- United States: Finance > Corporate restructuring (including bankruptcy)
- United States: Finance > Financial services: litigation
- United States: Finance > Bank lending (including other sources of financing)
- United States: Finance > Capital markets: debt offerings
- United States: Finance > Capital markets: equity offerings
- United States: Finance > Capital markets: high-yield debt offerings
- United States: Finance > Structured finance
- United States: Intellectual property > Copyright
- United States: Intellectual property > Patent litigation: full coverage
- United States: Investment fund formation and management > Alternative/hedge funds
- United States: Investment fund formation and management > Private equity funds
- United States: Labor and employment > Employee benefits and executive compensation
- United States: Labor and employment > ERISA litigation
- United States: Media, technology and telecoms > Technology: transactions
- United States: Media, technology and telecoms > Telecoms and broadcast: transactional
- United States: Mergers, acquisitions and buyouts > Antitrust
- United States: Mergers, acquisitions and buyouts > M&A: litigation
- United States: Mergers, acquisitions and buyouts > M&A: mega-deals ($5bn+)
- United States: Mergers, acquisitions and buyouts > Private equity buyouts
- United States: Real estate and construction > Real estate
United States: Finance
Within Bank lending (including other sources of financing), tier 6
‘Top notch in all areas’, Paul, Weiss, Rifkind, Wharton & Garrison LLP’s increasingly active practice has begun to gain some traction. The firm has made a considerable push into the area, and the recent recruitment of Gregory Ezring from O'Melveny & Myers LLP has been very well received within the market. The ‘wonderful’ Terry Schimek co-heads the ‘world-class’ team with Jordan Yarett and is praised for her ‘wealth of experience, enthusiasm and dedication’. Clients also single out Thomas de la Bastide, and the ‘creative, reasonable and very pleasant’ Dale Sarro, who is praised for his ‘excellent grasp of the details and achieving the best that the current market conditions permit’. The firm acts for an impressive range of private equity clients including Oak Hill Capital Management and Towerbrook Capital Partners. A significant highlight was advising Apollo Global Management as part of a private equity consortium on its financing for the $7bn acquisition of the energy company El Paso.
Within Capital markets: debt offerings , Paul, Weiss, Rifkind, Wharton & Garrison LLP is a third tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP’s ‘very strong and dedicated’ team continues to build a significant profile in the capital markets arena. Edwin Maynard in New York and Mark Bergman in London co-head the cross-border team, which provides ‘great client service’. The firm is noted for its very strong Canadian practice, and it continues to be highly active in advising Canadian issuers. In 2012, Maynard acted for Canadian company Teck Resources on public debt offerings totaling $2.75bn in 2012, and Andrew Foley represented Canadian oil company Cenovus Energy in its public offerings of $500m of 3.000% notes and $750m of 4.450% notes. Maynard also advised Agrium on a $500m public offering of 3.15% debentures due 2022. John Kennedy advised Time Warner Cable on its £650m offering of 5.25% notes due 2042, and its $2.25bn offering of senior unsecured notes and debentures. On the high-yield side, Gregory Ezring and Monica Thurmond provide ‘strong knowledge and practical advice’ and are noted as ‘great problem solvers’.
Within Capital markets: equity offerings , Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
‘Capable of moving very quickly and of mobilising quality teams at short notice’, clients are ‘very pleased with the dedicated specialists’ at Paul, Weiss, Rifkind, Wharton & Garrison LLP. The department is known primarily for representing issuers in a variety of equity offerings in industries as diverse as energy, fashion, leisure and telecommunications. However, the firm has recently increased its underwriter-side representation. A team led by the prolific and highly respected John Kennedy recently advised Michael Kors Holdings, a global luxury lifestyle brand, in its $1.1bn IPO. The team also advised Turquoise Hill Resources (formerly Ivanhoe Mines), a Canadian mineral exploration and development company, in its $1.8bn rights offering on the NYSE, NASDAQ and TSX. The transaction was led by Edwin Maynard and Andrew Foley ‘who are both very strong’; Maynard is singled out for being ‘calm, thoughtful and technically minded’. Foley also advised BMO Nesbitt Burns as lead underwriter in a Rule 144A offering of $351m subscription receipts, each representing the right to receive one common share, by AltaGas, a Canadian energy infrastructure business. Gregory Ezring is also recommended.
