Freshfields tightens partner exit terms

Freshfields has begun applying the full six-month notice period provided for in its partnership agreement to certain non-US partners leaving the firm, as first reported by Law.com.

Although the firm’s partnership contract allows it to require a six-month notice period, normal practice had reportedly been to accept a shorter, three-month timeframe. Law.com reports that Freshfields has recently decided to exercise the full contractual period in the case of some senior European partners, as it faces an increase in high-level departures across the region.

One source cited by the publication said this is the first time the full six-month notice period has been implemented in practice.

The development comes at a time of heightened competition in the European legal market and follows a series of notable partner exits, including the move of Armando Albarrán (pictured) to Gibson Dunn to lead the launch of its Madrid office, announced in January (here the news). The Madrid office is expected to focus on areas including private equity, infrastructure and the healthcare sector. At this stage, the team is expected to include Albarrán and Reka Palla, who has joined as of counsel from A&O Shearman, where she was a senior associate in corporate, M&A and private equity.