Firm Profile > Milbank > New York, United States

Milbank
55 HUDSON YARDS
NEW YORK, NY 10001
United States

Finance > Commercial lending Tier 1

Milbank has a superb reputation for advising lenders, and remains one of the leading players in the market for complex, high profile leveraged finance transactions. The firm is a favorite with banks and is also doing an increasing amount of advice for direct lenders. The team's deal list is testament to its status in the market, both for complex and domestic cross-border financings and refinancings, often with a heavy capital markets component. Practice head Marc Hanrahan is one of the best known lawyers  in the market, and he is backed up by a highly respected team of New York-based individuals, including Lauren Hanrahan, Marcus Dougherty, and up-and-coming partners Charles Stern and Benjamin Sayagh.

Practice head(s):

Marc Hanrahan

Testimonials

‘Milbank stands out as a commercially minded yet client first platform that can go toe-to-toe with any of the other big law firms in the leveraged finance space. They are fierce advocates for their banking clients while simultaneously helping them navigate a competitive landscape to best position them to win financing mandates’

‘Marcus Dougherty and Ben Sayagh have distinguished themselves as leaders in this field – both in terms of their practical skill sets (subject matter expertise, dedication to craft, client service, responsiveness, etc.) and ability to deliver for their clients as trusted advisors’

Key clients

Goldman Sachs

Credit Suisse

Citibank

Nomura

HSBC

Ares Management

Royal Bank of Canada

Credit Agricole

KKR

Owl Rock

Finance > Project finance

Milbank is a clear leader in the market, offering a multi-faceted project finance group that is equally at home with major cross-border projects as it is with more domestic developments. The team, which is led out of New York by Daniel Bartfeld and Jonathan Green, is regularly used by major sponsors and lenders, and is especially active in the energy, power and renewables sector. The firm handles a broad range of transaction types, including greenfield development refinancings and secondary buyouts. Clients also benefit from strong support in related regulatory areas. Among the partners, William Bice is noted for his strong expertise in the power sector, while Daniel Michalchuk's experience spans oil and gas, power and mining, and metals. Carolina Walther-Meade is one of the firm's key contacts for Latin America-related projects, alongside fellow New York partner Roland Estevez. The firm also has several experienced partners in Los Angeles, including Allan MarksKaren Wong, and Timothy Wendling. Special counsel Richard Hillman and senior associate Jeffrey Leider (both in New York) are als recommended.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Testimonials

‘Daniel Bartfeld is a terrific guy, as is Jonathan Green’

Key clients

LS Power

ArcLight Capital Partners

Sumitomo Mitsui Banking Corp

BBVA

The Bank of Tokyo-Mitsubishi UFJ

Crédit Agricole

Toyota Tsusho Corporation

Ares-EIF Group

Entegra

Finance > Restructuring (including bankruptcy): corporate Tier 1

Wildly experienced in representing creditor committees, bondholders, hedge funds and troubled companies, Milbank is the main address for in- and out-of-court reorganization and bankruptcy matters, both in the US and abroad. On a national level, the team worked on a long list of complex Chapter 11 cases in the energy, healthcare, and retail branches, while internationally it was involved in a judicial recovery process commenced in Brazil which included a Chapter 15 recognition proceeding in New York. Dennis Dunne in New York and Paul Aronzon in Los Angeles are at the head of the group, which was strengthened by series of partner promotions in 2019 - including that of Matthew Brod. Samuel Khalil and Tyson Lomazow are also held in high esteem.

Practice head(s):

Dennis Dunne; Paul Aronzon

Other key lawyers:

Testimonials

‘Very effective.  Good deal makers and very commercial’

‘Dennis Dunne is one of the top five creditor lawyers. Gerry Uzzi is outstanding too’

Key clients

Centerbridge Partners

CarVal Investors

KKR

The Goldman Sachs Group

Strategic Value Partners

Ambac Assurance

Gymboree Group and its affiliates

Oaktree Capital Management

Monarch Alternative Capital

DNB Bank ASA

Industry focus > Energy: renewable/alternative power Tier 1

Led from New York by Daniel Bartfeld and Jonathan Green, and also able to tap into substantial resources both nationally and globally (throughout Asia, Europe and Latin America), Milbank's project, energy and infrastructure finance team has the resources and know-how to provide excellent coverage to clients throughout the renewables energy value chain, including as it relates to the acquisition, divestiture and financing of portfolios of renewable assets. An eclectic roster of clients, which includes debt and equity investors, lenders, developers and sponsors, ensures that the team is able to provide a 'balanced and commercial' service across both onshore and offshore projects. Los Angeles-based partner Karen Wong  has vast experience for both lenders and sponsors in relation to development, financing and acquisition transactions involving solar, wind, hydroelectric, geothermal, biomass, and other renewable energy facilities. New York-based partner Roland Estevez has a particular niche advising on Latin America-related renewables projects and is a key member of the team that also includes 'terrific' Los Angeles-based partner Timothy Wendling, who is 'very effective on the finance side'.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Testimonials

The team provides a balanced and commercial service.

The terrific Timothy Wendling is very effective on the finance side.

