City firm Richards Butler partner George Arghyrakis has left to set up his own firm — called E.G. Arghyrakis and Co — on London's Fleet Street, specialising in shipping, commodities, admirality and insurance. He is joined by his assistant, Michael Harakis.

Mr Arghyrakis said all of his clients and 95% of their cases have moved with him, giving him clients in Greece, Turkey, the US, Canada and the Netherlands. He said it was a good time to launch a small firm at competitive fee rates as the big practices are stuck with overheads that are too high for today's market.

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