Clifford Chance > Washington DC, United States > Firm Profile

Clifford Chance
2001 K STREET NW
WASHINGTON DC 20006-1001
United States

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

Clifford Chance services a wide-ranging client base, and consistently acts for investment banks, arrangers, and finance and operating lessors. It also routinely advises servicers, investors, export credit agencies and governmental authorities. The New York-based practice fields both commercial and export credit agency financing experts, and is highly experienced in aviation capital markets transactions. The department also has a robust operating lessor practice that acts for established and newer operating leasing companies. Clients additionally benefit from the aviation finance team’s ability to leverage specialists from the firm’s tax, corporate, capital markets and litigation groups. In recent highlights, the team advised Global Jet Capital on a Covid 19-related asset-backed security transaction involving aviation assets. Co-leading the US asset finance practice are aircraft finance expert John Howitt and Zarrar Sehgal, who is experienced in asset finance deals. Particularly focused on aircraft assets, Emily Wicker focuses on secured lending and leasing transactions, while Patrick O’Reilly acts for lenders, borrowers and export credit agencies on aircraft financings. Former partner Madalyn Miller departed the firm in January 2022.

Practice head(s):

Other key lawyers:

Key clients

AerCap

Avolon

AWAS

BBAM

Deutsche Bank

DVB Bank

GECAS

Global Jet Capital

Goldman Sachs

Stonebriar Commercial Finance

Work highlights

  • Advised Global Jet Capital on a Covid 19-related asset-backed security transaction involving aviation assets.
  • Advised Goldman Sachs, as co-arranger, on the syndicated component of Avianca’s $2bn debtor-in-possession financing facility.
  • Advised GECAS and GE Equity on a joint venture arrangement involving PIMCO to create an aviation leasing platform to support up to $3bn in aircraft asset financings.

Tax > Financial products Tier 1

I haven’t yet found a complex tax issue the Clifford Chance  team can’t efficiently handle‘, says one client, impressed with the New-York-based team’s financial products tax practice. The group stands out for its expertise across a wide variety of derivatives and securities transactions, utilising a deep bench of specialists. Taking the lead is David Moldenhauer , whose practice includes complex tax structuring and risk assessments in relation to investment funds, carried interest and management co-investment arrangements, private equity investments and real estate transactions. Philip Wagman has developed significant expertise in tax issues arising from hard asset securitizations; Michael Seaton is an specialist in REITs; Avrohom Gelber focuses on cross-border finance and capital markets deals, including CLO securitizations; Jim Gouwar is noted for mortgage- and asset-backed transactions; and counsel Rebecca Pereira‘s practice puts an emphasis on advising private equity and real estate funds.

Practice head(s):

David Moldenhauer

Other key lawyers:

Philip Wagman; Michael Seaton; Avrohom Gelber; Jim Gouwar; Rebecca Pereira

Testimonials

‘This team has been very helpful with our review of M&A tax insurance submissions and tax policy underwriting. They’re top specialists in the field and are both very technical and commercial, which makes a difference in the context of M&A transactions.’

‘I haven’t yet found a complex tax issue the Clifford Chance team can’t efficiently handle. Though I’ll keep trying, not sure I will ever find one.’

‘Philip Wagman is an outstanding lawyer, a true technician who is able to quickly provide thoughtful and digestible advice on a wide range of highly complex tax issues. He is brilliant and an excellent writer, but he is also modest, approachable and kind, which makes working with Philip a real pleasure.’

Key clients

Capital Dynamics

American Landmark

Credit Suisse Asset Management, LLC

Bayview

Chimera

Waterfall Asset Management

Iconiq Capital

Morgan Stanley

Goldman Sachs

Work highlights

  • Advised Capital Dynamics on numerous high profile fund mandates including the formation of Capital Dynamics Global Secondaries V (GSEC V), the formation of Clean Energy Infrastructure X (CEI X) and the formation of Capital Dynamics’s inaugural US direct lending fund.
  • Advised American Landmark, a multifamily real estate owner/operator, on the closing of its third real estate fund with commitments of approximately US$918 million.
  • Advised Tikehau Capital in relation to various regulatory and tax requirements, including advising Tikehau Capital North America LLC on the establishment and capital raise of its inaugural private debt secondaries fund as well as U.S. regulatory requirements under the Advisers Act and full U.S. tax capabilities.

Finance > Structured finance: securitization Tier 2

Clifford Chance‘s New York-based team works closely with the firm’s tax practice, utilizing the expertise of James Gouwar  to provide comprehensive support to clients on a wide variety of securitizations, with particular expertise in RMBS and CMBS deals, as well as CLOs. The group is also well-versed in marketplace, consumer and student loan deals, as well as asset-backed securitizations. ‘Substantively knowledgeable and excellent‘, Robert Villani focuses on CLOs and loan securitizations and jointly leads the team alongside real estate-sector expert Lee Askenazi. Dual English and New York-qualified Gareth Old  is an expert in risk-transfer transactions and collateralized fund obligation deals. In Washington DC, Robert Hagan  focuses on private securitization and re-securitization pertaining to asset classes including performing and non-performing new origination and seasoned residential mortgages.

Practice head(s):

Robert Villani; Lee Askenazi

Other key lawyers:

Jim Cotins; Matt Lyons; James Gouwar; Gareth Old; Robert Hagan; Alistair Dunlop

Testimonials

‘Combines cross-border expertise, subject matter experts and a practical approach.’

‘Gareth Old – down to earth approach whilst making complex legal questions comprehendible’

‘Robert Villani is substantively knowledgeable and excellent and provides good service. I recommend him highly.’

Key clients

Waterfall Asset Management

ReadyCap Commercial

Chimera Investment Corporation

Bayview Asset Management

Nuveen

Global Jet Capital, Inc.

NYL Investors LLC

Société Générale

Kroll Bond Rating Agency

Symphony Alternative Asset Management

Work highlights

  • Advised Global Jet Capital, Inc., as servicer, and Business Jet Securities 2020-1, LLC, as issuer, on the issuance of US$521,800,000 Secured Notes in an asset backed securitization (ABS). The securitization (BJETS 2020-1) is the fourth ABS offering that Global Jet Capital has closed.
  • Advised a global asset manager in connection with over US$10.6 billion in collateralized loan obligation transactions.
  • Advised Bayview Asset Management on a number of securitizations related to US government agency credit risk transfer transactions, for a total note issuance of approximately US$2.85 billion.

Industry focus > Insurance: non-contentious Tier 2

The team at Clifford Chance has a client list that includes leading global private equity firms and their portfolio companies, asset manager and financial investors. Other elements of the practice include advising on alternative capital work, insurer investments designed to enhance capital treatment and insurance regulatory matters, as well as corporate and transactional work in the insurance industry. Neil Barlow was promoted to partner in April 2021 while Nick Williams departed in April 2021. All lawyers mentioned are based in New York.

Other key lawyers:

Testimonials

‘Great cohesive team support across different areas of expertise. Engaged team who provide effective commercial legal support to clients.’

‘Unique knowledge and perspective on insurance issues, and importantly are able to creatively link issues and legal concepts to clients needs and strategies’

‘Very accessible and engaging, Gary Boss extremely connected with industry and emerging issues. Deep insight from regulatory matters to “big picture” capital management, excellent recall on issues and matters relevant to our business’

‘The Clifford team are very knowledgeable and client-focused, always considering the issues from our perspective, our industry peers as well as giving the legal precedent. They are accessible, responsive and committed to delivering to our ever changing needs. Our needs have been focused on public company requirements including going from private to public and back to private. As well as various other considerations ranging from capital markets, debt, employment, tax.’

‘Gary Boss is great at putting the commercial goals first and viewing the job of the lawyers as facilitating those goals. Analisa Dillingham is one of the most thorough and detail-oriented lawyers I’ve worked with–when she gives an answer, I have a high degree of confidence it’s 100% correct. Kirsten Gaeta is fantastic at managing project timelines and the flow of documents even in complex transactions.’

‘Gary Boss and his insurance-focused team are very good, both technically and in terms of having a good sense of how to get to commercially-reasonable outcomes of negotiations and/or in structuring alignment of interests and other important attributes of insurance company formations and governance. The associates he has working with him are very knowledgable and are quick studies on new things they might not have known.’

‘This practice has an incredible amount of skill and expertise in advising on complex insurance matters. From regulatory advice across multiple jurisdictions, to structuring complicated reinsurance arrangements, to providing Board-level counsel, this practice does it all. They’ve got great people, great knowledge and a great work ethic. I could not ask for more.’

‘The individuals in this practice are intelligent, sharp, hardworking and diligent, all while being kind and caring people. It is a very rare combination of all those attributes. The stand-out partners include Gary Boss and Analisa Dillingham.’

Key clients

Apollo Global Management

Armour Group, backed by Aquiline Capital

Harrington Re

Fidelis

Fortitude Re, a portfolio company of The Carlyle Group

Legal & General Group plc / Banner Life Insurance Company and William Penn Life Insurance Company of New York

Premia Holdings Ltd., sponsored by Arch Capital and Kelso & Company

Sedgwick, a portfolio company of The Carlyle Group

Ategrity Specialty Holdings, LLC

Watford Holdings Ltd., backed by Kelso & Company and Warburg Pincus (now known as Somers Re)

Work highlights

  • Advised Apollo, a global alternative investment management firm, on many of its most significant and ongoing transactions, including a US$100 million investment by two insurance companies in a structured securitization sponsored by a financial services company.
  • Advised Sedgwick, a portfolio company of The Carlyle Group, on the sale of its group health peer review and independent medical examination assets to ExamWorks, LLC through a complex asset sale with unique structuring considerations.
  • Advised Watford on its approximately US$700 million sale to Greysbridge Holdings Ltd.

Real estate > Real estate investment trusts (REITs) Tier 2

At Clifford Chance, the multidisciplinary practice group has strength across capital markets transactions, private equity and M&A, and advises clients on US and international REITS work. The New York based team is able to leverage its global footprint to handle cross-border work with a representative matter in the European healthcare real estate space. Practice head Kathleen Werner , alongside senior partners Andrew Epstein  and Jay Bernstein remain the key practitioners, and are active in equity REITS, securities offerings, and IPO’s. Jason Myers is ‘very knowledgeable’ according to peers, and advises issuers, underwriters, and sponsors in the real estate sector. Other core members of the group include Michael Seaton, securities partner Jake Farquharson, and counsel Jason Parsont.

Practice head(s):

Kathleen Werner

Other key lawyers:

Testimonials

Clifford is well respected across the street. The team has a strong resume and deal experience in the mREIT sector, including on IPOs that require more work and guidance.

I have enjoyed working with Andy. We spent approximately 3 years working together on an IPO transaction, and I have developed a strong relationship with him. Andy has excellent transaction experience and is able to draw upon those experiences to provide thoughtful guidance. I think he does a nice job of anticipating potential issues and helping to manage a process around those items. Andy is a good communicator and responsive to requests. Andy appreciates the dynamics of having various constituents (client, company counsel, internal bank counsel, etc.) as part of a process and is constructive in managing discussions.’

