We think the technical legal term for it is "a rout". Certainly there's no other way to describe this latest mass exodus of partners from one marquee law firm to a market newcomer from abroad.
No fewer than 10 partners from Herbert Smith Freehills have jumped ship to White & Case, as the New York-based firm joins the rush of internationals setting up shop in Australia.
HSF Asia head of finance Brendan Quinn, head of projects Andrew Clark, finance partners Alan Rosengarten, Josh Sgro, Tim Power, Jared Muller and Joanne Draper in Melbourne, Joel Rennie in Sydney, Fergus Smith in Hong Kong and Matthew Osborne in Singapore all resigned late last week. According to Lawyers Weekly, the partners in question currently represent revenue to HSF of something in the order of $60 million.
It is understood White & Case will open an office in Melbourne first before sticking their flag into the ground in Sydney town, with their Aussie offering focussing on projects and infrastructure as well as finance.
None of the partners contacted yesterday would indulge speculation as to what prompted their leap from the more established player to the newcomer (such is the overly cautious nature of people who spend their lives billing in six-minute increments).
But according to International Lawyer, earlier this year, White & Case announced marginal increases in gross revenue and profits per partner, which hit $2.64 billion and $3.54 million respectively. Which we are sure was never a consideration in the Aussie posse's decision to jump ship...