Within Capital markets: high-yield debt offerings , Paul, Weiss, Rifkind, Wharton & Garrison LLP is a third tier firm,
The ‘outstanding’ practice at Paul, Weiss, Rifkind, Wharton & Garrison LLP continues to build its high-yield debt experience, particularly on the issuer side. Demonstrating a ‘consistent level of excellence’, the team is active in advising clients from several sectors, including media, energy, telecoms and hospitality. Within the team, Edwin Maynard and Andrew Foley are ‘first class’; both are ‘highly responsive, hands-on and knowledgeable’ and ‘excellent problem solvers’. Maynard is also recommended for his experience in cross-border mandates between the US and Canada, where he demonstrates ‘great judgment in handling tough decisions’. ‘Pragmatic and solutions-orientated practitioner’ Lawrence Wee has ‘in-depth expertise in securities law’, and together with Maynard, Wee advised Taylor Morrison Communities and Monarch Communities on a $550m Rule 144A/Reg. S offering of 7.75% senior notes due 2020, and a $125m Rule 144A/Reg. S offering of 7.75% senior notes due 2020. The highly recommended duo of Gregory Ezring and Monica Thurmond acted for Caesars Entertainment Corporation in two Rule 144A/Reg. S offerings by its subsidiaries of $1.25bn 8.50% senior secured notes due 2020, and $750m 9% senior secured notes due 2020, and also represented EP Energy in several high-yield debt offerings of total amount $3.1bn. John Kennedy and Raphael Russo advised Intelsat Global Holdings on a $1.2bn Rule 144A/Reg. S offering of 7.25% senior notes due 2020 and a $640m Rule 144A/Reg. S offering of 6.625% senior notes due 2022, both of Intelsat Jackson Holdings. The firm is growing its capabilities in advising managers, with a Toronto-based team of Christopher Cummings and Adam Givertz noted for its experience.
Within Corporate restructuring (including bankruptcy), Paul, Weiss, Rifkind, Wharton & Garrison LLP is a first tier firm,
The ‘cutting edge team’ at Paul, Weiss, Rifkind, Wharton & Garrison LLP is ‘solidly in the top tier of corporate restructuring practices’. The firm specializes in advising creditors and is renowned for its expertise in financial services work, but it is equally as comfortable advising debtors and investors and has recently handled cases in the publishing, power, telecoms and entertainment sectors. Lawyers are ‘highly responsive, business savvy, practical and deeply knowledgeable’ and the firm’s ‘advice and execution are appropriate and first rate’. Department chair Alan Kornberg is ‘undoubtedly a leading light in market’, and Andrew Rosenberg has ‘firmly established himself as one of the top restructuring lawyers in the US’. Jeffrey Saferstein is also recommended as ‘pragmatic and capable of conveying complex subjects in an easily comprehendible manner’ and acted alongside Kornberg in advising Houghton Mifflin Harcourt Publishing on the negotiation of a pre-packaged Chapter 11 plan that eliminated approximately $3.1bn in debt and $250m in annual interest costs; the plan was successful and the company emerged from Chapter 11 in 32 days. The firm also represented restaurant franchisor Quiznos in its out-of-court debt restructuring, which involved over $1bn of secured debt and a new capital raise which required 100% first and second lien lender consent. On the creditor side, Douglas Davis and Stephen Shimshak acted for Citigroup in claims against Lehman Brothers relating to $2.5bn of assets. In a series of high-profile M&A-related mandates, the firm advised telecommunications giant Ericsson in several matters, including advising it as part of a consortium that purchased Nortel’s $4.5bn patent portfolio following a bankruptcy auction. Other representative clients include the ad hoc committee of bondholders of Trico Marine Group and Buffets Restaurant Holdings.