Jason Myers is also very knowledgeable and I value his advice. Jason shares many of the same positive traits as Andy – anticipating issues, communication, managing constituents, etc. Jason took the lead and did a nice job on an important work stream with the SEC that was atypical given evolving SEC rules.’

Key clients

National Storage Affiliates

Safehold Inc.

Retail Opportunity Investments Corp

ReNew REIT LLC

Apollo Commercial Real Estate Finance, Inc.

Watermark Lodging Trust, Inc.

Hannon Armstrong Sustainable Infrastructure Capital, Inc

iStar Inc.

Ready Capital Corporation

Yes! Communities

Work highlights

  • Advised ReNew REIT on its joint venture with a new investor, a US real estate investment company, and other existing institutional investors to form a new REIT that will invest in the senior housing space in the US.
  • Advised the underwriters, led by Wells Fargo Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC, on wholesale mortgage lender Angel Oak Mortgage, Inc.’s (Angel Oak) IPO and NYSE listing, raising gross proceeds of approximately $136.8m.
  • Advised DigitalBridge Group, Inc. on its agreement to sell a substantial portion of its Other Equity and Debt (OED) portfolio of real estate assets to global investment manager Fortress Investment Group LLC for $535m.

Dispute resolution > Corporate investigations and white-collar criminal defense

Clifford Chance acts as lead counsel to multinational companies and high-profile senior executives on both domestic and cross-border investigations brought by a range of criminal and regulatory authorities. The team, which includes a number of former government prosecutors, works closely with colleagues in its wider international network under the leadership of David DiBari. DiBari brings over 30 years’ experience in civil, administrative and criminal matters with particular experience in sanctions, FCPA matters and anti-money laundering issues. New York’s Christopher Morvillo is recommended for internal investigations, regulatory matters, civil proceedings, and white-collar defense work. Renée Latour joined from Greenberg Traurig LLP January 2021. All named attorneys based in Washington DC unless otherwise stated.

Practice head(s):

David DiBari

Other key lawyers:

Dan Silver; George Kleinfeld; Joshua Berman; Celeste Koeleveld; Christopher Morvillo; John Friel; Renée Latour

Testimonials

‘Dan Silver is an extremely smart and thoughtful counsellor on white-collar and sanctions matters.’ 

‘Dan Silver has great judgment and a nice manner.’

‘George Kleinfeld is a financial sanctions savant with broad capabilities and experience, as well as insight in regulatory matters.’

‘David DiBari and team stand out with real strength in depth.’

‘Equally good with individuals or corporates.’

‘Particularly strong in cross-border matters and those involving parallel criminal/civil proceedings.’

‘Chris Morvillo is an absolute giant of a litigator; a hugely impressive lawyer on many levels.’

‘Celeste Koeleveld has a razor-sharp mind together with superb tactical instincts.’

Key clients

Swedbank AB (publ)

Mike Lynch, founder of Autonomy

Lawrence Hoskins, a former Alstom executive

Mr. Bruce Ohr

Ms. Nellie Ohr

Odebrecht

Work highlights

  • Delivered a report on anti-money laundering and an OFAC sanctions investigation into major Swedish bank Swedbank AB (publ) to the Swedbank Board of Directors.
  • Represented Odebrecht in the completion of the terms of its plea agreement and monitorship as a part of a major FCPA settlement.
  • Advising Dr Mike Lynch in connection with criminal investigations in the US and UK and related civil litigation.

Dispute resolution > Securities litigation: defense Tier 3

Clifford Chance's ‘highly capable, responsive‘ US litigation and disputes team, which is integrated with the firm’s global practice, includes seven former federal prosecutors and numerous former senior regulators and prosecutors from US regulatory agencies, including the SEC, the New York State Department of Financial Services and the Commodity Futures Trading Commission. Robert Houck in New York leads the practice and is ‘a terrific attorney, with great strategic sense and amazing analytic skills‘, while John Friel is ‘junior partner who is a rising star‘. Both played a key role in the defense of ICBC Standard Bank Plc in class action litigation alleged manipulation of platinum and palladium benchmarks in London, in which they secured the dismissal of all claims.

Practice head(s):

Robert Houck

Other key lawyers:

Testimonials

‘Highly capable, responsive, strategic team in New York and DC, with particular strength in securities and white collar.’

‘Rob Houck is a terrific attorney, with great strategic sense and amazing analytic skills. He is particularly strong in white collar and securities. John Friel is junior partner who is a rising star.’

Key clients

Bank of Montreal

Capital Dynamics

ICBC Standard Bank Plc

NatWest Markets

Mike Lynch, founder of Autonomy

Santander Bank

Work highlights

  • Advising the founder of Autonomy in connection with civil litigation and criminal investigations in the UK and US.
  • Representing ICBC Standard Bank plc, a large financial institution, in US class action litigation concerning alleged manipulation of platinum and palladium benchmarks in London.
  • Represented Bank of Montreal in a Louisiana federal court action alleging cartel activity in the syndication of GSE Bonds.

Finance > Capital markets: global offerings

Clifford Chance has an impressive mix of equity and debt offerings involving US and non-US issuers. This includes IPOs, equity offerings, investment grade and high-yield debt, covered bonds, project bonds and other transactions. The firm has gained further recognition for ESG and sustainability-linked offerings, including green and social bonds. Much of its global offering practice is centred on Latin America, where it represents a long list of issuers, including sovereigns and quasi-sovereigns such as the Republic of Guatemala and BNDES. Jonathan Zonis  leads the Latin America team and is the former co-head of the Americas capital markets group; he has worked extensively throughout the Latin America region, particularly focusing on Brazil, where the firm has a substantial Sao Paulo team, and helping to develop the firm’s standing in sovereign debt. Hugo Triaca  has also made a considerable impact on the practice, adding connections and experience in multiple Spanish-speaking jurisdictions. Per Chilstrom  has left the team to join Fenwick & West LLP.

Practice head(s):

Other key lawyers:

Hugo Triaca; Andrés Berry

Testimonials

‘Highly capable and commited professionals. Very responsive and always willing to put in the extra mile. Their service is worth every penny.’

‘Hugo Triaca and Andrés Berry are both very committed. They will do everything within their power to ensure the best results possible.’

‘Clifford Chance’s team is highly qualified, demonstrates great experience, knowledge and skill in all the consultancies it provides, in a timely manner and at a reasonable price.’

‘The partner, Hugo Triaca, is a highly competent, intelligent person, 100% committed to the successful development of the transaction. His vision and deep knowledge of the client, facilitates the advice, making the processes adjust to the realities of the company and be more efficient. Hugo Triaca has vast experience in capital markets, which differentiates him from his competitors, due to the great knowledge he possesses, always at the forefront. ’

‘Clifford Chance’s capital markets team delivers premium legal services. I have the opportunity to team-up with them regularly in cross-border bond offering, both corporate and sovereign, and their performance is always stellar. They are a great choice for high-end, complex transactions.’

‘Hugo Triaca is a superstar lawyer. Super hands-on, super solid and creative. He knows how to get deals done.’

‘Very hands on team. Partner fully involved. Fully bilingual which simplifies interaction with Latin American clients. They understand the communication limitations which certain Latin American clients may face and act as a bridge in order to enable investment banks to understand the questions and concerns of the clients.’

‘Very good interacting with issuers which are governments and state-owned companies.’

Key clients

AES Panama

Republic of Guatemala

Eletrobras

Empresas Públicas de Medellín E.S.P.

BNDES

Banco Latinoamericano de Comercio Exterior, S.A.

Compañía Latinoamericana de Infraestructura y Servicios S.A.

Corporación Financiera de Desarrollo S.A.

Goldman Sachs

CMI Energía

Work highlights

  • Advised on a number of sovereign and sub-sovereign debt restructurings in Argentina, including the ad hoc bondholder group with respect to the debt restructuring of 6.75% notes due 2021 by YPF Sociedad Anónima (YPF).
  • Advised BofA Securities on a new two-tranche notes offering by the Republic of Guatemala.
  • Advised the underwriters on Genetron Holdings’ $256m SEC-registered IPO on Nasdaq.

Finance > Project finance

A firm of international renown, the project finance team at Clifford Chance represents lenders, private sponsors and public bodies on the financing of projects both with the US and beyond. The firm has a position on the panel of U.S. International Development Finance Corporation (DFC), with which it works on a number of international projects; in 2021, Washington DC-based practice head Lori Bean represented the DFC in the financing of the modernization and maintenance of the public lighting system Rio de Janeiro. The group is also active at a domestic level and represents the US Department of Energy in relation to a number of energy projects. Beyond the partners, DC-based counsel Alberto Haito , a native Spanish speaker, is admitted to practice in New York and Peru, making him an ideal candidate to assist South American clients. Chris Willott  departed in September 2021.

Practice head(s):

Lori Bean

Other key lawyers:

Catherine McCarthy; Fabricio Longhin; Chris Willott; Alberto Haito; Jessica Springsteen; Julian Hurtado

Testimonials

‘The level of understanding of the concerns (including potential concerns) of the client and the quality of the work, including bringing solutions to deadlocks.’

‘The capability of listening and understanding the specialties of the client and also bringing recent market developments as solutions to specific scenarios in which no other would find a solution.’

I may highlight to Alberto Haito (Counsel) and Julian Hurtado (Associate) within Clifford Chance team as the best lawyers I have dealt with.’

Key clients

DFC

U.S. Ex-Im Bank

Build America Bureau of the U.S. Department of Transportation

U.S. Department of Energy

IDB Invest

IFC

KfW – the German Development Bank

EKF – Denmark’s Export Credit Agency

CAF – Development Bank of Latin America

Proparco – the French development bank

SACE, Simest

Hermes

Cofide

FDN

Paracel

Goldman Sachs

Citibank

SMBC

JP Morgan

UBS

Santander

Mizuho

Credit Suisse

Work highlights

  • Advised US International Finance Development Corporation (DFC) on a review of its entire portfolio.
  • Advised DFC in connection with the financing of the modernization and maintenance of the public lighting systemin the City of Rio de Janeiro.
  • Advised a group of banks on the dollar tranche and the interest and currency derivatives entered into for the financing for the construction of the Fourth Generation (4G) toll road Rio Magdalena 2 project in Colombia.

Finance > Structured finance: derivatives and structured products Tier 3

The global scope of the primarily New York-based team at Clifford Chance regarding structured products includes structured real estate transactions and CLOs, synthetic credit risk transfer transactions, securities lending, and over-the-counter derivatives. Practice head Lee Askenazi focuses on CLOs, asset-backed securities, and mortgage-backed securities; David Felsenthal specializes in derivatives and structured finance; and Gareth Old is a key contact regarding risk transfer transactions. Robert Hagan is based in Washington DC and covers structured finance and securitizations, while  Alistair Dunlop deals with structured finance transactions and cross-border structured debt transactions. Lawyers mentioned are in New York unless otherwise stated.

Practice head(s):

Lee Askenazi

Other key lawyers:

Testimonials

‘Ability to draft complex and bespoke arrangements; availability and responsiveness.’

