Legal Business Blogs

Olswang exits continue amid merger talks as restructuring head quits for US firm

US firm McDermott Will & Emery has taken on Olswang‘s head of restructuring & insolvency Alicia Videon in the first exit from the firm since merger talks with CMS Cameron McKenna and Nabarro were revealed last week.

Videon spent more than eight years at OIswang leading on restructuring work on commercial real estate and advising on buyers and sellers of distressed debt. Videon is cited in the Legal 500 as being ‘at the top of her game’ for corporate restructuring work.

Before joining Olswang, Videon trained at legacy Lovells and spent three years as a partner at DLA Piper until 2008. Olswang has endured a string of exits before three-way merger talks with Camerons and Nabarro were confirmed last week.

Last week, Legal Business reported partners at all three firms were in holding meetings with management to discuss the merger. Camerons later released a statement confirming talks were taking place for a combination to create ‘a differentiated, modern firm.’

Chicago-based McDermott has been hiring in recent months, boosting its City presence with the addition of KPMG tax partner Russell Hampshire earlier this week. Hampshire spent 14 years as EMEA tax leader for technology at the Big Four accountant.

The firm also added Taylor Wessing corporate partner and healthcare specialist Hamid Yunis in September, who joins the team led by former colleague and London head of corporate Mark Davis.

Recent Olswang departures have seen life sciences co-head Stephen Reese leaving for Clifford Chance. Funds partner Barry Stimpson left for Bond Dickinson after being retained for a time as a consultant, while private equity partner Duncan McDonald jumped to Taylor Wessing.

In February, McDermott appointed private client partner Andrew Vergunst to lead the London office, while in September Ira Coleman was elected chair of the firm, taking up the role in January 2017. The US firm has around 550 partners and a turnover of $891.6m, however turnover for 2015/16 slipped around 1% according to the Global 100. The firm declined to comment on Videon’s appointment.