The ‘unique‘ offering at Paul, Weiss, Rifkind, Wharton & Garrison LLP is much lauded by clients, one of whom singles it out as a team which ‘is truly innovative, thinks outside of the box and has seen more than just the “norm” in terms of fund structures, market practices and deal complexities‘. The group has a long track record assisting investment management firms and their principals with regulatory compliance and crisis management, and other operational issues; the department is regularly called upon to assist fund managers experiencing life-threatening risks, including regulatory issues, investor litigation and disputes among its senior partners. In addition, the firm has a particularly strong reputation as a leading seed practice and is widely noted for its transactional capabilities. Udi Grofman – who co-chairs the global private funds practice along with Marco Masotti – is recognized for his ‘outstanding business sense complementing nonpareil legal expertise‘. The two oversee matters from the New York office, which also fields recommended practitioners Amran Hussein and Lindsey Wiersma.

Ropes & Gray LLP is extremely well placed to assist a growing base of sophisticated, multi-jurisdictional clients seeking to grow their product lines and strategies in both the US and the EU; the firm is able to utilise its global capabilities to advise hedge funds expanding into adjacencies, and institutional asset managers entering different areas in the funds space. Recently, the team’s position at the vanguard of the market has seen it advising on complex matters including cryptocurrency, insider trading, arrangements with insurance companies, and novel trading and operational issues. Derivatives and commodities work remains an area of particular strength, with seasoned practitioner Leigh Fraser taking the lead in this area. Fraser splits her time between the New York and Boston offices – of these two key locations, the former also fields recognized expert Laurel Fitzpatrick, fund formation and operation specialist Sarah Davidoff  and core senior practitioner Morri Weinberg, while Peter Laybourn is a recommended name at the latter. Over on the west coast, San Francisco-based Melissa Bender is the ‘stand-out partner‘.

Schulte Roth & Zabel LLP‘s pre-eminent practice continues to serve leading alternative investment managers worldwide from the firm’s New York office. The deep bench fields seasoned specialists, well versed in the gamut of strategies, funds and asset classes, including credit and direct lending, traditional hedge, activist, digital, and real estate; cryptocurrency has recently become a particular area of strength for the team, which is increasingly involved with cutting-edge matters at the intersection of investment funds and blockchain. The offering is also noted for its seamless co-operation with relevant sub-groups, including those concerned with regulatory and tax issues, litigation, and M&A. Stephanie Breslow, David Efron, Peter Greene, and David Nissenbaum comprise the core leadership of the department. Jennifer Dunn, whose workload spans structuring, formation and ongoing operational needs, as well as general securities and compliance matters, is also recommended.

Under the leadership of New York-based Jedd Wider, the sizeable team at Morgan, Lewis & Bockius LLP serves a client roster comprising more than 800 global hedge fund managers, broker-dealers, and asset managers, and provides them with experience covering every asset class, including listed stocks, fixed income and derivative instruments, emerging market debt, and natural resources. The group’s specialists advise on all major issues relating to start-ups, spinouts, seeding and lead investments, fund formation, managed accounts, derivatives and structured products, and securities. The firm also fields a dedicated hedge fund regulatory practice, which comprises more than 40 lawyers who served with the SEC, FINRA, CFTC, DOJ, and IRS. The Boston office is another key location; Richard Goldman and Stephen Tirrell are the names to note there. Over in Miami, Ethan Johnson frequently handles funds mandates with a transactional focus.

At Proskauer Rose LLP, the firm’s dedication to its hedge funds practice is evidence by the strategic acquisition of recognized partners Kelli Moll and Caryn Greenspan from Akin Gump Strauss Hauer & Feld LLP in May 2021; the duo brought with them 25 new additional clients, with strategies as diverse as long only/growth equity, credit (spanning the entire spectrum including direct lending), traditional long/short and long only, activism, quantitative driven strategies, fund-of funds, liquid REITs and cryptocurrency. The offering also continues to receive recognition for its high volume of regulatory specialists and litigators, many of whom formerly held senior positions at the SEC and DOJ. Team lead Christopher Wells is supported by a strong group of senior practitioners, including Robert Leonard and Michael Mavrides. All named attorneys are based in New York.

