The Legal 500 > United States > United States > Structured finance: securitization

Dechert LLP's securitization team is particularly active in the RMBS and CMBS markets. Indeed, a team including Devin Swaney is a key advisor to Freddie Mac in all of its structured MBS issuances, and Laura Swihart has extensive experience acting both for issuing trusts and underwriting banks in real estate and mortgage-related securitizations. Away from real estate-related work, Malcolm Dorris has experience of asset classes such as auto loans, and John Timperio in Charlotte has a strong reputation in the CLO and structured credit space, where he acts for collateral managers and initial purchasers. Also of note in 2019, the team promoted three new partners: Matthew Fischer, Gennady Gorel in Philadelphia and Christopher Desmond in the Boston office. Richard Jones and Philadelphia-based David Forti jointly chair the global finance and real estate practice.

Alongside a range of more typical work in the CMBS/RMBS space, Hunton Andrews Kurth LLP has strong relationships with the government-sponsored entities. Amy Williams in Richmond advises Ginnie Mae on its REMIC issuances, while Brent Lewis and Janet McCrae regularly sit across the table from Freddie Mac, representing the initial purchasers of many of its Structured Agency Credit Risk notes. The practice group is jointly led by Tom Hiner in New York and Richmond-based Mike Nedzbala, who recently advised Capital One on its exit from the residential mortgage business. Other names to note include Steven Becker, who has recently advised on the securitization of home equity lines of credit, and Eric Burner, who has been active in non-QM deals. Serena Mentor joined as counsel in May 2019 from an in-house role at Wells Fargo.

Katten is among the leading players in real estate-related securitization, and is also active in auto loans, railcars and a litany of other asset-backed deals. In the auto finance space, Joseph Topolski and John Keiserman regularly advise Ford Credit and GM Financial, respectively, on their securitizaed issuances. Stephen Esko and Chris DiAngelo are active in the real estate space, where they advise Fannie Mae on its Connecticut Avenue Securities program and also acts as issuer counsel on some of its REMICs. Practice co-head Anna-Liza Harris, who has complementary tax expertise, and Seth Messner, both based in Washington, have experience of CLO work in addition to traditional ABS. Practice co-head Howard Schickler is also recommended. Paul Kruger took a position as global structured finance chair at Seyfarth Shaw LLP in October 2019.

'One of the best securitization practices in the US' according to some, Mayer Brown covers a broad range of transactions across its several US offices, and  is also noted for its cross-border work, placing Canadian and Latin American debt in the US capital markets. Jointly headed by Julie Gillespie and Stuart Litwin, both based in Chicago, the team handles asset classes including conventional RMBS/CMBS deals, as well as CLOs and exotic assets. Gillespie has recently been involved in credit card and auto deals, while Litwin (the 'Yoda of securitization') was involved in issuances of securitized solar assets, among other deals. In the CLO space, Ryan Suda - who joined from Freshfields Bruckhaus Deringer LLP in April 2018 - is particularly active for Citigroup. CRE CLOs are a focus of Eric Reilly in Charlotte, alongside more conventional mortgage securitization work. Also recommended are Bradley Keck, who has experience of whole-business securitization; auto and ABS expert Angela Ulum in Chicago; and Jon Van Gorp's work of late has included non-QM RMBS deals.

The team at Morgan, Lewis & Bockius LLP is headed by Reed Auerbach, who handles a diverse range of securitization deals, ranging from the securitization of auto loans (where he has advised the finance arms of BMW and Toyota) to other non-mortgage consumer debt securitizations. Deputy practice head Jeffrey Johnson is a key name for mortgage loan securitization; his recent work has also included home equity line of credit securitizations. Other names to note include Matthew Joseph, who acts both for issuers and underwriting investment banks, and in the DC office, Asa Herald and Mark Riccardi, the latter of whom has expertise in trade receivables deals. CLO specialist Paul St. Lawrence joined in February 2019 from Cleary Gottlieb Steen & Hamilton.

Orrick, Herrington & Sutcliffe LLP's ABS practice is underpinned by core strength in the mortgage-backed securities market. Key contacts for CMBS work include William Cullen and Janet Barbiere, who has a particularly strong relationship with Citigroup. Also recommended is Leah Sanzari, who has acted for Bank of America as trust counsel in numerous issuances by Fannie Mae, Freddie Mac and Ginnie Mae. Structured finance practice head Alan Knoll handles a range of work including aviation finance securitizations, and has remained active in the credit card securitization space, where he serves as relationship partner for American Express. Howard Goldwasser heads the firm's CLO practice, having joined from Arnold & Porter in February 2019.