Key clients

BAML

MUFG

Onyx Renewable Partners

Goldman Sachs

Pattern Energy (designated counsel for lenders)

Royal Bank of Canada

Inter-American Development Bank

Industry focus > Transport: aviation and air travel - finance Tier 1

Milbank has a reputation for handling novel aircraft financing transactions, and has shown itself again to be a go-to advisor for innovative financing transactions. This past year, New York-based practice head Drew Fine, acting alongside a partner in the firm's London office, advised JP Lease Products and Services and Stratos Aircraft Management on the first-ever aircraft lease ABS to include Japanese operating lease structures. Other names to note include Helfried Schwarz, who was involved in the renegotiation of various international financing instruments, acting for Avianca Holdings; James Pascale, a contact for ABS and EETC deals, and private fund transactions; and Freyda Mechlowicz, who made partner in January 2020. Patrick Campbell  joined the Washington DC office from Paul, Weiss, Rifkind, Wharton & Garrison LLP in September 2019. All named individuals are based in New York unless otherwise stated.

Practice head(s):

Drew Fine

Key clients

Accipiter

AerCap

AirAsia

Aircastle

Aurora Bidco

Avolon

BBAM

BNP Paribas

BOC Aviation

Carlyle Aviation

Citibank

Deutsche Bank

Elix Aviation Capital

GOL

Goshawk

Goldman Sachs & Co.

Investec

JP Lease Producs and Services

Magnetar

Merx

Morgan Stanley

NCB Capital

Mizuho

Oaktree

ORIX Aviation

SMBC Aviation Capital

Stratos Aircraft Management

Terra Firma

Dispute resolution > Securities litigation: defense Tier 2

The New York office of Milbank has a deep bench of lawyers who handle complex disputes for underwriters, issuers, banks, broker-dealers, investment advisers, accounting firms and individuals. The firm also represent some of the country's leading mutual fund advisers. Frequently retained in high-stakes multi-jurisdictional litigation, it has led the defense in some of the largest securities class actions in the US. Over the years, it has successfully defended investment advisers in more than 100 major securities class actions and derivative suits, and has tried and won six of the nine excessive fee actions brought under Section 36(b) of the 1940 Act. Global head of litigation and arbitration George Canellos, litigation and arbitration group leader Daniel Perry and firm chair Scott Edelman are the most prominent practitioners, though Sean Murphy is highly regarded for defending companies and financial institutions in multi-jurisdictional class actions and derivative litigation. The team is backed by one of the broker-dealer regulatory teams and an exceptionally strong white-collar crime and SEC enforcement practice.

Practice head(s):

George Canellos; Daniel Perry

Other key lawyers:

Key clients

VEREIT

American Renal Associates

Citigroup Inc.

Rabobank

LendingClub Corp.

Goldman Sachs

NIO, Inc.

Camping World

Morgan Stanley

Diamond Resorts

Finance > Capital markets: global offerings

Milbank stands out for its dominant Latin America practice, which is routinely engaged to advise on pathfinder debt and equity transactions via both its New York and Sao Paulo offices. Of course, the global group’s experience spans further than the Americas, and its sizeable platforms throughout Europe and Asia translate into a significant volume of mandates in those continents. A consistent performer in both issuer and underwriter-side work, the team is primarily active on IPOs, secondary offerings and international debt transactions. On the debt front, the firm is particularly prominent in complex high-yield debt offerings and acquisition-driven deals, with notable experience in the energy, infrastructure, transport and gaming spheres. The firm’s emphasis on Latin American work is demonstrated by New York-based Marcelo Mottesi’s leadership of the global capital markets team; he also co-heads the Latin America practice and brings to bear strong experience in major offerings across the region. New York’s Carlos Albarracin is also a member of the Latin America group and represents US and international clients in a wide range of Latin America-related matters, with a focus on Mexico, Colombia and Argentina.

Practice head(s):

Marcelo Mottesi

Other key lawyers:

Key clients

BofA Merrill Lynch

Cencosud, S.A.

Credit Suisse

Deutsche Bank

Grupo Energía Bogotá S.A.

Cometa Energía

Morgan Stanley

Gol Linhas Aéreas Inteligentes S.A.

J.P. Morgan

Goldman, Sachs & Co.

Finance > Structured finance: securitization Tier 2

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.

Practice head(s):

Jay Grushkin

Industry focus > Energy transactions: conventional power Tier 2

Primarily based out of the firm's New York headquarters and also benefiting from a significant West Coast presence in Los Angeles, Milbank is active across all aspects of project development and finance, power generation and energy restructurings, and greenfield development matters. Leveraging a strong overarching project and acquisition finance capability, the firm regularly advises creditor-side clients on domestic and international new money financings and restructurings, where in addition to its product expertise across the capital structure, the firm also benefits from knowledge of the complex linkages between legal, regulatory and economic issues as they relate to the power and energy industry. Daniel Bartfeld co-heads the firm's project, energy and infrastructure finance team alongside Jonathan Green and regularly handles work for lenders and borrowers in relation to financings and restructurings involving conventional power. As well as domestic work, Bartfeld also excels at multi-source financings involving a Latin American nexus; notably he has been involved in many project financed gas and oil/commodity pipelines projects running from the US to Mexico, and within Mexico itself. William Bice is another core member of the team and has expertise across the development, financing, acquisition, disposition and restructuring of power generation (conventional and renewable) and transmission projects. Special counsel Richard Hillman is also recommended. All named practitioners are based in New York.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

William Bice; Dan Michalchuk; Carolina Walther-Meade; Allan Marks; Roland Estevez; Alec Borisoff; Richard Hillman

Key clients

LS Power

ArcLight Capital Partners

Sumitomo Mitsui Banking Corp.

