KWM's PE partner Steiner leaves troubled firm for Orrick

A source close to the situation told unquote" the entire KWM private equity and venture capital team is expected to join Orrick.

Steiner joined KWM 21 years ago, and is a partner on the firm’s private equity team. He has worked on private equity and venture deals for firms including 3i, Warburg Pincus, Vitruvian Partners and JC Flowers.

At the time of publication, KWM could not be reached for comment.

The development comes the day after KWM confirmed its intention to appoint administrators for its Europe and Middle East business. It also comes in the same week that Munich-based partner Cristoph Brenner left KWM for Orrick’s private equity team.

According to various media reports, KWM's London-based operation is expected to enter into administration in January 2017, following failed negotiations for the refinancing of its £30m debt burden.

Numerous partners have left the London-based division this year, including managing partner Rob Day, who joined Proskauer Rose; managing partner Sonya Pauls, who left for Clifford Chance in September; partners Christian Schatz and Martin Brockhausen, who joined law firm Flick Gocke Schaumburg; and funds head Michael Haltford, who left the firm for Goodwin Procter.

Orrick's team has seen several appointments in the last year, including partners Thomas Schmid from Weil Gotshal & Manges and Fabian von Samson-Himmelstjerna from Ashurst.

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