In a significant move within London's competitive legal landscape, the elite US law firm Sullivan & Cromwell has secured a major hire from one of the UK's newly merged giants. The firm has recruited James Duncan, a seasoned finance partner, from Allen & Overy Shearman.
A Strategic Hire for Key Practice Areas
The recruitment sees James Duncan, a lawyer with deep expertise in leveraged finance and private credit, make the switch to Sullivan & Cromwell's London office. Duncan, who qualified as a solicitor in 2009, built his reputation at Allen & Overy, where he spent the entirety of his career until this move. His practice focuses on advising both lenders and private equity sponsors on a wide array of leveraged acquisition and refinancing transactions.
This hire is a clear strategic play by Sullivan & Cromwell to strengthen its finance offering in the European market. The firm is particularly keen to enhance its capabilities in the booming private credit sector, an area where Duncan has substantial experience. His arrival signals the firm's commitment to competing for top-tier finance work in London, directly challenging the established UK and US players on their home turf.
Timing and Implications for A&O Shearman
The poaching of a senior finance partner comes at a pivotal moment for Allen & Overy Shearman, the entity created from the monumental merger between Allen & Overy and Shearman & Sterling. The combination, which formally went live on 1 May 2024, created a global legal powerhouse. However, such large-scale integrations often see competitor firms attempt to capitalise on potential uncertainty by targeting key talent.
James Duncan's departure represents a notable loss for the merged firm's finance practice in London. It underscores the intense competition for lawyers with his specific skill set, especially as private credit continues to reshape the financing markets. For Sullivan & Cromwell, landing a partner of Duncan's calibre directly from the newly formed A&O Shearman is a considerable coup and a public statement of intent.
Bolstering Sullivan & Cromwell's London Ambitions
Sullivan & Cromwell, renowned for its corporate and finance work, has long maintained a prestigious but relatively compact office in London compared to some of its US rivals. The addition of James Duncan is a targeted investment to grow a specific, high-demand practice area. The firm's London managing partner, John Mann, highlighted that Duncan's hire aligns with their strategy to expand their leveraged finance and private credit expertise to better serve clients across Europe.
The move is effective immediately, with Duncan expected to begin his new role promptly. His deep market knowledge and client relationships will be a direct asset to Sullivan & Cromwell as it seeks to win more mandates in the complex European leveraged buyout and direct lending spaces. This recruitment is likely part of a broader effort by the firm to selectively add laterals who can drive growth in strategic sectors.
For the wider London legal market, this transfer is a reminder of the relentless war for talent. Even the largest merged entities are not immune to approaches from well-resourced competitors. As firms like Sullivan & Cromwell look to deepen their benches in critical areas like private credit, more such strategic hires from established UK firms can be expected in the months ahead.