BBVA

The Bank of Tokyo-Mitsubishi UFJ

Crédit Agricole

Toyota Tsusho Corporation

Ares-EIF Group

Entegra

Dispute resolution > Corporate investigations and white-collar criminal defense

Milbank's sweet spot is the financial services industry, although owing to its expertise in government investigations, criminal and regulatory enforcement, it is called upon to represent clients across a range of sectors. Members of the group have experience in proceedings before all the major US enforcement authorities – including the SEC, CFTC, FINRA and DOJ – as well as state regulators, such as the Massachusetts securities division and the New York Attorney General's office. The department is led by George Canellos, who has a solid practice representing financial institutions, public companies and asset management firms. Scott Edelman is an accomplished trial and appellate lawyer, and also handles criminal, regulatory, public SEC and congressional investigations. Antonia Apps, another trial lawyer, has established a reputation for representing financial institutions, corporations and individuals in regulatory enforcement proceedings and government investigations.

Practice head(s):

George Canellos

Other key lawyers:

Antonia Apps; Scott Edelman; Katherine Goldstein

Key clients

VEREIT, formerly American Realty Capital Properties

JPMorgan Chase

Morgan Stanley

Rabobank

Lockton Companies

American Renal Associates Holdings

Goldman Sachs

Deutsche Bank

PricewaterhouseCoopers

Ernst & Young

Dispute resolution > General commercial disputes Tier 3

Milbank excels in financial services capabilities, counting major banks and insurance companies among its clients. LIBOR-related litigation continues to be prominent; a litigation team represents Rabobank in ongoing class action MDL lawsuits across the country. The firm is also notable for its cross-border capabilities. Team co-head Daniel Perry is acting for Bloomberry Resorts and Hotels, in a case filed in New York federal court alleging one of the client's casinos in the Philippines laundered $81m stolen by North Korean hackers in 2016. The department is also active in commercial disputes outside the financial world. In an important music licensing case, chairman of the firm Scott Edelman and Atara Miller are representing BMI in the Southern District of New York; the client is seeking higher licence fees for its songwriters and composers. Among other noted lawyers, David Gelfrand regularly leads on litigation for high-profile international financial institutions including Commerzbank and AXA, and Stacey Rappaport is known for complex financial transaction cases. She is currently defending major insurance companies in class action litigation.

Practice head(s):

George Canellos; Daniel Perry

Testimonials

Deep expertise in class actions and insurance defense.’

Scott Edelman is a superb communicator. David Gelfand has a heart for details and immerses himself in the facts important to the matter.’

Key clients

AXA Equitable Life Insurance Company

AXA Equitable Funds Management Group

Camping World

Citigroup

Broadcast Music

Goldman Sachs

Lincoln Financial

Rabobank

Atrium Holdings

VEREIT

NIO

Finance > Capital markets: debt offerings

Milbank’s debt capital markets practice consistently works hand-in-hand with the firm’s premier aviation finance group to specialize in advising on aviation-related offerings. As a leader in commercial lending, the firm enjoys close links with all the major global banks making it a popular choice for underwriters’ counsel. The New York-based team also regularly advises issuers, particularly in the aviation, infrastructure and energy areas. Global capital markets head Marcelo Mottesi has a strong focus on Latin American work and represents Latin American and US corporates, private equity funds and banks on debt offerings. Paul Denaro is another key name for investment grade debt work and advises issuers and underwriters in both corporate and sovereign transactions. Additional contacts include US securities lead Rod Miller and Brett Nadritch, who had a strong run of aviation offerings over the past year.

Practice head(s):

Marcelo Mottesi 

Other key lawyers:

Key clients

Goldman Sachs

Credit Suisse

Bank of America Merrill Lynch

Barclays Capital

Citigroup

Deutsche Bank

MGM Resorts International

Red Rock Resorts, Inc.

JP Morgan

Nabors Industries, Inc.

Finance > Capital markets: high-yield

Although Milbank advises both issuers and underwriters, the finance powerhouse is best known for its ability to utilize its institutional relationships with major lenders to specialize in bank-side representations. A popular choice for global offerings, particularly involving Latin America, the firm is often called in to advise on complex, heavily structured cross-border deals, often involving acquisition finance or project bond elements. The New York-based team can turn its hand to deals in any industry sector, with its recent experience encompassing offerings in the aviation, energy, gaming and financial services spheres. Rod Miller heads up the US securities practice and has a strong profile for high-yield debt work, especially related to M&A financings and other strategic transactions. Marcelo Mottesi leads the global capital markets group and is recommended for his expertise in Latin America-related deals. Brett Nadritch has a marked international dimension to his practice and is also recommended.

