such as the Singapore office, which opened last year.

Jordan said: ‘It will be difficult to leave, but I am excited about this new opportunity to help lead a great company and client like PNC. I am proud of the firm we have built, and I know the firm’s strong core values and great talent will continue to make it successful. There is an outstanding and experienced management team in place to lead Reed Smith into the future.’

Jordan’s replacement, Thomas, joined Reed Smith in 1999 through the firm’s combination with Virginia outfit Hazel & Thomas, after serving in the Justice Department.