Clifford Chance > New York, United States > Firm Profile

Clifford Chance > The Legal 500 Rankings

Tax > Financial products Tier 1

Clifford Chance benefits from the firm’s global network of offices, enabling the team to assist clients with cross-border tax matters. It has considerable experience in funds and securitisation structures, as well as CLOs and derivatives. It also supports clients with mortgage-backed securities, which is an area of expertise for Jim Gouwar. David Moldenhauer sits at the helm of the practice in New York, and the team also consists of Michael Seaton, a specialist in REIT transactions, and Philip Wagman, who is skilled in securitisation transactions. Promoted to partner in May 2023, Rebecca Pereira is also a notable lawyer, and Kevin Colan joined the practice in September 2022 from Paul, Weiss, Rifkind, Wharton & Garrison LLP; his client roster includes financial investors, sponsors, and corporates.

Transport > Aviation and air travel: finance Tier 1

In addition to advising investment banks, arrangers, and finance and operating lessors, Clifford Chance‘s New York-based group routinely represents servicers, investors, export credit agencies and governmental authorities. The practice houses both commercial and export credit agency financing specialists, and it is highly experienced in aviation capital markets deals, including substantial debt and equity offerings, as well as complex portfolio securitizations and enhanced equipment trust certificates issuances. Another key area is the firm’s operating lessor practice, which acts for several established and newer operating leasing companies. The aviation finance team is additionally supported by the firm’s tax, corporate, capital markets and litigation teams. The asset finance practice’s principal figures are Zarrar Sehgal, who is experienced in representing underwriters, lenders, lessors and governmental agencies in asset finance transactions; and aircraft finance specialist John Howitt. The department also showcases Emily Wicker, who focuses on secured lending and leasing transactions, particularly in relation to aircraft assets; and Patrick O’Reilly, who advises lenders, borrowers, airframe manufacturers and export credit agencies on a range of aircraft finance work. At counsel level, Benjamin Fisher specializes in cross-border asset finance transactions within the aviation sector, while Ken Lee is an asset finance transactional expert.

Finance > Structured finance: derivatives and structured products Tier 2

Noted for its robust structured products capability, Clifford Chance provides ‘actionable and practical advice on complex and novel mandates’, from structured real estate transactions and CLOs, synthetic credit risk transfer matters and mortgage-backed repos to over-the-counter derivatives and securities lending. Gareth Old, who specialises in risk transfer transactions, jointly leads the team alongside Lee Askenazi, who advises on all aspects of residential and commercial mortgage-backed securities, asset-backed securities and CLOs. Following the departure of David Felsenthal to the Commodity Futures Trading Commission in March 2022, Darren Littlejohn joined the firm from Fried, Frank, Harris, Shriver & Jacobson LLP in October 2022 and regularly advises on regulatory reforms concerning derivatives. Other key contacts in the group include Alistair Dunlop and Washington DC-based Robert Hagan, both of whom handle securitization and structured finance transactions, while James Gouwar focuses on tax aspects of mortgage- and asset-backed transactions, collateralized loan and debt obligations, as well as real estate mortgage investment conduits. All named partners operate from the firm’s office in New York, unless stated otherwise.

Finance > Structured finance: securitization Tier 2

Noted for its expertise in the residential and commercial mortgage arenas, Clifford Chance represents clients in RMBS and CMBS transactions, with demonstrable capability establishing structures to comply with risk retention requirements for CLOs and advising on CRE CLOs in the US. The New York-based team, which is well-placed to collaborate with the firm’s tax group on mortgage-backed securities, counts asset-backed securitizations, marketplace and consumer lending, as well as student loan mandates, in its workload. Robert Villani, who advises on CLOs and consumer loan securitizations, jointly leads the practice alongside real estate expert Lee Askenazi, who focuses on CMBS and RMBS transactions, in addition to asset-backed securitizations. Jim Cotins and Matt Lyons handle the securitization of commercial real estate assets, while Washington DC-based Robert Hagan advises on private securitizations and re-securitization transactions of a range of asset classes. Other key contacts in the group include James Gouwar, who focuses on the tax aspects of structured finance transactions, Alistair Dunlop and Gareth Old.