Practice head(s):

Marcelo Mottesi

Other key lawyers:

Benjamin Miles; Rod Miller; Brett Nadritch 

Key clients

Bank of America Merrill Lynch

Barclays Capital

Citigroup

MUFG Securities

Credit Suisse

Deutsche Bank

Goldman Sachs

JPMorgan Securities LLC

MGM Resorts International/MGP

Morgan Stanley & Co. LLC

Media, technology and telecoms > Telecoms and broadcast: transactional Tier 3

Milbank’s multidisciplinary team handles a mix of telecoms financing work and space and satellite transactions, often with a cross-border element. The team is jointly led by space and satellite experts Dara Panahy and Peter Nesgos, based in Washington DC and New York respectively. It also has capabilities in advising on the development of complex telecom projects and, within the space and satellite industry, on commercial contracts, corporate or project financings, mergers and acquisitions, and restructurings. Patrick Campbell, a vastly experienced attorney across the telecoms space, advises wireline, wireless and satellite companies in addition to private equity clients. Senior associate Bijan Ganji and associate Alexis Sáinz are other key names to note.

Practice head(s):

Dara Panahy; Peter Nesgos

Key clients

OneWeb Satellites

NetLink NBN Trust

Es’hailSat (Qatar Satellite Company)

PT Pasifik Satelit Nusantara

Avanti Communications

Iridium Communications Inc.

MethaneSAT LLC

ING Group (Bank)

Barclays, Bank of America Merrill Lynch and UBS

Barclays, Credit Suisse, Morgan Stanley and Santander

Goldman, Sachs & Co., Mizuho Securities and J.P. Morgan.

Tax > US taxes: non-contentious Tier 3

Milbank's 'highly commercial' tax practice has 'good working knowledge of the market', where it advises on M&A, private equity deals and investment fund formation, and executive compensation. Of particular note in 2019, practice head Russell Kestenbaum and Max Goodman advised leading casino entertainment company Eldorado Resorts on its $17.3bn merger with Caesars Entertainment Corporation, to create the largest casino operator in the United States. Kestenbaum himself focuses on tax issues related to bankruptcies and IPOs, while Goodman is noted for expertise in the taxation of joint ventures in the real estate sector. Also recommended are Andrew Walker, who has experience advising on the tax aspects of capital markets transactions, and Eschi Rahimi-Laridjani, a 'practical' and 'thoughtful' tax advisor. All named lawyers are based in New York.

Practice head(s):

Russell Kestenbaum

Other key lawyers:

Max Goodman; Andrew Walker; Eschi Rahimi-Laridjan

Testimonials

‘They’re highly commercial and have good working knowledge of the market.’

‘Eschi Rahimi-Laridjani is very responsive and thoughtful; her advice is practical.’

Key clients

Apollo Aviation Group

PG&E

Cencosud Shopping

Eldorado Resorts

Garrison Investment Group

Bank of America Merrill Lynch

HPS Investment Partners

JP Lease Products and Services and Stratos Aircraft Management

Goldman Sachs Merchant Banking Division

PKA and PenSam

EIR

US Steel

Finance > Capital markets: equity offerings

Although not as high-profile as its debt capital markets practice, Milbank’s equity group handles a significant volume of transactions, particularly in the aviation sphere. The team also represents issuers, underwriters and investors in a broad mix of infrastructure, energy and gaming-related offerings. Latin America deals are a notable sweet spot and the New York-based team is a solid choice for global underwriters looking for counsel on cross-border offerings. Marcelo Mottesi heads the global capital markets practice and also co-heads the Latin America group; he routinely represents Latin America and US-based corporates, private equity funds and underwriters. Rod Miller leads the US securities practice and is recognized for his broad industry experience; he acts for both issuers and underwriters.

Practice head(s):

Marcelo Mottesi

Other key lawyers:

Rod Miller; Brett Nadritch

Key clients

Goldman Sachs

Credit Suisse

Bank of America Merrill Lynch

Barclays Capital

Citigroup

Deutsche Bank

MGM Resorts International

Red Rock Resorts, Inc.

JP Morgan

Nabors Industries, Inc.

Industry focus > Energy transactions: oil and gas Tier 4

Led out of New York by Jonathan Green and Daniel Bartfeld, Milbank has an excellent reputation in relation to the financing of upstream and downstream oil and gas projects. Although the team acts for both debtors and creditors, it is perhaps best-known for its work on behalf of commercial banks, in addition to multilateral and export credit agencies and lenders on international projects. Bartfeld is also well-versed at handling Latin American oil and gas-related matters.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

William Bice; Dan Michalchuk; Carolina Walther-Meade; Allan Marks

Labor and employment > Employee benefits, executive compensation and retirement plans: transactional Tier 4

Milbank’s employee benefits and executive compensation team works closely alongside the firm’s bankruptcy vertical to handle significant Chapter 11 proceedings and out-of-court restructurings, with practice heads Manan Shah and Joel Krasnow advising on go-forward employee retention and incentivization strategy. The practice recently advised on a number of high-value M&A transactions for corporate clients in the gaming, leisure, energy and infrastructure sectors, while a number of global investment funds enlisted the team to provide executive compensation advice on fund formation mandates. The team is based in New York.

