Mr Mallon was one of the leading legal figures sorting out the affairs of BCCI, the corrupt bank that crashed eight years ago. He's considered quite a catch by Freshfields, as the role of British experts in rescuing international companies seems to be taking off.
Peter Bloxham, head of Freshfields' restructuring and insolvency group, says Mr Mallon's arrival should "strengthen the firm's specialisation in financial institutions. The firm has a close relationship with the Bank of England".
The Bank itself is perfectly solvent, I am told.