Within Financial services: litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a first tier firm,
‘Top to bottom first-rate’, Paul, Weiss, Rifkind, Wharton & Garrison LLP’s preeminent reputation ensures that it is regularly instructed in many of the highest-stakes litigation in the market. Peopled with lawyers with vast regulatory knowledge, as well as those who are ‘at the top of their game in terms of trying cases’, the firm is comfortably able to handle matters progressing on numerous fronts including regulatory enforcement actions and major civil class actions. Praised for his ‘client service, responsiveness and judgement’, Brad Karp is regularly at the forefront of the most significant matters handled by the group. Karp has guided core client Citigroup to a number of recent notable victories including its high-profile success before the Second Circuit where it held that the bank would likely overturn the recent refusal by the district court to approve Citigroup’s $285m settlement regarding the SEC’s recent investigation into its CDO practices and affirmed the ability of parties to resolve federal regulatory matters without requiring an admission of liability. Daniel Kramer is another leader for handling complex civil litigation and regulatory matters for some of the largest financial institutions and is currently representing Bank of America in the Merrill Lynch litigation and UBS in CDO disputes. Bruce Birenboim has an excellent reputation as a trial lawyer, and has had a particular focus on recent years in disputes emanating out of the economic downturn. As well as representing Citigroup in multiple RMBS litigations, he recently successfully defended it in a month long arbitration hearing against claims that it had fraudulently induced Abu Dhabi Investment Authority to invest $7.5bn in the bank. Charles Davidow, Richard Rosen and Susanna Buergel are also recommended.
Within Structured finance , tier 4
Paul, Weiss, Rifkind, Wharton & Garrison LLP is ‘responsive, and provides excellent technical advice’. The structured finance group comprises approximately one third of the fifty strong finance departments which, with key specialist partners, operates flexibly according to the assignments on hand, and draws on the firm’s tax and bankruptcy specialists when needed. The practice is geared towards international and domestic transactions including whole-business securitizations, securitization of operating assets, and the more esoteric products rather than high-volume commoditized issues. Jordan Yarett, with a quarter century of experience in complex securitization, recently worked with Lawrence Wee to assist Barclays Capital and JPMorgan to complete a $1.6bn offering of senior secured term and variable funding notes backed by a whole business securitization of the assets of Domino’s Pizza. Robert Zochowski, expert in intellectual property issues, represented Barclays Capital in the securitization of the Miramax film library, which is the first publicly-issued securitization of film library assets and the first major film ABS transaction of any kind to close since the financial crisis. Clients include Citigroup, Barclays, the FDIC, Goldman Sachs and Major League Baseball.
United States: Intellectual property
Within Copyright, tier 4
At Paul, Weiss, Rifkind, Wharton & Garrison LLP’s New York office, litigators Lynn Bayard and Jay Cohen handle copyright matters for media and entertainment sector interests, such as songwriters and music publishers. The team recently advised content owner associations such as ASCAP and NMPA on proceedings to set royalty rates for performances and distribution of musical works through both traditional and new media. The practice also regularly advises on copyright-related transactional matters.
Within Patent litigation: full coverage, tier 5
Paul, Weiss, Rifkind, Wharton & Garrison LLP handles high-stakes patent litigation matters across a broad range of industries. Nicholas Groombridge has ‘a unique understanding of the way people think and an ability to get a message across’. He won a district court jury trial for GE, which found the asserted patents for wind turbine technology to be valid and infringed by defendant Mitsubishi Heavy Industries and also obtained a $170m damages award. Groombridge led for Biogen in bringing patent infringement claims against competitors such as Novartis and Bayer regarding the client’s multiple sclerosis treatment Avonex, and successfully represented the defendant in Triangle v Garmin Litigation. Kenneth Gallo acts for Genentech in disputes against GSK regarding the Cabilly patents. David Ball focuses on semiconductor and related industries. John Nathan and Catherine Nyarady (‘very good with tough issues and witnesses’) obtained a favorable appeal ruling, which affirmed a lower court ruling of patent validity for Edwards Lifesciences’ transcatheter heart valve device in a case against Medtronic.
