Partners lead exodus of Russell McVeagh finance team

By PAUL PANCKHURST

One of the country's biggest law firms, Russell McVeagh, will suffer what rivals describe as a serious blow in Auckland with the exit of a 10-strong finance law team.

Two of the firm's partners, Laurie Mayne and Dave Wetherell, are leaving the office. Mayne said they were taking seven more lawyers and an administrative staff member.

The group is launching a boutique finance law firm, Mayne Wetherell.

The shake-up at the firm known as "The Factory" is the talk of the legal profession in Auckland.

Comments from lawyers at rival firms have included:

* "It's the entire finance department from Auckland - it's huge for the firm."

* "Those two were the Russell McVeagh finance practice in Auckland."

* "It sure is going to hurt - their Auckland practice has suffered a very serious blow."

Russell McVeagh's chief executive, Gary McDiarmid, said those leaving were only a part of the firm's finance group.

"It's nothing particularly unusual for us. We're a 250-lawyer firm. We have about 60 people leave every year."

McDiarmid said "good people" were leaving but the firm would not be affected.

He also thought nine, not 10, were leaving.

An internal email told Russell McVeagh staff that the firm expected to have "a close working relationship" with Mayne Wetherell.

Mayne told the Business Herald that the group was excited by the challenge of launching a new firm.

Mayne Wetherell is one of a series of boutique firm launches in Auckland to star former Russell McVeagh partners. Previous examples include Taylor Grant Tesiram, Wilson Harle and Harmos Horton Lusk.

Mayne had been a partner at the firm since 1986, Wetherell since 1991.