‘Responsiveness; good turnaround time for documents.’

Key clients

Securities Industry and Financial Markets Association (“SIFMA”)

Bayview Asset Management / Oceanview Life and Annuity

PIMCO

UBS

Western Alliance Bancorp

Texas Capital Bank (TCB)

Nomura

Goldman Sachs

Apollo Global Management

Angelo Gordon

JP Morgan

Standard Chartered

ICBC Standard Bank plc

Ready Capital / Waterfall Asset Management

Inter-American Investment Corporation

Credit Agricole

Waterfall Asset Management

AIG

The Prudential Insurance Company of America

Credit Suisse

Taulia Inc.

Work highlights

  • Advised Texas Capital Bank (TCB), on a credit risk transfer transaction linked to mortgage warehouse loans. TCB is the first regional US bank to enter into a credit risk transfer transaction and others are expected to follow.
  • Advised Ready Capital and its affiliates as a borrower under the first ever broadly syndicated mortgage repo, a syndicated loan facility for small balance commercial mortgage loans.
  • Advised Inter-American Investment Corporation in connection with the $489m securitization of Chilean electricity tariff receivables.

Media, technology and telecoms > Fintech Tier 3

Clifford Chance has an experienced multi-disciplinary practice that combines the firm’s global financial services capabilities with an experienced technology group. Clients range from major global financial institutions and industry bodies through to start-up fintech companies, who benefit from the team’s transactional, regulatory and contentious support. In addition to traditional banking, insurance and payments products, the team has grown its focus on blockchain and cryptocurrency-related mandates. Assisting VanEck Associates Corporation on the development and launch of two exchange-traded cryptocurrency trusts demonstrates the firm’s melding of the traditional and the new. The fintech team is led by the Washington DC-based regulatory partner Steven Gatti who assists with enforcement and non-contentious matters. Other key lawyers include regulatory partner Megan Gordon (Washington DC) and New York’s David Felsenthal, a structured finance partner with a good track record for structuring blockchain and token sales.

Practice head(s):

Steven Gatti

Other key lawyers:

Key clients

Van Eck

Securitize

R3

HQLAx

WEX

Fidelity National Information Services (FIS)

Slice Technologies

Cauris

Chamber of Digital Commerce

ISDA

Work highlights

  • Advised VanEck Associates Corporation on the structuring and organization of two exchange-traded cryptocurrency trusts.
  • Advised Securitize on its strategic acquisition of Distributed Technology Markets.
  • Advised HQLAx and Deutsche Börse on their jointly developed distributed ledger technology (DLT) solution for frictionless collateral swaps in the securities lending market.

Tax > International tax Tier 3

Working alongside a network of global offices in 22 countries, the New York-based international tax team at Clifford Chance is particularly strong advising on multi-jurisdictional tax-related transactions, tax risks, and securitizations. Practice head David Moldenhauer is a key resource for tax structuring, private equity investments, and corporate acquisitions and restructurings. He works alongside Avrohom Gelber, a specialist in cross-border finance and CLO securitizations; Philip Wagman, who focuses on domestic and cross-border M&A and leveraged buyouts; and Michael Seaton, an expert in complex REIT transactions and the formation of mortgage-backed securities. Counsel Rebecca Pereira covers tax structuring advice for investment management funds, while James Gouwar is noted for his work on structured finance transactions, including REMICs. Additionally, international tax specialist Paul Seraganian joined from Osler, Hoskin & Harcourt LLP in November 2021.

Practice head(s):

David Moldenhauer

Testimonials

This team has been incredibly helpful with our review of M&A tax insurance submissions and tax policy underwriting. They’re top specialists in the field and are both very technical and commercial, which makes a difference in the context of M&A transactions especially.

Key clients

Ardian

Aberdeen Standard Investments

Watford Holdings Ltd.

Almanac Realty Investors

Stockbridge Capital Group, LLC

DigitalBridge (f/k/a Colony Capital)

alterDomus

American Landmark

Huntsman Corporation

Capital Dynamics

Ready Capital Corporation

Mercer Alternatives AG

Tikehau Capital North America LLC

Credit Suisse Asset Management, LLC

Cantor Fitzgerald

Work highlights

  • Advised private equity firm Ardian on tax aspects of the strategic acquisition by its investee company, The Dedalus Group, of DXC Technology’s healthcare software provider business.
  • Advised Aberdeen Standard Investments on the tax aspects of the secondary sale of a ~$500m portfolio of over 140 LP positions held across eight vehicles advised by Aberdeen Standard Investments to a new ASI-managed vehicle seeded by Coller Capital’s CIP VIII.
  • Advised Watford on the tax aspects of its approximately $700m sale to Arch Capital Group Ltd.

Tax > US taxes: non-contentious Tier 3

Praised by clients for their ‘unparalleled’ expertise in the full range of tax concerns, Clifford Chance routinely advises on fund investments and formations, securitizations, and mortgage-backed securities for a host of private equity houses and other institutional investors. The team is especially active in REIT transactions, where Mike Seaton is a key driving force. Practice head David Moldenhauer is recommended for his wide-ranging financial products expertise, while the ‘outstanding‘ Philip Wagman focuses on the tax aspects of various transactions, equipment leasing, and securities offerings. Jim Gouwar anchors the team’s MBS offering, advising hedge funds, regulated investment companies, and other pooled investment vehicles on all manner of securitization structures. Counsel Rebecca Pereira specializes in transaction structuring for private equity and real estate funds. All named lawyers are based in New York.

Practice head(s):

David Moldenhauer

Testimonials

‘This team has been incredibly helpful with our review of M&A tax insurance submissions and tax policy underwriting. They’re top specialists in the field and are both very technical and commercial, which makes a difference in the context of M&A transactions especially.’

‘The Clifford Chance tax team’s breadth of expertise on transactional tax matters is unparalleled. They’ve helped us to quickly make informed business decisions on tax issues relating to M&A, restructurings, flow-through entities, financial products, tax equity investments, and compensation and benefits.’

‘Philip Wagman is an outstanding lawyer, a true technician who is able to quickly provide thoughtful and digestible advice on highly complex tax issues. He is brilliant and an excellent writer, but he is also modest, approachable and kind, which makes working with Philip a real pleasure.’

Key clients

Almanac Realty Investors

Stockbridge Capital Group, LLC

DigitalBridge (f/k/a Colony Capital)

Ardian

American Landmark

Huntsman Corporation

Capital Dynamics

Ready Capital Corporation

Mercer Alternatives AG

Cantor Fitzgerald

Work highlights

  • Represented Almanac Realty Investors in connection with the tax aspects of the structuring and formation of a joint venture real estate platform with Davlyn Investments.
  • Represented Stockbridge Capital Group LLC on the tax aspects of its joint venture with the National Pension Service of Korea and two other investors to acquire a follow-on portfolio of 23 logistics properties in the US.
  • Advised Ardian on the tax aspects of the strategic acquisition by its investee company, The Dedalus Group, of DXC Technology’s healthcare software provider business.

Antitrust > Merger control Tier 4

Clifford Chance has continued to expand its merger control offering, with counsel and HSR specialist Tarica Chambliss joining the Washington DC-based practice in April 2021 from a governmental role. The team combines a strong deal flow, advising a number of repeat clients on antitrust clearances, as well as offering expertise in more contentious proceedings, including merger investigations and challenges by the DOJ and FTC. In a significant development, the firm is currently representing General Electric in proceedings relating to  the sale of its GE Capital Aviation Services to AerCap. Notably, the firm includes a number of former DOJ officials who are able to advise clients on emerging trends within antitrust law, with practice co-head Sharis Pozen a former acting Assistant Attorney General, while Peter Mucchetti is a former head of the DOJ’s Healthcare and Consumer Products Section, and maintains strong expertise in those sectors. Timothy Cornell co-leads the team, and advises on merger clearances as well as representing clients in regulatory reviews. John Friel represents corporate and financial services clients, with particular strength in litigation and cross-border matters.

Practice head(s):

Timothy Cornell; Sharis Pozen

Testimonials

‘Sharis Pozen and Peter Mucchetti have deep knowledge and contemporary understanding of the laws and the agencies.’

‘Great industry knowledge on a global scale.’

Key clients

General Electric

Philip Morris International (PMI)

Hitachi

Adobe

Roku

Snap

Epic Games

Henkel

Mondelez

Oracle

CVC Capital Partners

Partners Group

Hearst

E+I Engineering Group

Unilever

Deutsche Bank

ICBC Standard Bank

BMO Capital Markets Corp.

Institute of International Finance

Informa

Work highlights

  • Advising General Electric on AerCap’s acquisition of GE Capital Aviation Services business.
  • Advising Philip Morris International on responding to third-party document and deposition subpoenas issued by the U.S. Federal Trade Commission.
  • Representing Epic Games in global litigation and antitrust authority investigations.

Dispute resolution > International arbitration Tier 4

'A growing practice', according to sources, Clifford Chance's US arbitration offering is noted both for its capability in US and Latin America-related disputes, as well as its ability to plug into the wider firm's global arbitration group. The team is well versed in commercial and investment treaty arbitrations, with a particular emphasis on construction, energy and infrastructure disputes. Washington DC-based David DiBari spearheads the US litigation and dispute resolution practice and specializes in defending global companies in multi-jurisdictional litigation. In New York, Anthony Candido has a focus on commercial disputes, including arbitrations. Counsel José García Cueto, based in Washington DC, is a 'young remarkable attorney' and handles commercial and investor-state cases.

Testimonials

‘This is a growing practice that has gone from handling smaller matters in LatAm to handling billion-dollar disputes. If I were a potential client I would like to know that they respond very fast to queries, are sharp and leave no stone unturned.’

‘Clifford Chance (Washington DC office) has a very dynamic, fast and aggressive performance as litigation attorneys. They also have good rates in comparison with other law firms of the same tier.’

‘The Clifford Chance Latin American practice is a thriving group. They are very flexible in terms of fee arrangements and provide a top-quality service.’

‘Innovation-wise we have been working with them through a tech interactive portal owned by CC, which allows multiple people to work in parallel in the matter and always receive updates as to the different work streams.’

‘José García Cueto stands out as a hard-working and detail-oriented lawyer. Always available and with a comprehensive knowledge of both US and LatAm matters.’

‘José García Cueto is an outstanding lawyer with deep knowledge of arbitration.’

‘José García Cueto is a young remarkable attorney. He is well known in the arbitration community and is a wonderful oral advocacy attorney.’

‘José García Cueto is an outstanding attorney. He reacts very well under strong job pressures, he delivers good products in short time frames and he has a lot of experience even at his young age.’

Key clients

Odebrecht Latinvest S.À.R.L.

Crocus Nano Electronics

Enel Fortuna, S.A.

Ingeniería Estrella, S.A.

Consorcio Copán

OEC, S.A.

