Finance has been looked at particularly sharply, particularly debt capital markets. Partners are being asked to leave on a negotiated basis.
— A former Freshfields partner, discussing the decision of the firm to focus its practice on a smaller range of financial products. It was recently announced that the London aviation finance team will be joining Holland & Knight. The finance shakeup was part of a move by Freshfields to boost profitability. Another former partner noted, “Some people were told they needed to leave, but others saw the writing on the wall and realised they wouldn’t come out of the review well.”