The Legal 500

Within Bank lending (including other sources of financing), tier 5

Dechert LLP’s clients express great satisfaction with the ‘vast knowledge’ of the firm and its ‘sound and well-thought-out advice’; it provides ‘crucial partner-level attention’. The team has a prominent practice in representing sponsors and private equity clients, counting a host of PE houses on its client roster. Senior lending deals are an important source of business; high-profile clients in this arena include Standard Bank, RBS, and Wachovia/Wells Fargo. 2010 also saw the team act on several dividend re-caps, and a number of significant, mainly mid-market, transactions. Jay Alicandri in New York is an ‘excellent’ lawyer and delivers ‘attentive, quality counsel’. New York-based Scott Zimmerman heads the leveraged finance practice and offers a quality service that clients ‘would not hesitate to recommend’.

Within Capital markets: debt offerings, Dechert LLP is a third tier firm,

The securities team at Dechert LLP has broad experience in debt offerings, and is known for its expertise in the technology, real estate, retail and life sciences industries, among other sectors. The team advises both issuers and managers on investment-grade debt offerings, and also has a notable high-yield debt capability. Recent underwriter mandates include advising Citigroup Global Markets, RBC Capital Markets and Standard Bank in a $450m Rule 144A/Reg. S senior secured notes offering of Caribbean-based telecommunications company Columbus International, and also representing JPMorgan Securities as initial purchaser in Corpbanca’s $115m Reg. S senior notes offering. Both transactions were led by Howard Kleinman LLP in New York. Former corporate finance co-head Bonnie Barsamian left to join Fried, Frank, Harris, Shriver & Jacobson LLP in January 2011. Thomas J. Friedmann in the firm’s Washington DC office is singled out.

Within Capital markets: equity offerings, Dechert LLP is a third tier firm,

Dechert LLP has a solid track record assisting manager and issuer clients in IPOs and other equity offerings. Philadelphia-based James Lebovitz represented Bravo Brio Restaurant Group in its $161m IPO, while from the Washington DC office, Thomas J Friedmann represented KKR regarding the proposed $1.5bn IPO of KKR’s affiliate Corporate Capital Trust. Friedmann also represented Golub Capital BDC in its $103m IPO, and is currently advising an asset management company in its contemplated business development company formation and related IPO. PennantPark Investment Corporation has also been a recent key client, with the team assisting the company in several public offerings. Elsewhere, Friedmann is representing Bank of America Merrill Lynch as placement agent in the sale of $300m of common stock in a private placement (PIPE) transaction by Concho Resources. New York-based Howard Kleinman LLP assisted Citigroup Global Markets in the $250m American depositary receipts offerings by Companhia de Saneamento de Minas Gerais.

Within Capital markets: global offerings, tier 4

Dechert LLP has a broad-based global practice with experience in debt, equity and high-yield work across several jurisdictions, including significant expertise in the Latin American market, where Howard Kleinman LLP in New York is very active. Kleinman is currently representing a Chilean financial institution in its proposed $500m Rule 144A/Reg. S offering of unsecured notes, and also recently acted as the US counsel to Corp Group Banking in Chile regarding a $100m private placement of 7.5% notes, offered and sold outside the US. Kleinman also represented the Mexican government regarding the sale of $160m-worth of catastrophe bonds. In equity work, Washington DC-based Thomas Friedmann is currently advising the controlling and selling shareholder in Venti’s global IPO, with shares to be listed on the Bovespa and the Luxembourg Stock Exchanges. On the manager side, Kleinman represented UBS Securities in Solvay Indupa’s proposed $225m offering of Brazilian depositary receipts, and also advised Credit Suisse Securities (USA) on a proposed $300m listing of Brazilian depositary receipts on the Bovespa Stock Exchange by Socotherm Americas. Former New York-based corporate finance co-chair Bonnie Barsamian left to join Fried, Frank, Harris, Shriver & Jacobson LLP in January 2011. Christopher Karras, who is based between Philadelphia and London, is recommended for his longstanding experience.