Steag GmbH

Work highlights

  • Represented Odebrecht Latinvest in a $1.1bn ICSID investment arbitration concerning a pipeline concession.
  • Successfully represented Crocus Nano Electronics, a Russian microchip manufacturer, in a New York-seated ICC arbitration arising from the breach of technology development and licence agreements.
  • Represented Enel Fortuna in an ICSID dispute with the Republic of Panama regarding its investment in the energy sector.

International Trade > International trade Tier 4

'Experienced, reliable and prompt', Clifford Chance's international trade, regulatory and enforcement practice is held up by clients for providing 'great support'. Export controls and economic sanctions matters are a mainstay of the group and it has a strong record in defending domestic and multinational clients in government investigations. It also frequently advises on regulatory compliance issues and CFIUS reviews. Sanctions specialist George Kleinfeld is an 'expert in his field', according to some, and co-heads the department alongside David DiBari, who has a focus on trade controls and anticorruption issues. In 2021, the firm boosted its international trade offering with the hires of trade control and CFIUS partner Renée Latour from Greenberg Traurig LLP and counsel Jamal El-Hindi, who joined from the Treasury, where he was Deputy Director of the Financial Crimes Enforcement Network (FinCEN). Named lawyers are based in Washington DC.

Testimonials

‘Very experienced, reliable and prompt team! Provides great support.’

‘I have 20 years of experience in the field and worked with many different law firms from various jurisdictions, George Kleinfeld is the best lawyer I’ve ever worked with. Always prompt, clear and reliable. He is a true expert in his field.’

Key clients

Swedbank AB (publ)

London Metal Exchange

Capital Dynamics

Work highlights

  • Assisting Swedbank AB with a report on an extensive anti-money laundering and OFAC sanctions investigation.
  • Representing a large global product manufacturer in conducting a DOJ and OFAC investigation into a joint venture partner for alleged violations of North Korean sanctions.
  • Acting as special counsel to a Chinese multinational corporation in relation to OFAC sanctions matters.

Finance > Capital markets: debt offerings Tier 4

Clifford Chance operates a broad-based practice covering investment grade, high-yield, covered bonds, project bonds and other capital markets transactions. The firm is particularly known for offerings by REITs and Latin American entities, including sovereign and sub-sovereign issuers. Closed end fund offerings and debt restructuring exercises are also fortes for the team. Andrew Epstein is an experienced figure in debt offerings by REITs, along with co-head of the department Kathleen Werner. Fellow co-head Jonathan Zonis and Hugo Triaca are key names in Latin America transactions, including sovereign bond offerings. Larry Medvinsky and Per Chilstrom have both left the firm.

Practice head(s):

Jonathan Zonis; Kathleen Werner

Other key lawyers:

Andrew Epstein; Hugo Triaca

Key clients

Global Self Storage

Ready Capital Corporation

National Storage Affiliates

Watermark Lodging Trust

Goldman Sachs International

iStar, Inc.

Safety, Income & Growth

Cantor Fitzgerald

Wells Fargo Securities

HSBC Securities (USA) Inc.

Work highlights

  • Advised BofA Securities Inc. as initial purchaser, global coordinator and sole book-running manager, in connection with a new two-tranche notes offering by the Republic of Guatemala.
  • Advised The Ad Hoc Bondholder Group with respect to the debt restructuring of 6.75% Notes due 2021 by YPF Sociedad Anónima (YPF), Argentina’s state-run energy company.
  • Advised CMI Energía, the renewable energy business unit of agro-industrial conglomerate Corporación Multi Inversiones (CMI), on the refinancing of $1bn in existing project finance debt owed by its subsidiaries in Guatemala, Honduras, Nicaragua, Costa Rica, El Salvador and the Dominican Republic.

Finance > Capital markets: equity offerings

Clifford Chance continues to be recognised for its prominence in REIT and Latin America offerings. Its global standing makes it especially well-equipped to handle US offerings by overseas issuers. It is also prominent in closed-end fund offerings in the US market; it advised BofA Securities as lead underwriter, on the IPO of BlackRock Capital Allocation Trust, a registered closed-end fund. Andrew Epstein and Kathleen Werner  are leading figures in REIT offerings, including equity REITs and mortgage REITs, along with SPAC IPOs. Jonathan Zonis  is co-head of Americas capital markets and is noted for Latin America offerings and issuances from other parts of the globe, while Hugo Triaca  is another key name for Latin America offerings. Clifford Cone  is closely associated with fund offerings. All named individuals are based in New York.

Practice head(s):

Jonathan Zonis; Kathleen Werner

Other key lawyers:

Andrew Epstein; Hugo Triaca; Clifford Cone

Key clients

Global Self Storage

Ready Capital Corporation

National Storage Affiliates

Watermark Lodging Trust

Goldman Sachs International

iStar, Inc.

Safety, Income & Growth

Cantor Fitzgerald

Wells Fargo Securities

HSBC Securities (USA) Inc.

Work highlights

  • Represented BofA Securities, Inc., as lead underwriter, on the initial public offering of BlackRock Capital Allocation Trust, a registered closed-end fund listed on the NYSE, in a deal which raised more than $2.25bn in net proceeds to the Trust.
  • Advised HH&L Acquisition Co., a special purpose acquisition company, on its formation, $414m IPO and listing on the New York Stock Exchange.
  • Acted as the underwriters, led by Wells Fargo Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC, on wholesale mortgage lender Angel Oak Mortgage, Inc.’s (Angel Oak) IPO and NYSE listing, raising gross proceeds of approximately $136.8m.

Finance > Capital markets: high-yield debt offerings

Clifford Chance has a healthy mix of issuer and underwriter engagements, being noted especially for real estate, specialty finance and Latin America deals. The firm has gained further recognition for ESG, green and sustainability-linked offerings, along with debt restructuring-related transactions. Gary Brooks  is a prominent name in high-yield debt and leveraged finance, and has strong connections to underwriters. Jonathan Zonis  and Hugo Triaca  are also rated for high-yield debt deals originating in Latin America.

Practice head(s):

Other key lawyers:

Key clients

Goldman Sachs

Ready Capital Corporation

CMI Energía

Compañía Latinoamericana de Infraestructura y Servicios S.A

BofA Securities, Inc.

Hannon Armstrong Sustainable Infrastructure Capital Inc.

UBS

Apollo Commercial Real Estate Finance, Inc.

Centrais Elétricas Brasileiras S.A. – Eletrobras

J.P. Morgan

Work highlights

  • Advised CMI Energía, the renewable energy business unit of agro-industrial conglomerate Corporación Multi Inversiones (CMI), on the refinancing of approximately US$1 billion in existing project finance debt owed by its subsidiaries in Guatemala, Honduras, Nicaragua, Costa Rica, El Salvador and the Dominican Republic.
  • Advised BNP Paribas, Bradesco, Citigroup, Itau BBA, J.P. Morgan, Rabobank, Santander and UBS on the inaugural issuance of US$750 million 5.250% sustainability-linked Notes due 2028 by Amaggi, one of the largest vertically-integrated agribusiness companies in Latin America.
  • Advised on The Ad Hoc Bondholder Group (the Group) with respect to the debt restructuring of 6.75% Notes due 2021 by YPF Sociedad Anónima (YPF), Argentina’s state-run energy company. The Group, composed of institutional money managers managing or advising funds and other noteholders, held approximately 45% of the 2021 Notes and additional debt securities that were subject to the YPF exchange offers. The issuer aimed to exchange over US$6.2 billion in overall debt as part of this transaction.

Industry focus > Energy: renewable/alternative power Tier 4

Clifford Chance undertakes a variety of transactional work in the alternative energy space, but is perhaps best known for its involvement in the financing of renewable energy projects across the United States. The firm is a popular destination among US-based investment banks active in the Latin American energy sector, and is also often engaged in multilateral and export credit agency financings in LATAM and Africa. Department head Lori Bean, who is based in Washington DC, and is counsel of choice for numerous commercial banks and institutional investors in the development of renewable energy projects. She receives key support from Fabricio Longhin , who also works out of DC, and advises on all aspects of project development, concession contracts and financing matters. Hugo Triaca  in New York is particularly noted for his experience in equity and debt offerings, and corporate governance.

Practice head(s):

Lori Bean

Other key lawyers:

Fabricio Longhin; Hugo Triaca; Peter Hughes; Alberto Haito

Key clients

DFC

U.S. Ex-Im Bank

U.S. Department of Energy

IDB Invest

IFC

KfW – the German Development Bank

EKF – Denmark’s Export Credit Agency

CAF – Development Bank of Latin America

Proparco – the French development bank

Allianz

Solarpack

Paracel

Reden Development Chile

Grenergy

Genneia

AES Corporation

Work highlights

  • Advising on the launch of “HyDeal North America”, a consultation platform established by the Green Hydrogen Coalition with the aim to build scaled supply chains that deliver green hydrogen at US$1.50/kg by 2030.
  • Advised DOE LPO in its role as loan guarantor regarding the consent processes related to the sale of the Shepherds Flat wind project from Caithness to Brookfield and Brookfield’s subsequent requests to repower the project and finance the repowering with tax equity, construction debt, and back-leverage financing.
  • Advised IDB Invest on the financing to Neoen SA for two battery storage projects with a total capacity of 11MW and 8 MWh to be installed at the existing Capella and Providencia solar plants in El Salvador.

Investment fund formation and management > Private equity funds (including venture capital) Tier 4

Clifford Chance‘s New York-based offering collaborates closely with funds, regulatory and tax specialists located in the firm’s offices across the globe – including in London, Paris, Frankfurt, Amsterdam, Hong Kong and Beijing – ensuring that the group can seamlessly assist with all the requirements involved in an international fund raise. The team has particular expertise in real estate, clean energy and infrastructure funds, as well as GP stakes and secondaries transactions. In spring 2021, the lateral hire of Susan Burkhardt – who brings with her a decade of combined experience at Apollo, Blackstone and its private credit arm GSO Capital Partners, and D.E. Shaw – in April, and the subsequent internal promotion of Daniel Drabkin in May increased the range of talent available at partner level. Michael Sabin and Clifford Cone share leadership of the practice.

Practice head(s):

Michael Sabin; Clifford Cone

Other key lawyers:

Testimonials

‘Good knowledge of the industry.’

Key clients

Alecta Investment Management

American Landmark

Arison Holdings

Cambridge Associates

Capital Dynamics AG

Credit Suisse Asset Management

Digital Bridge (f/k/a Colony Capital)

Exeter Property Group

Five Arrows Managers

Greystone

Grubb Properties

Iconiq Capital

Jus Capital

Mercer Investment Management

Oxford Finance

Partners Group

Pelham S2K

Rothschild & Co Investment Managers

TCW Asset Management Company LLC

Tikehau Capital North America LLC

Work highlights

  • Advised Capital Dynamics on the formation of its $1.5bn Clean Energy Infrastructure Fund X, and its $786m Global Secondaries Fund V.
  • Assisted Tikehau Capital North America LLC with the establishment and capital raise of its inaugural private debt secondaries fund, Tikehau Private Debt Secondaries, and with several secondary acquisitions.
  • Advised American Landmark on the final close of American Landmark Fund III, with total capital raised in excess of $1bn.

