New Zealand firm Kensington Swan has suffered several partner departures in recent months and may be set to suffer more defections, sources have told ALB. Departures thus far include corporate partners Peter Missingham and Neil Millar and tax partner Peter Speakman. The defections follow the introduction of a new internal structure which was designed to give salaried partners an equity share.

Partner David Lewis said that not all of the departures were related to the new structure and that there had been a good deal of movement in the market in recent times. "There has been a lot of movement around town. Some get stuck in the headlights, some don’t," he said, observing that there were other firms which appeared to have slimmed down their partner numbers. Lewis added that a change in structure was often a catalyst for movement, whether "by accident or by design." " I would have been very surprised if there was no change," he said. 

Kensington Swan has had a high proportion of salaried partners in recent years which is understood to be a legacy of the 2000 merger with KPMG which was subsequently discontinued in 2003. Industry commentators have told ALB that the restructure was an important strategic move and some short term pain was justified to secure a sustainable structure in the longer term. Kensington Swan has also had some positive news of late with the official opening of a ground-breaking Abu Dhabi office. New Zealand trade minister Tim Groser was on hand to cut the ribbon on the venture last month.

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