Within Capital markets: high-yield debt offerings, Dechert LLP is a third tier firm,

Dechert LLP has excellent high-yield debt experience, and provides issuer counsel to both domestic and international companies. New York-based Howard Kleinman LLP is at the helm of the practice, and recently represented Bumble Bee Goods, Connors Bros., Clover Leaf Seafoods Company and Bumble Bee Capital Corporation in an issuance of aggregate amount $220m of 7.75% senior secured notes. Kleinman also advised WPE International Coöperatief in its $275m Rule 144A/Reg. S offering of 10.375% senior notes. On the underwriter side, Kleinman assisted Larrain Vial Investment as the sole bookrunning manager in connection with Corp Group Interhold’s aggregate amount $130m 8.0% senior secured notes issuance and sale; and represented JPMorgan Securities as sole bookrunning manager regarding the issuance and sale of a $178m high-yield notes offering by CorpBanca. Christopher Karras is based between Philadelphia and London, and Thomas Friedmann provides support to the group in Washington DC. Bonnie Barsamian left to join Fried, Frank, Harris, Shriver & Jacobson LLP in January 2011.

Within Corporate restructuring, Dechert LLP is a third tier firm,

‘Excellent in all respects’, Dechert LLP’s 30-strong New York-based team continues to make in-roads in the market as a result of recent investment in the area and has picked up some high-profile mandates predominantly on the creditor side. Well integrated with a number of the firm’s core practice areas including structured finance and M&A, this manifests itself most visibly in relation to its ability to tap into the firm’s ‘superb’ funds practice. Indeed, the group picks up a pipeline of instructions from funds in a number of guises, either as debtor, bondholder or seeking to acquire assets out of bankruptcy. Co-chair Allan Brilliant and Craig Druehl advised Oaktree Capital Management, Fidelity Management and Research Company, and Serengeti Asset Management, as bondholders in Station Casino’s Chapter 11. As part of the confirmation plan, the bondholders committed to acquiring up to $100m of equity interests in connection with a rights offering. ‘Outstanding along all dimensions and very commercial’, Brilliant has had a major impact on the practice since his recruitment from Goodwin Procter LLP in February 2010 and has also picked up work for, amongst others, Wilmington Trust in relation to negotiating an amendment to its second lien credit agreement with recruitment agency Koosharem and the first lien lenders, pursuant to which the parties agreed to a short-term recapitalization of the borrower in exchange for a warrant structure that could result in the lenders gaining majority ownership of Koosharem. Recently promoted to partner, the ‘highly knowledgeable, very practical, efficient and timely’ Brian Greer has a broad ranging practice that encompasses all facets of in and out-of-court restructuring matters including debtor mandates and distressed M&A. Greer is representing the outside directors of Lehman Brothers Holdings in connection with Lehman’s Chapter 11 cases. Other clients include Angelo, Gordon & Co, Bank of New York Mellon, BlackRock, DDJ Capital Management, Mendocino Redwood, OppenheimerFunds and PNC Bank.

Within Structured finance , Dechert LLP is a third tier firm,

Dechert LLP’s structured finance group is commended for ‘absolutely best-in-class service, in-depth knowledge of the industry and the ability to pull together experts in all areas quickly’. The 25-strong US and European securitization practice group subdivides to some extent into asset-class teams, and although the firm’s penetration of the derivatives and wider structured finance work is more limited, a strong push into the CDO market is noteworthy. In addition to traditional receivables, it is known for innovative work with novel securities such as pharmaceutical patent royalties, film distribution rights, life settlements and commercial aircraft leases. Key members of the team are located in several of the US offices. New York houses the ‘consistently excellent’ Malcolm Dorris, and Patrick Dolan, who ‘impresses with his knowledge of the more esoteric asset classes’. In Charlotte, John Timperio’s ‘level of client service is unparalleled in the industry and he will continue to attract new business for many years to come’, and associate Mary Bear is commended for her ‘drive to resolve complex issues’. In Philadelphia, Ralph Mazzeo, an expert in the mortgage backed market, also represented a client in connection with numerous restructurings of over $1bn in debt collateral held in a CDO. Mortgage-backed issue rating pioneer Joseph Heil in the San Francisco office, is currently representing one of the primary rating agencies in connection with two CMBS securitizations of approximately $500m and $1bn. Clients of the securitization group include AmeriCredit, Cohen and Company, Cerberus, Deutsche Bank, RBS, World Omni and Bank of America.

