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Milbank reaches largest ever size in Europe with marquee partner hire
by Shant Fabricatorian
For the London branch of CLO legal heavy-hitters Milbank, 2024 has been a transitional year — and certainly not in circumstances the firm had anticipated 12 months ago. The high-profile departure of one of its partners at the end of last year was broadly perceived as a significant loss for the firm, which has traditionally ranked as one of the market’s largest and most successful performers.
But last month, Milbank’s European structured finance practice announced it had grown its senior ranks in Europe to their largest ever size, having lured a team of lawyers including rising star Alex Martin and special counsel Kristine Kozicki from rival Latham & Watkins.
While personnel moves between firms in the legal CLO market are not uncommon, John Goldfinch’s move to Allen & Overy (now A&O Shearman) in late November 2023 was a significant shake-up in the industry. Goldfinch took three lawyers with him, including senior associates Peter West and Adrian Kwok, representing a 33% loss of total headcount for Milbank’s London CLO associates. This meant that for the remaining team, time was of the essence in planning its next steps.
Back row, from left: Anson Lam, Benjamin Baker, Olivia O’Neill Brown, Chris Kedward, Chris Burke, Robert Wyse Jackson, Ryun Pang, Denisa Neagoe, Connor Clune. Front row, from left: Terme Tabatabai, Lauren Beattie, Claire Bridcut, James Warbey, Alex Martin, Kristine Kozicki, Charlie Thomas
According to partner James Warbey, discussions over how to proceed began in December. They included Milbank’s management in New York and the head of the firm’s US structured finance practice, Sean Solis. All options were considered, including promoting from within, slow organic growth and the investigation of external opportunities. Ultimately, Warbey said, Martin emerged as the only real candidate, especially once aspects such as overlapping client bases — always a potential sticking point with major legal moves — were considered.
“Our practices interlock very well. There were only four CLO deals where Milbank has been opposite Latham & Watkins over the past three years, in a period where the market has seen three or four hundred deals,” said Warbey.
Martin joined Milbank on 8 August, after just under three years at Latham & Watkins heading that firm’s expansion in the CLO and structured credit space. But the offer was made back in January over lunch at Hawksmoor Spitalfields. While Martin was initially sounded out alone, much of the practice he built at Latham & Watkins has ultimately moved across with him, along with its client book.
Including Martin and Kozicki, the new contingent currently numbers five, with Benjamin Baker and Terme Tabatabai also moving across as associates, and Anson Lam as a legal assistant. One further move is in the process of being finalised, and further growth is planned, but for now the total structured credit and CLO team in London has grown from 12 to 17, making it the largest dedicated CLO team in Europe.
Martin is keen to emphasise he did not leave Latham & Watkins on bad terms. At the same time, it is apparent he views Milbank as an opportunity to advance the next phase of his career.
“The US practice of Milbank has been by far the market leader since Sean Solis joined the firm,” Martin said. “Working in close collaboration with the US practice is key to being successful in Europe as well.”
One element that rivals will be keen to keep an eye on is the extent to which the expanded Milbank team concentrates on securing arranger-side work. Martin is keen to continue working on this segment of the market given appropriate opportunities, but sees his main focus remaining on manager-side deals.
As for Martin’s former employer, Latham & Watkins has been left with just one CLO lawyer in London.
