Reed Smith hires Addleshaws duo for finance push

Reed Smith has bolstered its financial industry group (FIG) in the UK with the hire of two banking partners from Addleshaw Goddard.

Phillip Slater and Lucy Newcomb are set to join Reed Smith’s City acquisition finance practice. Slater has been a partner with Addleshaw since 2005 while Newcomb was promoted last year.

Both represent financial institutions, corporates and private equity sponsors in leverage finance and cross-border acquisitions. Notable clients for the pair include Lloyds TSB, Barclays and the Royal Bank of Scotland.

The news comes after Reed Smith earlier this year appointed an external consultant to help shape its global FIG practice.

Reed Smith FIG group head Paul Johnston (pictured) commented: “It has been a strategic priority for us to grow our acquisition and leverage finance practice in London for some time. It makes business sense to enhance our offering for when the market stabilises.”

The two partners, who handed in their notice this week, were not included in Addleshaws’ recent partnership restructuring. The restructuring saw 19 partners asked to leave Addleshaws.

A spokesperson for Addleshaws said: “We're disappointed Phil and Lucy are leaving but with more than 150 other lawyers, we continue to have an extremely strong finance practice, which remains a key area for further investment.”

Reed Smith set up its FIG group in January 2008, bringing together more than 200 litigation and transactional lawyers across the firm’s European, Asian, American and Middle Eastern offices.

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