O'Melveny's London Office is 'In Turmoil,' Legal Publication Says
O’Melveny & Myers bills its London office as a “rapidly expanding team” of more than 40 lawyers. However, a British legal publication says O’Melveny’s office there is now “in turmoil” and losing key lawyers over a too-stingy attitude on the part of U.S. partners—who apparently are seeing a slowdown in merger business there—about spending what it takes to launch a London office into the top ranks.
“Underinvestment by the firm’s Los Angeles hub prompted the exit of a fifth of its partners and a generation of senior associates,” reports the Lawyer, citing the departure last week of finance partner Stuart Hills, who left for Weil Gotshal & Manges, and the expected departure soon of office co-head Chris Ashworth, who is in advanced talks with Lovells. Senior associates are leaving because they are disgruntled about partnership prospects, the article says.
Once Ashworth departs, there will be seven partners in O’Melveny’s London office, according to the Lawyer.
In a separate editorial, the legal publication says O’Melveny essentially has made three mistakes—which are also common to other American law firms setting up shop in London.
First, being a major name in American corporate law doesn’t automatically translate to top billing in London. Second, care needs to be taken to bring in a compatible team of partners, rather than just hiring laterally based on big-firm London pedigrees. Third, associates need to be promoted to partner, or top talent will be lost.
“You can’t grow if you don’t invest,” the editorial concludes. “O’Melveny will have to trim its ambitions.”