Within Patent licensing and transactional , tier 4

The IP transactions team at Dechert LLP represents clients in a wide variety of industries, including life sciences, semiconductor and electronic products, and consumer products. Practice head Martin Black leads the team from the Philadelphia office and is supported by former litigator Joshua Rawson in New York, who is recommended for his work in the IT and electronics sectors. James Marino in Princeton is highly recommended for his life sciences work. Work highlights included representing Monster on its $225m acquisition of HotJobs from Yahoo!, which included a multi-year traffic agreement. Other representative matters included advising Citigroup on various licensing matters, including with respect to its digital identity authentication technology, and Landmark Digital Services on the licensing of its digital audio recognition technology. The group also advises semiconductor manufacturers Amkor Technology and Intersil, and a number of pharmaceutical and healthcare companies.

Within Trademarks: non-contentious (full coverage), Dechert LLP is a third tier firm,

The level of service provided by the team at Dechert LLP is ‘exceptional’ and ‘top notch’. The team of 18 partners is based across the US, and is noted for providing innovative and practical ways of protecting a company’s marks. Advising clients in industries ranging from hi-tech electronics to alcoholic beverages, it is skilled at dealing with high volumes of work, turning around search reports and rendering opinions ‘in a matter of days, with thorough analysis and sound advice’. Glenn Gundersen leads the team from Philadelphia and is ‘an absolute specialist’. Prestigious clients include leading apparel retailer Zara USA and the Ivy League. Work highlights included trademark clearance work for L’Oréal, and representing Diageo in a number of matters.

Within Alternative/hedge funds, Dechert LLP is a second tier firm,

Nestling within its global investment management department, Dechert LLP’s 20-lawyer US hedge funds team draws from the wider pool of resources afforded by this structure to deliver ‘very high business acumen and industry knowledge, coupled with a professionalism that is sometimes lacking in this industry’. It has been steadily increasing its capacity to handle the volume of representations demanded by its multinational client base: following Richard Horowitz’s arrival in 2009, in 2010 the team hired Holland West, former head of Shearman & Sterling LLP’s global funds practice. This brings to ten the number of New York-based partners focusing on hedge funds, with ‘cerebral’ practice head George Mazin and the ‘conscientious’ Kevin Scanlan ‘working hard to understand clients’ concerns and risk tolerance, and tailor advice accordingly’. The team has been heavily involved in advising its clients on reorganizing their funds and management companies, which included the creation of SPVs to manage redemptions during the financial crisis. The workflow has not been limited to managing the fallout of the financial crisis, though, and 2010 saw the team advise on establishing a multi-tier investment fund complex targeting natural resources investments in Mongolia as well as representing a large company on creating a European fund structure.

Within Mutual/registered funds, Dechert LLP is a first tier firm,

Dechert LLP is roundly considered ‘a dominant player in investment management, with a huge presence in the mutual funds sector’. 25 partners spread throughout Washington DC, New York and Boston make mutual funds their primary focus, with each one offering ‘great depth of knowledge and team strength for all matters but particularly for 1940 Act issues’. Internationally some 140 lawyers help generate the critical mass the team needs to cater to its client base of 50 mutual fund groups, with some of the top clients managing assets ranging from $100bn to $1.5 trillion. The team’s ‘first-class representation’ spans fund formation, regulatory compliance and litigation, with a track record of involvement in cutting-edge products and cases. On the contentious front, the team provided an amicus curiae brief in the US Supreme Court case Janus Capital Group v First Derivative Traders, a case relating to the proper scope of the implied private right of action under section 10(b) of the Securities Exchange Act 1934. It also represented the Investment Company Institute as amicus curiae in In Re Charles Schwab Corp Securities Litigation, which presented serious questions regarding the ability of a fund to change or interpret a fundamental policy on concentration of investments. Highlights for new clients included serving as counsel to a family of 84 funds sponsored by a leading brokerage firm, and advising an investment banking/brokerage firm on acquiring an investment adviser with a portfolio of mutual funds, private funds and separate accounts. Following the significant expansion of the team in 2009, 2010 saw it promote to partner Thomas Bogle and Kevin Cahill, and hire Holland West, former global head of hedge funds and structured finance at Shearman & Sterling LLP. The group’s ‘extremely capable, experienced and professional attorneys’ are widely praised, with special mention reserved for co-chairs Robert Helm and Joseph Fleming, as well as Ruth Epstein and ‘go-to lawyers’ Sander Bieber and John O’Hanlon, who give ‘crisp, reliable advice’.

