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Michelle Kirschner

Work 020 7831 9222
Macfarlanes LLP

Work Department

Financial services regulation.


Partner in financial services regulation group advising the full range of buy-side and sell-side financial services institutions (including, hedge fund managers, asset managers, investment banks, wealth managers, private banks and corporate finance advisers) in relation to all aspects of their obligations under the regulatory system. A significant part of Michelle’s practice focuses on regulatory issues for the hedge fund sector; including EMIR, AIFMD and MiFID, II, together with day-to-day compliance related issues.


Partner 2014.

London: Corporate and commercial

Financial services

Within: Financial services

Increasingly visible in the market, Macfarlanes LLP has 'improved its regulatory product offering' and provides 'responsive, pragmatic and insightful advice gained from the broadening of the firm's private funds offering'. Much of the credit for the growth of the firm's funds regulatory offering can be attributed to the tireless efforts of Michelle Kirschner who is appreciated by clients for her 'flexibility' and 'detailed approach to problem solving' in both a contentious and non-contentious setting. As part of her broad-ranging regulated funds practice (which also includes structuring and operation advice),  Lora Froud handles regulatory work in relation to AIFMD and MiFID ii implementation and is appreciated by clients for her 'thorough knowledge of UCITS'. Praised for their 'commerciality and intelligence', Dan Lavender and Matt McCahearty provide a 'stellar service' on contentious matters.

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London: Investment fund formation and management

Hedge funds

Within: Hedge funds

Macfarlanes LLP is 'a very good alternative to the established players'. The 'very engaged' Sam Brooks, who was elected to the partnership in May 2018, has a track record of acting for clients including Brummer & Partners, Hayfin Capital, Springs Capital and Palmerston Capital. Michelle Kirschner contributes regulatory expertise. Simon Thomas, who previously led the practice, is now at Osborne Clarke LLP.

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Retail funds

Within: Retail funds

Macfarlanes LLP's team has 'deep and wide knowledge of investment funds of all types'. Tim Cornick  and regulatory specialist Michelle Kirschner continue to advise Vanguard Asset Management on its plans to sell its investment products online directly to British retail investors. Lora Froud, who has 'extensive knowledge and experience in retail funds and provides essential support to clients' businesses', is advising Standard Life Aberdeen on creating a NURS fund of alternative funds, and advised GAM on projects including a number of new feeder fund launches, and the termination of sub-funds. Cornick and Froud also advise Old Mutual on various matters, including the separation of Old Mutual Global Investors from Old Mutual Wealth. The firm also acts for Thesis Unit Trust Managers, which Froud advised on matters including changes of fund service providers, Comgest Asset Management, which Cornick advised on matters including passporting funds into the UK post-Brexit, and Neptune Investment Management.

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Legal Developments by:
Macfarlanes LLP

  • Finding the ‚Ä®right words

    In the recent case of Newbury v Sun Microsystems [2013], the defendant argued that an offer to settle proceedings was ‚Äėin principle' only and that a binding contract could not be formed until further terms had been agreed and a formal contract had been signed. It supported this argument by referring to a statement, in the offer letter, that the settlement was to be ‚Äėrecorded in a suitably worded agreement'. ‚Ä©
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