A mining downturn and a devalued yuan has also lead to a downturn in the Sydney office of Skadden Arps. Departures at the Sydney office have seen three lawyers leaving for rival Allen & Overy. One lawyer remains in the Sydney office.
The three-member securities team who left Skaddens is led by former partner by Mark Leemen. The group’s recent clients include Scentre Group, Transurban and Westpac, Legal Business and the Am Law Daily reported. Adrian Deitz, who co-heads Skadden’s corporate finance group, will remain in the Sydney office, as part of the firm’s Singapore and Hong Kong group, according to the article.
American Lawyer (sub. req.) reported in February that Skadden would be closing its Sydney office, which at the time had five lawyers.
Skadden opened its Sydney office in 1989. In 2014, it represented the Commonwealth of Australia Medibank Private, a national private health insurer, on its $4.9 billion initial public offering. It was the country’s second-largest-ever IPO.