Within Product liability and mass tort defense: consumer products (including tobacco), Dechert LLP is a second tier firm,

The product liability practice at Dechert LLP ‘provides a wide range of litigation services at the highest level of quality’. The firm is representing Google in two putative class actions, which assert breach of warranty and deceptive advertising claims based on allegations that the Nexus One smartphone – marketed and sold by Google and manufactured by HTC – fails to maintain sufficient connectivity to T-Mobile’s 3G network. In 2010, the district court granted Google’s motion to dismiss all claims asserted with leave to amend. The group is defending Time Warner Cable in a putative class action asserting claims of allegedly unlawful business practices in connection with rental charges for cable converter boxes and remote control devices for customers in California. The group is also representing Sunoco in several putative class actions brought against gasoline companies in which plaintiffs claim violations of state consumer fraud laws and breach of contract. For Philip Morris, the firm is acting as lead trial counsel in a case brought by a group of over 30 hospitals seeking reimbursement for the cost of treating smokers who allegedly did not pay their hospital bills. The department is co-chaired by Ezra Rosenberg in Princeton and Philadelphia-based Sean Wajert. Also recommended is Diane Sullivan in Princeton, who has recently increased her presence in the broader consumer products field, having previously focused predominantly on pharmaceuticals.

Within Product liability and mass tort defense: pharmaceuticals and medical devices, Dechert LLP is a first tier firm,

Dechert LLP has ‘an outstanding pharmaceuticals and medical devices practice’. Much of its work focuses on prescription drugs and biologics, and the team is well versed in handling cases involving latent injuries or illnesses and complex issues of medical causation. The group’s litigators have defeated putative class actions in more than 30 jurisdictions and often draw on the expertise of the firm’s European offices for claims with a transatlantic element or parallel European action. It is one of several firms representing AstraZeneca in more than 20,000 diabetes-related personal injury cases pending in federal and state courts across the US involving Seroquel, an atypical anti-psychotic medication for treating mental illness. The firm has played a key role in many of the defense victories to date, including the Baker case, the only Seroquel trial held so far, a case in which Princeton-based Diane Sullivan led the defense. The firm also acts as lead counsel for Merck & Co and Schering-Plough (now merged) in connection with more than 140 putative class actions relating to the marketing and sale of cholesterol-lowering drugs. Other recent highlights include representing Pfizer in a class action in Pennsylvania that asserted consumer fraud and breach of warranty claims relating to the promotion and sale of Neurontin for off-label indications not approved by the FDA. The team obtained a significant victory after persuading the court that the efficacy of the medicine was an issue that could not be resolved on a class-wide basis. The team represented Johnson & Johnson in multiple product liability lawsuits throughout the US relating to acetaminophen, the active ingredient in Tylenol, which can cause liver injury and death when taken in large doses. The courts concluded that Tylenol is safe when used as indicated and that instructions and warnings on the product label are adequate. Ezra Rosenberg in Princeton, and Sean Wajert in Philadelphia co-chair the department. New York partners Kathleen O’Connor and Hope Freiwald are recommended for their expertise in crisis management for pharmaceutical and medical issues, respectively, while Philadelphia-based Ben Barnett is noted for his expertise on e-discovery issues.

