2025Law

Mayer Brown ← Dechert

Mayer Brown Hires Three Dechert Partners to Build Private Capital Powerhouse

A strategic trio hire from Dechert's global leveraged finance leadership to dominate Europe's private capital market

Deal Value

3 partners

Team Size

3 partners + team

Industry

Law

In 2025, Mayer Brown executed a strategic hire of three senior partners from Dechert in London, including the co-heads of Dechert's global leveraged finance practice. The move was part of Mayer Brown's strategy to "double down" on private capital and position itself at the forefront of Europe's direct lending market.

Background

Private capital has become one of the fastest-growing areas of legal practice, with direct lending and private credit reshaping how companies access financing.

Dechert had built one of the leading global leveraged finance practices, with Philip Butler and David Miles serving as co-heads.

Mayer Brown saw an opportunity to rapidly accelerate its private capital capabilities by acquiring proven leadership rather than building organically.

The European private capital market was experiencing explosive growth, creating intense competition for specialized legal talent.

The Move

Mayer Brown hired Philip Butler and David Miles, who co-led Dechert's global leveraged finance practice, along with Mark Evans from Dechert's private equity group.

Philip Butler had more than three decades of experience and also served as Co-Head of London Corporate & Securities at Dechert.

The hires followed earlier 2025 additions including Corporate Trustee partner Kevin Ng and Structured Finance partners Chris McGarry and Adam Farrell.

London managing partner Dominic Griffiths described the strategy as "doubling down" on financial services and private capital.

Key Players

Philip Butler

Dechert Global Leveraged Finance Co-Head → Mayer Brown Partner

Three decades of experience in leveraged finance. Also served as Co-Head of London Corporate & Securities at Dechert.

David Miles

Dechert Global Leveraged Finance Co-Head → Mayer Brown Partner

Co-led Dechert's global leveraged finance practice alongside Butler.

Mark Evans

Dechert Private Equity → Mayer Brown Partner

Focuses on fund acquisitions, co-investment, joint ventures, and equity and debt financing.

Why It Worked

•The hires brought recognized leadership—Butler and Miles were known as "leaders in their fields" with international experience.
•The trio's experience aligned perfectly with Mayer Brown's strategic plan to lead in European private capital.
•By hiring the co-heads of a competing practice, Mayer Brown immediately gained credibility with clients.
•The move was part of a coordinated buildup, not an isolated hire, signaling sustained commitment to the practice area.

Challenges

•Integrating partners from a different firm culture while maintaining their existing client relationships.
•Competition for private capital work is intense—the team needed to deliver results quickly.
•Dechert's leveraged finance practice lost significant leadership that had to be rebuilt.

Outcome

•Mayer Brown significantly strengthened its position in European private capital and direct lending.
•The firm demonstrated ability to attract top talent through strategic positioning rather than just compensation.
•The coordinated series of hires created a cohesive private capital team rather than isolated additions.

Lessons for Other Liftouts

1.Hiring practice group co-heads together preserves working relationships and institutional knowledge.
2.A series of coordinated hires is more effective than one-off additions for building a new practice.
3.Publicly articulating strategy ("doubling down") helps attract talent aligned with firm direction.