Kirkland & Ellis LLP’s formidable offerings in cross-border M&A and private equity translate into a thriving national security practice, which engages with the Committee on Foreign Investment in the United States (CFIUS) across the full transaction lifecycle. Sources highlight the Washington DC-based team’s ‘exceptional relationship with the CFIUS administration’, with department co-chair Mario Mancuso standing out for his experience as a former senior CFIUS decision-maker in his previous role as Under Secretary of Commerce for Industry and Security at the Department of Commerce (DOC). Mancuso recently teamed up with next-generation partner Lucille Hague to advise BDP International on the CFIUS aspects of its sale to Singapore-based PSA International. A ‘down-to-earth expert’, department co-chair Ivan Schlager is widely recognized as a market leader in CFIUS work, with particular experience in the private equity sphere on behalf of clients such as Blackstone, Bain Capital and Warburg Pincus. The group also draws on Nathan Mitchell, who has a focus on CFIUS and national security matters, and Daniel Gerkin, whose practice takes in a wide range of export controls and sanctions, customs and CFIUS-related issues.

Simpson Thacher & Bartlett LLP’s national security regulatory practice finds favor for its extensive transaction experience, particularly in ‘large private equity deals with foreign co-investment and a multitude of foreign direct investment filings’. Covering the waterfront on CFIUS matters, the team routinely advises on deals across a broad range of industries, including in sensitive spheres such as technology, infrastructure, telecoms and life sciences. The Washington DC-based group also stands out for its expertise in matters involving sovereign wealth funds and elaborate investment structures. Department head Malcolm Tuesley is held up as a ‘go-to CFIUS/FDI advisor’; he recently represented the Board of Directors of Twitter in connection with Elon Musk’s $44bn acquisition of the company. Mark Skerry, who was promoted the the partnership in January 2023, formerly served as an attorney within the Office of the General Counsel of the Department of Homeland Security and has a strong focus on national security law; he paired up with Tuesley to advise a consortium led by Blackstone, and including sovereign wealth funds Abu Dhabi Investment Authority and GIC, in the $14.5bn acquisition of a majority stake in Emerson Electric’s climate technologies business.

‘One of the clear market leaders in CFIUS’, White & Case LLP’s foreign direct investment reviews and national security practice forms a key part of the firm’s wider international trade offering. Covering the full range of industries, clients and transaction structures, the team’s ability to draw on lawyers with broad in-house government experience ensures it ‘brings a deeper understanding of the background underlying the regulations’. High-profile department head Farhad Jalinous is widely recognized for his ‘deep knowledge of the CFIUS process and stakeholders’; he recently advised UK-based Avast on CFIUS issues related to its approximately $8bn merger with US-based NortonLifeLock. Karalyn Mildorf is an up-and-coming CFIUS specialist with extensive experience in national security reviews before CFIUS as well as foreign ownership, control or influence (FOCI) mitigation matters. The Washington DC-based group also includes Keith Schomig, who specializes in advising on the CFIUS aspects of private-equity investments and large-scale M&A, and counsel Ryan Brady, who formerly served as Deputy General Counsel at the Department of the Treasury. In October 2022, the team was boosted by the arrival of Senior National Security Advisor David Jividen, who joined from the Department of Defense’s Foreign Investment Review office.

‘A strong specialist CFIUS team’, WilmerHale strikes the right note with its ‘clear domain knowledge of the CFIUS process and its intricacies’. The wider firm’s signature regulatory expertise and relationships comes into play in its national security practice, with many of its key partners bringing to bear strong government backgrounds and in-depth understanding of internal CFIUS procedures and culture. Most notably, go-to CFIUS expert Benjamin Powell served as general counsel to the first three Directors of National Intelligence; he was at the helm for several sensitive matters over the past year. Additionally, Jason Chipman’s practice leverages his significant experience in working on national security issues at the Department of Justice (DOJ). Chipman, who is ‘committed to building client relationships and getting results’, is advising Kansas City Southern Railway Company on CFIUS matters connected to its merger with Canadian Pacific Railway. Other key contacts in the Washington DC-based group include Stephen Preston, who  heads the defense, national security and government contracts practice, and Robert Kimmitt, whose practice takes in national security law, international investment, regulation and governance.

Lawyers in Hogan Lovells US LLP’s full-service international trade team stand out for their ‘very good relationships with, and knowledge of, the different government agencies’. Unlike many firms in this field, it houses a standalone CFIUS practice that is routinely engaged to advise on the security review aspects of transactions for which it did not undertake the corporate work. The team is also is distinguished by its strong record both in negotiating CFIUS mitigation agreements, but also in obtaining CFIUS approval for the termination of such agreements. Anne Salladin is a key contact for CFIUS matters and is valued by sources for her ‘unique perspective from having served on the general counsel staff at CFIUS for many years’; she successfully achieved CFIUS clearance for US nuclear power generation company, NuScale, in connection with a $40m equity investment from a Japanese engineering company. Brian Curran is also sought after for his strong combination of CFIUS and export controls expertise.

