The Legal 500

Within Corporate restructuring, tier 7

Caplin & Drysdale has an ‘extraordinary and unique capacity’ for representing asbestos creditors’ committees in large Chapter 11 cases. The 15-attorney team has a virtual monopoly in this work and has represented asbestos creditors’ committees in many high-stakes reorganization proceedings, including WR Grace & Co, North American Refractories Company & Global Industrial Technologies, Pittsburgh Corning and Garlock Sealing Technologies. Elihu Inselbuch heads the practice and is praised for his ‘excellent leadership and strategy’. Other notable practitioners include ‘the incredibly smart’ Peter Lockwood, plus Trevor Swett and Ronald Reinsel, both of whom have ‘in-depth knowledge and understanding of all aspects of all of the issues’.

Within Domestic tax: East Coast, tier 6

Caplin & Drysdale’s exempt organizations practice group is ‘totally conversant with the issues in the sector and gives practical advice and quick response’. Marcus Owens and Douglas Varley are ‘top notch advisers’, who have represented a broad range of nonprofit organizations including private foundations, charities, churches and trade associations. Instructions have ranged from tax planning to assistance in audits by the IRS Exempt Organizations Financial Investigative Units.

Within Employee benefits and executive compensation, tier 4

Caplin & Drysdale’s employee benefits group’s ‘response time is immediate; knowledge is comprehensive; advice is always exactly what we need; the team is deep; and the billings are low for the value added’. The team’s clients include major multinational corporations, and not-for-profit and governmental institutions such as charities, international organizations, schools and churches. Recommended lawyers include Richard Skillman, who is ‘always available, knows the issues comprehensively, recalls our unique circumstances, and provides immediate response’, and Joanne Youn, promoted partner in February 2011, who has an in-depth knowledge of healthcare issues. In a representative instruction, the team advised and represented the Variable Annuity Life Insurance Company (VALIC) in the design and drafting of the retirement plans and annuity contracts offered to customers including public school districts, colleges and universities, and other tax-exempt organizations. Clients include Bank of Montreal, Ingersoll-Rand Company and Teekay.

Within International, Caplin & Drysdale is a third tier firm,

Caplin & Drysdale is highly recommended for ‘high-value, specialty work’, led by expert partners. One client comments, ‘the weakness of the firm – if indeed there is one – is that, like all boutiques, they do not have a deep bench of associates for the rare matter where you may need more staffing’. The international tax practice of some 14 lawyers of covers all issues from controversy with cross-border elements to high-value transactions, with particular skills in transfer pricing and advance pricing negotiations. David Rosenbloom is ‘quick and knowledgeable’, and Patricia Lewis is ‘very knowledgeable and very conscientious’. Lucy Lee, who has particular expertise in the Korea/Us Double Tax Convention, was recently promoted to partner; Lee worked with other members of the team including Michael Pfeifer to satisfactorily resolve an IRS audit into the affairs of a foreign athlete by elevating the case to competent authority level – the key matter in dispute was which jurisdiction had taxing rights over sponsorship income.

Within Tax controversy, Caplin & Drysdale is a third tier firm,

Caplin & Drysdale’s Washington DC-based tax controversy group comprises some ten partners practicing fully in the field, and four tax partners with a flexible part-time interest in the practice. The group is lightly leveraged, and clients comment positively on the partner-level commitment on offer. The firm ranks very high on the shortlist of firms recommended for voluntary disclosure and criminal tax fraud instructions. Recent ongoing work includes some 400 cases under the 2009 IRS Voluntary Disclosure Process, and the firm is well placed for anticipated further disclosure programs: recommended in this space are Scott Michel, Cono Namorato and Nile Elber. Christopher Rizek and Charles Ruchelman have recently handled several major tax shelter disputes on behalf of financial institutions. Richard Skillman has expertise in insurance, and is recommended for non-criminal tax controversy and litigation.