Banker who joined Linklaters in April returns to UBS

A banker who quit UBS earlier this year, citing bonus politics, to join the New York arm of Linklaters has rejoined the Swiss financial institution, writes the New York Law Journal.

Lewis Steinberg, a former Cravath Swaine & Moore tax partner, returned to UBS last week as global head of strategic solutions - the same position he held before signing on with Linklaters in April as co-head of the firm's US practice and head of its US tax practice.

Steinberg, who first joined UBS from Cravath in 2005, left the Swiss-based institution at a time when it and other banks were financially weakened and their compensation schemes and bonus payments were under intense scrutiny.

At the time, he told The American Lawyer that banking was "no longer a friendly environment" and that he could "be adequately compensated and perhaps better compensated" at a law firm.

"Maybe it was an overreaction on my part," Steinberg said this week, adding that his views have changed as the market "normalised" and clients became less worried about their banks' financial stability.

Compensation is also less of a worry, he said. "There have been changes to compensation system... and some of the issues that people have been concerned about have been addressed certainly at this firm and I think more generally," Steinberg said.

Richard Lehman, joint global head of investment banking at UBS, in a memo to employees last month called Steinberg "a unique talent" and cited his work for "key relationships," including Eli Lilly & Co, Visa and General Electric.

Lawrence Byrne, co-managing partner of Linklaters' New York office, said: "We are very happy to see him rejoin one of our very important and valuable clients."

The New York Law Journal is a US sister title of Legal Week.

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