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Dechert

Dechert

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United States • Tax

3

US taxes: non-contentious

Dechert‘s transactional tax practice benefits from a global reach and a strong position in both corporate and capital markets. The team’s work spans tax planning for M&A, structuring mandates, and handling cross-border investments for foreign investors. Notably, the team specializes in private-equity-led transactions, special purpose acquisitions companies, and representing leading asset management firms. A broad range of industries such as life sciences, healthcare, technology, retail, and financial services is also covered by the practice. Noted as an ’architect’ of private equity funds, Joshua Milgrim heads the New York-based practice. Joseph A. Riley is highly learned in tax issues surrounding all fund types, including specialized asset classes such as cryptocurrency. William Cejudo in Washington DC handles structured finance transactions. Kevin Zaragoza and David Passey are other key names who covers tax matters for M&A, REITs, and private equity sponsors. Ari M. Zak left the firm in August 2025.
Legal 500 Editorial commentary

Accolades

Client satisfaction: Lawyer & team quality
Client satisfaction: Sector knowledge

Testimonials

Collated independently by Legal 500 research team.

  • ‘Dechert is a leader in PE fund structuring. Their collaboration and communication across technical specialties (e.g., tax and fund formation) is excellent.’

  • ‘Josh Milgrim is a preeminent architect of private equity fund structures. His ability to navigate the intersection of complex tax rules and multi-jurisdictional regulatory requirements is unparalleled. Josh has been instrumental in structuring all of our funds, providing a bespoke framework that perfectly balanced GP incentives with LP tax sensitivities. Josh doesn't just follow market standards, he sets them.’

  • ‘Josh Milgrim and his team at Dechert LLP in New York are outstanding in your service, value for money, and professionalism. It is a pleasure to work with them.’

  • ‘Josh Milgrim is always available to help and demonstrates a sensitivity that is unique in the profession. I am grateful for the opportunity to work with him. ’

  • ‘Rebecca Lee’s presence at Dechert marks a seismic shift in the tax consulting landscape. She is, without a doubt, one of the best tax lawyers in America. By adding her to its already impressive roster of attorneys in the private and regulated fund space, Dechert has turned itself into a firm that has to be consulted on tax issues. ’

  • ‘Rebecca Lee is amazing. She’s knowledgeable, responsive and effective. On topics she knows well (there are many), there is no one in America who is at her level. Teamed with Joe Riley, who is a can-do, pragmatic adviser, they are the team to beat in the regulated and private funds space.’

Key clients

  • Aquestive Therapeutics
  • Barings
  • Bluerock
  • Blue Torch Capital
  • Court Square Capital Partners
  • Crown Holdings
  • Special Committee of Enfusion, Inc.
  • Fasanara Capital Ltd
  • GIC
  • Graham Partners
  • KKR
  • Lexmark International, Inc.

Work highlights

Advised Moss Adams on its strategic merger with Baker Tilly, creating the sixth-largest advisory CPA firm in the U.S.
Represented the Special Committee of Enfusion Inc., a leader in software-as-a-service (SaaS) solutions for the investment management and hedge fund industry, in connection with the US$1.5 billion sale of the Enfusion to Clearwater Analytics Holdings, Inc.
Advised Barings, one of the world’s leading investment managers, on its acquisition of Artemis Real Estate Partners, a US$11+ billion real estate investment firm.
Practice head

Joshua Milgrim

Other key lawyers

Joseph A. Riley; William Cejudo; Ari Zak; David Passey; Kevin Zaragoza; Rebecca Lee