Dechert LLP > London, England > Firm Profile

Dechert LLP > The Legal 500 Rankings

Risk advisory > Regulatory investigations and corporate crime (advice to corporates) Tier 1

The ’seriously impressive’ Dechert LLP white-collar practice provides dedicated expertise on both traditional financial crime and investigations work, along with handling newer areas, such as sanctions, ESG, and cryptocurrencies. The firm has in-depth experience managing cross-border, multi-agency DPAs and corporate settlements with domestic and international authorities- ranging from the SFO to the US DOJ.  US qualified co-head Roger Burlingame is an expert on multijurisdictional white-collar criminal defence proceedings, while Judith Seddon shows ‘pure excellence’ when advising on fraud, money laundering, and corruption investigations. Tim Bowden handles financial and general criminal law matters while Matthew Mazur guides companies through US government investigations. Evan Flowers and John Bedford are also recommended. Partner Caroline Black left in February 2023 and Matthew Banham moved to Seyfarth Shaw LLP.

Investment fund formation and management > Hedge funds Tier 2

Dechert LLP provides ‘clear and direct guidance to clients’ including multi-billion dollar managers and smaller industry players. The practice is well versed in advising hedge funds on cross-border operations, advising on the start-up of new funds and related seed funding deals, while supporting existing funds with regulatory, tax and corporate matters. Leading the team is Gus Black, head of the firm’s financial services group. Abigail Bell advises both hedge and hybrid fund structures on investing in a range of asset classes, assisting with a range of corporate documentation, seed funding transactions and regulatory compliance. Craig Borthwick specialises in large-scale fund launches, with particular expertise in managed accounts and co-investment agreements, while Mikhaelle Schiappacasse, head of the firm’s European ESG group, assists hedge funds across a variety of domiciles on complying with sustainability regimes, including Sustainable Finance Disclosure Regulation (SFDR).

Corporate and commercial > Partnership Tier 3

The ‘highly commercial and thoughtful’ partnership team at Dechert LLP offers a ‘breadth of expertise’ particularly in the financial services and investment management space. Practice head Jason Butwick is a ‘highly commercial and creative’ lawyer and regularly handles the drafting and structuring of partnership and employment documentation, remuneration code matters and partnership, and employment disputes. ‘Expert’ lawyer Daniel Hawthorne specialises in employee taxation and incentivisation matters for corporate and financial services clients. Also of note is Craig Borthwick, whose expertise lies in the formation and structuring of investment funds and fund platforms. Corporate lawyer Jonathan Angell‘s case load includes advising LLPs and their members on amendments to existing membership agreements and regulatory matters.

Crime, fraud and licensing > Fraud: civil Tier 3

Civil fraud practice Dechert LLP  is responsible for settling commercial disputes and multinational investigations into fraud and asset recovery. The practice enjoys a diverse clientele, from sovereign wealth funds and global banks to ultra-high net worth individuals (UHNWI). Team leader Dorothy Cory-Wright   possesses expertise in litigation, arbitration and dispute resolution, while partner Adam Silver  is experienced in handling cross-border disputes and enforcement actions.

Crime, fraud and licensing > Fraud: white-collar crime (advice to individuals) Tier 3

The ‘powerhouse white-collar team’ at Dechert LLP represents individual clients from across the world, providing vast expertise on market manipulation, serious fraud, and bribery claims. With an extensive client roster of senior directors, c-suite executives, and ultra-high-net-worth individuals, the practice regularly handles domestic investigations brought by the SFO and FCA, as well as international proceedings involving the US Department of Justice (DOJ) and SEC. Practice co-chair Judith Seddon – ‘respected, sophisticated and hugely experienced‘ – specialises in complex money laundering and criminal investigations, while fellow co-head Roger Burlingame draws on his experience as a DOJ prosecutor to deal with cross-border white-collar criminal defence proceedings. Matthew Mazur is well versed in internal investigations, while Tim Bowden frequently manages cases involving international fraud. Other names to note include Matthew Banham, who concentrates on financial crime issues, and Evan Flowers, an expert in anti-bribery compliance and AML sanctions.

Employment > Employers Tier 3

Dechert LLP covers both sensitive contentious matters and transactional work, including harassment in the workplace allegations, and support with the employment aspects of M&A deals, often with cross-jurisdictional elements. Jason Butwick, a financial services and regulated industries specialist who handles contractual partnership agreements and SMCR matters, leads the team. He is supported by TUPE expert Charles Wynn-Evans. Further key names include counsels Emma Byford and Jennifer McGrandle.

Finance > Acquisition finance Tier 3

Following the recent retirement from the partnership of John Markland, Dechert LLP‘s work for its fund-focused client base focuses almost entirely on their role as lenders on acquisition finance mandates. In this context, practice co-heads David Miles  and Philip Butler  have a ‘great depth of knowledge’, having been involved from the earliest days of the growth of the product, with both capable of handling a range of deals across sectors and quantum for key clients including Ares and Barings. Clients are also appreciative of the overarching ‘team dynamic’, as well as the ‘ability to bring in resources and expertise from other areas of the firm as needed during the course of a transaction’. Smridhi Gulati joined Cadwalader, Wickersham & Taft LLP in April 2023.

Finance > Debt capital markets Tier 3

Dechert LLP has 'the most efficient team, great depth of experience and a very commercial approach to getting the job done' and its strong presence in emerging markets debt transactions is due to its 'in-depth knowledge of local, regional and global practices'. 'Incredibly solution-oriented' head of international capital markets Patrick Lyons advises on the US law aspects of the major transactions handled by the London office, while emerging partner talent Jennifer Rees provides English law advice. Associate Amy Rees is 'highly recommended' for her work on complex debt issues and liability management transactions. The team recently assisted JSC Development Bank of Kazakhstan with the issuance of $500m in notes and a simultaneous tender offer for part of its outstanding debt. Another key emerging markets transaction saw the firm advise Hashemite Kingdom of Jordan on a $650m notes offering under its GMTN programme.

Finance > Derivatives and structured products Tier 3

Dechert LLP is a prominent adviser to fund managers on derivatives, though it also acts for investment banks, commercial banks, private equity funds and credit funds on transactional matters, brokerage and regulatory matters. Gus Black, co-chair of the firm's global financial services group and a fund formation specialist, oversees the derivatives group in London, in which John McGrath and Karen Stretch are the standout partners. Stretch, whose work encompasses transactional derivatives and advice on regulatory compliance, 'has a unique capability to synthesise complex issues into salient solutions'. McGrath, whose work spans both transactional matters and advice on disputes concerning derivatives, continues to advise Fondazione Enasarco on the closeout of derivatives positions following the collapse of Lehman Brothers. Senior associate Richard Chapman, who joined from AB Derivatives Advisors Limited, handles prime brokerage, derivatives, trading documentation and associated regulatory issues.

Finance > Securitisation Tier 3

Dechert LLP has a large global finance practice, for which securitisation is a key source of work. Head of structured finance and real estate Aparna Sehgal oversees the London office’s securitisation work, for which John McGrath and Richard Pugh are the standout partners. Noteworthy new additions to the team include Aaron Scott, a structured finance and securitisation specialist who heads up the firm's CLO offering, where he is assisted by counsel Glenn Weston and associate Rory O’Connor. Consequently, the firm has seen growth in CLO transactions and repo securitisations, though it also continued to advise on a wide variety of structures. McGrath and Weston acted for Palmer Square Europe Capital Management LLC in the establishment of a warehouse financing facility, and the issuance of €503m in CLO notes backed by a portfolio of primarily senior secured loans, senior secured bonds, unsecured senior loans, second lien loans, mezzanine obligations and high yield bonds. They also assisted the same client with a €389m CLO deal that included the ‘uptier priming’ concept, which is a new feature in the CLO market.

Industry focus > Emerging markets Tier 3

Dechert LLP stand out for 'its efficiency, the deep commitment of its lawyers, its transparency and good governance'. The firm has a prominent role in debt issuance and other financing structures in key emerging markets, among them Thailand, Malaysia, Chile, Mexico, Russia, Ukraine and Kazakhstan. Head of International capital markets Patrick Lyons and emerging partner talent Jennifer Rees exhibit 'proven efficiency and knowhow so as to make deals a real success'. They recently acted for BNP Paribas, Citi, JP Morgan, and Deutsche Bank in a dual-tranche debt offering by the Kindom of Morocco, with a total value in excess of $2.5bn. This was the country's first issuance since December 2020. Lyons and outstanding associate Amy Rees assisted JSC Ukrainian Railways on two consent solicitations, concerning a total of $895m in loan participation notes issued by Rail Capital Markets plc. The firm's high-profile work for sovereign issuers included advising the Hashemite Kingdom of Jordan on its GMTN programme and the issuance of $650m in notes.

Real estate > Property finance Tier 3

Dechert LLP's practice predominantly concentrates on the lender-side, but extends to acting for these lender clients in their capacity as borrower, or seller, in back-leverage arrangements. Department head Aparna Sehgal leads on loan-on-loans and repurchase facilities, and routinely represents the interests of whole loan and senior lenders, mezzanine debt providers, and both back-leverage counterparties. John McGrath advises banks and buy-side parties on performing and non-performing financial products, often involving enforcement or restructuring of derivatives and securitisations. Richard Pugh is active on commercial mortgage-backed securitisations.

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

Dechert LLP‘s corporate and securities practice group is noted for its equal strength across UK ECM and US securities deals, advising on complex cross-border equity transactions – particularly those on behalf of issuers in the life sciences sector. Patrick Lyons leads the international capital markets team from London.

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

Led by Gus Black, the team at Dechert LLP has demonstrable experience advising asset managers on buy-side financial regulatory matters and is well-placed to leverage the firm’s US-law capabilities to handle transatlantic issues. Karen Anderberg advises asset managers on all aspects of US financial services regulatory issues and Katie Carter focuses on the EU and UK regulatory disclosure regimes relating to green financial products, while Colin Sharpsmith joined from Kirkland & Ellis International LLP in September 2022. Other key contacts in the team include Richard Frase and Karen Stretch.

