Proskauer Rose has made a splash in the City, hiring two partners apiece from A&O Shearman and Cahill Gordon & Reindel for its banking and finance practice, including the former co-head of legacy Allen & Overy’s global banking practice, Philip Bowden.

Bowden was among those in contention for senior partner of the firm prior to its launch earlier this year through the tie-up of UK Magic Circle firm Allen & Overy (A&O) and New York stalwart Shearman & Sterling.  

Moving over from A&O Shearman with Bowden is acquisition finance partner Megan Lawrence, who made partner at A&O in 2022, while Jake Keaveny and Warren Newton – themselves A&O alumni – are joining from the London office of Cahill Gordon & Reindel.

The hires are a boon for Proskauer’s City banking and finance team, adding top-notch syndicated bank bond market experience to its established private credit offering.  

Bowden spent more than 25 years at A&O, where he made partner in 2002. A leading acquisition finance lawyer, he co-chaired the firm’s private capital group alongside co-leading its 1,000-lawyer banking and finance practice and, following its merger, was among five lawyers appointed to lead A&O Shearman’s private capital sector.  

Bowden narrowly missed out on the senior partner role at A&O to incumbent Wim Dejonghe in 2020 and is the only one of the three A&O lawyers that were in the running to be crowned senior partner of A&O Shearman not to be given a seat on its executive committee or board. 

Khalid Garousha, who had served as A&O’s interim managing partner, was appointed senior partner of the merged firm and co-chair of its board and executive committee, while David Lee, the other contender, was made global co-head of A&O Shearman’s project, energy, natural resources and infrastructure practice and sits on the executive committee.  

An A&O Shearman spokesperson commented: “We thank Philip and Megan for the contributions they have made to the firm and wish them all the best for the future.”

Meantime Keaveny and Newton’s exit from Cahill follows leveraged finance duo Jonathan Brownson and Joydeep Choudhuri leaving the firm’s London office recently to join Latham & Watkins and leaves it with no banking and finance partners in the City, according to its website.  

Keaveny joined Cahill in 2020 from A&O alongside Brownson and focuses on high yield debt offerings and syndicated loans, while Newton joined the firm as a partner in 2021 having been a senior associate at A&O. He advises on domestic and cross-border leveraged and other event driven financings.  

Cahill’s executive committee chairman, Herb Washer, said the firm was committed to expanding its corporate practice in London and was “currently evaluating our options to ensure the right fit for our team and our corporate clients”.

Commenting on the departure of Keaveny and Newton, he added: “We thank them for their service to the firm’s clients and we wish them well in their future endeavours.”