Within Product liability and mass tort defense: toxic tort, Dechert LLP is a second tier firm,

Dechert LLP’s litigation group is ‘among the top in its field nationally’, the result of ‘excellent service’ and a ‘keen awareness in bringing value for the cost’. Recent toxic tort instructions include serving as national coordinating counsel for Firmenich in litigation brought by workers in the microwave popcorn, candy and baking industries alleging that they contracted respiratory illnesses as a result of exposure to certain chemicals in the company’s artificial flavorings. The practice was also recently called upon by numerous organizations to offer strategic advice relating to potential toxic tort litigation relating to lead, asbestos, BPA and other chemicals. It also advises on litigation-risk due diligence associated with possible M&A and on risk mitigation. Specialty chemicals group Rhodia is among the firm’s longstanding clients. Sean Wajert is recommended.

Within Securities: shareholder litigation, tier 5

The securities litigation team at Dechert LLP has a solid reputation for representing clients in civil securities fraud and disclosure cases, including class actions, multi-district litigation and derivative actions. The firm, which is commended for its ‘top-notch work’, also boasts a strong team of investigations and securities enforcement lawyers. The firm’s chairman-elect Andrew Levander is praised for his ‘experience handling very high-stakes cases’ as well as being a ‘skilled negotiator and strategist’. The ‘extremely organised and diligent’ Neil Steiner is also singled out by clients. Recent highlights for the firm include defending J Ezra Merkin and Gabriel Capital Corporation in numerous litigations arising from losses incurred by hedge funds they managed in Bernard Madoff’s ponzi scheme. It is also defending Family Management Corporation and its principals in securities class actions brought by clients who invested in hedge funds that made losses due to Madoff. The firm will miss its former co-chair David Howard, who left to become deputy general counsel at Microsoft, although the highly experienced William Dodds remains in sole charge.

Within White-collar criminal defense , tier 5

Dechert LLP provides a ‘top-notch service’ to clients across the full gamut of white-collar issues. Particularly accomplished at handling high-stakes matters, the firm has recently been engaged by various private equity firms or principals in “pay-to-play” investigations undertaken by the New York Attorney General and the SEC. ‘The team is strong and the partners have at their disposal the junior lawyers they need when work heats up’, nevertheless, it is undoubtedly Andrew Levander who is the star of the team. A ‘skilled negotiator and strategist’, Levander has ‘experience at handling very high-stakes cases’, and as well as his involvement in the aforementioned private equity investigation, also continues to represent J Ezra Merkin, a prominent hedge fund manager, whose funds lost $2.4bn in the Madoff Ponzi scheme. The ‘very accomplished’ Benjamin Rosenberg has an excellent reputation on behalf of corporates and executives, and alongside Levander is currently acting on behalf of a major public company in an internal investigation relating to potential wrongdoing by its Russian office. One of many members of the ‘superb’ team who were former federal prosecutors, Robert Jossen provides a vast reservoir of experience to clients from a range of industries and is currently representing several executives of an international financial services company in a major multi-jurisdictional investigation into certain matters. Involving lawyers in the US and several of its European offices, the mandate is also illustrative of the firm’s ability to mobilize a truly international team on matters that require cross-border expertise. The ‘extremely organized and diligent’ Neil Steiner, is also recommended, as are Thomas Lee for healthcare fraud and Michael Gilbert, who is currently defending Ridgewood Bushwick Senior Citizens Council, one of the largest not-for-profit social services agencies in New York, in fraud investigations.

