Paul Hastings latest hire caps series of Reed Smith London fund finance exits

Paul Hastings has hired Maccailein “Mac” Campbell from Reed Smith in London, leaving his former firm without any dedicated fund finance partners in the City following a string of departures.

Campbell joins today, bringing more than 15 years’ experience advising borrowers, sponsors and bank and non-bank lenders. His practice spans fund finance alongside acquisition, project and portfolio financings.

The move reunites him with Leon Stephenson, Reed Smith’s former global fund finance chair, who departed for Paul Hastings in June. Stephenson spent 20 years at Reed Smith and sat on its executive committee.

Reed Smith departures

Campbell’s exit follows several other departures from Reed Smith’s London fund finance team this year.

Linn Mayhew joined Eversheds Sutherland in April to help lead and expand its fund finance offering. Chu Ting Ng moved to Simmons & Simmons in May, closely followed by Natalie Sharkey in August.

Reed Smith said London partners Jennifer Ellis, Mark Drury, Nick Williams, Jason Richardson and Nick Stainthorpe continue to advise on fund finance alongside their broader practices.

Growing demand

The lateral hiring market has accelerated as firms increasingly recognise the value of a strong fund finance practice.

Other high-profile moves include A&O Shearman fund finance co-head Fiona Cumming’s move to Weil in June. In August, Sidley Austin recruited an 11-lawyer fund finance team in New York from Hogan Lovells Cadwalader, led by partners Brian Foster and Patrick Calves.

One City fund finance partner said the practice was growing in demand as it connects structured finance, leveraged finance, real estate and private equity, allowing firms to build on relationships with fund clients across those areas.

The partner added fund finance had previously been underappreciated, with attention focused on financing assets and acquisitions rather than the funds above them. That is now changing as financing products develop and funds explore a wider range of capital markets solutions.

At Paul Hastings, they described the firm's strong structured finance team as a “massive plus”, enabling lawyers across the firm to offer a broader range of financing solutions to shared fund clients.

More hires expected

Non-Billable understands Paul Hastings is expected to announce further fund finance hires in the coming weeks.

The firm hired Daniel Margolis from Stephenson Harwood in September, following Stephenson’s arrival and the recruitment of Jennifer Passagne from Haynes Boone late last year.

Paul Hastings says it has added more than 25 fund finance lawyers globally this year. Its expansion has included opening a Charlotte office which added fund finance partners from legacy Cadwalader, Haynes Boone and Mayer Brown to the firm's global practice.