Practice head(s):

Manan Shah; Joel Krasnow

Key clients

Eldorado Resorts

Ad Hoc Committee of Creditors to FirstEnergy Solutions

Ad Hoc Committee of Secured First Lien Lenders to Fullbeauty

Penn National

Blackstone

Official Committee of Unsecured Creditors of PG&E Corporation and Pacific Gas & Electric Company

First Infrastructure

Altavair Airfinance

Goshawk Aviation

Magazine Luiza

M&G Sky

U. S. Steel

M&A/corporate and commercial > M&A: large deals ($1bn+) Tier 4

John Franchini heads up the corporate practice at Milbank, which is engaged in an aggressive growth strategy, capitalizing on its established 'standout' position in the M&A market across the Americas. The firm has made a series of internal promotions, including that of Francisco Nuñez, who made partner in late 2019. Further, Iliana Ongun joined the firm from Wachtell, Lipton, Rosen & Katz, and is hotly tipped to play a major role in the practice group's future. In addition to new talent, the firm has also attracted new clients, including US Steel, which the team advised on its $2.33bn investment into Big River Steel. The firm has also enjoyed a run of activity thanks to its focus on infrastructure, with financial sponsors in a ready position to provide capital for a consistent flow of deals. Dean Sattler and Scott Golenbock have also had standout years. All lawyers are in the New York office unless otherwise stated.

Practice head(s):

John Franchini

Testimonials

Significant experience in M&A transactions across the whole team including speciality areas such as employment. Depth of expertise and quality of service at all levels from associates to partners is very high.

John Franchini does an excellent job. He provides solutions-focused advice and added value during negotiations.

Milbank stands out in Latin America for their volume of activity, having Latin American partners and associates allow them to tune well with local idiosyncrasies which facilitates the deal flow significantly.

Milbank’s partners I have worked with (John Franchini, Jaime Ramirez and Carlos Albarracin) have a very good knowledge and understanding of the client, which allows them to have a practical approach focused on the client’s objectives.

Key clients

Actis

Ad Hoc committee of lenders to FullBeauty Brands Holdings Corp.

Advent International

Aimco

AllianceBernstein

Altavair Airfinance

Anchorage

Apollo Aviation Group

Apollo Global Management

Basalt

BlackRock

BlackStone

Centerbridge Partners

Canada Pension Plan Investment Board (CPPIB)

El Dorado Resorts

Fengate

First Infrastructure

General Atlantic

GIC Special Investment

Glenmede Trust Company

Goshawk Aviation Group

Gymboree

Hana Alternative Asset Management

Daewoo

International Container Terminal Services (ICTSI)

Jones Energy

JPM Asset Management

M&G Investments

Magazine Luiza

Mercuria Energy

Mill Rock Capital Partners

Mitsui

Morgan Stanley Infra Partners

Nassau Reinsurance Group

Noatumn Logitstics

Novatus Energy

Ontario Teachers’ Pension Plan Board (OTPP)

Pamplona

Partners Group

Penn National Gaming

QIC Private Capital

Sociedad Austral de Electricidad (SAESA)

Sartorius

Setien

Stellex Capital Management

Tangent Capital Partners

The Carlyle Group

US Steel

Ventas

Intellectual property > Patents: litigation (full coverage) Tier 5

Milbank gained a new practice head in 2019 with the arrival of David Gindler who joined the Los Angeles office together with Gary Frischling, Lauren Drake and Yite John Lu from Irell & Manella LLP, which significantly strengthened the firm's patent litigation bench, especially on the West coast. The combined expertise of the new arrivals and the existing practitioners, chief among them New York trio Christopher Gaspar, Errol Taylor and special counsel Nathaniel Browand is extremely wide-ranging, spanning the life sciences, biopharmaceuticals, technology, electronics and semiconductor sectors as core focus areas. With the firm's track record as a successful litigation outfit in the key US patent venues, including the PTAB, the practice is well equipped to assist its high-profile clients with strategic cases, often involving high-stakes. Former practice head Mark Scarsi left the firm in early 2020 in order to be confirmed as an United States District Judge for the United States District Court for the Central District of California.

Practice head(s):

David Gindler

Testimonials

Errol Taylor has been able to put together a strong team with an environment that makes it fun working with them even under very stressful and though conditions. I think this is key to success in the end that you have a team that is engaged and committed to its client.

Errol Taylor is truly a star in the courtroom and has a very deep understanding of the pharmaceutical business as well as an impressive experience of litigation.

Nathaniel Browand is exceptionally sharp and is able to explain the most complex things to you in an understandable way.

David Gindler is an extraordinarily smart and gifted lawyer with gravitas inspiring confidence and respect – both as counsel to address, in a practical manner, complex legal and business issues, and as a fierce patent litigator and trial lawyer in bet-the-company cases.