Real estate Tier 4

Clifford Chance is highly regarded for its representation of REITs and real estate funds. Ness Cohen leads the New York based team, comprised of ‘dealmakers and solution driven attorneys’ such as Eddie Frastai and Jeanne Roig-Irwin, both experienced in transactions involving retail, office, hotel, commercial and mixed-use properties. ‘Wickedly smart and sharp‘, Cohen is a trusted counsel for many of the country’s leading investors, lenders, insurance companies and private equity funds.

Practice head(s):

Ness Cohen

Other key lawyers:

Eddie Frastai; Jeanne Roig-Irwin

Testimonials

‘Consistently excellent advice and service. Dealmakers and solution driven attorneys that do not get hung up on minutiae. While I am sure they are handling many matters at once, you never feel like your work is not a priority.’

‘Ness Cohen is wickedly smart and sharp. He has a unique ability to focus on the real issues at hand and boil them down which helps greatly to solving what may seem at first an impossible problem or one that seems zero sum. Ness does a great job leading matters and bringing in needed talent.’

‘Clifford Chance is best in class across the board. In addition to their expert core teams, they also bring tax, regulatory and industry specialists to each deal to provide comprehensive support and advice. They are very collaborative and thoroughly understand our firm’s strategy and culture which leverage to tailor their work to our needs preemptively.’

‘All of the legal professionals at Clifford Chance are super responsive and proactive at driving communications. The team has never missed a request and does a great job of providing timely status updates. I also appreciate that Clifford Chance professionals bring an informed opinion to the table and do their best to provide immediate advice or indicators while letting you know their plan to fully vet the issue.’

Key clients

Almanac Realty Investors

Amherst Residential

Deutsche Finance Group

Safra Group

Madison International Realty, LLC

National Storage Affiliates Trust

ReNew REIT LLC

Stockbridge Capital Group, LLC

New York Life Insurance Company

YES Communities, LLC

Rescore Property Corp.

Work highlights

  • Advised Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, in connection with three transactions totalling up to $1bn, including the structuring and formation of a joint venture real estate platform with Davlyn Investments focused on multifamily assets.
  • Advised Yes! Communities, LLC, a private REIT and the largest private owner and operator of manufactured housing communities on the acquisition of 49 manufactured housing communities, and the acquisition through various subsidiaries, of 28 properties, including 27 manufactured home communities and one multifamily apartment, in six states.
  • Represented Deutsche Finance Group on a joint venture and structuring relating to the acquisition and financing of the iconic Transamerica Pyramid office tower in San Francisco as well as two neighboring properties from Transamerica and its parent company, Aegon.

M&A/corporate and commercial > Private equity buyouts Tier 5

Leveraging its global private equity presence, the New York-based team at Clifford Chance advises major sponsors including Apollo, Carlyle, CVC, and their portfolio companies on acquisitions, disposals, and equity investments, with a particular strength in insurance M&A for bulge-bracket funds. The firm offers significant financial services expertise through practice head Gary Boss , and regularly handles cross-border transactions, including advising European portfolio companies on their expansion into the US, and vice versa. Dual UK-qualified Neil Barlow is noted for his ‘exceptional‘ work on strategic buyouts, with CVC and Carlyle noted relationship clients. Associate Lily Phan joined the team in January 2021 and focuses on transactional work for large financial investors.

Practice head(s):

Gary Boss

Other key lawyers:

Testimonials

The team is always available to provide their advice and insights on pure legal matters but also strategy of the deal process.

Working with Neil Barlow has been exceptional. Neil has been working with us since day one and therefore has all the history of what we have done but also is highly capable adding value on deal tactics, unlocking issues and covering us well for potential unidentified issues that may come.’

Clifford is able to cover multiple jurisdictions, which makes managing a cross-border transaction much easier.

Diverse multi continental team capable of meeting needs. strong presence in each of the practice areas required to get the deal across the line.

Key clients

Apollo Global Management

Armour Group

Ardian

Capital Dynamics

DigitalBridge Group, Inc.

Fortitude Re, a portfolio company of The Carlyle Group

CVC Capital Partners

alterDomus, a portfolio company of Permira

Sedgwick, a portfolio company of The Carlyle Group

Sitecore, a portfolio company of EQT Partners

The Carlyle Group

Watford Holdings Ltd

Corinthian Capital Group, LLC

Work highlights

  • Advising Apollo on a $100 million investment by two insurance companies in a structured securitization sponsored by a financial services company.
  • Advised Sedgwick, a portfolio company of The Carlyle Group, on the sale of its group health peer review and independent medical examination assets to ExamWorks.
  • Advised Watford on its approximately $700 million sale to Greysbridge Holdings.

Finance > Restructuring (including bankruptcy): corporate Tier 6

Clifford Chance continues to have a prominent presence in significant American and Latin American restructuring matters, particularly those involving aviation. Jennifer DeMarco  heads the practice from New York. Counsel Sarah Campbell has represented lenders, debtors and agent banks. Douglas Deutsch is also worth noting due to his handling of both transport and retail cases. Michelle McGreal is best known for her expertise in bankruptcies, out-of-court workouts and financing transactions.

Practice head(s):

Jennifer DeMarco

Other key lawyers:

Testimonials

‘Objectivity and creative thinking.’

‘Jennifer DeMarco – hands on.’

‘Jennifer DeMarco and her team are top-notch, knowledgeable in restructuring and insolvency and are able to get deals done.’

‘Doug Deutsche is an outstanding restructuring expert. Great client service and always conscious of delivering practical commercial advise as efficiently as possible.’

Key clients

JP Morgan

Wilmington Savings Fund Society

Goldman Sachs

US International Development Fund (“DFC”)

Citibank

Cortland Capital Markets Services LLC

Credit Agricole

Mizuho Bank

PIMCO

Siemens

SMBC

Standard Chartered Bank

Natixis

Work highlights

  • Advised Compañía Latinoamericana de Infraestructura & Servicios S.A. on the successful restructuring of its senior secured and unsecured notes, with an approximate value of $302m and $29m respectively.
  • Advised an Ad Hoc Committee of Holders of Notes Issued by Voyager Aviation Holdings, LLC in relation to its existing unsecured senior notes, with an approximate value of $415m.
  • Advised multiple aircraft lessors and finance parties in connection with the ongoing pre-arranged chapter 11 proceeding of Philippine Airlines.

M&A/corporate and commercial > M&A: large deals ($1bn+) Tier 6

Magic circle firm Clifford Chance is extremely active on the cross-border front, leveraging its global footprint of 32 offices spread across 22 countries. Sarah Jones, qualified in both New York and English law, demonstrates a track record of representing household names within the consumer goods sector. Elsewhere, Benjamin Sibbett, who leads the team alongside Jones, is a key contact for transaction within the healthcare, media, information services, industrials and pharmaceuticals industries.

Practice head(s):

Sarah Jones; Benjamin Sibbett

Other key lawyers:

Gary Boss; David Brinton; Neil Barlow; John Healy; Kevin Lehpamer

Testimonials

‘Neil Barlow handled the cross-border aspects and team well. The result was a good mix of technical capability compared to plain practical implications.’

Key clients

Ardian

Capital Dynamics

Huntsman

Hearst

Informa

CVC Capital Partners

Mondelēz International

Pfizer

Henkel

alterDomus

Work highlights

  • Advised Clayton, Dubilier & Rice, the U.S. based private investment firm, on its $4bn public to private bid for UDG Healthcare plc, a leading player in healthcare medical affairs, marketing and advisory services, and in pharma packaging.
  • Advised E&I Engineering Ireland Limited and its affiliate, Powerbar Gulf LLC on the U.S. aspects of its $1.8bn sale to digital infrastructure provider Vertiv, a global provider of digital infrastructure solutions.
  • Advised WEX on its US$577.5m acquisition of travel industry B2B payments solutions provider eNett and Optal, a B2B transactions optimizer.

Latin America: International firms > International arbitration Tier 4

Clifford Chance's international arbitration practice handles investment treaty and commercial arbitration matters and has earned a strong reputation for its work on high-value contractual disputes and complex multi-jurisdictional arbitrations related to construction, oil-and-gas, hydroelectric power and mining matters. It has significantly extended its Latin America footprint of late and is handling an increasingly significant volume of high-value cases. The group is co-led from Washington DC by David DiBari (head of US litigation and disputes practice and co-head of the global risk team), and José García Cueto, who was promoted to the partnership in 2022; the key figure for Latin America-related matters, he has experience advising on ICC commercial disputes, UNCITRAL, ICSID and ad hoc arbitrations.

Practice head(s):

David DiBari

José Ignacio García Cueto

Key clients

Odebrecht Latinvest

Enel Fortuna

ESSA2

Consorcio Copán

OEC

Ingeniería Estrella

Yura Inversiones

Sociedad Boliviana de Cemento

Enel Green Power Costa Rica

Work highlights

  • Representing Luxembourg investment entity Odebrecht Latinvest in a $1.1bn ICSID arbitration concerning the termination of a pipeline concession.
  • Representing Enel Fortuna in an ICSID dispute with Panama regarding its investment in the energy sector.
  • Representing ESSA2 and Enel Green Power Costa Rica in an ICSID dispute against Costa Rica related to the expropriation of its energy investments.

Latin America: International firms > Banking and finance

Clifford Chance has remained active across the banking and finance field, with well-developed teams in New York and Washington DC complemented by a sizeable group in Sao Paulo. The firm represents a range of international banks, multilateral agency lenders and Latin American borrowers, particularly Brazilian corporates. The Latin America practice stands out particularly for the extent of its connections to multilateral agencies (MLAs), export credit agencies (ECAs) and development finance institutions (DFIs). The firm is further noted for energy and infrastructure finance, and major restructurings (including Chapter 11 filings) involving Latin America businesses. Brazil, Argentina, Mexico, Colombia and Peru are key markets for the team. Fabricio Longhin leads the Americas energy and infrastructure group and has an excellent record in financings across Latin America. Washington DC partners Catherine McCarthy and Lori Bean are experienced figures in representing MLAs, ECAs, DFIs and commercial banks in Latin America financings. New York partner Jennifer DeMarco is a key name in restructurings. New York’s Andrew Young is an emerging talent, while counsel Alberto Haito and New York associate Julian Hurtado Vallejo are also rated by clients. Named individuals are based in Washington DC unless stated otherwise. Leading name Chris Willott joined Arnold & Porter in August 2021.

Practice head(s):

Fabricio Longhin

Testimonials

We have hired the firm for several international credit and capital market operations given its experience in both. I can emphasize the commitment of the firm’s lawyers, the availability to respond to doubts and needs that we have had during the processes and we feel very confident in them not only because of their knowledge of the markets, but also because of the human warmth of their teams. I would wholeheartedly recommend them to any of our clients.

In one operation we worked with Alberto Haito and Julian Hurtado and the other is being led by Hugo Triaca. All excellent professionals and human beings, open to personally guiding and advising their clients on everything that is required during operations. They have excellent teams that allow them to give us immediate answers. For us, something very important is the use of languages and being able to hold meetings in both Spanish and English, which is why we love working with them as leaders of these operations.

