In early June, The Australian characterised the IPO of Valemus as:
the biggest of the year and the largest since Myer’s … float last year, potentially giving hope to the stagnant IPO market.
Very proudly, and almost immediately thereafter, Clayton Utz posted a media release on its website announcing that it was lead advisor on the float. But in yet another blow to the firm, Lawyers Weekly reported last week that the deal has been thrown on the backburner. Said Lawyers Weekly
It is believed [lead partner] Stuart Byrne led a team involving up to 18 partners…
According to the AFR, Clayton Utz has a total of 194 partners, meaning that if the Lawyers Weekly figures are correct, almost 10% of the Clayton Utz partnership is suddenly “calling for a smoko”.
And as the embers fade on that deal, comes a sparke from one of our anonymous Clayton Utz spies suggesting more rumoured defections from the charred giant:
More Clutz Defections? Apparently a smallish Brisbane firm with big (and often advertised) ambitions is taking or has taken a mining and resources team of up to 7 lawyers from Clutz Brisbane. Mind you, out of 174 lawyers 7 might not be that big a deal.
Presumably the “team of 7″ involves up to 2 partners. And this comes after other comments received from another anonymous Clayton Utz spy last week:
Another prominent Clutz partner has resigned from the sydney office – apparently going to a major teleco
These rumours come after The Australian reported that Clayton Utz partner Simon Irvine has defected to Blake Dawson. Said The Australian:
Irvine has been a partner at rival firm Clayton Utz and built experience in international and domestic project finance for the resources, energy and infrastructure sectors in Australia, London, Singapore and Hong Kong.
If true, that’s another 4 defectors, on top of the 14 Clayton Utz partners who defected from the firm to create an Australian branch of Magic Circle firm Allen & Overy earlier this year. So for those keeping score at home, the grilling Clayton Utz has received in 2010 should now read:
- 14 very profitable, well respected partners defected from Clayton Utz to build two Australian offices of Magic Circle firm Allen & Overy;
- Clayton Utz sacked over 30% of its Melbourne graduates;
- a former employee was given leave to pursue further claims against the Clutz for alleged sexual harassment and bullying;
- the firm was stripped of its credentials as an employer of choice for women by the Equal Opportunity for Women in the Workplace Agency;
- a librarian has created considerable controversy by hording an inordinate amount of firm fruit;
- a Clutz lawyer appearing on a reality TV show revealed her homewrecking past, cooking up a dish of office romance with a side of “single-mother-left-with-three-young-kids”;
- it emerged that another former lawyer is alleging the firm defamed her;
- renewed allegations were directed at the firm that it had orchestarted a calculated redundancy scheme during the GFC; and
- 10% of the firm’s partnership is calling for smoko after the largest IPO deal of 2010 was thrown on the backburner.
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