Key clients

Take-Two Interactive Software, Inc.

Bayer Cropscience

MRSI Systems, Inc.

Auven Therapeutics

Orexo AB

Tris Pharma

The Oneida Group

Emeram Capital Partners

Boards and More

EB Research Partnership

Skysong Innovation

Genentech

Real estate > Real estate Tier 5

Milbank has a strong presence in the East Coast, and particularly New York, real estate market, where it is praised for its ability to ‘handle virtually any issue in-house’. In terms of sector strengths, the practice group stands out in areas of gaming and hospitality, but has also handled nationwide sales and acquisitions of retail properties, as well as other types of commercial real estate. Under the leadership of the ‘excellentKevin O’Shea, the team is especially active in the real estate finance space, routinely advising on mortgage and mezzanine loans, preferred equity originations, inter-creditor arrangements and performing and non-performing loan transactions. The team is also rated for its experience of UCC foreclosures and distressed debt work.

Practice head(s):

Kevin O’Shea

Other key lawyers:

Erwin Dweck; Yaakov Sheinfeld

Testimonials

‘Milbank employs a team approach to documenting our loans.  Someone from the team is always reachable and Milbank always meets timelines. We recently had an issue of misunderstanding with a customer over the interpretation of some documents and Milbank spent considerable time getting the client to understand our view.’  

‘Our primary contact is Jonathan Karl, who takes the lead on our documentation. Jonathan is very hands on and works well with our internal staff as well as our client and their counsel.  He and his team are good at bridging differences and driving to a solution/conclusion. We have had instances that required speed and Milbank delivered – including one where we went from term sheet development to closing in one month to accommodate a client’s property purchase timeline.  The breadth of Milbank’s practice also helps as we sometimes need their expertise on individual state statutes, environmental issues, etc.’  

‘They can handle virtually any issue in house. A word about partners: partner engagement is excellent at Milbank. There is never a time that I cannot get a hold of a partner on short notice or that they are unavailable for consultation.  It is almost as if they were my own in house counsel. Kevin O’Shea and Yaakov Sheinfeld are excellent.’

Key clients

Annaly Commercial Real Estate Group

Apollo Global Management

Artemis Real Estate Partners

Cerberus

Eldorado Resorts

Fortress Investment Group

Garrison Investment Group

HPS Investment Partners

JPMorgan Chase Bank

Mapletree Investments

MGM Resorts International

ONYX Equities

Otéra Capital

Pacific Investment Management Company (a/k/a PIMCO)

Pontiac Land Group

Prospect Ridge Advisors (a/k/a AllianceBernstein Real Estate)

DWS (f/k/a RREEF and Deutsche Asset & Wealth Management)

Sahara Group

SL Green Realty Corp.

State General Reserve Fund of the Sultanate of Oman

Sumitomo Mitsui Banking Corporation

Taconic Capital Partners

TPG Real Estate

Triangle Real Estate

Banking and finance > Banking and finance Tier 1

Milbank remains the dominant force in power and energy, oil-and-gas, and infrastructure financings, although its financing expertise stretches across most key products and jurisdictions in Latin America. The team is increasingly prominent in leveraged financings involving both bank and capital markets debt. The Latin America group is well stocked with senior practitioners who are supported by a sizeable cohort of high quality Portuguese and Spanish speakers. Clients include Bank of America Merrill Lynch, JP Morgan Chase, Citibank, Credit Suisse, HSBC, Goldman Sachs, Empresas Públicas de Medellín, I Squared Capital, YPF and Pan American Energy. The team advised Centrais Elétricas de Sergipe (CELSE) on the development and $1.5bn greenfield project financing of Porto de Sergipe I thermoelectric complex in Sergipe state,north eastern Brazil. In another substantial financing, the firm advised seven lenders on the $350m financing for the development and construction of the Fruta del Norte gold project in Ecuador. Moreover, it represented the institutional investors and commercial banks in the $815m bank/bond refinancing of the Fermaca El Encino Pipeline. The firm is 'one of the most experienced project finance law firms in Latin America',  'results oriented rather than ego-driven' and 'excels in finding a way forward on difficult or complex transactions'. Dan Bartfeld leads the firm's global project, energy and infrastructure finance practice and is co-head of the Latin America group; he is 'a very good manager', 'first choice in the market',  'efficient and non-combative', 'able to progress transactions during difficult moments', 'his depth of experience is second to none' and 'he gets the respect of his clients and manages a transaction in a way that other lawyers are not able to'. Bartfeld 'has assembled a fantastic team of very good Latin America partners' including Carlos Albarracin who is 'one of the standout guys' with a fine record in Mexico, Colombia, Peru and Argentina, especially in the oil-and-gas, power, mining and infrastructure sectors; he is a key name in relation to capital markets-driven financings. Carolina Walther-Meade is another top name, a Spanish and Portuguese speaking partner with excellent credentials in infrastructure, power, oil and gas, and mining. Roland Estevez is an emerging talent with an outstanding record in major project financings in Mexico, Colombia, Argentina and elsewhere across Latin America; he is 'a tireless worker with an upbeat attitude that is often necessary in getting projects across the finish line'. Jaime Ramirez is also gaining market recognition for cross-border financings throughout Latin America with one client highlighting his expertise in Colombia especially. All named partners are based in New York.