Real estate > Real estate investment trusts (REITs) Tier 2

Dispute resolution > Corporate investigations and white-collar criminal defense

Dispute resolution > Securities litigation: defense Tier 3

Clifford Chance’s New York team includes four former federal prosecutors, and former senior regulators and prosecutors from US regulatory agencies such as the New York State Department of Financial Services (DFS) and the Commodity Futures Trading Commission (CFTC). The New York practice is tightly integrated with the Washington DC office to provide seamless coverage for global and domestic clients, among them large global financial institutions and companies. The firm has ‘top-notch capabilities – the CC securities litigators routinely handle bet-the-company cases’. Lead partner Robert Houck in New York ‘has great APAC and European experience meaning he is able to cover multiple regions as part of global projects’. Houck, John Friel and senior counsel David Yeres acted for NatWest Markets in class actions and investigations alleging manipulation of LIBOR and other benchmarks.

Finance > Capital markets: global offerings

Finance > Fintech Tier 3

Clifford Chance has an experienced team that builds upon the firm’s market leading edge in global financial services. The firm represents a broad range of major banking institutions, insurers and fintech companies, and is also taking on an increasing number of mandates in cryptocurrencies, blockchain and digital assets. The comprehensive service includes transactional, regulatory and contentious support on domestic and cross-border matters. The firm has recently been involved in several matters linked to the Decentralized Finance (DeFi) movement, and also assisted a crypto exchange on financings backed by Bitcoin. Washington DC-based regulatory partner Steven Gatti  heads the team, which also includes fellow DC partner Megan Gordon, who assists with regulatory, compliance and internal investigations. New York partner Clifford Cone and Jason Myers  respectively handle related investment funds and corporate finance matters.

Finance > Project finance

A key destination for DFIs and ECAs looking to invest in Latin America and the United States, Clifford Chance  handles infrastructure and energy projects ranging from the anticipated acquisition of a biomanufacturing facility in Massachusetts to the financing of a renewable diesel and jet fuel refinery facility in Paraguay. Lori Ann Bean heads the project finance team; she has significant experience of working with international agency lenders and recently advised the DFC on their guarantee of bonds for sustainable infrastructure in Rio de Janeiro. Fabricio Longhin is a Latin America specialist who recently advised Proparco and the FDN on a loan destined for the purchase of 406 electric buses in Bogota. Jessica Springsteen is experienced in renewable energy financings and recently advised European lenders on the financing of a supply chain for the offshore wind sector in New Jersey. Further recommended is Alberto Haito who frequently leads on energy and infrastructure matters in Colombia. All named lawyers are based in Washington DC.

Insurance > Insurance: non-contentious Tier 3

Tax > International tax Tier 3

Clifford Chance's New York-based team provides a range of legal services in relation to international tax such as regularly developing novel tax structures that enable complex REIT transactions to be completed. The team is also experienced in funds and securitization transactions in addition to the creation of mortgage-backed securities. David Moldenhauer heads the practice and regularly advises clients on difficult tax structuring problems relating to investment funds and corporate acquisitions. Philip Wagman focuses on structured finance and securitization transactions while Michael Seaton represents investment managers and funds.

Tax > US taxes: non-contentious Tier 3

With seasoned international tax expert David Moldenhauer at the helm, Clifford Chance’s tax practice handles a myriad of financial and business transactions, including REITs, fund formations and investments, securitizations and mortgage-backed securities. Michael Seaton heads up the firm’s renowned REIT offering; he is routinely engaged by public REITs on complex matters involving capital markets, M&A, and restructurings. Jim Gouwar is the first port of call for hedge funds and private equity funds, regulated investment companies and other vehicles on MBS transactions, while Paul Seraganian handles inbound and outbound tax planning projects. Philip Wagman and Avrohom Gelber are noted for their respective strengths in cross-border M&A and capital markets deals. Counsel Rebecca Pereira is further recommended for her cross-border financing acumen. All named individuals are located in New York.

Antitrust > Merger control Tier 4

Clifford Chance combines institutional relationships with major businesses and private equity funds as merger counsel with high-profile hired gun instructions from key names in fields such as healthcare, education, and consumer goods, handling cross-border strategic merger clearances as well as DOJ and FTC investigations and related litigation, with standout capabilities in acting for third parties objecting to proposed mergers and advising on multijurisdictional approvals for transactions in healthcare and life sciences. In a major development for the team, Leigh Oliver arrived from Hogan Lovells US LLP in March 2022, and promptly successfully represented UnitedHealth Group in its acquisition of Change Healthcare, a $13bn deal that faced significant scrutiny from the Antitrust Division and state attorneys general, while HSR specialist Brian Concklin was promoted to partner in May 2022. The team is led by former acting Assistant Attorney General Sharis Pozen, who has also held senior antitrust positions at the FTC and in-house, and specialises in complex merger litigation, and Timothy Cornell, a key name for multijurisdictional clearances processes and investigations. Former DOJ official Peter Mucchetti is also a key team member, with expertise in healthcare and consumer goods mandates. All lawyers mentioned are in Washington DC.