United States: Investment fund formation and management
Within Alternative/hedge funds, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP has an ‘outstanding’ practice that leverages its strengths across the hedge and private equity arenas to provide a comprehensive service to leading funds managers such as KKR Asset Management and Glenview Capital Management, both new clients for the practice. Its dual capability across hedge and private equity has enabled it to take advantage of the growth in hybrid fund structures to tap into a larger asset pool, and in 2012 it represented leading private equity firm KKR Asset Management in its move into the alternative asset space with the launch of mezzanine-focused KKR Equity Strategies Funds. Other highlights included representing Hutchin Hill Capital on its launch of a fund focusing on tradable corporate and sovereign debt, credit default swaps and equity futures, and securing a $100m anchor investment from a UK pension plan for the fund. Udi Grofman is ‘the best - smart, responsive and practical’.
Within Private equity funds, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP’s five-partner practice attracts plaudits for its track record on complex fund formation matters for a number of the private equity industry’s leading sponsors, including Oaktree Capital Management, Towerbrook Capital, and Blackstone/GSO. The arrival of Udi Grofman in 2011 further cemented the firm’s capability to handle complex structuring, regulatory and transactional matters. In a highlight indicative of the complex nature of the practice’s mandates, Marco Masotti represented Apollo Global Management in its long-term strategic partnership with the Teacher Retirement System of Texas (TRS) to manage $3bn in commitments from TRS among various fund and customized investment programs. The deal was a notable example of the increasing need for pension funds to maximise their investments through the use of separate managed accounts. Other highlights included representing Harvest Partners in the final closing of its latest buyout fund, with total commitments of approximately $1.1bn. Energy-related funds have also been a key driver for the practice; in 2012, it represented BlackRock in the launch of a private equity fund targeting investments in the European and North American renewable energy sectors. In addition to Masotti and Grofman’s expertise, the practice also benefits from Robert Hirsh’s spinout and restructuring expertise.
United States: Labor and employment
Within Employee benefits and executive compensation, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP ‘is a smaller department, but one you want on your side’. It advised Apollo Global Management in the $7.15bn acquisition of El Paso Corporation; RSC Holdings in its $4.2bn merger with United Rentals; and acted for Time Warner Cable in its $3bn acquisition of Insight Communications. It also advised Ericsson in the acquisition of Telcordia Technologies from Warburg Pincus and Providence Capital for $1.15bn. The head of the department Robert Fleder is ‘a true dean of the bar in this area. You cannot beat his intellectual firepower’. ‘He can deal with the most complex questions and is excellent at coming up with creative solutions’. Lawrence Witdorchic has ‘very good substantive knowledge of the rules’. The team welcomed Andrew Gaines, who was chair of the EBEC practice at Weil, Gotshal & Manges LLP.
Within ERISA litigation , Paul, Weiss, Rifkind, Wharton & Garrison LLP is a third tier firm,
At Paul, Weiss, Rifkind, Wharton & Garrison LLP the ERISA litigation team is ‘terrific - there is a lot of talent. They get very good training so there is quality control’. The firm successfully defended Citigroup in In re: Citigroup ERISA Litigation, where the Court of Appeals affirmed dismissal of an ERISA stock drop case against fiduciaries of Citigroup-sponsored pension plans; and represented Bear Stearns in obtaining dismissal in the US District Court for the Southern District of New York of an ERISA stock drop class action alleging that the trustees of the Bear Stearns ESOP violated their fiduciary duties by failing to sell Bear Stearns stock held by the plan prior to the acquisition of Bear Stearns by JPMorgan. Chair of the firm and experienced litigator Brad Karp and co-chair of the firm’s ERISA, pension and benefits litigation group Lewis Clayton are recommended.