Projects and energy > Projects and energy Tier 1

Milbank is universally acclaimed as a leader in Latin America project development, project finance and in energy, natural resources and infrastructure investments and acquisitions. The firm has close connections to many of the most active lenders in the market, including commercial banks and DFIs. These include Crédit Agricole Corporate & Investment Bank, The Bank of Tokyo-Mitsubishi UFJ (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, Société Générale, Korea Development Bank, BBVA, Macquarie, Natixis and IDB. The firm outlined its leading credentials by advising more than a dozen institutional investors and a syndicate of commercial bank lenders on a hybrid $740m financing consisting of a private placement, term loan and credit facility for EVM II, a 850MW greenfield combined cycle natural gas-fired power plant in the Axapusco municipality, Mexico. It also advised the ECAs and commercial lenders on the $900m financing for the development, construction and operation of the Mina Justa copper-silver-gold mine in the Ica region of Peru. Other matters included representing the sponsors in the greenfield project financing of a water desalination project on the South Pacific coast of Chile for the operation of the Minera Spence copper mine. Daniel Bartfeld leads the firm's global project, energy and infrastructure finance practice and is also co-head of the Latin America Group; he is widely regarded as one of the premier names in the market and is credited with developing a market leading team. Carolina Walther-Meade is another big name with a fine record across power, oil and gas, mining and infrastructure. Jonathan Green is a senior figure in the firm with considerable experience in Latin America. Daniel Michalchuk and Los Angeles partner Allan Marks are also senior practitioners in Latin America projects, while Roland Estevez and Jaime Ramirez are part of an impressive younger generation of partners. Alec Borisoff has made a big impact on the Latin America practice since transferring to New York from Tokyo in 2017. All named individuals are based in New York unless stated otherwise.

Capital markets > Capital markets Tier 2

Milbank held a strong position in Argentina's growing capital markets activity before the economy took a turn for the worse. It nevertheless remains a prominent player throughout the region, including in Brazil where Sao Paulo-office founding partner Tobias Stirnberg has deep connections to Brazilian corporates and banks. Leveraging the firm's market leading presence in project finance, the practice gorup has achieved considerable profile in energy and infrastructure bonds. It is also noted for investment grade bonds and high yield debt. Clients include Bank of America Merrill Lynch, Cencosud, Credit Suisse, Deutsche Bank, Grupo Energía Bogotá, Cometa Energía, Morgan Stanley, Gol Airlines and JP Morgan. Recent work included advising Parque Eólico Marcona and Parque Eólico Tres Hermanas, two Peruvian wind power generation companies, as co-issuers on a $250m US private placement; and Transportadora de Gas Internacional on its $750m senior notes offering. The practice also represented the initial purchaser in the $650m reopening and $225m offerings of senior secured notes issued by Aeropuerto Internacional de Tocumen, the Panamanian government-owned operator of the country’s main airport in Panama City. Marcelo Mottesi 'is very knowledgeable, practical and keeps things in perspective'; he leads the global capital markets group and is co-head of the Latin America practice. Carlos Albarracin is also highly reputed for deals in Mexico, Colombia and Argentina, particularly in the oil-and-gas, power and infrastructure sectors; he is 'smart, does a lot of homework, has real intellectual capability and is quick to get to a practical solution'. Fabiana Sakai is an emerging name in Sao Paulo.

Corporate and M&A > Corporate and M&A Tier 4

Milbank remains a recognised leader in power, energy and infrastructure deals, and continues to develop its standing amongst private equity funds, infrastructure funds and other financial investors. Head of the global corporate group John Franchini has successfully leveraged the firm's prominent brand in Latin America and has been at the forefront of a number of headline deals, particularly for financial sponsors. Clients include Actis, Atlas Renewable, Carlyle (Infrastructure), Zuma Energia, IFM Investors, JP Morgan (IIF) Infrastructure Fund, Macquarie Capital, OMERS Infrastructure, Partners Group and EIG Global Energy Partners. The team advised global private equity firm Actis on its $1.25bn acquisition of the power generation assets of InterGen Servicios Mexico, an electricity generation business with 11 power plants in operation. It also advised OMERS Infrastructure on its $350m acquisition of a 35% stake in GNL Quintero in Chile; it was the asset manager's first direct infrastructure investment in South America. Global head of capital markets Marcelo Mottesi is an undoubted contributor to the success of the Latin America M&A practice, as are corporate partner Dean Sattler and Sao Paulo partner Fabiana Sakai. Named individuals are New York-based unless stated otherwise.

The firm: For over 150 years, Milbank has provided innovative legal solutions in many of the world’s largest, most complex, ‘first-ever’ corporate transactions and disputes. Milbank’s clients are prominent multinational financial, industrial and commercial enterprises, governments, institutions and individuals. In the US, Milbank has a headquarters office in New York as well as offices in Los Angeles and Washington, DC.