Dispute resolution > International arbitration Tier 4

Split between its Washington DC and New York platforms, Clifford Chance's US international arbitration team additionally utilizes the firm's extensive global footprint to frequently link up with specialists in London, Paris, Madrid and Hong Kong. The group continues to act on a growing volume of investor-state cases for major corporations–with a particular focus on Latin America-related work–while it also houses a robust commercial arbitration practice. In Washington DC, newly promoted partner José García Cueto is 'detail-oriented, strategic, objective and straightforward'; he is recommended for his experience in Latin America-related cases. New York-based Anthony Candido is noted for his track record in commercial arbitration.

Energy > Renewable/alternative power Tier 4

Clifford Chance is sought out by domestic and international clients, such as Build America Bureau of the U.S. Department of Transportation, Hermes and KfW, for advice on a range of matters in the renewable energy sector, with a strong focus on cross-border transactions involving the Latin American market. Head of the team Lori Ann Bean is recommended for her work on the development of cross-border energy and infrastructure projects. Counsel Fabricio Longhin is also equipped to handle the full range of project development, including bidding strategy, contract negotiations, project financing and dispute resolution procedures. Financing experts Jessica Springsteen and Alberto Haito, who is admitted to practice in New York and Peru, are also recommended. Alexander Leff joined the New York office in April 2022 from Sive, Paget & Riesel, PC and is well-versed in project finance and tax, with focus on tax equity transactions. All mentioned lawyers are based in Washington D.C., unless stated otherwise.    

Finance > Capital markets: debt offerings Tier 4

Finance > Capital markets: equity offerings

Finance > Capital markets: high-yield debt offerings

Investment fund formation and management > Private equity funds (including venture capital) Tier 4

An array of notable domestic and international clients look to Clifford Chance for counsel on the structuring and formation of credit, real estate, infrastructure and secondaries funds, as well as on secondaries and GP stakes transactions. The department at the firm’s New York office is led by Michael Sabin, whose recent workload has included significant fund formation and raising, as well as transactions on their behalf. The department in New York coordinates closely with the firm’s global offices to act in international fund raises. In May 2022 the team was strengthened by the additions of Bill Sturman and Kelly Labritz from Covington & Burling LLP, and counsel Richard Kruger followed in June. Vadim Avdeychik from Paul Hastings LLP was a further hire in June 2022.

Real estate Tier 4

Ness Cohen‘s New York based real estate team at Clifford Chance provides the ‘right balance of law and commercial insight’, and is known for its representation of real estate funds on their transactional and investment work, including a strong roster of non-US entities, and its experience in portfolio transactions, and tax planning. An expert in real estate private equity and joint ventures, Cohen ‘is surrounded by an excellent team‘ which includes Jeanne Roig-Irwin and Eddie Frastai .

International Trade > Customs, export controls and economic sanctions Tier 5

Lawyers at Clifford Chance ‘focus on the opportunity not the threat’. A growing force in the field, the international trade, regulatory and enforcement practice specializes in defending domestic and multinational corporations in government investigations arising from US economic sanctions and export control programs. George Kleinfeld co-heads the Washington DC-based team and frequently appears before OFAC, and other agencies, in enforcement and regulatory proceedings. Global risk specialist David DiBari co-leads a ‘practical and responsive’ group that also includes Renée Latour and trial lawyer Joshua Berman.

M&A/corporate and commercial > Private equity buyouts: large deals ($500m+) Tier 5

Clifford Chance represents major clients in the private equity sphere including the likes of KKR, Carlyle, Blackstone, and Rothschild in a diverse range of complex and high-value transactions, utilizing an extensive network of experienced attorneys across the US, London, Paris and Frankfurt. Following the departure of former practice head Gary Boss  in June 2022, the New York-based team is jointly led by Kevin Lehpamer and Neil Barlow, the pair having represented Cinven in a $2.6bn agreement with life science giant Bayer AG, acquiring its Environmental Science Professional business. The team is bolstered by the ‘high quality’ David Brinton , who has particular expertise in the energy, infrastructure and financial sectors.

