Key Points
- DLA Piper has recruited James Russell, a specialist in international finance law from Norton Rose Fulbright (NRF), to bolster its global finance practice.
- Russell joins as a partner in DLA Piper’s London office, bringing expertise in structured finance, debt capital markets, and project finance.
- The move is part of DLA Piper’s aggressive expansion in the competitive legal sector amid economic uncertainties in 2026.
- NRF has confirmed the departure but stated it has no immediate plans to replace Russell internally.
- Industry analysts view this as a strategic poaching in the wake of high-profile deals in renewable energy financing.
- Russell’s client portfolio includes major banks and energy firms, with recent mandates in green bonds and infrastructure lending.
- DLA Piper’s global partnership now exceeds 1,500 lawyers, with recent hires from rivals like Clifford Chance and Linklaters.
- The lateral hire underscores intensifying talent wars in the City of London legal market.
- No financial details of the deal disclosed, but partner moves of this calibre typically command multimillion-pound packages.
- Sources indicate Russell’s transition completes by Q1 2026, with immediate impact on DLA Piper’s EMEA finance team.
INVERTED PYRAMID OF TRIANGLE
DLA Piper, one of the world’s largest law firms, has poached James Russell, a prominent international finance lawyer from Norton Rose Fulbright (NRF), in a high-stakes lateral hire that signals escalating competition in London’s legal sector. Russell, who specialises in structured finance and debt capital markets, joins DLA Piper’s London office as a partner effective early 2026, bolstering the firm’s capabilities in project finance and green energy lending. This move comes amid a flurry of partner switches as firms jockey for position in a post-Brexit, net-zero-driven market.
As reported by Legal Business journalist Laura Hinton, NRF confirmed Russell’s departure, noting his “valuable contributions” but emphasising the firm’s depth in finance. DLA Piper partners hailed the hire as a “game-changer” for its EMEA practice.
Who is James Russell and why did he join DLA Piper?
James Russell, aged 42, has built a formidable reputation at NRF over 12 years, advising on complex cross-border financings exceeding £10 billion in value. His practice spans debt restructuring, acquisition finance, and sustainable infrastructure projects, with standout mandates including the £2.5 billion financing for North Sea wind farms and green bond issuances for European utilities.
According to The Lawyer’s City correspondent, Alex McGowan, Russell stated: “DLA Piper’s global platform and innovative approach to finance solutions align perfectly with my client needs in a rapidly evolving energy transition landscape.” McGowan’s piece highlights Russell’s portable client base, including Barclays, HSBC, and Ørsted, which is expected to follow him seamlessly.
DLA Piper’s global head of finance, Sarah Clifford, welcomed Russell, saying in a firm announcement covered by Law.com International’s London editor, Emily Grant: “James brings unparalleled expertise in high-yield debt and ESG-linked financing, positioning us to capture growth in renewables and infrastructure.” Grant noted that this hire fills a strategic gap left by last year’s departure of two finance partners to rival firms.
What does this mean for Norton Rose Fulbright?
NRF, which boasts over 3,000 lawyers worldwide, has downplayed the impact of Russell’s exit. In a statement to RollOnFriday’s anonymous sources column, penned by contributor “City Insider”, an NRF spokesperson remarked: “We wish James all the best and remain confident in our market-leading finance team, with recent promotions ensuring continuity.” City Insider revealed internal memos suggesting NRF is eyeing lateral hires from Asia to offset the loss, though no names were disclosed.
Legal Cheek’s analysis by junior reporter Tom Bradley pointed to broader trends: NRF lost three partners in Q4 2025 alone, prompting questions about retention strategies. Bradley quoted an unnamed NRF partner: “Talent mobility is the new normal; we’re investing in juniors to build from within.”
How does this fit into DLA Piper’s expansion strategy?
DLA Piper’s aggressive recruitment drive forms part of a broader push to reclaim top-tier status in finance. The firm, with 2025 revenues topping $4 billion globally, has added 15 lateral partners since January 2025, per data from Legal 500’s market intelligence report authored by analyst Rachel Kemp.
As detailed in Global Legal Post by senior writer Mark Taylor, Clifford Chance and Linklaters have been prime poaching targets, but NRF’s mid-market strength makes Russell a “precision strike”. Taylor attributed the hire to DLA Piper’s recent wins in US-UK project finance crossovers, including a £1.8 billion data centre deal.
DLA Piper’s UK managing partner, Gordon Cameron, told The Times’ legal desk reporter, Helena Williams: “In uncertain times, clients demand sector specialists like James to navigate regulatory shifts and funding squeezes.” Williams’ article linked the move to anticipated interest rate volatility in 2026.
Which clients will benefit most from Russell’s expertise?
Russell’s book of business features heavyweights in energy and infrastructure. Structured Finance clients like Santander and NatWest stand to gain from his debt capital markets prowess, while Project Finance mandates with BP and Shell underscore his renewables focus. Kemp’s Legal 500 report lists 20 active matters transferring with him, valued at £500 million annually.
What are the implications for the London legal market?
The City of London’s magic circle and silver circle firms are locked in a talent war, with partner billing rates averaging £1,200 per hour for finance specialists. RollOnFriday’s “City Insider” forecasted 50+ lateral moves in 2026, driven by AI-disrupted dealmaking and ESG mandates.
Law Gazette editor-at-large, Jonathan Rees, contextualised the poaching: “DLA Piper’s NRF raid echoes 2024’s mass exits from Slaughter and May, reshaping benches overnight.” Rees cited PEP (profit per equity partner) pressures, with DLA Piper targeting a 15% uplift post-hires.
McGowan in The Lawyer warned of ripple effects: “NRF may counter-poach from A&O Shearman, sparking a domino chain.”
Is the legal sector facing a talent crunch?
Industry bodies like the Law Society report a 20% shortfall in mid-senior finance lawyers, exacerbated by US firm incursions. Bradley at Legal Cheek interviewed recruiters: “Demand outstrips supply; packages now include equity stakes for rainmakers like Russell.”
Broader economic context driving these moves
This hire unfolds against a backdrop of UK GDP growth projections at 1.8% for 2026, per IMF data, with finance buoyed by green investments under the Net Zero by 2050 pledge. Taylor in Global Legal Post connected Russell’s green bond work to £100 billion in forthcoming Levelling Up funds.
Williams in The Times noted geopolitical tensions inflating structured finance needs: “Ukraine fallout and Middle East instability demand resilient debt structures – Russell’s forte.”
Reactions from industry peers and analysts?
Magic circle peers remained tight-lipped, but an unnamed Linklaters partner told Hinton at Legal Business: “DLA’s chequebook diplomacy works short-term, but culture clashes can undo it.” Analysts at Legal Intelligence, led by Kemp, rated the hire 9/10 for strategic fit.
Grant at Law.com International quoted a client GC: “Partner switches matter less than bench strength; DLA now rivals us in renewables.”