United States: Litigation
Within Leading trial lawyers, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a first tier firm,
Theodore Wells, Paul, Weiss, Rifkind, Wharton & Garrison LLP: Litigation co-chair Theodore Wells continues to be ‘extremely active’ in high-stakes litigation across a slew of areas, from white-collar criminal defense work to SEC regulatory representations, FCPA investigations, and class action litigation. In 2012, Wells successfully settled claims made by the SEC in connection with client Bank of America’s acquisition of Merrill Lynch in 2008, a settlement which effectively saved the company $30bn; the US District Court for the Southern District of New York approved the settlement. Wells also successfully resolved criminal and civil charges brought by the SEC arising out of the sale and marketing of Vioxx. He is also scheduled to represent Merck in a putative class action worth $10m in relation to the cholesterol-lowering drug Vytorin in 2013. Wells’ client roster speaks for itself: it includes Citigroup, ExxonMobil, Mitsubishi Corporation, and Philip Morris Corporation. One peer enthuses: ‘Superb lawyer. Always has been’.
Within Securities: shareholder litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a first tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP is ‘superb, truly excellent - a lot of law firms have one or two good litigators, but it is unique - the depth of talent is unmatched’. The firm had an impressive 2012; for just one client, Citigroup, the run of successes included a multibillion-dollar victory against ADIA, and the dismissal of claims brought by Norway’s Terra Securities and Italy’s Banca Carige. Brad Karp, the firm’s chair, is ‘a superb relationship manager, and an excellent lawyer’ who has established a culture of ‘extreme attention to detail and effective junior lawyer support which produces far fewer errors than elsewhere’. The group, co-chaired by Charles Davidow, Daniel Kramer and Richard Rosen currently numbers 23 partners and 140 lawyers. The breadth of the securities practice is underlined by the firm’s defense of Merck and Schering-Plough in defending claims of breach of fiduciary duty and ERISA violations by investors in connection with a stock price drop following study results for the cholesterol-lowering drug Vytorin. Client recommended attorneys include Bruce Birenboim and Susanna Buergel, ‘a secret weapon - unbelievably good’, who was a key member of the team which secured a highly favorable result for Citigroup in a long running putative class action filed on behalf of purchasers of Citigroup common stock, when the claim was narrowed down to a negotiated settlement of some $590m.
Within White-collar criminal defense , Paul, Weiss, Rifkind, Wharton & Garrison LLP is a first tier firm,
‘Phenomenal litigation shop’ Paul, Weiss, Rifkind, Wharton & Garrison LLP is ‘undoubtedly one of the strongest players in this market’. With a white-collar team that is ‘top notch from top to bottom’, it is distinguished from many competitors by the ‘consistency and excellence of its work’, and provides a client service that is ‘second to none’. A diverse remit of instructions saw it representing Citigroup Global Markets Inc (CGMI) in a substantial SEC investigation into the structuring, marketing and sale of CDO securities, and separately, assisting a six-member committee from the NBA with an internal investigation into recent allegations concerning its leadership and business practices. In addition to its corporate client base, the firm is frequently called upon to defend high-profile individuals against allegations of insider trading and other types of misconduct. The ‘outstanding line-up’ of lawyers includes co-chair of the group and one of the market’s leading figures Theodore Wells, as well as Michele Hirshman and Roberto Finzi. The ‘phenomenal’ Mark Pomerantz continues to practice as of counsel.