Within Antitrust, tier 4

Dechert LLP, whose attorneys display ‘a positive attitude’ and ‘value their clients’, has built its antitrust practice on four main pillars of work: mergers, class actions, and civil and criminal cartels. The firm regularly acts on global transactions, putting together teams from the US with those from its strong EU practice and drawing on a network of local firms where necessary. A recent addition to this ‘intellectually strong but street savvy’ team is Mike Cowie, who joined the Washington DC office from Howrey LLP and is a former FTC attorney; he brings with him litigation skills and agency connections. Joseph Tate in Philadelphia – ‘always accessible, and always deeply committed to getting to the right result’ – acted for FMC Corporation in a watershed ruling involving a series of direct and indirect purchaser class and opt-out actions alleging an unlawful price-fixing conspiracy. Based in Washington DC, Paul Denis is ‘in the highest category you can put him in’ for his ability to ‘analyze problems; and for being strategic, commercial and very responsive’. His recent highlights include securing an extremely favorable settlement for Whole Foods Market in an unprecedented procedural action by the FTC seeking to unwind the client’s acquisition of Wild Oats Markets; and securing FTC clearance for Monster Worldwide’s acquisition of HotJobs from Yahoo! after a full investigation and second requests. Stephen Stack and George Gordon – ‘a great combination’ – aggressively litigated an antitrust counterclaim in a trade secret case for INEOS, ultimately resulting in a very favorable settlement.

Within M&A: large deals ($1bn-5bn), Dechert LLP is a second tier firm,

Dechert LLP’s ‘level of service is great, it is well-prepared to handle business and legal points, and generally does an outstanding job’. The practice acted as co-counsel to the Haas Trusts in connection with the $15.7bn sale of Rohm and Haas Company to The Dow Chemical Company. The team also represented Stewart Rahr in the $1.3bn sale of Kinray, a leading pharmaceutical distributor serving the New York metropolitan area. For mid-market M&A deals, clients praise the ‘outstanding service and deep advisory team’. Other deals included representing Harleysville National Corporation, the holding company for Harleysville National Bank, with assets of $5.6bn and deposits of $4.1bn, in its $237m sale to First Niagara Financial Group, and acting for Monster Worldwide in its $225m acquisition of HotJobs from Yahoo!. Philapdelphia-based Craig Godshall handles public and private transactions across a wide range of industries, including healthcare, industrial and utilities. Notable transactions handled by Godshall for strategic and private equity clients included Citigroup Venture Capital Equity Partners’ $1.05bn sale of Euramax International to Goldman Sachs Capital Partners, and AmeriSource Health’s $3.7bn merger of equals transaction with Bergen Brunswig to form Amerisource Bergen. In Philadelphia, James Lebovitz is ‘the best’. Ian Hartman is also ‘a very strong adviser’.

Within Private equity buyouts, tier 4

Dechert LLP’s passionate concentration on the funds industry includes a long and prestigious history of working with high-profile private equity sponsors. The private equity department comprises some 200 lawyers worldwide. The firm’s classic space is the upper middle-market, and clients recognise the team as ‘smart’, ‘pragmatic’ and ‘timely’. The ‘top notch’ and ‘excellent’ service is provided with ‘good judgment’ and at ‘reasonable rates’. Key clients include Centre Partners Management, Court Square Capital Partners, Graham Partners, GS Capital Partners, Leeds Equity Partners, One Equity Partners and distressed fund Versa Capital Management. Recent headline deals include advising Centre Partners portfolio company Connors Bros on the $980m sale of a series of operating subsidiaries, including Bumble Bee Foods, to Lion Capital. In the restructuring space, the firm represented key client Versa Capital in connection with its going-private acquisition of Canada-based Allen-Vanguard. Lead partners include Philadelphia’s chief executive officer-elect Daniel O’Donnell, and chair of the corporate and securities group Henry Nassau. Fellow Philadelphia partners Carmen Romano and Geraldine Sinatra, and New York partners Charles Weissman and the ‘highly recommended’ Mark Thierfelder, are all well reputed.

