Prowse joins the firm in Melbourne as an insurance partner, initially seconded to Monahan + Rowell until the two firms merge on 1 June 2012.
CBP managing partner Dunstan de Souza said the firm is growing and looking to add top talent.
"Cathryn's appointment adds high quality expertise and depth to our insurance practice in Melbourne - a practice which will obviously become a major national force when we merge with Monahan + Rowell in June," said de Souza.
Prowse has experience in insurance litigation and dispute resolution, especially in professional indemnity, management liability and directors' & officers' insurance.
She is currently the vice president and treasurer of the Victorian Committee of the Australian Professional Indemnity Group and has acted for a variety of finance and property professionals on instructions from underwriters in all Victorian and federal jurisdictions.
Alongside her property and finance work, Prowse has built a health disciplinary practice, acting for both regulatory health boards and insurers on matters where practitioners are alleged to have engaged in unprofessional conduct.
She said she is confident in the prospects of specialist firms like CBP.
"I decided to leave DLA Piper and join CBP in order to be a part of a market-leading firm which is locally focused and less concerned with international domination through global corporate clients,” said Prowse.
"CBP might be ranked as a mid-tier firm in overall size, but it has one of the most advanced and best resourced insurance groups in Australia. Joining the firm will enable me to build my practice in the insurance and health markets while giving my clients the benefit of significant cost advantages.”