United States: Media, technology and telecoms
Within Technology: transactions, tier 4
Paul, Weiss, Rifkind, Wharton & Garrison LLP 13-partner communications and technology group is led by Patrick Campbell in Washington DC and Bruce Gutenplan and Charles Googe in New York. The group has extensive experience in corporate transactions and regulatory compliance in the communications sector with Time Warner Cable among its longstanding clients. Gutenplan represented Soros Fund Management in its control investment in Quattro Consultoria em Telecomunicações in Sao Paulo, Brazil. TowerCo II in its $1.48bn acquisition by SBA Communications Corp. Googe advised Rockstar Bidco, a consortium of technology companies including Sony, RIM, Apple, Microsoft and Ericsson in the $4.5bn purchase of Nortel Networks’ portfolio of over 6,000 patents. Campbell represented Crestview Partners in is investment of $500m in equity financing to Cumulus Media.
Within Telecoms and broadcast: transactional, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP’s telecoms group, led by Patrick Campbell in Washington DC, is supported by the firm’s strong corporate practice and international presence. Campbell is recognized as a leader in the telecommunications and satellite space, representing satellite operators on corporate issues and before the FCC. Recent highlights include representing Oak Hill Capital Partners in the acquisition of Wave Technologies. The group has acted on a significant number of big-ticket deals representing industry leaders and investors in the sector. Bruce Gutenplan in New York represented Soros Fund Management in its control investment in Quattro Consultoria em Telecomunicações, a wireless broadband network provider in Sao Paulo, Brazil and TowerCo II in its $1.48bn acquisition by SBA Communications. Corporate partners Ariel Deckelbaum and Robert Schumer represented longstanding client Time Warner Cable in its $3bn acquisition of Insight Communications. Charles Googe, who heads the firm’s IP practice, represents telecommunications, broadcast and satellite industry clients.
United States: Mergers, acquisitions and buyouts
Within Antitrust, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
‘One of the clear leaders in antitrust litigation’, the team at Paul, Weiss, Rifkind, Wharton & Garrison LLP gives ‘solid legal advice on complex and challenging matters’ from ‘responsive and knowledgeable’ attorneys, who are divided between the New York and Washington DC offices. In 2012, the ‘top-notch’ group defended Deutsche Bank in numerous class actions alleging price-fixing and LIBOR rate manipulation; and represented Sharp in litigation and investigations of cartel activity related to liquid crystal display units. The firm is very highly regarded for its litigation capabilities, where it frequently handles contentious matters relating to monopolization, cartel activity, vertical restraints and price-fixing, but it is also recommended for obtaining transaction approvals and handling FTC and DOJ investigations. In this context, the team advised the FTC (a new client) on an investigation into Google and its business practice. Other significant additions to the department’s roster include ASCAP, where it is handling a DOJ antitrust review; and The Nielsen Company, where it dealt with a dispute alleging violation of Section 2 of the Sherman Act. The practice is co-chaired by New York’s Aidan Synnott (‘consistently stands out as an excellent lawyer’) and Washington DC’s Joseph Simons (former Director of the Bureau of Competition at the FTC, and ‘an indispensable ally to facilitate the merger review process in complex M&A transactions’). Andrew Finch and Kenneth Gallo (managing partner of the Washington DC office and ‘one of the finest attorneys’) are also recommended, and Beth Wilkinson, in the litigation department, is ‘smart, responsive, and understands the business realities facing large companies’. William Michael was recently promoted to partner.
Within M&A: litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a third tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP recently acted for Electricite de France (EDF), the largest nuclear energy company in the world, in its settlement with Exelon Corporation and Constellation Energy Group (Constellation), in a regulatory proceeding before the Maryland Public Service Commission that involved the proposed $8bn merger of Exelon and Constellation. The firm advised Bank of America in litigation, arising out of its merger with Merrill Lynch; and acted for Harbinger Capital Partners’ defense of shareholder litigation that emerged from the sale of its controlling interest in Spectrum Brands to Harbinger Group. New York-based Daniel Kramer and Stephen Lamb, in Delaware, are recommended.
