Freshfields turn the tables and take a 3-man team from Weil...

Yep, the Magic Circle firm are hitting back at one of the elite US players in the market, moving a trio of private credit lawyers into its all-equity partnership.

Paul Stewart leads the 3-man Weil team to 100 Bishopsgate and is set to become the Global Co-Head of private credit and private capital solutions alongside his New York based counterpart, Damian Ridealgh.

Freshfields mean business in the lateral market

This latest triple-hire is just the latest example of the oldest Magic Circle firm poaching big hitters from a variety of its big US competitors over the past year or so - on both sides of the pond.

In the past 12 months Freshfields have hired:

• Mary Lavelle?and Tim Clark as its new Global Co-Heads of private funds and secondaries in London and NYC from Akin and Goodwin respectively;
• PE double-act Neal Reenan and Ian Bushner from Latham in New York;
• Private capital partner Eva Mak from Kirkland in Silicon Valley; and
• Private capital partner Ivet Bell from Sidley in New York.

Not bad going for a firm that was historically (and may still be) a poaching ground for the biggest US firms.

Connected hires? Obviously...

Even from a cursory glance at the above hires, it's clear that these moves signal where Freshfields is committing itself to in terms of future markets and profitability. There's a pretty easily made argument that Private Credit, PE, and Funds & Secondaries are all fairly well connected, and to a large extent have a shared client pool. So the interconnectedness of these hires, both in London and the US, speak for themselves.

The other fairly obvious point I'll happily make is that these are both highly profitable and in 'vogue' at the moment. I'd wager a lot that the management committees of the majority of leading global law firms have been speaking A LOT about the private capital / credit boom and the increased deal flow firms are seeing from funds & secondaries, and - perhaps more eloquently than this - said: "we need to get in on this, quick". Well mission accomplished for Freshfields, and it really is a win-win-win for the firm!

And hey, if they can boost their own profiles and market share in these key battlegrounds while also telling the world that they've got the brand and financial firepower to hire almost anyone from any firm around the world, then what a lovely additional benefit for the Magic Circle stalwart.

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I co-founded ARMA Search - a specialist international legal recruitment firm. And what truly sets ARMA apart is the time my team has spent working in elite global law firms and at the top of the legal search industry.

ARMA Search partners with leading law firms and has a strong track record in advising on team moves, individual partner placements, and associate hires across a variety of practice areas and jurisdictions. I personally cover US law firms, Magic and Silver Circle law firms, as well as international and boutique & specialist law firms, ensuring the right talent is connected with the right opportunity.