Types of work undertaken
Capital markets/securities: Milbank represents sellers, purchasers and financial intermediaries in international debt/equity offerings, derivatives/synthetic products, public utility financings, financial institution financings, project financings in capital markets, and domestic and foreign government financings.

Corporate/M&A/private equity: Milbank counsels clients on negotiated and hostile transactions in mergers and consolidations, stock/asset acquisitions and dispositions, strategic alliances, joint ventures, proxy contests/tender offers, leveraged/management buyouts, restructurings/bankruptcy reorganizations, and corporate governance and executive compensation matters. The firm represents participants in private equity investing, structuring, negotiating, executing and financing private equity, ‘going-private’, recapitalizations and exit transactions.

Executive compensation and benefits: Milbank advises on corporate transactions and financial restructurings, including advising the boards of directors and compensation committees on the design and implementation of compensation and change-in-control programs.

Financial restructuring: Milbank is known for prominent corporate restructurings and groundbreaking chapter 11 cases. The firm is at the forefront of most of the largest, most complex corporate restructuring matters in the world, and this group’s representations have earned it numerous industry awards. The key to the firm’s long-standing success is its unique ability to advise companies, creditors’ committees, financial institutions, funds and trustees in domestic and cross-border restructurings while providing perspective from all aspects of a case.

Gaming and hospitality: Milbank has represented the world’s most well-known names in gaming and hospitality, private equity, restructuring, bankruptcy, private/public financings, joint ventures and long-term management deals. The firm represents lenders, bondholders, opportunity funds, private equity funds, management companies, institutional investors and owners of hotel, resort and gaming properties.

Global leveraged finance: Milbank advises financial institutions, companies and private equity clients on leveraged transactions, including senior, subordinated/mezzanine debt transactions, bridge financings and high yield bond offerings. This group has experience structuring complex debt instruments used in multi-jurisdictional transactions, including financings for cross-border acquisitions and multi-currency credit facilities.

Latin America: Milbank has extensive experience in project financings, capital markets, privatizations, mergers and acquisitions, debt-for-equity conversions, corporate and public sector restructurings, and banking and financial services in Latin America.

Litigation and arbitration: Milbank’s litigators serve as lead counsel in some of the largest, most high profile disputes in the world. The firm represents clients in multi-jurisdiction securities litigations, white-collar/regulatory investigations, and complex disputes involving intellectual property, insurance, mergers and acquisitions, antitrust, and commercial litigation. Cases involve federal securities laws, patent infringement, corporate control contests, accounting fraud and financial restructurings. Unrivalled in mutual fund class action and derivative litigation, the team has been involved in more 1940 Act cases than any other law firm in the US.

Project, energy and infrastructure finance: Milbank represents leading players, such as debt and equity investors, private sponsors and government lenders, in the financing and development of the world’s most critical and pioneering infrastructure projects. In the past three years, the group has acted as legal advisor in hundreds of energy and infrastructure-related matters worldwide and raised billions of dollars of capital for a wide variety of transactions, including power (renewable and conventional), oil/gas, energy, transportation (roads, airports, subways, ports) and other infrastructure projects.

Real estate: Milbank’s real estate group advises leading financial institutions, investment banks, private equity funds, hedge funds, pension funds, REITS and sovereign wealth funds. The group has extensive experience with complex deals including structuring, negotiating and closing all varieties of equity and debt transactions.

Structured credit: Milbank represents both lenders and borrowers in debt financings involving distressed credits, asset-based loans secured by illiquid pools of collateral and loans to private investment funds secured by specified investments and/or capital commitments.

Structured finance and securitizations: Milbank advises on an array of non-traditional financial investments, products and strategies: specialty finance (including distressed and special situations investment), structured finance, derivatives/commodities, credit arbitrage, fund formation and institutional finance/private placements.

Tax: Milbank’s tax lawyers are leaders in developing innovative financial products and arrangements for corporations raising and investing funds in the international capital markets and structures for mergers and acquisitions, joint ventures and both majority and minority equity investments.

Technology and outsourcing: A leader in information technology and outsourcing transactions, Milbank has advised in more than 600 transactions in over 90 countries, with a combined deal value exceeding $150 billion.

Transportation and space: As a premier provider of advice to the aviation and space industries, Milbank’s transportation finance group’s transactions are routinely singled out for originality and prominence.

Trusts, estates and exempt organizations: Milbank serves prominent individuals and institutions in estate planning, trust and estate administration and litigation, and charitable giving. This group advises institutional fiduciaries and exempt organizations.

Photo Name Position Profile
 Marcus Dougherty photo Marcus Dougherty Partner, Global Leveraged Finance Group
 Drew Fine photo Drew Fine
 Marc Hanrahan photo Marc Hanrahan Practice Group Leader, Global Leveraged Finance Group
 Lauren Hanrahan photo Lauren Hanrahan Partner, Global Leveraged Finance Group
 Helfried Schwarz photo Helfried Schwarz
 Sean Solis photo Sean Solis Partner in the Alternative Investments Practice group