In a significant development within London's legal sector, two prominent capital markets partners have departed Ashurst to join global law firm Baker McKenzie. The move represents a substantial recruitment coup for Baker McKenzie's expanding financial services practice.
Key Personnel Changes
Nick Rumble, who served as the co-head of Ashurst's capital markets practice, and Tom D'Ardenne, a highly regarded capital markets partner, have both made the transition to Baker McKenzie. Their departures from Ashurst were confirmed this week, with both lawyers expected to assume their new roles imminently.
Rumble brings extensive experience in equity capital markets transactions, having advised on numerous high-profile initial public offerings and secondary offerings throughout his career. D'Ardenne specialises in debt capital markets work, with particular expertise in structured finance and securitisation matters.
Impact on Ashurst's Practice
The departure of two such senior figures represents a notable loss for Ashurst's capital markets group. Rumble's role as practice co-head meant he was instrumental in shaping the firm's strategic direction in this key area. Ashurst now faces the challenge of reorganising its leadership structure within the capital markets team.
Market observers have noted that the dual exit comes at a time when capital markets activity in London has shown signs of recovery after a relatively quiet period. The loss of two experienced partners could potentially affect Ashurst's ability to capitalise on this improving market environment.
Baker McKenzie's Strategic Expansion
For Baker McKenzie, the recruitment of both partners signals a clear intention to strengthen its capital markets offering in London. The global firm has been actively building its finance and securities practice across multiple jurisdictions, and the addition of Rumble and D'Ardenne represents a significant step forward in this strategy.
The move enhances Baker McKenzie's capability to handle complex cross-border capital markets transactions, particularly those involving multiple jurisdictions where the firm's extensive international network provides a competitive advantage. Both lawyers are expected to play key roles in developing the firm's client relationships and transaction pipeline.
Legal recruitment specialists have highlighted that such high-profile moves between major firms typically indicate competitive pressures in the London legal market, with firms increasingly willing to invest in lateral hires to bolster key practice areas.
Broader Market Implications
The transition of these capital markets specialists reflects ongoing shifts within London's legal services landscape. As firms adapt to changing client demands and market conditions, strategic hires and team moves have become increasingly common.
Partner mobility between top law firms has accelerated in recent years, with compensation packages and practice development opportunities often driving these decisions. The Ashurst to Baker McKenzie move follows this pattern, highlighting the competitive nature of talent retention in the City's legal sector.
Both Ashurst and Baker McKenzie are well-established players in London's legal market, though they have traditionally had different strengths and client bases. This personnel shift may signal a rebalancing of capabilities between the two firms in the competitive capital markets arena.
The long-term impact of this move will become clearer in the coming months as both firms adjust to the new landscape and clients assess how these changes might affect their own legal service requirements for capital markets transactions.