Latham & Watkins LLP’s prominent corporate practice is a significant driver of its national security work and its CFIUS group frequently works alongside transactional teams to plan and develop mitigation plans. The group has established a particularly strong record on behalf of clients in the energy, technology, telecoms, life sciences and and transport industries, but it possesses experience in representing both US and foreign investors across the full range of economic sectors. Les P. Carnegie co-heads the CFIUS and national security practice, as well as the export controls, economic sanctions and customs practice; in a recent example of his work in the former sphere he represented Hyundai Motor Company and Kia Corporation in obtaining CFIUS clearance in connection with their planned investments in IonQ. Damara Chambers co-heads the CFIUS department has advised a raft of private equity funds in CFIUS reviews over the past year. James Barker, who co-chairs the  connectivity industry group, is also recommended for CFIUS work.

Morrison Foerster’s team is comprised of ‘personnel with expert knowledge of the CFIUS process’, including specialist partners as well as senior non-lawyers, who act as advisers on complex national security matters. Consistently utilizing the wider firm’s close relationships with major technology companies and government contractor clients, the interdisciplinary practice has an impressive pedigree for representing both US and foreign investors in high-stakes, often political, CFIUS reviews. Department co-chair Brandon Van Grack is noted for his significant government side experience, earned during a two-year stint as Chief of the DOJ’s Foreign Agents Registration Act (FARA) Unit. Van Grack recently teamed up with prominent partner Charles Capito (‘a strong technical lawyer’) to represent Japan-based SoftBank on the CFIUS aspects of a series of acquisitions and investments. Of counsel James Brower is also a key contact in the Washington DC-based team. Nicholas Spiliotes  has left the firm.

With growing scrutiny levelled at deals in the technology sector, Cooley LLP’s signature technology and life sciences expertise marks it as an increasingly prominent player in the CFIUS sphere. In particular, due to the firm’s dominant venture capital and emerging market practice, it handles numerous venture capital transactions with potential CFIUS implications. Christopher Kimball fronts the Washington DC-based group and ‘brings a steady hand and level head to CFIUS complexities’; his recent work includes advising US and foreign investors across a range of sensitive industry transactions. Export controls and sanctions head Kevin King also has a significant CFIUS dimension to his practice. Other key contacts include special counsels Dillon Martinson, who is a former senior policy advisor at the Department of the Treasury, and Bridget Reineking, who is a former lead counsel for the Office of Investment Security.

Goodwin's lawyers ‘do not offer painkillers, but seek solutions that would solve issues permanently’. A popular choice for technology, venture capital and life sciences clients seeking advice on CFIUS issues, in line with its firm-wide sweet spots, the global trade practice maintains a dominant position in handling matters under the new CFIUS Critical Technologies Pilot Program. Richard Matheny spearheads the Washington DC-based department and is noted for his track record in advising technology companies and private equity funds on CFIUS reviews; he additionally brings to bear complementary expertise in export controls and sanctions. The team also includes Jacob Osborn, who handles a mix of export controls and CFIUS work, and newly promoted partner Amy Josselyn, who is a former National Geospatial-Intelligence Agency analyst. In September 2022, government contracts specialist Liza Craig joined the global trade practice from Reed Smith LLP.

The international trade group at Pillsbury Winthrop Shaw Pittman LLP impresses with its ability to provide ‘detailed guidance on complex CFIUS considerations in an easily digestible format’. Among its other key attributes, the group stands out for its ability to draw on the wider firm’s technology and public policy expertise, while its strong China practice marks it as a popular choice to handle China-related security filings. Indeed, one source commends CFIUS expert Nancy Fischer as being especially sensitive to the ‘complex dynamics and CIFUS-filing implications of US-China cross-border transactions’. Fischer, who heads the global regulatory practice, recently obtained CFIUS clearance on behalf of Perpetual Capital Partners regarding the sale of Politico and Politico Europe to Axel Springer. The group also fields an impressive second line of up-and-coming CFIUS specialists, with newly promoted partner Matthew Rabinowitz recommended as ‘highly technical and commercial’, while senior associate Zachary Rozen is ‘very responsive and hands on’.

Noted for its ‘superior knowledge of the CFIUS process’, Akin represents US and foreign investors on highly sensitive transactions. As an increasingly important segment in a dominant international trade offering, the CFIUS practice additionally stands out for its ability to plug into complementary practices with the wider firm, including government relations, defense, infrastructure and energy. Christian Davis spearheads the group and has significant expertise in transactions within the technology, energy, aerospace, defense and investment sectors. The Washington DC-based team also includes counsel Katherine Padgett and senior counsel Laura Black, who recently joined the team from the Department of the Treasury, where she served as Director of Policy and International Relations for CFIUS.

Driven out of Washington DC, Orrick, Herrington & Sutcliffe LLP’s CFIUS offering sits within the firm’s wider trade and investment practice. Among its sweet spots, the team is particularly active in handling the CFIUS aspects of renewable energy transactions and technology company equity financings, while the manufacturing and financial services sectors are also significant sources of work. Harry Clark fronts the group and combines strength in foreign investment reviews, customs, and export controls and economic sanctions matters. Other key contacts include Jeanine McGuinness, who has a focus on cross-border trade and investment regulations including CFIUS, and newly promoted partner Elizabeth Zane.