Weil, Gotshal & Manges LLP handles a huge range of work involving the securitization of consumer loans, but also has experience with more esoteric assets such as vehicle fleets and insurance revenues. The US structured finance practice is headed by Frank Nocco, who also co-chairs the firm's global practice group. Other names to note include Jason Smith and Robert Chiperfield, both of whom have experience in a wide variety of ABS and CLO transactions. Also recommended is Shawn Kodes, who was promoted to partner in 2019.

Cadwalader, Wickersham & Taft LLP has core expertise in heavyweight single-borrower single-asset deals, and has recently been involved in a number of mandates involving the real estate sector, and requiring complex risk retention treatment. A name to note in the team is Gregg Jubin, whose practice straddles both traditional securitization work and CLOs. Neil Weidner also handles a wide range of CLO matters. Among the firm's associates, clients single out Michelle Abad, who is also admitted in Panama. Stuart Goldstein and Michael Gambro jointly head the broader capital markets practice.

Clifford Chance handles a range of work, with a core focus on real estate-backed CLOs, RMBS/CMBS, as well as other debt assets. Washington DC's Robert Hagan is active in issuer-side mortgage deals, while Robert Villani's practice includes work for ultimate end-users. In particular, Villani and Lee Askenazi have handled a number of mandates for PIMCO. A key contact in the CLO space is Gareth Old, who acts primarily for CLO managers. Aside from Hagan, all named lawyers are based in the New York City office.

The team at DLA Piper LLP (US) is led by Richard Reilly, who is rated for his expertise in CLO work, and has particularly strong relationships with Goldman Sachs and Ares Management. Other names to note are David Ridenour in Washington, who handles securitization work involving more esoteric assets and multi-currency deals, and Andrew Sroka in Boston, whose work includes securitizing marketplace and student loans, as well as fintech assets.

King & Spalding LLP is noted in particular for its expertise in whole-business securitization. Practice head Michael Urschel is a key name to note in this space; he represents a number of key investment banks including Barclays in the securitization of assets ranging from restaurant and other franchise rights to telecoms infrastructure. Terry Novetsky has been involved in deals involving the securitization of fund interests, among a variety of other assets. Also recommended are counsel Anthony Mechcatie, recently promoted partner Ryan McNaughten, and Jonathan Arkins, who joined in September 2019 from Arnold & Porter.

Kirkland & Ellis LLP handles a wide variety of securitization work both for issuer and underwriting investment bank. In Chicago, Jeffrey O’Connor has extensive experience of automotive work including dealer floorplan leases and auto lease receivables; he also advises on specialized equipment finance transactions. Sara Whyte and Scott Gordon in New York are active in timeshare securitizations, as well as in transactions involving more conventional debt and real estate assets. Natural resources and trade receivable securitizations are further areas of expertise. O'Connor jointly leads the practice group with Kenneth Morrison, a key contact for regulatory issues, and Janette McMahan, who works in the firm's New York office.

Kramer Levin Naftalis & Frankel LLP frequently acts for investment banks, but also boasts a number of active issuer clients, with a strong focus on non-traditional asset classes and unique real estate-related deals. Timeshares have been a recent asset class of note, as have solar assets, lottery receivables and precious metals. Gilbert Liu, Laurence Pettit and Jamie Kocis, co-chair of the firm's women's initiative committee, are notable partners in the team.

Active in a range of esoteric securitization work, Latham & Watkins LLP's Kevin Fingeret has particular emphasis on the securitization of intellectual property and vehicle fleet assets, as well as technology and telecoms infrastructure-related deals, acting both for underwriting banks and issuers.  The firm's CLO practice is spearheaded by Dominic Yoong and Douglas Burnaford in Los Angeles, who act for a number of prestigious clients, including The Carlyle Group. Loren Finegold heads the practice, and Vicki Marmorstein in Los Angeles is another key figure for structured credit and CLO work.