Key clients

Goldman Sachs

SMBC

Natixis

IDB Invest

Banco Santander

Proparco

FDN

AES

US Ex-Im

Citi

Klabin

Work highlights

  • Advised Brazilian publicly listed company Klabin on a $447m ESG-linked, secured, delayed-draw, term-credit agreement to finance eligible goods and services required to complete phase 2 of the company’s paper recycling plant in Sao Paolo.
  • Advised IDB Invest (as purchaser of record and arranger), and Banco Santander and BNP Paribas Securities Corp (as co-arrangers), in connection with an approximately $139m A/B purchase facility for the sale and purchase of receivables created under Chile’s Tariff Stabilization Mechanism.
  • Advised the lenders on a $200m financing extended to Brazil’s Banco Sofisa.

Latin America: International firms > Projects and energy

Clifford Chance serves a wide and impressive client base across Latin America. The firm has built extensive connections to investment banks -such as Goldman Sachs- and a range of development banks, including IDB Invest. Moreover, it has a thriving practice acting for export credit agencies (ECAs). While active across the region, it has built an especially prominent position in Colombia, Peru, Argentina and Paraguay, and achieved further growth in Chile; in particular, it has been a dominant force in toll-road financings in Colombia over recent years. The group also continues to be heavily involved in project bond and private-placement financings. Fabricio Longhin has an outstanding record and is a prolific advisor on Latin America project financings, acting for a variety of multilaterals and development banks, investment banks, sponsors and institutional investors. Catherine McCarthy and Lori Ann Bean  represent a large number of ECAs and multilateral agencies, along with several commercial banks, in Latin America project financings. New York partner Hugo Triaca is also a key figure for project bonds and private-placement financings, while Peruvian-American Latin America specialist Jessica Springsteen was elected partner in May 2021. Alberto Haito also impresses at counsel level, leading on many of the team’s key matters. All named individuals are based in Washington DC. Brazil financing specialist Chris Willott left the firm in 2021.

Practice head(s):

Fabricio Longhin

Key clients

IDB Invest

Goldman Sachs

Sacyr

Santander

AES Corporation

SMBC

PetroPeru

JP Morgan

Reden

Paracel

DFC

IFC

Work highlights

  • Represented Concesionaria Vial Unión del Sur and others in the refinancing of the Rumichaca-Pasto 4G toll road in Colombia.
  • Advised IDB Invest and IDB on a $218m 15-year bond issuance to refinance the Rutas 2 y 7 road project and to finance the remaining works; this was the first ever 4(a)(2) private placement by a multilateral institution in Latin America to finance a project.
  • Advised Goldman Sachs, JP Morgan and Scotia Capital on the issuance by ISA Interchile of $1.2bn of 4.5% senior secured notes (due 2056) to refinance debt related to the construction of 2×500 kV Cardones–Polpaico transmission line in Chile.

Clifford Chance is one of the world’s pre-eminent law firms, with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, it prides itself on its approachable, collegial and team-based way of working. The firm always strives to exceed the expectations of its clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not-for-profit organizations. It provides them with the highest quality advice and legal insight, which combines the firm’s global standards with in-depth local expertise.

Main areas of practice
Capital markets: the capital markets practice concentrates on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centers. It provides practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.

Corporate: the corporate practice handles some of the world’s largest and most complex M&A transactions. It combines global transaction capability with a full service of US, English and civil law expertise in the key financial centers across Europe, the Americas and Asia Pacific. In addition to mainstream M&A, the firm also encompasses leading specialist practices in: commercial contracts, competition and antitrust, communications, energy, healthcare, financial institutions, funds, investment banking, insurance, media and technology, and private equity.

Finance: Clifford Chance’s finance practice is the leading international finance practice of any law firm. The practice provides highly commercial and practical advice across the full spectrum of financial products including syndicated lending and leveraged and acquisition finance, asset finance, derivative products, project finance, financial regulatory, insolvency, restructuring and structured finance.

Litigation, dispute resolution and risk management: the firm has experience in virtually all segments of the business and financial markets across multiple jurisdictions. The lawyers work with clients to resolve disputes efficiently and effectively – whether through arbitration, litigation or other techniques.

Real estate: Clifford Chance’s leading real estate practice offers US, UK, European and Asian real estate capability. The practice advises the real estate industry’s leading players on the entire property ‘life-cycle’ from the initial acquisition, development, leasing, joint venturing and financing through to the final exit, as well as tax structuring, PFI/PPP, corporate outsourcing, planning, environment and litigation.

Tax, pensions, employment and incentives: Clifford Chance has one of the world’s largest international tax groups within a single law firm. The firm is uniquely placed to provide leading edge advice to clients, and the practice is structured on an integrated global basis. Local tax groups within the practice work closely with areas such as securitization, securities, M&A, corporate restructuring, private equity, real estate and funds.

The pan-European VAT group advises on all areas of VAT and has particular strength advising on novel and complex issues in the structured finance, financial services, corporate finance and real estate sectors.

The team of experienced employment, employee benefits, ERISA, immigration and pensions specialists work with clients from a wide range of sectors to address local and cross-border issues.

PhotoNamePositionProfile
Ignacio Suarez Anzorena photo Ignacio Suarez AnzorenaIgnacio Suarez Anzorena’s practice focuses on international commercial arbitration and investor-state disputes…
Lori Ann Bean photo Lori Ann BeanLori Ann Bean specialises in the development and financing of infrastructure and…
Joshua Berman photoMr Joshua BermanJoshua Berman, a seasoned trial and appellate lawyer, has over twenty years…
David DiBari photoMr David DiBariDavid D. DiBari is the practice area leader for US Litigation &…
Glen Donath photoMr Glen DonathGlen Donath is in the firm’s White Collar and Regulatory practice. His…
David Evans photo David EvansDavid Evans has been involved in energy and finance matters his entire…
José García Cueto photoMr José García CuetoJosé García Cueto focuses his practice on commercial and investor-State international arbitration matters.…
Steven Gatti photoMr Steven GattiSteven Gatti specializes in regulatory enforcement proceedings before the U.S. Securities and…
Megan Gordon photoMs Megan GordonMegan Gordon’s work encompasses a broad range of regulatory matters arising under…
Robert Hagan photoMr Robert HaganRob Hagan has extensive experience in structured capital markets, focusing primarily on…
Alberto Haito photoMr Alberto HaitoAlberto Haito has extensive experience in financial markets and project financing and…
George Kleinfeld photoMr George KleinfeldGeorge Kleinfeld advises leading financial institutions, industrial enterprises, trading companies and global…
Jacqueline Landells photoMs Jacqueline LandellsJacqueline Landells’ advisory practice is focused on international economic regulation and foreign…
Fabricio Longhin photo Fabricio LonghinFabricio Longhin advises developers, commercial banks, multilateral organizations, export credit agencies, infrastructure…
Catherine McCarthy photoMs Catherine McCarthyCatherine McCarthy is a partner in the Americas Energy & Infrastructure Group. …
Christopher McIsaac photo Christopher McIsaacChristopher McIsaac is joint head of the Americas Energy and Projects Group,…
Jessica Springsteen photo Jessica Springsteen
Number of Partners : 556
Number of other fee-earners : 3295
Other Offices : Abu Dhabi
Other Offices : Amsterdam
Other Offices : Bangkok
Other Offices : Barcelona
Other Offices : Beijing
Other Offices : Brussels
Other Offices : Bucharest
Other Offices : Casablanca
Other Offices : Dubai
Other Offices : Düsseldorf
Other Offices : Frankfurt
Other Offices : Hong Kong
Other Offices : Istanbul
Other Offices : Jakarta*
Other Offices : London
Other Offices : Luxembourg
Other Offices : Madrid
Other Offices : Milan
Other Offices : Moscow
Other Offices : Munich
Other Offices : New York
Other Offices : Paris
Other Offices : Perth
Other Offices : Prague
Other Offices : Rome
Other Offices : São Paulo
Other Offices : Seoul
Other Offices : Shanghai
Other Offices : Singapore
Other Offices : Sydney
Other Offices : Tokyo
Other Offices : Warsaw
Other Offices : Washington, D.C.
Other Offices : Riyadh**
Other Offices : Newcastle

Advice To My Younger Self: Reflections of Successful Women Lawyers

Women lawyers open up about their careers and defining choices

Advice To My Younger Self: Reflections of Successful Women Lawyers is published by The Legal 500‘s GC Magazine in collaboration with Clifford Chance. Now in its second release, the book is a practical resource for anyone interested in charting a successful career path at a law firm or by moving in-house. It features interviews with 20 women partners, alumnae and in-house counsel, with additional contributions from members of Clifford Chance’s senior management and US-based recruiting team. Visit our website to learn more about practical tips for building your career.

http://www.legal500.com/clifford-chance/advice-to-my-younger-self


RISING LAWYERS open up about their priorities and strategies for success

Their Voices: Insights from Today’s Rising Lawyers by The Legal 500‘s GC Magazine in collaboration with Clifford Chance. Geared primarily for students and junior lawyers, the book is a practical resource for those considering law school or just beginning a legal career. Twenty junior lawyers offer diverse perspectives on what inspires them about the law, and the strategies that are helping them stay in touch with their priorities and define the future of their careers. Their Voices also provides insights for senior lawyers as they mentor the next generation of leaders.

http://www.legal500.com/clifford-chance/their-voices


 

Clifford Chance Diversity Statement

Clifford Chance is one of the most diverse law firms in the world, with 34 offices in 23 countries spread across six continents. We are proud that our global workforce reflects a broad range of race, religion, color, national origin, sex, age, marital status, sexual orientation, gender identity or expression, citizenship status, pregnancy, disability, veteran status, genetic predisposition or other protected status.

In the United States, Clifford Chance has long demonstrated a strong commitment to building a diverse team to serve clients, as well as our local communities.

2021 brought with it some extremely positive news for the firm with associates Liz Wangu wa Makeri and Laurence R. Hull being named to The National Black Lawyers Top 100 and Top 40 Under 40, as part of its Top 40 under 40 recognition.

New data from the American Bar Association has found that since 2011 the overall proportion of minority attorneys in the United States has increased. In 2011, 11.7% of attorneys belonged to a minority group and this figure now stands at 14.6%.

In 2021;

  • Over 30% of our associates and nearly 30% of all lawyers are ethnic minorities*, which is nearly double the industry average** for US firms our size
  • Women make up 43% of our US lawyers (the average for a US firm our size is 35%***), 60% of our Department heads and 66% of our Business Professionals; and
  • More than 50% of our US Business Professionals are ethnic minorities, with 23% identifying as Black and 12% as Latino.

* Ethnic minority means: American Indian/Native Alaskan, Asian, Black or African American, Hispanic or Latino, Native Hawaiian/Pacific Islander, people from two or more races, or from other jurisdictions influenced by US-specific legislative diversity definitions. These statistics are based on self-identification by the individuals.

