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Yet Mr. Davis craved Dewey's mergers practice, a weak spot for LeBoeuf.
In 1989 he became head of the firm's mergers practice and was named to his current position in 1990.
For this group, the mergers practice will not return to its dizzying 2007 highs for at least five years.
Dennis S. Hersch, who heads the mergers practice at the Davis Polk & Wardwell law firm, said, "You can't get around the fact that people will now work more closely with accountants and look more closely at the balance sheets".
On the back of its pioneering mergers practice, the firm expanded into other areas and geographies, becoming a model for the global mega-firm that today dominates the legal industry.
Meanwhile, Mr. Evans, who joined from Goldman Sachs in 2007, will continue to serve an important role in Deutsche Bank's Americas mergers practice, and will remain a part of the firm's Americas regional leadership group and its loan screening committee.
Similar(54)
The move is significant because the telecommunications merger practice at Salomon, which is part of Citigroup, has lagged behind the Goldman Sachs Group and Morgan Stanley Dean Witter in Europe.
"Everybody is looking for product, companies to buy," says Gary Finger, chief of Houlihan Lokey's merger practice.
Along the way, he built up one of the industry's top merger practices.
Despite the slowdown in deal making — which hit Lazard especially hard because of the bank's large mergers advisory practice — the decline in profit stemmed largely from the bank's portfolio of corporate fixed-income securities, which reported a decline in value for the second consecutive quarter.
Despite the slowdown in deal-making — which impacts Lazard especially because of its large mergers advisory practice — the investment bank's profit drop stemmed from its Paris bank's portfolio of corporate fixed-income securities, which reported a second markdown in as many quarters.
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