Finance > Restructuring (including bankruptcy): corporate Tier 6

With experience representing financial institutions, agents, borrowers, and strategic investors in US and Latin American debt restructurings, Jennifer DeMarco heads Clifford Chance’s financial restructuring group. The practice represents clients from a broad range of industries, including insurance, retail, cryptocurrency, and energy, and has recently been involved in several insolvencies in the airline sector. Douglas Deutsch plays an important role in the team and typically represents financial institutions, indenture trustees and agents, and debtors in in- and out-of-court restructurings and is also well known for advising creditors in relation to cross-border insolvencies. All lawyers mentioned are based in New York.

M&A/corporate and commercial > M&A: large deals ($1bn+) Tier 6

Clifford Chance‘s ‘deep knowledge of the market‘ makes the firm a strong choice for a diverse roster of corporates, private equity funds and asset managers operating in a range of industries. The magic circle player has the ability to manage multijurisdictional transactions out of its New York office. Global head of the corporate group Sarah Jones is particularly active in the consumer goods sector, where she advises multinational corporations on complex, cross-border M&A. Benjamin Sibbett – co-head of the US corporate and M&A department – often leads multidisciplinary teams in the context of corporate transactions in the media, healthcare, pharma and industrials segments. The team’s capabilities in the tech space and presence in Houston were strengthened by the arrival of Devika Kornbacher from Vinson & Elkins LLP in July 2022.

Antitrust > Civil litigation/class actions: defense

Energy > Energy transactions: oil and gas

Healthcare > Service providers

Investment fund formation and management > Mutual/registered/exchange-traded funds

Latin America: International firms > Banking and finance Tier 1

Clifford Chance houses a fully-rounded Latin America banking and finance practice. It is particularly noted for energy and infrastructure finance, and holds excellent connections to multilateral agencies (MLAs), export credit agencies (ECAs) and development finance institutions (DFIs), primarily through its Washington DC office. IDB Invest, IFC and Financiera de Desarrollo Nacional are amongst its key clients. The firm also has key banking and finance practitioners in its New York, Sao Paulo and Madrid offices. Key markets for the team include Brazil, Chile, Argentina, Mexico, Peru and Colombia. It has also made a considerable impression on smaller markets such as El Salvador, Dominican Republic, Guatemala, Honduras and Panama. Along with new money lending, the firm has an established record in major debt restructurings, especially in the aviation sector. Sustainability-linked financings are another forte, while it has made further inroads in acquisition finance, notably advising the lenders, issuing banks and hedge providers on the $1.2bn equivalent multi-tranche and dual-currency financing for Sociedad Transmisora Metropolitana’s acquisition of the entire stake in Enel Transmisión Chile. Fabricio Longhin has an outstanding reputation in the market, representing agencies, development banks and commercial lenders, amongst others, while partners Jessica Springsteen, Lori Bean and senior counsel Catherine McCarthy are also intensely focused on Latin America. New York partner Douglas Deutsch is noted for debt restructurings. Counsel Alberto Haito is another impressive practitioner. All named individuals are based in Washington DC unless stated otherwise.

Latin America: International firms > Projects and energy Tier 1

Clifford Chance has a large team of Latin America specialists, which has built close connections to multilateral agencies and development banks, commercial banks and sponsors. It remains noted for its energy and infrastructure work in Colombia, although it has extensive geographic coverage, including projects and energy transactions in the Dominican Republic, Chile, Brazil, Uruguay and Ecuador. The firm has a history of advising on large conventional project financings, and has built its presence in project and infrastructure bonds. It is also at the forefront of green bonds and sustainability-linked financings. Moreover, it has earned accolades for its work in infrastructure financings, including toll roads, metro lines, mass transportation systems and port projects. The practice group is also increasing prominent in renewables, including solar and wind. Fabricio Longhin is a major name in energy and infrastructure projects, advising a range of multilateral lenders, commercial banks, sponsors and investors; he is a recognised force in Colombia infrastructure and renewables projects, along with major projects and energy transactions elsewhere in Latin America. Lori Ann Bean is also noted for representing development finance institutions (DFIs), export credit agencies (ECAs) and commercial banks on Latin America energy and infrastructure projects. New York partner Hugo Triaca provides further expertise in bond-driven financings and hybrid securities transactions, including green bonds and ESG-linked offerings. Jessica Springsteen and senior counsel Catherine McCarthy are also key figures in the team, along with counsel Alberto Haito. The launch of a Houston office, which included the hire of upstream oil-and-gas specialist David Sweeney from Akin in June 2023, has deepened the firm’s Latin America energy credentials. All named individuals are based in Washington DC unless stated otherwise.