Milbank is a standout player in the CLO space, where it advises managers on resets, new issuances and other deals, routinely appearing across the table from bulge-bracket investment banks. Practice head Jay Grushkin handles a litany of manager-side work, and has also represented European investment banks. Sean Solis is another name to note for manager-side CLO work. Los Angeles-based Deborah Festa leads the firm's West Coast structured finance group, is active on mandates for some of the world's biggest names in asset management. Looking at the firm's ABS work, Blair Tyson has experience of heavyweight telecoms securitizations. Brian Troxler is a key associate in the team.

Paul Hastings LLP has a particularly strong CLO practice, which handles a range of work for collateral managers and investment banks, as well as issuer clients. Key figures in the team include Eugene Ferrer and DC-based practice head Scott Faga, both of whom have extensive experience advising arrangers and issuers on structured credit and CLO deals. Another contact in Washington DC is Rich Davis, who has been active in matters involving the securitization of microfinance and fintech-originated debt. Nicole Skalla is also recommended in the CLO and structured credit space.

Schulte Roth & Zabel LLP handles securitization matters across a range of asset classes. In particular, the team is known for its work in the CLO market, and is also recognized for its expertise in securitizations of less-typical assets. The practice is jointly led by Craig Stein, a well-known name among CLO managers, and Boris Ziser, who has experience of securitizations of consumer debt, litigation funding, wine, art and more. Daniel Oshinsky handles a mixture of financing work, including leveraged finance and structured credit; in the CLO space he acts for a number of leading asset managers. Phillip Azzollini is also recommended for CLO work.

Headed by the 'phenomenal' David Thatch, the team at White & Case LLP is highly regarded by clients and peers alike. The practice group is active in whole-business deals cutting across sectors, from auto fleets to fast food franchises and fitness businesses. In the CLO space, the team has particular expertise in issuer-side work, and has also represented placement agents and elite asset management. Also of note, the team has handled a number of mandates concerning new issuances of CDOs, with many deals involving offshore structures. John Donovan, Charles Pesant and Jim Fogarty other key figures in the department.

Winston & Strawn LLP has a diverse practice, jointly headed by Jeffrey Stern in New York and Daniel Passage in Los Angeles. As for securitization work, the firm is known for its involvement in the more unusual asset classes, ranging from international loans through to auto and aviation assets, with a particular expertise in PACE securitization. The team also has expertise in the CLO space, where Ronald Jacobson and Patrick Hardiman in Chicago are rated for their manager-side work. Dave Galainena left the team to become general counsel of The Hertz Corporation.

Allen & Overy LLP's US structured finance practice routinely work alongside offices in the firm's European network to handle trans-Atlantic transactions. John Hwang specializes in ABS and credit card deals, and has experience of registered offerings (including Reg S deals) and private placements. The CLO practice was strengthened by the arrival of Nick Robinson, who joined from Milbank in March 2019. Robinson joins Larry Berkovich, who also specializes in CLO work, and has been especially active on the arranger side. Clients also praise senior associate Derek Poon.

Henry Morriello is a key figure in Arnold & Porter's structured finance practice. Morriello has experience of securitizations across a range of asset classes, but has been especially active in trade receivables deals and aircraft securitizations, transportation finance being another area of emphasis. Daniel Hartnett is a contact in the Chicago office; he is active in RMBS/CMBS work and CLO work, both for issuers, and financial institutions and managers. Howard Goldwasser and Skanthan Vivekananda joined Orrick, Herrington & Sutcliffe LLP in February 2019.

The securitization practice at Greenberg Traurig LLP handles a number of issuer-side mandates, where key clients include CNH Industrial Capital America - the finance arm of the owner of Iveco and New Holland. Mark Michigan co-chairs the structured finance and derivatives practice, and divides his time between New York and Dallas. Joseph Suh specializes in the formation of private funds, and has expertise in a range of corporate securities matters, including CLOs.

Norton Rose Fulbright handles a diverse range of work, including securitization of trade recievables, debt and settlement revenues, and renewables and infrastructure-related work, which frequently involves assets elsewhere in the Americas. Patrick Dolan is the primary contact; he has extensive experience in ABS and MBS, and has also handled more exotic securitizations including PACE bonds, aircraft leases and tax liens.

Simpson Thacher & Bartlett LLP has a focus on less traditional ABS such as telecoms towers and auto fleets, though the team has also handled some recent CLO deals. Headed by senior counsel John Schueller, the practice group acts for  well-known investment banks as well as a number of issuer clients.