US law fim Cahill Gordon & Reindel has become the first US firm to be licensed as an Alternative Business Structure (ABS) in the UK. The firm has also made its first UK hire -   Shearman & Sterling partner Richard Kelly -  who will oversee the expansion of its litigation practice including investigations and corporate governance work. The firm has obtained a waiver from the Solicitors Regulation Authority (SRA) to allow the the ABS to include managers who do not need to be approved by the SRA - covering the non-managing partners of the parent firm.  Jenner & Block was originally said to the be first US firm to set up an ABS but this was a mistake by the SRA. 

Investment banks

Mr Kelly has represented financial institutions and large corporates on a broad range of disputes. His practice has a particular focus on acting for investment banks on complex litigation, investigations and risk management mandates on issues such as benchmark setting, rogue traders, mis-selling and securities fraud. He has also acted on some of the largest commercial arbitrations to date.

Comprehensive litigation service

As well as being a solicitor of the Senior Courts of England and Wales, Kelly is also admitted to practice in the State of New York. 'Richard is an accomplished lawyer whose leadership and experience will strengthen our litigation capabilities in London,' says William M. Hartnett, chairman of Cahill’s Executive Committee. 'Our expanding London presence is a direct response to the needs of our clients. We are pleased that the SRA has authorised Cahill Gordon & Reindel (UK) LLP as a licensed body. Our authorisation from the SRA enables our US and UK practices to work together more effectively and to provide a comprehensive litigation service across those key markets.' The firm originally opened in London in 2000.