With seasoned practitioners Stephen Vine and Prakash Mehta at the helm, Akin Gump Strauss Hauer & Feld LLP remains a go-to advisor for innovative start-ups in the hedge fund space; in conjunction such clients, the firm recently established Fund in-Formation – a comprehensive, online resource which provides investment managers with a platform and structure for intelligent decision making and increased efficiency. The group is also noted for representing private fund managers focused on credit investing and creating cutting-edge structures to address liquidity and tax issues. The spring and summer of 2021 marked a period of growth for the team, with Brian Daly (formerly of Schulte Roth & Zabel LLP), John Hamilton (formerly of Stradley Ronon Stevens & Young, LLP) and Terence Rozier-Byrd (formerly of Baker Botts L.L.P.) arriving to join the practice heads at the New York office.

Katten‘s ‘terrific‘ offering is differentiated by its ‘excellent experience‘ advising the world’s leading quantitative and algorithmic trading funds on matters relating to volatility, black box, grey box and other alternative and emerging trading strategies. The team’s expertise in this area extends to regular cross-border work, involving jurisdictions as widespread as the UK, Luxembourg, Switzerland, Hong Kong, India and the United Arab Emirates. Allison Yacker – who is recommended for clients looking to ‘launch a fund in the most expeditious and economic manner‘ – and Wendy Cohen jointly chair the investment management and funds practice, while ‘very smart‘ Lance Zinman acts as the global chair of the financial markets and funds departments. Henry Bregstein, another core practitioner at the practice, is singled out by one client as being ‘among the very best commercial and legal minds on Wall Street‘. All named attorneys are based in New York.

Paul Hastings LLP‘s investment management group has a particularly strong foothold in California, with members of the department operating out of strategic locations in Los Angeles – which fields team lead Art Zwickel and recommended senior practitioner Yousuf Dhamee – San Francisco and Silicon Valley. Over in New York, Ira Kustin, who regularly counsels private fund advisers on international investment platforms, provides a crucial East Coast anchor. The firm continues to develop its well regarded fund-of-funds practice; notable names, including numerous sovereign wealth funds, comprise the client roster in this area. The offering is also representing an increasing number of advisors in the digital asset space, and is building up a wealth of experience dealing with novel regulatory issues in this field.

Seward & Kissel LLP works with some of the most prominent and diverse names in the industry, ranging from emerging to well-established, institutional managers. The capabilities of the offering are as diverse as its client base; the group is well versed in the gamut of fund formation and management structuring matters, as well as regulatory and compliance issues for hedge funds across all strategies including activist, fund of funds, and hybrid funds. The practice is jointly headed up by Patricia A Poglinco and Robert B Van Grover, and also fields recognized expert Steven B Nadel. Another key contact is David Mulle, who brings his experience as co-head of the firm’s family office department to his role within the investment management team. All named lawyers are based in New York.

The team at K&L Gates serves an equally impressive roster of clients on both the sponsor and investor sides, and is well placed to assist notable names across the board with complex business and regulatory issues relevant to the structuring, documentation, and operation of hedge funds in leading fund formation jurisdictions around the world. In the Washington office, Mark Amorosi and Ndenisarya Bregasi are the core contacts, while over in Boston, Michael Caccese is the key name to note. The firm also recently strengthened its asset management capabilities in New York, with the arrival of Jacqueline Duval from Herrick, Feinstein LLP in August 2021.

Willkie Farr & Gallagher LLP is regarded as a go-to advisor for complex, innovative or bet-the-firm transactional matters within the hedge fund space; clients ranging from the world’s most sophisticated hedge fund managers to recognized global banks and large family offices instruct the group to advise on the entire spectrum of investment fund products and asset classes. The group’s ability to leverage its fund formation, tax and insurance capabilities ensures that it continues to stand out particularly as a leading reinsurance and insurance-linked securities fund formation practice. The key senior practitioners, all of whom are based in New York, are Margery Neale, Joseph Cunningham, Rita Molesworth and Mark Vandehaar.