Three of Clifford Chance's German partners are joining US rivals in Frankfurt and Düsseldorf, taking the number who have left since the firm began a review of its operation in the country to five.
Clifford Chance's one-time German corporate head, Arndt Stengel is moving to Milbank Tweed Hadley & McCloy in Frankfurt, and energy specialists Peter Rosin and Thomas Burmeister have been hired by White & Case in Düsseldorf.
Earlier this year, two Frankfurt partners - the magic circle's joint global head of private equity, who also led the German corporate practice, Oliver Felsenstein, and Munich private equity partner, Burc Hesse - defected to Latham & Watkins.
Stengel, who led the German corporate practice between 2010 and 2013, had been a partner at the firm since 1994. He focusses on M&A, equity capital markets and corporate law in addition to restructuring, both financial and business-related. His clients include fund HgCapital and KfW, the German development bank. He joins a small but strong team at Milbank known in particular for its excellent leveraged finance and buyout practices.
Rosin and Burmeister both specialise in M&A for energy and power clients and have good regulatory expertise in the sectors. The former joined the firm from German utility RWE in 2006, the latter was hired in 2002 making partner in 2008.
Last year, after the appointment of new German managing partner, Peter Dieners, Clifford Chance began a review of the three offices that from its German network. German press reported up to nine partners could leave the firm’s offering in the country. In addition to the five departures, Frankfurt banking and finance specialist, Kirti Vasu, has relocated to the firm’s City base.