** Law360’s 2020 Diversity Snapshot

*** Law360’s 2020 Glass Ceiling Report

Our global diversity policy sets out our firm-wide approach to Diversity and Inclusion. To read the policy, please visit our policies page.

Supporting Diversity and Inclusion

Law Firm Anti-Racism Alliance Member: In June 2020, Clifford Chance joined the Law Firm Anti-Racism Alliance (LFAA) as a member firm. Formed with the aim to leverage the resources of the private bar in partnership with legal services organizations to amplify the voices of communities and individuals oppressed by racism, LFAA looks to better use the law as a vehicle for change that benefits communities of color and to promote racial equity in the law. We’re proud to take a leadership role on this initiative with New York partner Jeff Berman joining the inaugural Board of Directors to help steer the direction of the LFAA. The mechanisms of the LFAA are: national collaboration across law firms; development or enhancement of partnerships with legal services organizations and other stakeholders focused on race equity; elevation of the voices of people and communities of color by leveraging the platforms of law firm leaders and law firms; collaborative advocacy; coordinated effort among law firm pro bono professionals and diversity and inclusion professionals; and involvement of corporate in-house legal departments in the LFAA initiatives.

In response to the rise of racially motivated hate crimes against Asian Americans, In 2021, we joined the Stand Against Hate Campaign, the National Asian Pacific American Bar Association, and The Alliance for Asian American Justice.

Racial Justice Award: Clifford Chance’s annual Racial Justice Award is open to not-for-profit organizations globally that help individuals, groups or communities use the law to achieve significant inclusion, racial justice and social impact. In 2021, the firm named Columbia Law School’s Center for Institutional and Social Change as the winner. Established in 2019, the Paralegal Pathways Initiative focuses on helping those returning home from American prisons to find sustainable careers. It does this by refining the existing talents of formerly incarcerated people, who often gain legal research and litigation skills while inside correctional facilities.

Our Diversity Committee: We have a very active Diversity Committee in the US comprised of partners, associates and Business Professionals colleagues who work collaboratively through five subcommittees – Arcus (LGBT+), Asian and Pacific Islander, Black and Latino, Veterans, and Women – to help us celebrate our diversity while promoting greater understanding and inclusiveness. Case in point: the art curator who serves our New York office works with our subcommittees on special exhibits that support diverse artists and show our appreciation for diversity during different times of the year, for example, Black History Month and the Arcus Pride Art event for Pride Month

Image

Tiernan Brady

In 2019, Clifford Chance hired one of the world’s best known and most successful campaigners, Tiernan Brady, to be the firm’s Global Director of Inclusion. Prior to assuming that role, he led winning campaigns for marriage equality in Ireland and Australia; they remain the only two countries in the world to enact marriage equality by a public vote. Today Tiernan devotes his time to developing our firm’s global inclusion policies and leading their implementation within our firm, with clients and in wider society.

Tiernan was featured in the cover story of the “September-October 2019 edition of Corporate Counsel Business Journal,” where he provided a broad overview of his experience and how he is applying it to accelerate progress around diversity and inclusion. You can access the full interview “here.”

As a firm, we are committed to increasing our ethnic diversity, which we believe helps us bring a better-informed outlook when advising global clients. Our London office, for example, has forged a long-term partnership with diversity recruitment group Rare, which was founded in 2005 to support minority candidates in securing graduate positions in top firms and to help companies recruit diverse talent. Since 2011, we have made 169 training contract offers through Rare and were the first firm to adopt Rare’s Contextual Recruitment System (CRS), identifying standout candidates by not only looking at grades, but determining how those grades compare to a candidate’s schooling and background. Since adopting the CRS, the firm now employs more candidates from disadvantaged backgrounds, and in recent years, our trainee intake of black and minority ethnic candidates has averaged more than 40 percent.

We are focused on building deeper, broader roots in the many communities in which we operate. This enables us to gain a better understanding of the local market, deepen relationships with clients and help set the agenda for key issues. A good example of this can be seen in our Singapore office, where we have worked hard to integrate into the local community, almost doubling the number of locally qualified lawyers over the past several years. We run an active internship program for Singaporean students, and together with our Formal Law Alliance partner, Cavanagh Law LLP, we are now able to offer a two-year training program for Singaporean graduates.

Gender

Image

Advice To My Younger Self

In 2017, Clifford Chance in the US spearheaded (in partnership with The Legal 500) the development of a book featuring women lawyers from across our firm providing “Advice To My Younger Self.” The book delivers helpful insights for career advancement and personal growth from successful women lawyers and senior leaders who are alumnae of the firm. This bespoke work has been viewed online and in print by more than 25,000 people across over the world, ranging from in-house counsel to law school students to our firm’s own associates.

Mansfield Rule

In 2021, Clifford Chance achieved Mansfield re-certification 4.0, four years after agreeing to be a pioneering US firm for the Mansfield Rule. We are currently qualifying for Mansfield 5.0 certification. To be Mansfield certified, a law firm must, among other things, consider a minimum of 30 percent women, LGBT+ and minority lawyers for significant leadership roles.

“We are proud to have met the criteria for certification under the Mansfield Rule,” said Evan Cohen, managing partner for Clifford Chance’s Americas region. “One-third of our US practice areas are led by a minority or woman partner, and our pipeline of diverse future leaders is robust. Additionally, 60 percent of our US Business Services departments are led by women. We are clearly on the right track, but we also know there is more we must accomplish in the years ahead and are committed to doing so.”

In 2009, we became one of the first international law firms to establish a target to improve the gender balance of its partnership and in 2020 the firm committed to new global and regional gender, ethnicity and LGBT+ targets. In the Americas our goal is to increase the number of female partners by 35% by 2025 and 100% by 2030.

Our commitment and effort to help women lawyers advance their careers continues to expand. In 2019 we became the sponsor of the Women’s Group for the Association of Corporate Counsel (ACC) in New York City. We hosted a special event for ACC members featuring Mika Brzezinski, co-host of Morning Joe and best-selling author of “Know Your Value — Women, Money and Getting What You’re Worth.” We will again have a prominent role at The American Lawyer’s Women, Influence, Power & Law (WIPL) conference. After serving as lead sponsor and keynoting the 2018 WIPL Executive Leadership Forum, we were a lead sponsor of the 2019 WIPL main conference attended by approximately 600 women lawyers, moderating two panels on data privacy/cybersecurity and cross-border M&A transactions. In 2019, we also became a lead sponsor of Corporate Counsel Business Journal’s inaugural Women in Business and Law Summit. We also sponsored the Women’s Luncheon at the SIFMA C&L Annual Seminar in November 2019, featuring a one-on-one conversation with former US Deputy Attorney General, Sally Yates.

Improving the gender balance of our leadership is a global effort. We run firm-wide training on gender diversity issues, including courses on unconscious bias. We have women’s networks called “Accelerate” not only in the US, but in Asia, Amsterdam, France, Italy and London, and many of our other offices are actively involved in gender networking initiatives, including client events.

In 2016, we signed a formal statement of support for the Women’s Empowerment Principles, an initiative created by UN Women in collaboration with the UK Global Compact. The seven principles promote and guide corporate action in pursuit of gender equality and encourage high-level corporate leadership on gender issues and transparent reporting on progress.

For more information about our commitment to improve gender diversity, please read our Responsible Business Reports, which can be downloaded on our reporting page.

LGBT+

In 2019, Clifford Chance hired Tiernan Brady as its first Global Director of Inclusion. Before taking up his broad diversity and inclusion role at Clifford Chance, he led the winning campaigns for marriage equality in Ireland and Australia. Brady now devotes his time to developing and implementing Clifford Chance’s global inclusion policies and leading new campaigns within our Firm, alongside clients and in wider society.

In June 2021, Clifford Chance’s US offices celebrated Gay Pride Month for the 15th consecutive year by showcasing the work of top LGBT+ artists on its office walls as well as at a client event at NASDAQ attended by more than 300 people. The artists also participate in receptions that help launch the exhibits, which are open to a broad spectrum of clients, colleagues, students, allies and friends. Similar exhibits were held in a dozen Clifford Chance offices across the world.

Through its Arcus Allies program, the firm supports and fosters an inclusive environment for LGBT+ colleagues. Allies advocate for equal rights and fair treatment of LGBT+ individuals, and take action to challenge prejudice against the LGBT+ community. Clifford Chance also works on a pro bono basis to help further the cause of equality globally. In 2019, the firm won a legal victory in Poland on behalf of LGBT group, bringing a motion to a Polish court which ordered the conservative newspaper Gazeta Polska to halt the distribution of “LGBT-free zone” stickers. Advocat Michal Wawrykiewicz also worked on this matter.

In 2018, Clifford Chance became a signatory of the UN’s new Standards of Conduct for Business for Tackling Discrimination against Lesbian, Gay, Bi, Trans and Intersex people. Also, Clifford Chance was one of just four law firms in the US to sign the initial Business Statement for Transgender Equality on November 1, 2018 following a report that the Trump administration was considering limiting the definition of gender to birth anatomy. (We were joined by law firms Hogan Lovells, Ropes & Gray and Sheppard Mullin, as well many of our clients and other large companies who stood up strongly for Transgender equality. “This isn’t just a question of ethics, it is about our ongoing commitment to be a responsible and responsive business,” said Clifford Chance’s global managing partner, Matthew Layton. “Excluding anyone from any group holds everyone back, and every moment that someone spends worrying about what their colleagues or clients might think of who they are is a moment wasted.”

The work we have been doing at a global level was also recognized when we were ranked among the Top 5 “UK Best Employers” for LGBT+ colleagues in the 2017 Stonewall Workplace Equality Index. Additionally, Matthew Layton was featured on the 2016 OUTstanding Leading Ally Executives List, presented by the Financial Times. The list recognizes leading individuals in business who have made a significant contribution to LGBT+ inclusion.

Veterans

The recruitment and career development of veterans is a priority for our firm in the US. Our affinity group, “CliffVets,” focuses on veteran hiring (both at the firm and mentoring veteran law students on the legal market generally), retention and community issues. CliffVets members also routinely mentor student-veterans on their transition into becoming practicing lawyers.

We were the sole named sponsor of the Georgetown University Law Center’s Military Law Society Symposium, which included a panel presentation and networking reception with attorneys from our New York and Washington, DC offices. We actively support and participate in career panel discussions at many of our target law schools to provide guidance to veterans as they navigate law school and the law firm job market. CliffVets also provides pro bono support to Veterans working with the non-profit organization Services for the Underserved.

Culture

We believe that building a supportive, safe and empowering culture is critical to our success. We also believe that happy employees provide better service to clients.

As a law firm, we offer legal services, but we never forget that our product is people. We understand that both lawyers and the professionals that support them — much like our clients — have a choice in where they go. Increasingly, culture is a deciding factor when making employment choices. We are proud of the culture we have built and how our people feel about working at Clifford Chance. To wit: In independent surveys of associates at more than 100 of the largest law firms in the United States, Clifford Chance either led or was ranked near the top of multiple categories in the US legal industry.

