March 10, 2011 12:43 PM

Boutique Investment Bank Hires Retired Skadden Partner

Posted by Brian Baxter

Nick Saggese, the former cochair of the private equity practice at Skadden, Arps, Slate, Meagher & Flom, has joined Moelis & Company as a senior adviser.

Moelis announced the move in a statement issued Thursday morning. Saggese, who worked out of Skadden's Los Angeles office, spent the past 25 years at the firm. He officially retired on December 31, 2010, according to a Skadden spokesman.

Saggese, 63, most recently worked with Skadden restructuring cochair Jay Goffman as part of a team from the firm advising Metro-Goldwyn-Mayer on its bankruptcy. The studio began prepackaged bankruptcy proceedings in early November and emerged from Chapter 11 under new ownership in December.

"I have worked with [CEO Ken Moelis] and the Moelis & Company team for many years and am delighted to join such a world-class and experienced group of people," Saggese said in a statement. "Moelis & Company has demonstrated tremendous momentum and a unique focus on clients, and I look forward to assisting the team in providing advice and solutions to clients."

The Wall Street Journal, which first reported on Saggese's move to Moelis, has more on what he'll do at the investment bank. Moelis's general counsel and chief compliance officer is Peter Vogelsang, a former associate at Cahill Gordon & Reindel, and several former lawyers, such as Stroock alum Peter Corbell, are managing directors at the bank.

Saggese isn't the first former Skadden practice chair to leave for the business side. In December 2008 the firm's former restructuring cohead, Timothy Pohl, left the firm to become a managing director at independent investment bank Lazard. Other Am Law 100 heavy hitters have also left the practice of law for banking in recent months.

In January former Cravath, Swaine & Moore corporate partner and business development chair James Woolery left the firm to become cohead of North American M&A at JPMorgan Chase.

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