Latin America: International firms > Capital markets Tier 2

Clifford Chance has an established team of Latin America capital markets specialists, spread primarily across its New York and Sao Paulo offices. Over the years it has landed big engagements in relation to capital markets offerings originating in Brazil, Chile, Colombia, Ecuador, Mexico, Uruguay, Argentina, Peru, Guatemala, Costa Rica, and Panama, among others. It has strong links to bulge-bracket underwriters and big-name issuers, including a significant number of Brazilian corporates. Along with a steady pipeline of equity and debt offerings, the practice is also noted for bond restructurings. It is further recognised for sovereign and sub-sovereign offerings, and has a fine record in the energy, infrastructure and financial services sectors. Jonathan Zonis is co-head of the Americas capital markets group and co-head of the Latin America team; he has advised on a plethora of headline transactions over the years, including the recent $6.9bn equity offering by Eletrobras, the largest equity offering in the Southern Hemisphere in 2022. Hugo Triaca is another senior member of the team, which has benefited from the firm’s ability to develop a strong cohort of emerging talent, including Sao Paulo’s Patrick Jackson, who was promoted to partner in 2022; and Mariana Estévez, who joined the partnership in 2023. Sao Paulo counsel Anja Pfleger Andrade is another key figure. Named individuals are based in New York unless stated otherwise.    

Latin America: International firms > Corporate and M&A Tier 2

Clifford Chance is relatively unusual in having an established M&A team in Sao Paulo, backed by a number of Latin America-facing M&A specialists in the US and Europe. It is also active in cross-border transactions between Asia and Latin America. It continues to impress in representing corporates and financial investors in Latin America deals and advises a range of businesses in Brazil and other key markets around the region. Energy and infrastructure is a key strength for the team, which has worked on a series of investments in renewable energy projects. It has a numerous Spanish and Portuguese speakers, both Latin American-born practitioners and those that have lived and worked in the region. Although most of its Latin America-focused lawyers are based in the Americas, the firm’s London office has also worked on a series of recent headline deals. David Brinton is a leader in energy and infrastructure deals, and is noted for his experience in financial sponsor investments. Anthony Oldfield is managing partner of the Sao Paulo office and a vastly experienced M&A specialist, with a recent track record in venture capital investments in the Brazilian fintech sector. Thais Garcia is an increasing established talent in M&A and a genuine Latin America expert who now leads many of the firm’s headline deals in the region. Madrid’s Samir Azzouzi is another key figure with a fine record in financial sponsor investments; senior figure Javier Amantegui (corporate/M&A, private equity and investment fund work) also operates from the Spanish capital. At associate level, Carla Ruggero is a talented up-and-comer. The team was further strengthened in June 2023 with the hire of oil-and-gas transactional specialist, David Sweeney (who joined the firm’s new Houston office) from Akin. All named individuals are based in New York unless stated otherwise.

Australia > Transport: shipping

Clifford Chance is ‘a strong participant among the admiralty and maritime players in Perth’, where practice head Pat Saraceni is based; she is described as ‘an excellent, results driven lawyer, operating at the top of her game’. Senior associates Nathan Sexton and Shannen Bowen are also key team members, especially for contentious work. The group has additional experience dealing with regulatory and compliance issues and deals with Australian regulators such as the National Offshore Petroleum Safety and Environmental Authority.

Italy > Banking and finance: Bank regulatory

Clifford Chance's Italy team is experienced in acting for domestic and international groups, arrangers and financing banks on the regulatory side to finance transactions. The group also assists with fintech-related issues. In 2022, Giuseppe De Palma was appointed global financial markets regional practice leader for Continental Europe, while Lucio Bonavitacola leads the investment funds and regulatory group. Other key figures are Charles Adams, Ferdinando Poscio and Gioacchino Foti; and in May 2023, Francesca Cuzzocrea was promoted to senior counsel. Riccardo Coassin is another name to note.