The Legal 500

Within Structured finance , tier 4

Stroock & Stroock & Lavan LLP is ‘a very good mid-sized firm in the structured finance area’. The 15-strong New York-based team is ‘responsive, thoughtful, creative and focused on solving problems’, and the broad practice includes structured insurer financing, investments in distressed asset backed securities and derivatives positions. The recruitment of Conrad Bahlke, recommended for his technical expertise in the equity derivatives field, from Weil, Gotshal & Manges LLP in January 2011 is significant. Boris Ziser is noted as ‘outstanding, particularly in the life settlements area’. Richard Fried represented Citigroup Global Markets, Credit Suisse Securities and Morgan Stanley, as underwriters, in a $855m public offering by SLC Student Loan Trust 2010-1 of student loan backed notes. Active clients of the practice include JPMorgan Chase, King Street Capital Management, Lazard Funds, and McKinsey & Company.

Within Insurance: non-contentious, Stroock & Stroock & Lavan LLP is a third tier firm,

The client base of Stroock & Stroock & Lavan LLP’s insurance practice group ranges from ‘pure-line’ insurance companies to outside investors, private equity companies and commercial banks. The firm is ‘very integrated’ and pools expertise from many practice areas, including corporate, financial restructuring, structured finance and derivatives, and commodities, to provide a full service to its insurance clients. William Latza and Bernhardt Nadell head the regulatory and transactional practices respectively, and were heavily involved in the representation of Specialty Underwriters’ Alliance (SUAI) in its merger with a Tower Group subsidiary, Nasdaq:TWGP, a transaction valued at approximately $110m. The firm also acted for Crédit Agricole in connection with financing of reserves (Triple-X and A-Triple X) for Aviva Life and Annuity Company. The firm also represented United of Omaha Life, a Mutual of Omaha subsidiary, in transactions totalling $475m; and drew on its regulatory and transactional resources to develop a surplus restoration plan, constituted in part by an exchange offer, for FGIC Corp and its subsidiary Financial Guaranty Insurance Company.

Within Overview,

New York-based Darby & Darby, one of the oldest IP boutiques in the US, was dissolved, with lawyers leaving to join general practice firms such as McDermott Will & Emery LLP and Stroock & Stroock & Lavan LLP, while San Francisco’s Townsend and Townsend and Crew merged with Kilpatrick Stockton to form Kilpatrick Townsend & Stockton at the start of 2011. Once one of the IP powerhouses, Howrey LLP dissolved in April 2011. Among the key high-profile partner moves, former IP co-chairs William Rooklidge and Alan Grimaldi went to Jones Day and Mayer Brown respectively, while Dewey & LeBoeuf LLP hired a number of West Coast-based lawyers, including former vice-chairman Henry Bunsow. Bert Reiser, a key lawyer in Section 337 cases, and Matthew Moore, went to Latham & Watkins LLP. Matthew Wolf and counsel Marc Cohn moved to Arnold & Porter LLP.

Within Alternative/hedge funds, Stroock & Stroock & Lavan LLP is a third tier firm,

Stroock & Stroock & Lavan LLP has a ‘small but budding practice’, which caters to a broad client base of hedge funds, as well as having a pre-eminent funds-of-funds practice acting for longstanding clients such as UBS, Central Park Group and Ramius. The last two years have seen the practice’s focus shift towards the distressed arena, in keeping with the market’s appetite for those types of assets. In addition, it has played an active role on macro funds, feeder funds, funds of funds, seed arrangements and managed account platforms for clients such as Mizuho Alternative Investments, SkyBridge Capital and JPMorgan Asset Management. It advises hedge fund managers on regulatory compliance and on providing sufficient liquidity to satisfy investor demand, including pay-to-play initiatives. Jeffrey Uffner heads the practice from New York.

Within Mutual/registered funds, Stroock & Stroock & Lavan LLP is a third tier firm,

Stroock & Stroock & Lavan LLP represents more than 700 mutual funds, closed-end funds and ETFs with more than $1 trillion in assets under management, belying the firm’s reputation as a ‘chop shop’ for registered funds. Indeed it is one of the most active registered funds practices in the industry, with experience as counsel to investment companies and independent board members such as Apollo, Bank of America, Barclays, Baron, BNY Mellon and Cohen & Steers, as well as the registered funds they advise. Regulatory compliance has been a key driver of the practice’s workflow, acting for the independent board members of Carlyle Capital Corporation, Western Asset Premier Bond Fund and the Van Kampen family of funds. New York-based Stuart Coleman chairs the investment management group.

Within M&A: middle-market (sub-$500m), tier 5

At New York-based firm Stroock & Stroock & Lavan LLP, the M&A and joint ventures practice group consists of 45 attorneys. The group is involved in the acquisition and disposition of businesses through mergers, acquisitions of assets or stock, leveraged buyouts, friendly and contested tender offers, and proxy contests on behalf of both target companies and acquirers. A complementary antitrust litigation group consists of 13 attorneys based in the New York office. Richard Madris and Martin Neidell, as well as attorneys from the tax, employee benefits and executive compensation and environmental law practice groups, represented Veolia Environment in the sale of its North American waste-to-energy business to Covanta Holding Corporation for approximately $450m in cash. The practice also advised the Commodities Group of Goldman Sachs in connection with its acquisition of Metro International Trade Services and its affiliates for an undisclosed purchase price. Also, after successfully representing Specialty Underwriters’ Alliance in connection with an unsolicited takeover bid from Hallmark Financial Services and a subsequent proxy contest, the firm acted for this client in its merger with a wholly-owned subsidiary of Tower Group.

Within Real estate, Stroock & Stroock & Lavan LLP is a third tier firm,

At Stroock & Stroock & Lavan LLP, Brian Diamond and the respected Leonard Boxer co-chair the real estate group, which is located in New York, Los Angeles and Miami. The team provides an ‘excellent quality of service’ through its 55 real estate attorneys and a further ten attorneys who provide tax, litigation and fund expertise. The group welcomed Ronald Kriss and Paul Shelowitz from Akerman Senterfitt in the final quarter of 2010. Diamond, an ‘excellent attorney’ who clients value as ‘a technician, counselor and negotiator’, and Diana Brummer represented a private real estate fund in a joint venture with a public REIT relating to the $180m refinancing of a newly renovated mall in Maryland. Chauncey Swalwell represented Citibank as a participant in the restructuring of a credit facility to a major developer involving $300m of debt. Steven Moskowitz acted for a pension fund investor on its $600m acquisition of over 50 industrial, office and retail properties in Texas. The team is also representing Silverstein Properties in connection with the development plan for the new Towers 2, 3 and 4 on the World Trade Center site. Other important clients include JPMorgan Asset Management, Vornado Realty Trust and Cedar Shopping Centers.

Within Domestic tax: East Coast, tier 7

Stroock & Stroock & Lavan LLP’s New York headquartered tax group consists of five partners, two of counsel and one associate. The tax expertise on offer reflects the mid-sized firm’s strengths in insurance, finance, hedge funds and private equity. Jeffrey Uffner, noted for his expertise in investment funds and restructuring, heads the team. Micah Bloomfield, a member of ISDA’s tax committee, has a broad-based practice, with a particular emphasis on financial and insurance products. Recent instructions include the representation of Specialty Underwriters’ Alliance in its $114m merger with a wholly-owned subsidiary of Tower Group. Practice clients include Mizuho Alternative Investments, Morgan Stanley Smith Barney and SkyBridge Capital.