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Exclusive: BLP Capital Markets Group loses stack of associates
Insiders say that seven associates have resigned from Berwin Leighton Paisner's Banking and Capital Markets group in the last week. A spokesman denied this, but wouldn't provide a figure.

The department has seen a spate of resignations over the last year, which is unusual at a firm which prides itself on its staff retention. And it's not just associates leaving: top partner Tamara Box, who apparently accounted for a huge chunk of the department's billings, has gone to Reed Smith, and a raft of other partners jumped ship to Simmons & Simmons. And now RollOnFriday sources are reporting that, in the last week alone, seven further resignation letters have landed on the desk of the head of Banking and Capital Markets.

The firm denies there is a major problem: it claims staffing is "broadly flat" compared to a year ago, so presumably it's been busy recruiting, and it's managed to bag a number of big name partners from such firms as Clifford Chance and A&O. A spokesman pointed to last March's announcement that the group was being restructured to focus on more profitable areas of work. Clearly you can't make an omelette without breaking some eggs... But still, losing seven lawyers in a week? That's a lot of eggs.

  BLP's Banking and Capital Markets group yesterday
 
The spokesman said that the firm was investing heavily in the group, with three new partners announced over the past few weeks, another due to be announced today and more to follow.
 
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Comments

Anonymous 13 January 12 10:32

I thought that the restructuring was to focus on more profitable areas like securitisation. Tamara is a securitisation expert and all the guys who are leaving are also purely capital markets lawyers. So, this has nothing to do with restructuring, people are just sick of the place and especially the department's management team.

There will be more leaving next week, I'll be handing my resignation for one.

Anonymous 13 January 12 10:39

I thought that the "restructuring" (interesting word for people just resigning) was to focus on capital markets and securitisation. Tamara does both these and all the lawyers who are leaving are capital markets lawyers too. This has nothing to do with restructuring. People are just sick of the department and especially the useless management team.

There will be more leaving in the near future believe me. I for one will be handing in my resignation pretty soon. Get out while you can guys, it's a sinking ship.

Anonymous 13 January 12 10:54

Fair point. Why on earth would you work somewhere that employs people like Andrew "punchy" Bamber.

Anonymous 13 January 12 13:09

It's such a shame, this used to be a nice place to work but now it's just a nightmare. Rubbish quality of work and poor secondments just makes peopke miserable. Some of the partners are nice but most of them have left now just leaving the unpleasant ones...

Anonymous 13 January 12 13:35

Some rather unfair comments here, it's a very big department and most people there are a pleasure to work with.

Anonymous 13 January 12 15:25

Anon 13.35 - The banking department isn't very big. These comments are from the people that work there. Your comment is pretty indicative of the fact that some don't want to see that there is an issue with morale in the department. You can bury your head if you want to, or you could try and address the issue. Although one tip I would give is that just deciding to take everyone out for a meal isn't going to sort out the problem, it's more deep rooted than that. This has been festering for some time but people have chosen to ignore it which is a shame. I suggest now is the time for an open forum so that the issues can be discussed. Unfortunately this probably won't happen. Everything will just be swept under the carpet once again. What is the first lesson about dealing with problems? You first have to admit that there is one. Management can learn from this. Whether they decide to is another question.

Anonymous 13 January 12 16:03

Some partners just seem to think that associates are an annoyance. One associate got sent off on secondment having been told that he would be doing a certain type of work, only to arrive to find that had never been the case. He had been sold down the river and then when he mentioned that the secondment wasn't what he had been told it would be, the partners just treated him like he was a difficult ungrateful person. All he had wanted was someone to tell the truth at the beginning. Needless to say, the client can't have been impressed with this lack of respect towards the associate and also them. This kind of thing shouldn't happen.

I have no doubt that management will try and blame the bad morale on the people leaving and then pretend everything is ok. They are leaving because of the problem with morale, they are not the cause of it.

Anonymous 13 January 12 17:19

Sceptical - My spidy senses are tingling... I get the impression one person is posting over and over.

Roll On Friday 13 January 12 21:34

Interesting thread - have a look at the "Discussions" section and search for "Berwin". Would be grateful for a few more replies there.

Anonymous 14 January 12 14:03

As someone who has recently left BLP, I can confirm that it is most certainly a sinking ship. The recent Clifford Chance lateral hires have been a disaster and the culture of the firm has been changed beyond recognition. The good guys have left or are leaving. Only the deal monkeys/puppets remain, What's happening in Banking will happen in Real Estate by the end of the year. A real shame as it used to be a great place to work.

Anonymous 16 January 12 08:14

It will be worse when little big-man takes over as chief. All of the board and most of the partnership will be made up from people who couldn't hack it at eithe CC or the other magic circle sweat-houses.