  • 1: Best Summer Associate Program, Vault US Survey (2023)
  • 5: Top 5 Best Law Firms to Work For, Vault US Survey (2023)
  • Top 10 Best Law Firms for Racial & Ethnic Diversity, Vault US Survey (2023)
  • Top 10 Best Law Firms for Firm Culture (2023)
  • Top 10 Best Law Firms for Individuals with Disabilities, Vault US Survey (2023)
  • Top 10 Best Law Firms for LGBTQ+ Individuals, Vault US Survey (2023)
  • Recognized as an elite firm in Diversity, Equity and Inclusion, Chambers US Associate Survey (2022)
  • Recognized as an elite firm in Associate Quality of Life, Chambers US Associate Survey (2022)
  • Recognized as an excellent performer in Associate Satisfaction, Chambers US Associate Survey (2022)
  • Recognized as an excellent performer in Associate Career Development, Chambers US Associate Survey (2022)
  • Recognized as an excellent performer in Associate Retention, Chambers US Associate Survey (2022)
  • Recognized as an excellent performer in Pro Bono, Chambers US Associate Survey (2022)

Learn more about quality of life at Clifford Chance:

To highlight how much we value our associates, we published (once again in partnership with The Legal 500) a second bespoke book in April 2019. Titled, Their Voices: Insights From Today’s Rising Lawyers,

Inclusion & Social Mobility at Clifford Chance

We believe the best teams are diverse and inclusive, and that people flourish in an environment where they are supported in their professional and personal development. Although we have more work to do, we are pleased with the progress we’ve made to date in building just such an environment.

As one of the world’s leading law firms, we recruit the best talent from everywhere, including those local markets where we have offices: Africa, Asia, Europe, Latin America, the Middle East and the United States. Our view is that you cannot be a successful international firm without fully embracing and supporting diversity.

We also believe it is essential to our commercial strategy that we foster an inclusive culture. Our clients are made up of a diverse range of businesses with diverse workforces, and they expect no less from their law firms. We get that.

In the Americas, we are committed to a goal of increasing the number of female partners by 35% by 2025 and 100% by 2030.  Our first minority ethnicity targets have also been adopted for the US which includes 15% of new partners and 30% senior associates and business professionals by 2025.

In 2020 we commissioned an independent inclusion-focused review of our partnership selection process. Before we even consider a cohort, we are look closely at the pipeline of talent, and forecast accordingly. The diversity makeup of each population is scrutinized at each level of the process. We are committed to breaking down the barriers that are restricting recruitment, progress and retention and believe we will be a stronger firm if we can attract the best people from the widest talent pools by delivering an equality of opportunity and advancement for everyone.

We promote social mobility through initiatives that aim to attract and support employees from less-advantaged backgrounds. In the US, for example, Clifford Chance was the first law firm to name a scholar within the groundbreaking An-Bryce Scholarship Program, which helps NYU Law School make an elite legal education available to outstanding J.D. students from socio-economically disadvantaged backgrounds. The Program provides full-tuition scholarships plus programming and mentoring aimed at assuring that the scholars will feel at home at the highest levels of the legal profession. Clifford Chance provides a full-tuition scholarship annually.

When law school students from all backgrounds join us for summer jobs, each one has the opportunity to experience the joys of diversity firsthand by working for several weeks at one of more than 30 Clifford Chance offices around the world.

To demonstrate our commitment to diversity and inclusion the firm launched its 1L diversity scholarship for first year law students who are members of groups traditionally underrepresented at large law firms.

To find out more about our progress on inclusion and diversity, please visit our reporting page.

 

Diversity Committee: Zarrar Sehgal, Diversity Committee Leader

Image

Zarrar Sehgal, Clifford Chance US
Diversity Committee Leader, New York

Mr. Sehgal, a partner of Clifford Chance, leads the Firm’s Diversity Committee in the US. He also heads up Clifford Chance’s Americas Banking & Finance practice and global Transport and Logistics sector.

Highly active in community work, Mr. Sehgal is President of The Citizens Foundation-USA (TCF-USA), a US-based non-profit that supports the education of underprivileged children. It has an active network of more than 30 chapters in cities across the United States.

TCF-USA supports the programs of The Citizens Foundation (TCF) in Pakistan, one of the leading organizations in the field of education. TCF was started in 1995 by a group of concerned citizens who wanted to bring about social change through education. In 22 years, it has built and operates 1,441 purpose-built schools providing quality education to 204,000 children with an all-female faculty of 12,000 teachers.

TCF-USA donors have built and support over 200 of these elementary & secondary schools with an enrollment of 65,000+ boys and girls.

In 2009, Mr. Sehgal was named a Young Global Leader by the World Economic Forum, which meets annually in Davos, Switzerland.

 

Q&A: with Zarrar Sehgal, Diversity Committee Leader

What is the ethos behind the firm’s approach to diversity?

Clifford Chance commits to the highest standards of what we call “Responsible Business”, and we are privileged to drive positive social change from a position of industry leadership across the globe. From the way we hire and develop people to the work we do and the partners we work with these standards are embedded within our culture of teamwork and putting clients first. We are very proud of the fact that Clifford Chance is one of the most diverse firms in the world.

This isn’t just a question of ethics and culture; diversity is also a business imperative. We act for the world’s leading businesses on their most important and challenging matters, which tend to be complex, multifaceted and, very often, international. Delivering the best legal and business solutions relies on our ability to assemble dynamic and cohesive teams on the basis of identifying the best person for each role.

What has a more diverse and inclusive workplace brought to your firm, and also to your clients?

For one thing, it creates a positive and measurable alignment with our clients. They have made it clear that they want diverse firms and teams, and they are “walking the walk” in their own internal staffing. With each significant industry initiative, such as the American Bar Association’s Resolution 113, the terms of engagement on diversity are driving accountability. We applaud that.

The fact that we are a global firm serving a multinational client base speaks for itself in terms of the need for diversity, but we also benefit, as a practical matter, within our firm. We know that the best teams thrive on innovation, the interplay of different perspectives and a richness of views from a diverse range of backgrounds and cultures.

More broadly, we are seeking to build a workplace that recognizes talent and accomplishment. When we create an environment in which everyone feels comfortable and confident, we can develop our people to their fullest potential and thrive as a more client-focused business.

How do you encourage a more diverse and inclusive workplace?

The real impetus behind our people strategy is the fact that our colleagues are highly engaged and committed to doing our best work. We believe that people excel when they are supported in expanding their skills and experience as well as in developing their resilience, and that same impulse is constantly driving us to innovate.

Role models and mentors are essential, and a diversity of role models and mentors is even better. The benefits are clear: By broadening our talent pool, people can more clearly envision themselves succeeding and developing, especially when they can see different people taking different paths.

Clifford Chance recently collaborated with The Legal 500‘s GC Magazine in publishing a book entitled Advice to My Younger Self: Reflections of Successful Women Lawyers. It features stories from our women lawyers and alumnae and explores the process of defining and achieving professional success on your own terms. The primary messages apply to anyone embarking on a challenging career, be courageous, push boundaries, be true to yourself, seek mentors, focus on the business of your practice and, of course, do the work. It’s compelling to see those themes weaving themselves naturally through the course of 20 separate interviews.

What is needed to help bring more diverse candidates into the legal profession?

More diverse candidates. I think all firms would like to have a larger pool to draw from. But commitment and action are also needed. The former requires buy-in and constant nurturing from the top down. Diversity must be a core value and permeate all aspects of a firm’s culture.

Concrete action is essential. Among our more recent initiatives, Clifford Chance is proud to be an early adopter of the United Nations’ (UN) Standards of Conduct for Business to promote equality for lesbian, gay, bi, trans and intersex people in the workplace and beyond. In the United States, we have also signed on to be a pilot firm in a new US legal industry initiative called the Mansfield Rule, which sets percentage-based goals to ensure that diverse candidates are considered for promotions, senior level hiring and significant leadership roles in the firm.

What are your policies for recruitment, and what are the major challenges?

As a leading law firm, we recruit the best talent from around the world. It bears repeating that diversity is as essential to our commercial strategy as it is to the culture of our firm.

Taking a look at some challenges, given the structure and legacy composition of law firms’ particularly of large partnerships’ it’s a long-haul proposition to equalize the diversity balance. Mathematically, there are a limited number of partners we can make up annually against an existing pool of legacy candidates. We have more than 550 partners globally.

We also have attrition issues, for instance when we lose people partway through the pipeline, usually as mid-level associates, because they either seek other roles or (more often) accept an offer from one of our client organizations. We also look at unconscious bias, such as in connection with assigning challenging work so people can stretch and develop the skills needed to become a partner.

Retention of diverse staff is a critical issue , what are the programs your firm has in place that you feel will help retain your staff?

The best thing a firm can do to retain good people is to provide an interesting, challenging, supportive and happy work environment. In this context, I refer to diversity as an important component of our broader culture, which is a calling card for Clifford Chance and plays a big role in helping us attract and retain talent across the board.

Specific to diversity, we run numerous programs and initiatives aimed at promoting inclusion and diversity and wellbeing at the firm, and have several growing diversity networks. To ensure that all of our people have opportunities for development, we established the Clifford Chance Academy, which provides about 1,500 courses to our lawyers and business services professionals.

As just a few examples, in September 2015, the firm launched our global Arcus Allies program for employees who do not necessarily identify as LGBT++ but who wish to act as advocates for equal rights and fair treatment of LGBT++ colleagues. Arcus runs many events throughout the year, including a series of Pride art exhibitions, which showcase LGBT++ and supporter artists. This year the events will be held in 11 offices, including Amsterdam, Frankfurt, Hong Kong, London, New York, Paris, Perth, Singapore, Sydney, Tokyo and Washington, DC.

We have Women’s networks in the Americas, Asia, Amsterdam, France, Italy and London. In the US, our Black and Latino Subcommittee and Asian and Pacific Islanders Subcommittee have been well established for more than a decade, and we’ve recently created our Veterans group. In London, our London Women’s Network — which focused on 1) ensuring all colleagues have equal opportunities to succeed and 20 achieving gender parity — took bold action to accelerate the pace of change. Recognizing the need to be more inclusive and to encourage participation by everyone in pursuit of their goals, they devised a new strategy and launched a new group with a dynamic and non-gender specific name: Accelerate>>>. This group replaced the London Women’s Network in late 2018 with the goal of furthering the excellent work done by that group. There are five pillars in Accelerate>>>: institutional change, knowledge, connections, visibility and action by all.

Reporting and Transparency

Clifford Chance submits a “Communication on Progress” report to the UN Global Compact on a yearly basis.

In 2009, we signed the United Nations Global Compact as a further demonstration of our commitment to help advance sustainable business models and markets with a view to creating a more sustainable and inclusive global economy. We actively support the UN Global Compact’s 10 principles focusing on the core areas of human rights, labor, the environment and anti-corruption.

Our reporting is supported by an index of Global Reporting Initiative indicators, which we compile based on the principle of materiality. We also report on key diversity, employee development and community statistics.

We are proud to be one of the most transparent law firms in the world. To access any of our reports in PDF formats, please click on the following links: