Dechert LLP > London, England > Firm Profile

Dechert LLP
160 QUEEN VICTORIA STREET
LONDON
EC4V 4QQ
England

Finance > Securitisation Tier 2

Dechert LLP has a large global securitisation practice in which the London office is a key hub. It frequently handles first-of-kind transactions involving new structures, multiple asset classes or jurisdictions, whether for issuers, or underwriters. It also has strengths in key market niches, including repo-based commercial mortgage securitisation. It is also strong in the broader CMBS market and is a key adviser to CLO managers. The London group, led by head of structured finance and real estate Aparna Sehgal, also works closely with its colleagues in the US to advise on securities regulation, and handles a strong flow of restructuring work. Key partner John McGrath frequently handles CMBS transactions and he advised a major investment bank on the development of repo-based transactions. Richard Pugh, who joined from Bank of America, has extensive experience in EMEA securitisation, CMBS and commercial real estate finance matters. The firm’s CLO practice is led by senior associate Glenn Weston, who works closely with associate Rory O’Connor.

Practice head(s):

Aparna Sehgal

Key clients

Anchorage Capital Group

Redding Ridge Asset Management (UK) LLP

Rothschild/Five Arrows Managers LLP

Palmer Square Capital Management

Work highlights

  • Advised holders of Class A Bonds issued by Breeze Finance S.A. (Breeze Three), in connection with the restructuring and early prepayment of all the Bonds issued by Breeze Finance S.A.
  • Advised Five Arrows Managers LLP (“Five Arrows”), a subsidiary of Rothschild Credit Management (Europe) in connection with the establishment of a warehouse financing facility.
  • Advised Palmer Square Europe Capital Management LLC (“Palmer Square”) in connection with the establishment of a warehouse financing facility and with the issuance by Palmer Square European Loan Funding 2022-1 Designated Activity Company (the “Issuer”) of the Notes.

Investment fund formation and management > Hedge funds Tier 2

Friendly, listen to the clients, aim to understand and solve problems in the most effective manner for all' is one way Dechert LLP‘s practice is praised by clients. The team, which  is situated within its financial services and investment management department, advises boutique and institutional hedge fund managers based in the UK and overseas. Fund launches are a staple for the team, which also assists clients on an ongoing basis in relation to commercial operations, global marketing activities, ESG and tax; as well as in relation to anti-money laundering and sanctions issues. The group is increasingly busy in the alternatives space, with recent experience in crypto products, as well as in relation to co-investment platforms on- and offshore. Abigail Bell ‘s ‘expertise, including across jurisdictions, is outstanding‘, and she brings it to bear in relation to fund formations; while Craig Borthwick is another key name for hedge fund launches. Mikhaelle Schiappacasse  has substantial recent experience in assisting hedge funds with their investments and associate Dona Treska focuses on derivatives regulatory advice.

Practice head(s):

Gus Black

Other key lawyers:

Abigail Bell; Craig Borthwick; Mikhaelle Schiappacasse; Dona Treska

Testimonials

‘Dechert LLP has been and remains my favorite practice by far. They provide best in class service. I particularly benefitted from their global presence and smooth integration across practices. I’ve actively recommended Dechert LLP to colleagues in the industry over the years and will continue doing so.’

I could not recommend Abigail Bell more highly on both a professional and a personal level. Her expertise, including across jurisdictions, is outstanding, her advice always sound, she is generous with her time and has handheld us across each investment transaction and vehicle set up over the past couple of years, including regarding coordinating with her colleagues across the world and pulling in the relevant expertise from across her time.’

‘Knowledge, professionalism, approachable, dependable, trust and expertise across sectors, functions and geography’

‘The core strength of Dechert is detailed attention to a client’s issues. When questions arise that require expertise across technical legal areas Dechert can deliver the entire firm, promptly, without unnecessary clutter.’

‘Craig Borthwick is outstanding at guiding a fund launch. He is the best man in London to have in your corner for the big day.’

‘Abigail Bell is outstanding both in her knowledge and expertise and making herself available for us. Her commercial knowledge of the hedge fund industry, Funds and Co-investments, as well as new areas such as Blockchain is outstanding. She makes herself available to us when needed and keeps us abreast of legal and regulatory changes/ developments. She ensures that we speak to the right counterparties to ensure projects work.’

‘Friendly, listen to the clients, aim to understand and solve problems in the most effective manner for all. Nice people to work with.’

‘Dechert’s hedge fund team has a robust service offering at all levels of seniority, from paralegals to partners. Together they provide a rounded and mostly seamless service. In particular I am appreciative of the attention to detail, commerciality and friendly manner (specifically when interfacing with our business and our board members) which they bring to bear on project work.’

Key clients

All Africa Partners LLP

Almace Asset Management LLP

AlphaMiner Capital

Amundsen Investment Management

Adelio Partner

ARP Capital Partners Limited

Aster Capital Management Limited

Bayforest Capital Limited

BlueBell Partners Limited

BlueCove Limited

Cheyne Capital Management (UK) LLP

EFG Asset Management / New Capital

Eleva Capital LLP

EMFI Capital Limited

EOF Partners

Exor

Eques

FIFTHDELTA

Gemcorp Capital LLP

Genavest Capital Limited

Greentrail Capital

Infusive

Kairos Group / Engadine Partners LLP

Kryger Capital (formerly Omni Partners LLP)

LeCap Asset Management

Lynx Asset Management

Machina Capital

Maven Securities Limited

Mile End Capital

Nekton Capital

New Wave

Numen Capital

Nyhavn Capital

Odyssean Capital LLP

OxFORD Asset Management Company

Palmerston Capital Management

Palm Lane Capital

SGCM Capital LLP

Soloda Investment Advisors LLP

Sparta Capital Management

System 2 Capital LLP

TT International

Tico Capital

Tresidor Investment Management LLP

Westbeck Capital Management LLP

Work highlights

  • Advised FIFTHDELTA on its US$1.3 billion raise, which was the largest hedge fund launch in Europe in 2021.
  • Advised Nekton Capital Limited on the successful launch of their flagship fund, one of the largest new hedge funds in Europe in 2021 (with c. US$1bn launch capital) and one of the most high-profile fund launches in the City.
  • Advised Exor on the successful launch of the new Exor Special Opportunities master and feeder sub-funds (open-ended sub-funds with limited liquidity on their master-feeder Irish ICAV structure).

Risk advisory > Regulatory investigations and corporate crime (advice to corporates) Tier 2

Dechert LLP recruited leading white-collar practitioner Judith Seddon as a co-head of its team from Ropes & Gray LLP in March 2022, adding significant expertise in multijurisdictional investigations into corporate fraud, money laundering, corruption, and regulatory violations brought by the SFO and FCA, as well as global prosecuting authorities. Seddon joins a team focused on international corporate representations against regulatory prosecutions and investigations, as well as internal investigations into both financial and regulatory malfeasance, co-led by dual US-qualified Roger Burlingame and Caroline Black, who is noted for her role in high-profile complex regulatory and internal investigations on behalf of a range of global businesses and financial institutions. Other key members of the team include Matthew Banham, who specialises in financial crime investigations and ESG-related matters, and Dorothy Cory-Wright, who played a key high-profile role advising the former Court of Appeal judge leading the investigation into the Financial Conduct Authority’s regulation of London Capital & Finance. Evan Flowers and Daniel Natoff were promoted to partnership in January 2022, while Simon Fawell and Matthew Cowie departed the firm in November 2021 and June 2022 respectively.

Practice head(s):

Roger Burlingame; Judith Seddon; Caroline Black

Key clients

Airbus SE

Financial Conduct Authority

GPT

Work highlights

  • Advised Airbus on its coordinated settlement agreement with the UK’s Serious Fraud Office (SFO), the French Parquet National Financier (PNF), the U.S. Department of Justice (DOJ) and the U.S. Department of State (DOS).
  • Advised Dame Elizabeth Gloster (the former Court of Appeal judge) in her capacity as the independent investigator appointed in respect of the Financial Conduct Authority’s regulation and supervision of London Capital & Finance.
  • Representing GPT Special Project Management Ltd, an Airbus subsidiary, with respect to criminal proceedings brought by the UK Serious Fraud Office in relation to alleged bribery offences in Saudi Arabia.

Corporate and commercial > Partnership Tier 3

Dechert LLP is highly rated for its expertise in relation to complex partnership issues in the funds and financial services sectors and has an established roster of international asset managers. Jason Butwick  provides a full range of partnership expertise from partnership establishment to disputes in conjunction with related employment issues. A good deal of the team’s work involves international elements. Daniel Hawthorne  offers a broad range of corporate and tax expertise within financial services while Gus Black is especially highlighted for his handling of private equity, hedge fund and institutional asset management cases including the establishing and restructuring of international asset management businesses. He is also the co-chair of the firm’s financial services group.

Practice head(s):

Jason Butwick

Other key lawyers:

Gus Black; Daniel Hawthorne

Testimonials

‘In depth experience over many years in the private equity and investment fund space. As a consequence having and developing a sound knowledge of partnership structures has been essential. I also think that the interrelation between partnership law, taxation, long term incentive schemes and employment law requires a team of suitably experienced people who work well together and frequently on client projects. Dechert have this in good measure. Also, they are very commercial and don’t tend to be too legalistic!’

‘Jason Butwick is an experienced contentious employment partner but has also developed a strong practice in partnership law and LTIPs in the asset management sector. He is an excellent client partner, very commercial and focused on finding a solution.’

Gus Black is an excellent partner focused on private equity and institutional asset management. Again, very commercial and pragmatic.

‘The key items which distinguish Decherts are its skill at bringing the correct professionals in an a project at the right point for overall efficiency.’

‘Tremendous knowledge of partnerships within the asset management sector.’

‘Jason Butwick – outstanding legal knowledge in the sector, combined with tremendous application of the law to the commercial realities. He is a very astute reader of the personality mixes which define a partnership, and how to move legal relationships alongside the ebb and flow of those relationships.’

‘Dechert have a very specialised expert team with real knowledge and experience in the Hedge Fund and Private Equity sector. Great corporate understanding and a strong set of corporate and employment experts to provide back up.’

‘Jason Butwick is a stand out expert in the hedge fund and private equity arena. He has vast experience, commands confidence and know the area inside out. Very good to work with and highly commercial.’

Work highlights

    Crime, fraud and licensing > Fraud: civil Tier 3

    The civil fraud practice at Dechert LLP fields a mix of commercial litigation and white-collar defence practitioners. The members are regularly involved in fraud investigations and the international recovery of assets. The group's client portfolio includes multinational corporations, creditor groups, sovereign states and instrumentalities, debt holders, hedge funds and other financial institutions. Andrew Hearn is well versed in cross-border enforcement, while team leader Dorothy Cory-Wright specialises in contentious regulatory issues.

    Practice head(s):

    Dorothy Cory-Wright

    Other key lawyers:

    Stephen Surgeoner; Andrew Hearn; Daniel Natoff

    Key clients

    The Financial Conduct Authority (FCA)

    Axle and Centigon

    Knight Assets

    Work highlights

    • Advising the independent investigator appointed at the direction of Her Majesty’s Treasury in respect of the FCA’s regulation and supervision of London Capital & Finance plc which collapsed in January 2019.
    • Representing a businessman active in the field of railway freight in a multi-year dispute with another Russian businessman related to the ownership of two valuable Russian companies.

    Employment > Employers Tier 3

    Jason Butwick heads the employment practice at Dechert LLP, which is particularly sought after for its capabilities in employee restructuring, furlough and COVID-19 related matters, regulatory compliance and contentious mandates. Former practice head Charles Wynn-Evans has taken on the position of international general counsel.

    Practice head(s):

    Jason Butwick

    Other key lawyers:

    Testimonials

    ‘Deep understanding of the complexities of our business and ability to focus on the key issues.’

    ‘Always an excellent service from Jason Butwick, highly recommended.’

    Finance > Acquisition finance Tier 3

    Mirroring the firm's broader asset management credentials, Dechert LLP's primary focus within the leveraged finance market is advising funds clients, both in their capacity as lenders and as borrowers on deals in the mid to upper-mid-market. The firm's recent growth on the restructuring side also enables the team to provide expertise across the transactional life cycle, including in a distressed scenario. Indeed, a number of the more recent credit fund relationships have been brought over by new hires within the restructuring team, including KKR Credit. Philip Butler  and David Miles  co-head the firm's global leveraged finance practice and take the lead on many of the most significant lender-side mandates, including Miles' recent work for core client Ares Management on the financing to facilitate Palamon Capital Partners' acquisition of IDH Group from the Carlyle Group. John Markland  is also a key member of the team by dint of his sponsor-focused borrowing practice.

    Practice head(s):

    Philip Butler; David Miles

    Other key lawyers:

    John Markland; Smridhi Gulati; Sarah Moffat; Bishoy Eskander

    Testimonials

    ‘A great team that is at the forefront of innovation.’

     

    Key clients

    Alcentra

    Apollo Asset Management

    ArchiMed

    Ares Management Limited

    Bank of China

    Baring Asset Management

    BlackRock

    Blackstone Credit

    Cerberus

    Crown Holdings

    CVC Credit Partners

    Endless

    Further Global Capital Management

    Kartesia

    KKR Credit

    Metric Capital

    MidEuropa

    One Equity Partners

    Permira Credit

    Rockaway

    Tikehau Capital

    Work highlights

    • Advised Ares Management Limited on several significant matters including its provision of £1bn sustainability-linked financing to the RSK Group.
    • Advised Crown Holdings on the financing related to the €2.25bn sale of its European tinplate business to an affiliate of KPS Capital Partners.
    • Advised funds managed and advised by Permira Credit in relation to the senior secured financing package that Permira Credit funds have provided to Macquarie Capital Principal Finance, Pollen Street Capital and senior management to support their acquisition of Aryza.

    Finance > Debt capital markets Tier 3

    Dechert LLP 'shows extended knowledge of capital markets and provides timely and competent advice with a view to client's needs and intentions'. The firm is best known for emerging markets sovereign debt offerings. In 2021, it handled issuances by the Kingdom of Bahrain and the Republic of Albania, among others. Head of international capital markets Patrick Lyons is a key adviser to banks, sovereigns and quasi-sovereign issuers. He acted for Arab Republic of Egypt in combined issuance of $3.75bn in notes, including $1bn under its GMTN programme. Key partner Jennifer Rees handles cross-border transactions involving emerging market issuers. She handled a $500m notes offering for JSC Georgian Railway. Lyons and senior associate Amy Rees are 'extremely diligent, professional and hardworking, and they anticipate potential problems before they actually develop'.

    Practice head(s):

    Patrick Lyons

    Other key lawyers:

    Testimonials

    ‘Dechert always provides with the professional answers and work.’

    ‘The firm shows extended knowledge of capital markets and provides timely and competent advice with a view to client’s needs and intentions.’

    ‘ We value highly our work with partner Jennifer Rees.’

    ‘The team from Dechert has been at the forefront of all capital market issuances from Oman in the recent years. Having worked with a number of magic circle and top tier firms, I can safely say that Dechert is one of, if not THE, best of the lot. They have in-depth knowledge of the clients and the market in the Middle East (especially Oman) and have therefore been the international counsel of choice for clients looking to undertake DCM transactions.’

    ‘The team, led by Patrick Lyons, and supported by Amy Rees, is extremely diligent, professional and hardworking. They anticipate potential problems and address matters before they actually develop into issues.’

     

    Key clients

    Arab Republic of Egypt

    JSC Development Bank of Kazakhstan

    Government of the Sultanate of Oman and Oman Sovereign Sukuk SAOC

    JSC Georgian Railway

    JSC Ukrainian Railways

    Abivax

    Kingdom of Bahrain

    Republic of Albania

    Eurohold

    Byblos Bank

    Finance > Derivatives and structured products Tier 3

    Dechert LLP is ‘deeply knowledgeable about ISDA documentations and market practice‘, and clients remark that ‘the attention to detail is second to none, turnaround times are fantastic, and nothing was too much to ask‘. The firm acts for both the global buy-side client base and sell-side clients across an array of derivatives  and financial market regulatory issues. Its buy-side client base ranges from hedge fund start-ups to global asset managers, hedge funds, private equity funds and retail funds across the world. Gus Black leads the financial services group, in which John McGrath and Karen Stretch are the key partner for derivatives and structured products. Stretch is ‘dedicated, excellent to work with, very responsive and provides practical advice‘.

    Practice head(s):

    Gus Black

    Other key lawyers:

    Testimonials

    ‘Excellent combination of legal expertise and practical advice. Really listening to what the client wants and needs. Providing options and suggesting different approaches to reflect the client’s business intentions and address the client’s concerns.’

    ‘Great, user-friendly document management – clearly distinguishing between internal and external comments, wording suggestions, explanations etc., which makes it easy to forward marked-up documents to the counter-party with minimal effort.’

    ‘Karen Stretch is dedicated and excellent to work with. Apart from her legal expertise and practical advice, she is very responsive and meets even tight deadlines without compromising on the quality of their work.’

    ‘The attention to detail is second to none. Organisation and turnaround time have been fantastic. For Dechert to hold the list of outstanding items and the chair the newly introduced weekly catch up video call was invaluable.’

    ‘Very competent team who understand the legal framework regarding all our trading activities. Helped with new prime broker onboarding. New trading structures created that were new to the team here and they dealt with the legal paperwork easily.’

    ‘Dechert serves as external counsel to a mutual client. I work with Karen Stretch at Dechert on ISDA Schedules and Credit Support Annexes for fund-level currency hedging. Deep expertise in the ISDA documentation is niche and highly valuable in our world of over-the-counter trading and risk management.’

    ‘We continue to receive a very reliable service from Dechert’s derivatives team, they have expertise in hedge fund products and continue to be a trusted advisor to the business generally.’

    ‘We have been using Dechert’s derivatives team for over four years now, they are approachable, knowledgeable and pragmatic. Their strong working knowledge of our hedge funds and UCITS range has been particularly helpful when launching new products, and they have been on hand to advise on any ad hoc queries we have raised.’

    Key clients

    Athene

    Cheyne Capital Management (UK) LLP

    Exor

    Fondazione Enasarco

    Nekton Capital Limited

    Palmer Square Capital Management

    Palmerston Capital Management

    Work highlights

    • Advising Fondazione Enasarco on its long-running dispute with Lehman Brothers Finance SA concerning the close out of a derivative transaction within one of the most complex structured products to be considered by the English courts.
    • Advised Palmerston Capital as derivatives counsel for the launch of its second fund, negotiating all trading and prime brokerage documentation.
    • Advising Cheyne Capital on a range of derivatives, trading and related regulatory matters, including derivatives and trading support for launch documentation for new funds and ongoing trading documentation support for Cheyne’s existing suite of funds.

    Industry focus > Emerging markets Tier 3

    Dechert LLP has extensive experience in the former Soviet Union and MENA regions, where it is best known for capital markets deals for sovereign and quasi-sovereign entities, as well as for major corporates. Its sovereign debt practice is among the most prominent in London, and the firm is also making a name for itself in the ESG-linked emerging markets bonds space. Patrick Lyons leads the firm's international capital markets group and, in 2021, acted in emerging markets transactions with a total value in excess of $18.4bn. Key partner Giles Belsey frequently acts for  bondholders and ad hoc groups in the restructuring of bond issuances or related workout situations, and is particularly active in the Middle East and the CIS. Emerging partner talent Jennifer Rees led a team that assisted JSC Georgian Railway with the first green bond issued by a transport company in the Caucasus region and by a state-owned entity in Georgia. Associate Amy Rees also plays a key role in the practice.

    Practice head(s):

    Patrick Lyons

    Other key lawyers:

    Giles Belsey; Jennifer Rees; Amy Rees

    Key clients

    EFG Hermes

    Renaissance Capital

    Arab Republic of Egypt

    JSC Development Bank of Kazakhstan

    Sultanate of Oman

    JSC Georgian Railway

    JSC Ukrainian Railways

    Kingdom of Bahrain

    Bank Audi

    Procurement Bureau of the Republic of China Ministry of National Defence

    Ad Hoc Committee of Noteholders of PJSC Commercial Bank “PrivatBank”

    Real estate > Property finance Tier 3

    The London team at Dechert LLP works closely with the firm’s European offices to support lenders and clients in the financial market on cross-border real estate finance transactions. Aparna Sehgal leads the European structured finance and real estate group and has expertise in complex, multi-jurisdictional transactions. She is praised as ‘a very experienced lawyer, especially on complex asset-backed financings’ and John McGrath is strong in structured finance matters. Richard Pugh joined from the Bank of America in April 2022 with strength in advising on commercial mortgage-backed securitisations, and the team has also grown at the associate level. Sarah Smith joined Baker McKenzie in February 2022.

    Practice head(s):

    Testimonials

    ‘Aparna Sehgal has a great eye for detail and is brilliant at helping to steer large and often challenging groups of parties towards agreement on the legal documentation.’

    ‘Elizabeth Le Vay is knowledgeable and reliable, and with Aparna, they make a very formidable team.’ 

    ‘Aparna and her team are a highly capable pair of hands that can be fully relied upon and trusted.’

    ‘Aparna Sehgal’s team at Dechert is very hands-on and commercial. She’s a very experienced lawyer, especially on complex asset-backed financings.’ 

    ‘Aparna Sehgal is a very proactive team player.’

    ‘Aparna Sehgal is very client focused and always works hard to ensure deadlines and expectations are met. She picks up issues quickly and distributes them across the relevant teams at Dechert very well.’

    Key clients

    AGC Equity Partners

    Apollo Global Management

    BAWAG PSK

    Blackstone

    Blackrock

    Citibank N.A., London Branch

    Edmond De Rothschild

    Goldman Sachs

    Ping An Overseas Holdings

    Real I.S.

    Rothesay Life

    SAL Pension Fund

    Sculptor Capital

    Soller Capital Management

    Versace UK Plc

    Wells Fargo

    Zetland Capital

    Corporate and commercial > Equity capital markets – small-mid cap Tier 4

    Known for its expertise in the MENA region, notably Lebanon and Egypt, Dechert LLP handles equity transactions, IPOs in Egypt, and a range of advice in the life sciences sector. Sean Geraghty focuses on M&A, IPOs, secondary offerings, joint ventures and general corporate matters. He co-leads the team with Patrick Lyons, whose strengths include equity capital, debt capital and emerging markets work.

    Practice head(s):

    Patrick Lyons; Sean Geraghty

    Corporate and commercial > Financial services: non-contentious/regulatory Tier 4

    Dechert LLP counts numerous leading asset managers among its client roster, supporting with on-site English and US-law capabilities in its London office. The practice’s considerable cross-border capabilities mean that it often engages with multiple regulators at once, including the SEC, FCA, BaFin and AMF, and it is particularly accomplished in terms of fund and product launches. Gus Black leads the practice which also counts Richard Frase and Karen Anderberg among its star names.

    Practice head(s):

    Gus Black

    Other key lawyers:

    Testimonials

    ‘This team is incredibly driven and efficient. They provide a complete and cohesive service for any investigator carrying out an investigation. Their technical data management and digital abilities are second to none.’

    ‘Richard Frase (partner) has an unparalleled knowledge and deep understanding of the intricacies of financial legislation and regulation. He can always be relied upon for a thoughtful and correct identification and analysis of the relevant statutory provisions.’

    ‘Karen Stretch has an impressive mastery of the topics she covers and presents convincingly.’

    ‘It just works, makes detangling some thorny complex queries easier and their collaboration with colleagues in other practice areas and jurisdictions makes for a smooth experience for us as a client.’

    ‘Dechert are our relationship firm for financial regulatory work. Over the past year, they have advised across a variety of different matters. Some of those were routine, others linked to regulatory changes.’

    ‘Richard Frase is an extremely knowledgeable and hard-working lawyer. He is an incredibly impressive individual.’

    Key clients

    Financial Conduct Authority (FCA)

    T. Rowe Price

    Work highlights

    • Acting as lead counsel to T. Rowe Price Group on all aspects of its acquisition of Oak Hill Advisors, an alternative credit manager.  

    Crime, fraud and licensing > Fraud: white-collar crime (advice to individuals) Tier 4

    Dechert LLP hired practice co-head Judith Seddon from Ropes & Gray LLP in March 2022, an experienced name in the market with a strong record in defending senior executives at corporates and financial services institutions in criminal investigations brought by the SFO, FCA, HMRC, often high-stakes and involving global elements. Elsewhere, the team regularly represents US and UK-based individuals, primarily executives, ultra-high-net-worth individuals, and traders, in proceedings brought by global prosecuting authorities such as the US DOJ and CFTC, a particular strength for practice co-head Roger Burlingame and Matthew L Mazur, who are both US-qualified and regularly represent clients before US authorities. Timothy Bowden, a former practitioner at the Bar, is also a key name in the team for individual representations, acting for clients facing SFO and FCA investigations as well as internal investigations in the financial sector.

    Practice head(s):

    Judith Seddon; Roger Burlingame

    Other key lawyers:

    Matthew L. Mazur; Timothy Bowden.

    Key clients

    11 UK-based independent oil traders with Vega Capital London Ltd.

    Former Deutsche Bank precious metals trader

    Work highlights

    • Representing 14 independent oil traders based in Essex, UK, in connection with simultaneous investigations by the Chicago Mercantile Exchange (CME), the U.S. Commodities Futures Trading Commission (CFTC), and the U.S. Attorney’s Office for the Southern District of New York.
    • Representing a former London-based Deutsche Bank precious metals trader charged criminally by the US Department of Justice and civilly by the US Commodities Futures Trading Commission (CFTC) for alleged spoofing in the precious metals futures markets.

    Dispute resolution > Banking litigation: investment and retail Tier 4

    Dechert LLP‘s banking litigation team is known for handling high-stakes, multi-jurisdictional banking disputes. It is led by former barrister Dorothy Cory-Wright , who specialises in complex commercial litigation and contentious regulatory issues. The team benefits from a wide international reach and counts on the expertise of Adam Silver , who specialises in financial litigation. Daniel Natoff was promoted to partner in January 2022.

    Practice head(s):

    Dorothy Cory-Wright

    Other key lawyers:

    Adam Silver; Stephen Surgeoner; Andrew Hearn; John Bedford; Daniel Natoff;

     

    Key clients

    Ad Hoc Committee of Noteholders of PJSC Commercial Bank “PrivatBank”

    Blom Bank S.AL.

    Bank Audi S.A.L and Société Générale de Banque au Liban

    Banque Libano-Francaise S.AL.

    The Financial Conduct Authority

    Hasim Bora Özerman and Fusun Gonen

    SBM Bank (Mauritius) Limited

    Work highlights

    • Advising the Ad Hoc Committee of Noteholders of PrivatBank in an English High Court dispute regarding the proper interpretation of complex finance documents used across the capital markets and the treatment of bank “bail-ins”.
    • Advising Dame Elizabeth Gloster (a former Lady Justice of the English Court of Appeal and current Judge of the Abu Dhabi Global Market Courts) in her capacity as the independent investigator appointed at the direction of Her Majesty’s Treasury in respect of the FCA’s regulation and supervision of London Capital & Finance plc which collapsed in January 2019, putting at risk approximately £230 million invested by over 11,000 retail investors.
    • Advising VTB as a secured senior lender in relation to a high-profile dispute between the Essar Group and ArcelorMittal.

    Dispute resolution > Commercial litigation: premium Tier 4

    Dechert LLP‘s reputation for expertly handling matters involving simultaneous litigation in multiple jurisdictions ensures that the firm is instructed by a steady stream of international corporations, creditor groups, sovereign states, hedge funds, and other financial institutions. Practice head Dorothy Cory-Wright is ably supported by a growing bench of capable partners, including Andrew Hearn (who is particularly noted for his involvement with cross-border enforcement efforts), fraud expert Adam Silver, and newly promoted Daniel Natoff.

    Practice head(s):

    Dorothy Cory Wright

    Other key lawyers:

    Stephen Surgeoner; Andrew Hearn; Adam Silver; John Bedford; Daniel Natoff

    Key clients

    Ad Hoc Committee of Noteholders of PJSC Commercial Bank “PrivatBank”

    Nikolay Falin

    Axle and Centigon

    Hanging Gardens Ltd

    Procurement Bureau of the Republic of China Ministry of National Defence

    Work highlights

    • Successfully represented the Republic of China Ministry of National Defence in a dispute with Strategic Technologies in the English Court of Appeal.
    • Representing VTB Bank, as a senior secured lender, in a dispute between the Essar Group and ArcelorMittal.

    Employment > Senior executives Tier 4

    Investment fund formation and management > Private funds Tier 4

    ‘Truly partner-led with top calibre associates’, Dechert LLP has a varied practice covering closed and open-ended funds across private equity, venture capital, real estate and credit. In addition to the breadth of fund types it advises on, the practice is also noted for its geographic breadth, with experience handling fund establishments in the Channel Islands, the Caymans, and Luxembourg, where the firm has an office. The practice is also developing a presence in Ireland and continues to leverage its US links to advise on transatlantic mandates. Gus Black leads the team and alongside Christopher Gardner and Thiha Tun has substantial expertise advising US and EU clients on fund formations; the trio also handle GP-led secondaries.

    Practice head(s):

    Gus Black

    Other key lawyers:

    Christopher Gardner; Thiha Tun; Marianna Tothova; Claire Bentley; Samuel Hachez

    Testimonials

    ‘Truly partner-led with top calibre associates. There’s very little attrition and the growth of team has been organic – a good sign of stable, long-term success.’

    ‘A highly experienced team that is able to advise/guide clients across the spectrum of private investment funds challenges. The team, led by Gus Black, is accessible and responsive which assists us in getting to the bottom of complex matters and being able to understand and consider relevant solutions/alternatives.’

    ‘The team has a market leading position in private funds. It has impressive breadth of expertise across different asset classes, with considerable depth to its bench.’

    ‘The head of the funds group actively leads the work and is very hands on at all stages, giving the client the comfort that an experienced pair of eyes has either been responsible for drafting/advising or has reviewed the work before another team member sends it out. ‘

    ‘Christopher Gardner, Claire Bentley and Samuel Hachez have all been excellent on a recent fund launch.’

    ‘Main point of contact is Gus Black who we have found to be highly experienced and able to provide practical solutions to both legal and commercial elements we encounter when establishing and/or operating an investment fund.’

    ‘We worked with Marianna Tothova, thanks to her double exposure to the UK and Lux markets, she is able to manage expectations of English clients and the requirements of the Luxembourg regulator.’

    ‘Thiha Tun’s commercial acumen and structuring expertise is second to none. We are the business we are all thanks to him. ‘

    Key clients

    Apollo Global Management

    AGC Equity Partners Limited

    Amber Capital UK LLP

    Barings LLC

    Blixt Group

    Columna Capital LLP

    Pemberton Capital Advisors LLP

    StepStone Group

    Warburg-Serres Investments

    Work highlights

    • Advised Swiss Capital on the establishment of 16 Cayman Islands and Luxembourg funds (private credit) with 12 underlying portfolio managers.
    • Advised Cheyne Capital on the structuring and formation of Cheyne European Strategic Value Credit Fund II, a €1.15 billion opportunistic fund with a focus on stressed and distressed European credit.
    • Advised Blixt Group on the formation of its debut private equity fund.

    Corporate and commercial > Private equity: transactions – high-value deals (£250m+) Tier 5

    Dechert LLP acts for buyout houses and sovereign wealth funds across the whole spectrum of deals in the PE space, including acquisitions, exits, investments and portfolio company M&A. The ‘very commercial, efficient and helpful’ team handles transactions both in the high-value and mid-market brackets, in sectors ranging from financial services to technology to healthcare. The practice experienced some turnover in 2021, with Mark Thompson and Sam Whittaker joining from Kirkland & Ellis International LLP and Ross Allardice departing. Thompson significantly adds to the firm’s offering for private equity real estate clients, while Whittaker stands out for his work with sovereign wealth funds. Christopher Field leads the practice and is praised as ‘technically brilliant’.

    Practice head(s):

    Christopher Field

    Other key lawyers:

    Sam Whittaker; Mark Thompson; Mark Evans; Jamal Tuhin

    Testimonials

    ‘Highly client oriented. Pro-active raising deal opportunities and once the deal started a full service offering making legal DD and also legal documentation hassle-free for the investment professionals.’

    ‘Highly personal and know what is needed internally at every step. Very warm, welcoming and also calm when things get hectic. Highly knowledgeable when it comes to market standards and negotiating legal points’

    ‘Chris Field is excellent – he is extremely knowledgeable and skilled in navigating the UK Takeover Code. He is also technically brilliant and his friendly demeanor makes him a joy to work with.’

    ‘The team is very commercial, efficient and helpful. They drive transactions forward in a way that stands out from their competitors. I feel I can leave them to run a process and trust them to elevate important issues.’

    ‘Mark Evans is a great lawyer with an ability to cut through to the important issues. He has a stand out ability to get very complex deals done in a very efficient and commercial way and great knowledge of many sectors. I would highly recommend him. Jamal Tuhin is a great operator and one to watch.’

    Key clients

    Ares Management Limited

    Brookfield Asset Management

    Cerberus Capital Management

    Columna Capital

    Further Global Capital Management

    GIC

    KKR

    MidEuropa

    Nordic Capital

    One Equity Partners

    Work highlights

    • Advised GIC, as part of the investment group led by Fortress, on its £9.5 billion all cash offer for supermarket group Wm Morrison Supermarkets plc.
    • Advised Nordic Capital on the €2.143 billion sale of Swedish electronic trading platform Itiviti Group AB to Broadridge Financial Solutions Inc.
    • Advised Brookfield Asset Management on the formation of a joint venture with Logistik Service to invest in Iberian logistics opportunities.

    Finance > Corporate restructuring & insolvency Tier 5

    The rapidly expanding team at Dechert LLP, which most recently welcomed the arrival of ‘hardworking and committed’ special situations and cross-border restructuring expert Kay Morley from Jones Day,  provides ‘top-quality restructuring and insolvency expertise on both UK and cross-border situations’. Recognised by one client as ‘one of the best restructuring lawyers in London’, Adam Plainer heads a ‘technically strong’ team that also includes Solomon Noh, who ‘brings a unique skillset in the London market with his US restructuring background’. 

    Testimonials

    The team is technically strong but also very practical in their approach.’

    The firm provides top-quality restructuring and insolvency expertise on both UK and cross-border situations.’

    Solomon Noh is a hard working partner with superior skills and excellent client management.’

    Solomon Noh in particular, is considered one of the leading practitioners and brings a unique skillset in the London market with his US restructuring background.’

    Adam Plainer – In my opinion one of the best restructuring lawyers in London. He is totally committed to getting the right result for his client and available at all times.’

    The hardworking and committed Kay Morley is technically strong, very practical and commercial in her approach.’

    Insurance > Insurance and reinsurance litigation Tier 5

    Dechert LLP handles cross-border insurance disputes of all types, including Lloyd’s-related matters and Bermuda Form arbitration. Coverage issues are a key area of instruction, along with a steady stream of mandates involving brokers’ negligence, disputes over complex hybrid reinsurance products and issues arising from insurer insolvency. Head of commercial disputes Dorothy Cory-Wright leads the practice, working alongside fellow senior litigator, Stephen Surgeoner .

    Practice head(s):

    Dorothy Cory-Wright

    Other key lawyers:

    Stephen Surgeoner

    Corporate and commercial > Corporate tax Tier 6

    Dechert LLP is active for funds, investments, and private equity, and benefits from a global network of offices to provide comprehensive multinational support. Practice head Mark Stapleton advises on UK and international tax matters, with particular experience in structuring and securitisation. Daniel Hawthorne covers M&A, financial services, and investment funds. Associate and chartered tax advisor Nicolas Kokkinos is also noted.

    Practice head(s):

    Mark Stapleton

    Other key lawyers:

    Daniel Hawthorne; Nicolas Kokkinos

    Testimonials

    ‘Dechert’s firmwide expertise with the asset management industry and fund structures was a plus when selecting tax experts for our particular needs.’

    ‘Mark Stapleton is a consummate professional with a wide network of tax experts in jurisdictions across the EU.’

    ‘Team has appropriate industry and sector experience. Also able to deal with practical commercial elements/challenges.’

    ‘Mark Stapleton is main contact for us in the corporate tax practice. Mark is always readily available and accessible. Additionally, he is able to direct us to specific tax subject matters experts as necessary.’

    ‘This team is exceptionally good at describing complex tax issues in an engaging and client friendly way. They deal with issues commercially.’

    ‘Mark Stapleton leads a broad team of tax specialists to give hands-on and applied advice. Stellar responsiveness and quality of thinking. Highly recommend.’

    ‘Mark Stapleton is a stand-out tax partner in the private funds space.’

    ‘Mark Stapleton and Dan Hawthorne are both technically gifted and very personable. They also believe in very quick response times, which is crucial in dealing with clients.’

    Key clients

    Hellenic Telecommunications Organization, S.A.

    Swiss Capital

    Work highlights

    • Advised Hellenic Tellecomunications Organization S.A. on the sale of its 54 percent stake in Romania’s fixed telecommunications operator, Telekom Romania, to Orange Romania.
    • Advising Swiss Capital on the set up of a Luxembourg fund platform for European institutional investors, and various new credit fund sub-funds.

    Corporate and commercial > M&A: upper mid-market and premium deals, £500m+ Tier 6

    Dechert LLP‘s growing London team draws praise from a host of regulated corporates, banks, and investment firms its capabilities in high-value transactions. Practice co-chair Christopher Field‘s ‘excellent intellect’ makes him a key contact for some of the firm’s most significant financial services clients, who turn to him for his far-reaching expertise in multi-billion dollar, cross-border M&A. Douglas Getter‘s focus on international transactions sees him handling a significant volume of big-ticket mandates, most recently for clients in the tech, banking, and manufacturing sectors. Sean Geraghty is chiefly recognised for his TMT credentials, whereas Ross Montgomery – who was promoted to partner in January 2022 – has played critical roles in strategic telecoms divestitures and infrastructure investment transactions. Notable recent additions include PE transactional specialists Mark Thompson and Sam Whittaker, who joined the team from Kirkland & Ellis International LLP – arriving in July 2021 and August 2021, respectively.

    Practice head(s):

    Christopher Field

    Other key lawyers:

    Testimonials

    ‘A real high-quality team. Very bright and hard working without the ego that sometimes accompanies this quality.’

    ‘Chris Field is a real corporate law specialist. An excellent intellect.’

    ‘Sam Whittaker is a great addition to the team. Super bright and hardworking, and a pleasure to work with.’

    ‘Always available, highly responsive, and fast in highly demanding cases. Fully committed – they brought on resources to accommodate increasing requirements, with complex expertise.’

    Key clients

    Au10tix Technologies B.V.

    Bank Audi s.a.l.

    Branded E-Commerce Holding GmbH

    Crown Holdings, Inc.

    GIC

    Hellenic Telecommunications Organization, S.A. (OTE)

    M1 Group

    Phoenix Insurance Company

    Slinger Bag, Inc.

    T. Rowe Price Group, Inc.

    Work highlights

    • Advised T. Rowe Price Group on its $4.2bn acquisition of Oak Hill Advisors.
    • Advised GIC alongside Harbour Energy on the $3.5bn reverse takeover by private equity-backed Chrysaor of London-listed Premier Oil plc.
    • Advised Crown Holdings, Inc on the $2.8bn carve-out and sale of an 80% stake in its European food can business.

    Dechert is a leading global law firm.

    We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.

    Our London office first opened its doors in 1972, though Dechert’s roots in the UK stretch back to the 1930s. The office has grown to more than 160 lawyers and other legal professionals.

    Our lawyers help clients from all major sectors achieve their commercial aims.

    Reflecting London’s role as a global business hub, our lawyers are qualified to practice in a wide array of jurisdictions in addition to our core English law practice.

    For example, we are one of the few law firms with a full-service US corporate practice in London, which advises domestic and international clients on a broad spectrum of US regulatory and transactional issues.

    For additional information about our London office, please visit dechert.com/london.

    DepartmentNameEmailTelephone
    Chairman Andrew Levanderandrew.levander@dechert.com
    CEO Henry Nassauhenry.nassau@dechert.com
    London Management Committee Gus Blackgus.black@dechert.com
    London Management Committee Jason Butwickjason.butwick@dechert.com
    London Management Committee Dorothy Cory-Wrightdorothy.cory-wright@dechert.com
    London Management Committee Christopher Fieldchristopher.field@dechert.com
    PhotoNamePositionProfile
    Camille Abousleiman photo Camille Abousleiman Mr. Abousleiman has a 30-year track record of advising on some of…
    Ross Allardice photo Ross AllardicePartner
    Karen Anderberg photo Karen AnderbergPartner
    Jonathan Angell photo Jonathan AngellJonathan Angell represents both listed and unlisted companies, equity finance providers and…
    Matthew Banham photo Matthew BanhamPartner
    John Bedford photo John BedfordPartner
    Abigail Bell photo Abigail BellAbigail Bell advises on the structuring, establishment and listing of private funds…
    Giles Belsey photo Giles BelseyGiles Belsey focuses his practice on financial services matters, with a particular…
    Caroline Black photo Caroline BlackCaroline Black is a criminal defense and investigations lawyer who focuses her…
    Gus Black photo Gus BlackPartner
    Craig Borthwick photo Craig BorthwickPartner
    Timothy Bowden photo Timothy BowdenPartner
    Michelle Bradfield photo Michelle BradfieldPartner
    Laura Brank photo Laura BrankLaura Brank, the head of Dechert’s Russia practice, has been acting for…
    Roger Burlingame photo Roger BurlingamePartner
    Philip Butler photo Philip Butler
    Jason Butwick photo Jason ButwickJason Butwick, managing partner of Dechert’s London office, practises in all aspects…
    Emma Byford photo Emma ByfordCounsel
    Dorothy Cory-Wright photo Dorothy Cory-WrightPartner
    Alison Couchman photo Alison CouchmanAssociate
    Matthew Cowie photo Matthew CowiePartner
    Robert Darwin photo Robert DarwinPartner
    Christopher Field photo Christopher FieldPartner
    Richard Frase photo Richard FraseRichard Frase advises on all aspects of financial services law. He has…
    Christopher Gardner photo Christopher GardnerChristopher Gardener’s practice focuses on the structuring and establishment of private funds…
    Sean Geraghty photo Sean GeraghtySean Geraghty’s experience includes mergers and acquisitions (both public and private, for…
    Douglas Getter photo Douglas GetterDouglas Getter, head of Dechert’s US corporate practice in Europe and corporate…
    Alastair Goldrein photo Alastair GoldreinPartner
    Smridhi Gulati photo Smridhi GulatiPartner
    Daniel Hawthorne photo Daniel HawthorneDaniel Hawthorne acts for a broad range of corporate and financial services…
    Andrew Hearn photo Andrew HearnAndrew Hearn is an experienced commercial litigator whose work is national and…
    Richard L. Heffner, Jr. photo Richard L. Heffner, Jr.Partner. Richard Heffner, an English solicitor and U.S. qualified attorney, advises on…
    Paul Kavanagh photo Paul KavanaghPaul Kavanagh focuses his practice on all matters relating to intellectual property.…
    Edward Kling photo Edward KlingEdward Kling concentrates his practice on complex international deals, litigation and arbitration…
    Adam Levin photo Adam LevinAdam Levin focuses his practice on advising ultra high net worth individuals,…
    Patrick Lyons photoMr Patrick LyonsPartner
    John Markland photo John Markland
    Stuart Martin photo Stuart MartinStuart Martin has more than 20 years extensive experience advising international financial…
    Jennifer McGrandle photo Jennifer McGrandleCounsel
    John McGrath photo John McGrathPartner
    David Miles photo David MilesPartner
    Cameron Mitcham photo Cameron MitchamPartner
    Kay Morley photo Kay MorleyPartner
    Daniel Natoff photo Daniel NatoffPartner
    Solomon Noh photo Solomon NohPartner
    Adam Plainer photo Adam PlainerPartner
    Ricci Potts photo Ricci PottsAssociate
    Amy Rees photo Amy ReesAssociate
    Jennifer Rees photo Jennifer ReesPartner
    Mikhaelle Schiappacasse photo Mikhaelle SchiappacassePartner
    Judith Seddon photo Judith SeddonPartner
    Aparna Sehgal photo Aparna SehgalPartner
    Adam Silver photo Adam SilverAdam Silver focuses his practice on commercial and financial litigation, fraud and…
    Nathan Smith photo Nathan SmithAssociate
    Sarah Smith photo Sarah SmithPartner
    Mark Stapleton photo Mark StapletonMark Stapleton advises on UK and international direct and indirect taxation issues.…
    Karen Stretch photo Karen StretchPartner
    Stephen Surgeoner photo Stephen SurgeonerPartner
    Marianna Tothova photo Marianna TothovaPartner
    Thiha Tun photo Thiha TunPartner
    Charles Wynn-Evans photo Charles Wynn-EvansCharles Wynn-Evans, head of the employment practice in London, focuses on all…
    More than 30 languages

    CLIENT:
    COMPANY/FIRM: Citigroup
    TESTIMONIAL: “Dechert consistently provides differentiating legal advice, particularly on large, complex transactions.”


    CLIENT:
    COMPANY/FIRM: Sun Capital
    TESTIMONIAL: “The firm did a great job throughout the entire process. They have been proactive and delivered quality advice. As always, a pleasure working with such a great team.”


    CLIENT:
    COMPANY/FIRM: Credit Suisse
    TESTIMONIAL: “We continually have the highest degree of confidence in the work product and coverage of the Dechert team, and they are always a pleasure to work with.”


    CLIENT:
    COMPANY/FIRM: Saint-Gobain
    TESTIMONIAL: “Saint-Gobain frequently turns to Dechert to defend the company in its most consequential, high-stakes litigation in the United States. Their sophistication, depth of experience, and legal creativity – especially in the area of complex mass tort litigation, is simply unrivalled. When the case is unprecedented and alleged to be perilous, there is no better partner to have in the trenches than Dechert.”


    “Actionable allyship moves beyond passive solidarity and requires speaking up or intervening during acts of marginalization, even at the risk of backlash or negative consequences. As catalysts for change, Dechert remains committed to doing our part in fighting systemic racism, social injustice and inequity.”

    Satra Sampson-Arokium, Chief Diversity, Equity and Inclusion Officer

    • Using his voice to take a powerful stand, our Chief Executive Officer, Henry Nassau, published a Leaders at the Front Pledge. His pledge is a bold action plan to create meaningful and measurable changes at Dechert and within the legal industry. Read his pledge here on the Leadership Council on Legal Diversity’s website.
    • In 2021, Dechert became one of the first firms to pilot the Mansfield Rule in the UK. The Mansfield Rule, overseen by Diversity Lab, has become the standard by which U.S. law firms track and measure their diversity.
    • Dechert was the first law firm to sign the Business Statement Opposing Anti-LGBTQ State Legislation, taking a stance against discrimination of LGBTQ people in proposed U.S. legislation.

    By the Numbers

    • 43% of the Policy Committee [senior leadership team] are women or diverse partners.
    • 52% of the lawyers most recently promoted to partner [effective January 1, 2022] are women.
    • 44% of our global offices are managed by women or diverse partners.
    • 25% of partners globally are women.
    • 74% of our most recent Fall 2021 class of new associates in the U.S. are women or diverse.

    Key Initiatives

    Aspiring Solicitors
    Dechert is an Affiliate Partner of Aspiring Solicitors (AS). 2021 marks the fifth successful year of Dechert’s sponsorship of the organization’s national Commercial Awareness Competition, with the winners offered a vacation scheme and opportunity to interview for a training contract at Dechert.

    Diversity and Inclusion Week
    During the firm’s second annual DEI Week, Dechert hosted a conversation with Dr. Makaziwe Mandela, the eldest daughter of President Mandela, who shared insights on her family’s work to bring greater unity to the world. Our community also joined in to connect across differences and inspired each other to take a break by sharing their favorite vacation or staycation photo, making a difference with acts of kindness, and some other lighthearted and fun moments

    Sponsorship and Sustained Support (SASS) Program
    Through our Global Women’s Initiative, we continued to identify and implement initiatives that promote opportunities for women to advance and lead throughout the firm. We continued to organize our SASS women into several cohorts led by partner faculty. SASS cohorts are designed to provide support and actionable skills as women continue learning and networking together to navigate the path to partnership.

    Inclusive Leadership
    Commitment to diversity and inclusion stems from the top. Our partners have been participating in interactive sessions on inclusive leadership since 2018. In 2021, the training expanded to the entire Dechert community. We covered such issues as affinity bias, attribution bias, covering, in and out groups, actionable allyship, unconscious bias, and inclusive leadership in times of crisis. Individuals participate in interactive sessions that center around dramatizations that prompt conversations, challenge stereotypes, and inspire change.