02:09, July 19 149 0

2017-07-19 02:09:06
Enyo founder leaves for new role at litigation activist group

Enyo Law founder Michael Green has left the firm to join RGL Management Limited, an entity comprised of lawyers who are pursuing RBS on behalf of shareholders suing the bank over its role in the financial crisis.

Sources in the market suspect Green’s departure from the boutique firm was provoked by reductions to his pay at the behest of Simon Twigden, one of the principal owners of the firm.

Twigden established Enyo in 2010 along with Pietro Marino and Green following his failure to be elected chairman of Addleshaw Goddard, where all three were litigation partners. The role went to Monica Burch instead and prompted a further exodus of partners, including Richard Leedham, Annabel Thomas and Sonia Campbell who left for Mishcon de Reya in 2015 and 2016 respectively, and Mark Hastings who joined Quinn Emanuel Urquhart & Sullivan earlier this year.

Enyo partner Amanda Burge also left in 2014 to join Hamlins; Michael Cotlick joined Wiggin Osborne Fullerlove, and Peter Fitzpatrick joined Valemus Law, making Green the fifth partner to leave the firm since its formation.

RGL Management’s legal team comprises Mark Humphries and Kristopher Kerstetter of Humphries Kerstetter, another boutique firm that specialises in high-stakes commercial litigation, as well as Simon Davenport QC, the head of chambers at 3 Hare Court Chambers who works alongside colleagues Aidan Casey QC and Daniel Lewis.

An RGL spokesperson told The Lawyer: “RGL Management is delighted to welcome Michael Green to our expert team, where his significant legal experience and disputes resolution expertise will allow us to broaden our pursuit of loss recoveries on behalf of business claimants. Other RGL team members have worked closely with Enyo Law in the past and we look forward to maintaining a close relationship with the firm.”

One source said the RGL role would suit Green, who has worked on a number of class actions, including one bought by 555 investors against Collyer Bristow over allegations the firm breached financial services regulations when it advised on products that were promoted as tax efficient investment schemes relating to technology products, the Innovator Schemes.

He also acted for investors following the collapse of the Keydata scheme.

Earlier this year, Enyo was in talks to merge with Stewarts Law before the latter called off the preliminary talks in February citing a preference for “organic growth and selected lateral hires”.

The merger would have boosted Stewarts’ revenue by about £20m and would have drawn it closer to its ambition to become the first-ever £100m-revenue litigation boutique, while Enyo would have gained financial security.

Enyo’s 2015/16 LLP filings show it raked in £12.5m in profit last year, up from £8.1m the year previously. However, a large percentage of the firm’s turnover – an estimated 70 per cent – is understood to relate to its work for the Libyan Investment Authority (LIA), a £67bn sovereign wealth fund.

In May this year, the LIA settled its mammoth dispute with SocGen to the tune of £815m, while a separate case against Goldman Sachs is pending appeal. The conclusion of the two disputes has led some sources to query where the firm will turn to for future income, with one saying it wouldn’t be surprising if there were more departures.

Enyo Law was contacted for comment.