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Mounting departures: CC sees further German exits as capital markets partner leaves for SZA Schilling

Clifford Chance (CC) has this week seen another exit from its German operations with longstanding capital markets partner Markus Pfüller leaving for the Frankfurt office of local firm SZA Schilling Zutt & Anschutz.

Set to join the firm in May, Pfüller will be joined by counsel Philipp von Ploetz. Pfüller specialises in advising domestic and foreign clients on capital increases, securities offerings, stock exchange listings, take-overs and securities trading.

Recommended by The Legal 500, Pfüller became partner at the firm in 1999. He was part of the debt capital markets team that advised IVG Immobilien AG on its preparations for launching a listed Real Estate Investment Trust and assisted Volkswagen with issuing a $2.15bn bond targeting US institutional investors.

Commenting on the hire, SZA Schilling co-chief executive Jochem Reichert said: ‘With his long experience in the fields of capital markets and his outstanding expertise Markus Pfüller is the ideal complement to our corporate practice. We believe in growing the capital markets business in Germany and with [the hire of] Markus Pfüller are perfectly prepared for that.’

Pfüller’s exit mirrors that of multiple departures from CC’s German operations in recent months following a strategic review carried out in December by German head Peter Dieners that expected to see up to nine partners leave. Other recent moves includes trademark head Thorsten Vormann to K&L Gates, capital markets partner Wolfgang Richter to CMS Hasche Sigle, energy partners Peter Rosin and Thomas Burmeister to White & Case, German corporate head Arndt Stengel to Milbank Tweed Hadley & McCloy, and most notably CC’s co-private equity head Oliver Felsenstein to Latham & Watkins.