Shearman & Sterling London finance head Anthony Ward is splitting his time between London and Frankfurt, following the departure of two German banking partners.
Ward is sharing the responsibility with other London partners, with one City partner at a time spending three days each week in the German office.
The move comes after Munich-based finance partner Andreas Diem left for Latham & Watkins and Frankfurt banking partner Johannes Kremer moved to Skadden Arps Slate Meagher & Flom, taking his entire team with him.
Explaining his decision to leave, Kremer told Legal Week: “There is no-one at Shearman [Germany] at partner level in the banking practice. As a one-partner group I thought it would be difficult to make progress with this team and expand the practice.”
Reinhard Stockum, managing partner of Shearman’s Frankfurt office, confirmed the London banking team has been parachuting in to plug the gap, with lawyers from other departments also covering finance work. Shearman has also promoted a senior associate to counsel. Stockum said: “As long as we are rebuilding our strength [the partners in the London office] will continue to travel. A lot of action has been taken to cover the issue.”
However, the firm said it has no immediate plans to replace the banking partners.