Dispute resolution > Banking litigation: investment and retail Tier 4

Dechert LLP boasts an ‘excellent litigation practice’, acting on market-leading multi-jurisdictional banking disputes. Dorothy Cory-Wright leads a team that ‘retains a number of absolutely first-rate disputes lawyers‘, including Adam Silver and ‘stand-out litigator‘ Stephen Surgeoner. At associate level, Ricci Potts and Lisa Borthwick are both ‘responsive and hard-working‘.

Dispute resolution > Commercial litigation: premium Tier 4

The ‘well coordinated and extremely efficient’ team at Dechert LLP is particularly skilled at handling litigation that spans multiple jurisdictions, regularly acting for multinational corporates, sovereign states, hedge funds, and other financial institutions. Solicitor-advocate Dorothy Cory-Wright leads the team, acting on a wide range of complex commercial litigation and contentious regulatory issues. ‘Litigation heavyweight’ Stephen Surgeoner  is key to the team, with a particular focus on financial services, insurance, energy, and telecommunications-related litigation. ‘Very diligent’ Daniel Natoff is highly recommended by clients, with a financial services sector focus.

Insurance > Insurance and reinsurance litigation Tier 4

Solicitor advocate Dorothy Cory-Wright heads up Dechert LLP‘s commercial disputes practice, which is home to insurance litigation experts that represent insureds, captives, insurers and reinsurers on a range of cross-border disputes, including Lloyd’s-related matters and Bermuda Form arbitration. The team handles coverage issues, brokers’ negligence matters, and disputes over complex hybrid reinsurance products. Stephen Surgeoner has over two decades of experience as a commercial litigator within the insurance sector.

Investment fund formation and management > Private funds Tier 4

Dechert LLP‘s funds team is recommended for its handling of first-time private equity fund launches and its cross-jurisdictional capability, in close cooperation between the London practice and the firm’s Luxembourg and Ireland teams. Practice head Gus Black is an expert in private equity, private credit and private real estate fund formation and secondaries. Black is supported by ‘great legal mind’ Christopher Gardner, the experienced Thiha Tun and Marianna Tothova, who is dual qualified in England and Wales, and Luxembourg. The firm recently expanded its practice with the addition of Sam Kay, a private equity funds specialist who joined the team from Travers Smith LLP in July 2023.

Corporate and commercial > Corporate tax Tier 5

Dechert LLP offers key tax expertise across private equity transactions, corporate M&A, and investment management. Highly experienced department head Mark Stapleton is a prominent name in tax matters related to offshore funds and investment management, including at the international and global level. Daniel Hawthorne handles a broad range of transactions, and has additional knowledge of employee taxation. Senior associate Nicolas Kokkinos is a key name.

Corporate and commercial > EU and competition Tier 5

Dechert LLP made a series of notable hires for its global antitrust/competition practice in early 2023, with former Orrick, Herrington & Sutcliffe LLP duo Douglas Lahnborg and Saira Henry joining the firm’s London office alongside other key recruits in the US. The team, which also works in tandem with a strong bench of talent in Brussels, advises a raft of big-name corporates, with recent work including European Commission and CMA investigations and the merger control aspects of major transactions.

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

Dechert LLP is engaged by various PE firms and sovereign wealth funds for advice on a range of high-value transactions, frequently with a strong cross-border aspect. The London practice is headed up by global PE co-head Christopher Field, whose recent engagements include multi-billion-dollar take-privates and investment deals. Mark Evans is an experienced corporate partner who regularly advises on acquisitions, divestments, and investments for major asset managers. Sam Whittaker - a key contact for some of the team's most high-profile clients - is also recommended.

Finance > Corporate restructuring & insolvency Tier 5

Despite the departure in January 2023 of Solomon Noh  and Alastair Goldrein   to Cleary Gottlieb Steen & Hamilton, Dechert LLP maintains a strong offering for both creditors and debtors where it displays a ‘high level of technical excellence, in both UK and multi-jurisdictional situations‘. Leveraging the firm’s rich heritage in the asset management space, funds-related work informs much of the deal flow, both for private equity sponsors and credit funds. Praised for her ‘thorough and business-oriented’ approach and her ability ‘to build consensus’, Kay Morley is key to the success, regularly acting for distressed investors seeking to realise value in European distressed scenarios, as well as for private equity portfolio companies as debtors. Team head Adam Plainer ‘brings common sense, commerciality and plain speaking to any situation’, be it on behalf of distressed investors, junior and senior lenders or IPs.

Corporate and commercial > M&A: Upper Mid-Market And Premium Deals, £750m+ Tier 6

The ‘experienced’ lawyers in the corporate and securities team at Dechert LLP regularly advise on domestic and cross border transactions in industries such as financial services, life sciences and healthcare and TMT. Practice co-chair Christopher Field has significant experience working on cross-border corporate carve-outs,  IPOs, acquisitions and disposals. Co-heading the team with Field is Adam Levin whose client base consists of high-net-worth individuals, international corporations and private equity firms. Highly praised in the market is US-qualified Douglas Getter . Ross Montgomery and Sam Whittaker are other key lawyers.

Employment > Senior executives