Within Real estate, Dechert LLP is a second tier firm,

Dechert LLP’s 80-attorney real estate team operates from offices in New York, Hartford, Charlotte, Boston, Philadelphia, Orange County and San Francisco. This ‘knowledgeable, creative and business-friendly’ team ‘does not unnecessarily overstaff transactions’, and is praised for its high level of professionalism. Laura Ciabarra recently represented junior investors on the restructuring of Blackstone’s acquisition of Hilton Worldwide, which resulted in the retirement of $1.8bn of debt and the conversion of $2.1bn of junior mezzanine debt to preferred equity. Ciabarra also advised the investment arm of a foreign government on its $1bn financing of the Hard Rock Hotel and Casino in Las Vegas, and represented the investment arm of a foreign government in litigation related to its $4.4bn financing of the Peter Cooper-Stuyvesant Town project in New York. David Forti acted for Fortress Investment Group and Flagler Development Group in a traditional real estate transaction involving the origination and standalone securitization of a $460m fixed-rate mortgage loan provided by Bank of America Merrill Lynch. Forti represented H/2 Capital Partners on its acquisition of the B piece of JPMorgan Chase’s C-2 CMBS securitization, a transaction valued at $1bn and comprising 30 mortgage loans secured by 47 properties. Joseph Heil is a very active figure in the CMBS market and is representing several special servicers on various transactions valued between $500m and $1bn. He also acted for the owner-operator of around 260 nursing homes on the $1.3bn refinancing of its debt facilities. Recent arrival Laura Swihart, who joined from Winston & Strawn LLP, bolstered the group’s structured finance capabilities and experience in securitization, loan acquisition and disposition, leveraged financing and loan origination.

Within Domestic tax: East Coast, tier 4

Dechert LLP’s tax department numbers 26 fee-earners, located in Philadelphia and New York, and Boston. Clients confirm high service standards and good value in all tax disciplines, with the exception of SALT. Several tax partners work across practice areas in corporate or finance law as well as tax, and provide excellent tax support to the strong transactions flow in financial services, real estate, and the travel industry. The tax group has considerable expertise in complex restructuring and, in a more recent development, a specialty in handling the many tax issues involved in massive frauds such as the Madoff scandal. Daniel Dunn chairs the department from New York; Dunn represented hedge fund Elliott Associates in the $3.5bn acquisition and post-petition financing of Delphi Corporation by a consortium of lenders. Recommended attorneys include Philadelphia-based Richard Wild, ‘excellent technically but never loses sight of the business objective’, and Richard Hervey in the New York office, who is expert in the taxation of regulated investment companies. In Boston, ‘thorough, detailed, and practical’ Adrienne Baker has considerable expertise in intellectual property, hedge fund and private equity matters. Practice clients include Carlyle Group, PIMCO, Arclin and Bayou Hedge Funds.

Within Employee benefits and executive compensation, Dechert LLP is a third tier firm,

Dechert LLP is ‘more knowledgeable than any other US firm on ERISA, with pricing below other firms – even though they’re the best on the street’, according to clients. The benefits and compensation practice group provides support to the transactions, bankruptcy and reconstruction departments, as well as advising on individual executive compensation arrangements. The four-partner US group is represented in the Philadelphia, New York and Boston offices. David Jones, who chairs the practice from Philadelphia, assisted a global pharmaceutical company in the redesign of its US retirement plans, and in the same office, Kathleen Ziga has advised numerous investment managers to pension plans on numerous portfolio management issues, including swap agreements, securities lending, and futures and derivative transactions. Elsewhere, Boston-based Susan Camillo, and her team ‘provide outstanding service, generally including helpful immediate suggestions on the phone, and prompt follow-up information including more detailed guidance and documents’. In New York, Stephen Skonieczny is ‘clearly a substantive expert’.

Within International, Dechert LLP is a third tier firm,

Dechert LLP’s international tax practice group, including European offices, has some 30 fee-earners. The US tax lawyers, who provide ‘a great quality of service’, practice from the Philadelphia, New York and Boston offices. The firm’s strong connections in the private equity sector create a steady cross-border deal flow and the practice also attracts multi-jurisdictional restructuring work. Philadelphia-based practice chair Edward Lemanowicz is ‘an outstanding international tax professional’. Richard Wild and Boston’s Adrienne Baker can both ‘speak off the cuff at length on technical topics, in addition to providing timely written advice that is well-researched and on point’, and Daniel Dunn in New York is ‘a highly creative, ethical and careful lawyer who explains issues, risks and opportunities clearly’. Practice clients include Carlyle Group, Elliott Associates, Arclin and Bayou Hedge Funds.