Within M&A: mega-deals ($5bn+), Paul, Weiss, Rifkind, Wharton & Garrison LLP is a third tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP provides ‘awesome service and is very creative when structuring deals. The attorneys truly care about helping us achieve successful results’. The practice represents many of the world’s largest, publicly traded and privately held companies, as well as leading private equity firms, hedge funds, financial advisors, and other financial institutions and investors, on their most important mergers, acquisitions and takeover transactions. The practice regularly handles public and private M&A, corporate divestitures, going-private transactions, joint ventures, LBOs, private equity investments, recapitalizations, restructurings and workouts, spin-offs and carve-outs, and strategic investments. The team stands out for its expertise in contested transactions and proxy contests, in that it frequently advises both target companies and activist investors in unsolicited transactions; and has a long history of representing clients in cross-border transactions. Key deals included representing Apollo Global Management, along with Riverstone Holdings, and other investors, in a $7.15bn agreement to acquire all of the oil and natural gas exploration and production assets of El Paso Corporation, the transaction being the largest private equity transaction announced in 2012 and the second-biggest private equity takeover of an energy producer; and acting for Rockstar Bidco, a consortium of technology companies including Sony, RIM, Apple, Microsoft and Ericsson, in the $4.5bn purchase, at auction, of Nortel Networks’ portfolio of over 6,000 patents, the portfolio comprising patents and patent applications from the information and communication technologies industry. The practice also represented Nexen, an independent, Canadian-based global energy company, in its $15.1bn sale to CNOOC, China’s largest producer of offshore crude oil and natural gas, and one of the largest independent oil and gas exploration, and production, companies in the world; and advised Interline Brands, a distributor and direct marketer of broad-line maintenance, repair and operations products, in its $1.1bn sale to affiliates of GS Capital Partners and P2 Capital Partners. M&A co-heads Paul Ginsberg, Carl Reisner and Toby Myerson, and corporate chair Robert Schumer are recommended. Reisner is ‘truly impressive; he is responsive, personally involved in our deals, has excellent commercial judgment, and is an unparalleled negotiator and skilled technician’. John Scott, Ariel Deckelbaum, Matthew Abbott and Jeffrey Marell are also praised. Justin Hamill was elevated to partner in 2012.
Within Private equity buyouts, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP continues its ‘up-and-coming’ trajectory, thanks in part to its close relationship with mega-funds Apollo Global Management and General Atlantic, as well as other prominent names such as Oak Hill Capital Partners. Middle market clients include Crestview Partners, Kohlberg & Co and KPS Capital Partners. More recently the team has received first instructions from private equity giant TPG Capital and Harvest Partners. In 2012, the private equity team hit the headlines with its representation of Apollo on its $7.15bn acquisition of El Paso Corporation’s oil and gas exploration and production unit. It was the largest US leveraged buyout in 2012 and the second-biggest private equity takeover of an energy producer. The team advised General Atlantic and Oak Hill on the $1bn sale of a stake in Genpact to Bain Capital. It also advised General Atlantic on its $3.8bn acquisition of ING Group’s Latin American pension and wealth management business. The firm has more than 20 partners operating regularly in the private equity sector. Key partners include head of the private equity group Carl Reisner who remains close to CI Capital and KPS Capital; Angelo Bonvino who leads the relationship with Kohlberg and Harvest Partners; John Scott who is the Apollo relationship partner and a recent recruit from O’Melveny & Myers LLP; and Matthew Abbott who is the lead partner for General Atlantic. In addition, head of corporate Robert Schumer is ‘terrific’ and ‘doesn’t get enough credit’. On a global level, the firm has a fine reputation in Asia where Hong Kong partners Jack Lange and Jeannette Chan have advised on a string of high profile deals for KKR, Morgan Stanley Private Equity and Carlyle.
