Paul, Weiss, Rifkind, Wharton & Garrison has intensified its growth in London, securing the services of Nicole Kar, Linklaters’ global head of antitrust and foreign investment, in a strategic move, according to informed sources.
Nicole Kar Joins Paul, Weiss from Linklaters
Nicole Kar, an esteemed figure in the legal arena, brings with her almost 18 years of experience at Linklaters. Not only did she hold the position of global head of antitrust and foreign investment, but she also co-headed the firm’s global banking sector group and trade law practice. Kar’s expertise shines through her involvement in over 40 significant merger reviews before European and UK authorities. Notably, she played a pivotal role in advising Arquiva’s telecoms tower business on its £2 billion takeover by Cellnex in 2019.
London Leveraged Finance Partner Noel Hughes Departs for Skadden Arps Slate Meagher & Flom
In a dual setback for Linklaters, London-based leveraged finance partner Noel Hughes has also bid farewell to the firm, choosing to join Skadden Arps Slate Meagher & Flom, as confirmed by a Skadden statement. Hughes, who only recently joined Linklaters in the spring of 2022, has a track record of success, having previously served as the head of City finance and M&A capital markets at Vinson & Elkins’ London office.
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Skadden’s Reaction and Linklaters’ Response
Upon Hughes’ arrival at Skadden, Rich Youle, Skadden’s London head, expressed enthusiasm, stating that Hughes would enhance their high yield finance capability. Meanwhile, Linklaters acknowledged Hughes’ departure, extending their thanks and best wishes in an official statement. Paul Weiss, when contacted, did not provide any comments on the recent hires.
Paul Weiss’ Strategic Expansion in London
The recruitment of Nicole Kar is part of Paul Weiss’ ambitious strategy to bolster its presence in key legal markets. Freddie Lawson, head of partner search at Montresor Legal, emphasized the significance of Paul Weiss’ commitment to the London market, calling it a “massive vote of confidence” and a source of concern for rivals. This move follows the departure of London head Alvaro Memberilla to Kirkland & Ellis earlier this year.
Earlier Expansion Moves by Paul Weiss
Paul Weiss responded to the loss of Alvaro Memberilla by adding a transatlantic debt finance team led by Neel Sachdev from Kirkland & Ellis. Sachdev, now the global co-chair of finance and capital markets and London co-head, brought a team of three partners from London and one partner from New York. Since then, six partners from Kirkland & Ellis have also joined Paul Weiss in London.
Linklaters’ Recent Departures
For Linklaters, the exits of Nicole Kar and Noel Hughes mark another blow, with several esteemed London partners making similar moves to US rivals in recent months. Notably, Kar will reunite with former colleague William Aitken-Davis at Paul Weiss, who made the same move in September. Other notable departures from Linklaters include antitrust partner Simon Pritchard to Latham & Watkins, and leveraged finance partner Edward Aldred and corporate partner Nick Rumsby to Cleary Gottlieb Steen & Hamilton.
Industry Observations
Tom Balmer, founder of Montresor, highlighted the strategic approach of Magic Circle firms like Allen & Overy, emphasizing the concentration of private capital clients among a few elite international firms. He noted that traditional City firms, especially those outside the Magic Circle, face challenges in an environment with fewer deals to go around, after initially benefiting from a post-pandemic surge in advising private capital clients.
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