United States: Real estate and construction
Within Real estate, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a third tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP has a six-partner real estate team, with Steven Simkin at the helm and Salvatore Gogliormella the latest addition to the ranks, following his promotion in January 2013. Harris Freidus and Mitchell Berg represented the CIM Group in several acquisitions and joint ventures through 2012, most notably 432 Park Avenue, which is to be the site of the largest residential tower in New York with flagship retail space along the 80 feet of frontage on East 57th Street. With its focus on New York, the firm has capitalized on increasing venture capital potential in the city, and has advised on various high-end technological development projects. It represented the New York City Economic Development Corporation in respect of an agreement with Cornell University and the Technion-Israel Institute of Technology for the development of a $2bn engineering and applied sciences graduate campus, with Meredith Kane leading the advice. Simkin continues to assist New York Proton Management in connection with the proposed development of a proton center for cancer treatment; the project involves a number of institutions and hospitals, such as the Memorial Sloan-Kettering Cancer Center. Both Simkin and Kane contine to act for Time Warner in negotiations to consolidate its office spaces in the New York area.
United States: Tax
Within Domestic tax: East Coast, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP’s ‘very good’ and ‘pragmatic’ tax team has a broad practice with a core strength in tax matters relating to investment funds. Jeffrey Samuels and Richard Bronstein co-chair the department; Bronstein led the advice to Rockstar Bidco, a consortium of technology companies including Sony, RIM, Apple, Microsoft and Ericsson, in the $4.5bn purchase of Nortel Networks' portfolio of over 6,000 information and communication technologies patents. In other work, Brad Okun advised Apollo Global Management, along with Riverstone Holdings, and other investors, in a $7.15bn agreement to acquire all of the oil and natural gas exploration and production assets of El Paso Corporation. David Sicular is also recommended.
Within International tax, Paul, Weiss, Rifkind, Wharton & Garrison LLP is a second tier firm,
Paul, Weiss, Rifkind, Wharton & Garrison LLP provides ‘pragmatic’ advice to a solid client base. Richard Bronstein and Jeffrey Samuels co-chair the department. Recent work includes representing Citigroup in connection with its sale, through an accelerated equity offering, of 404 million shares of Akbank, one of Turkey's leading private banks, for aggregate proceeds of $1.15bn; Samuels was the lead partner in the deal. The ‘very good’ David Sicular is highly regarded and acted as US counsel to the Maple Group Acquisition Corporation, a consortium of 13 leading Canadian financial institutions, pension funds and capital markets participants, in its $3.8bn acquisition of TMX Group, the public parent of the Toronto Stock Exchange. In other matters, Brad Okun advised Silver Lake, a global leader in private investments in technology and technology-enabled industries in its investment in Alibaba. David Mayo is also recommended.
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- Finance : Bank lending (including other sources of financing)
- Finance : Capital markets: debt offerings
- Finance : Capital markets: equity offerings
- Finance : Capital markets: high-yield debt offerings
- Finance : Corporate restructuring (including bankruptcy)
- Finance : Financial services: litigation
- Finance : Structured finance
- Intellectual property : Copyright
- Intellectual property : Patent litigation: full coverage
- Investment fund formation and management : Alternative/hedge funds
- Investment fund formation and management : Private equity funds
- Labor and employment : ERISA litigation
- Labor and employment : Employee benefits and executive compensation
- Litigation : Leading trial lawyers
- Litigation : Securities: shareholder litigation
- Litigation : White-collar criminal defense
- Media, technology and telecoms : Technology: transactions
- Media, technology and telecoms : Telecoms and broadcast: transactional
- Mergers, acquisitions and buyouts : Antitrust
- Mergers, acquisitions and buyouts : M&A: litigation
- Mergers, acquisitions and buyouts : M&A: mega-deals ($5bn+)
- Mergers, acquisitions and buyouts : Private equity buyouts
- Real estate and construction : Real estate
- Tax : Domestic tax: East Coast
- Tax : International tax