Most Highly Regarded Firms: Private Funds 2011

• December 2010

• Private funds

Over the course of our independent research, we have identified 328 leading private funds lawyers in 38 countries. The most highly regarded individuals and firms are outlined here and recent high-profile moves within the community are also shown.

International

Simpson Thacher & Bartlett LLP performs exceedingly well in our research this year, with eight lawyers included in these pages, three of whom are among the top ten most nominated worldwide. The firm recently boosted its presence in London when it hired Jason Glover, who one source referreed to as “by far the best practitioner I have worked with” and who is the winner of our private funds lawyer of the year award. In New York, Thomas H Bell oversees Simpson Thacher’s private fund practice and was the winner of our private funds lawyer of the year award for the five years preceding Glover’s win. “Top notch” Michael Wolitzer has represented prominent fund sponsors like Apax Partners, Blackstone and Silver Lake.

Debevoise & Plimpton LLP secures an impressive 14 listings. Geoffrey Kittredge in London advises Exponent and Park Square Capital and is co-chair of the European funds group with Marwan Al-Turki. Al-Turki has AAC Capital Partners and the Carlyle Group among his clients and Debevoise was hailed as having “an extremely strong funds team in London with an impressive track record”. In New York, Michael Harrell is “an undisputed leader” whose recent work includes funds investing into distressed banks, natural resources and infrastructure. Rebecca Silberstein is “vastly knowledgeable” and her clients include BAML Capital Partners, Stone Point Capital and Morgan Stanley. David Schwartz is “an excellent name in fund of funds work” and is well known for representing HarbourVest Partners.

Kirkland & Ellis LLP’s Mark Mifsud is “without a doubt one of the best in the UK” and is the current chair of the IBA subcommittee on private investment funds. Eight additional K&E lawyers make the grade, including Richard Watkins who is “brilliant and a reliable advisor” and whose clients include 3i Group, CVC Capital Partners and Terra Firma Capital Partners. In Hong Kong, Justin Dolling “has a sharp business mind” and has advised on matters for Temasek Holdings, Candover Partners and Standard Life Private Equity. Bruce Ettelson in Chicago is “top notch” and “very well respected” and Kirk Radke is “top flight” when it comes to transactional work, fund formations and private equity spin-outs.

Dechert LLP fields ten lawyers in this book from seven offices, showing an extensive geographical coverage and strength of practice. In London, Peter Astleford “brings long experience and a practical mindset to the table” and heads Dechert’s financial services group in Europe. In New York, George Mazin is “an authority on fund structuring” and Kevin Scanlan is “user-friendly” and “a real expert on fund of funds”. Declan O’Sullivan is based in Dublin and “has vast knowledge and experience of all funds”. Olivier Dumas in Paris “has an almost encyclopedic knowledge of funds-related regulatory and tax issues”.

Six practitioners from Clifford Chance LLP merit an inclusion. Nigel Hatfield in London has “an excellent reputation for all aspects of private equity work” and Edward Gander, former managing partner of the private equity firm ViaNova Capital, “understands the client’s priorities and knows how to achieve them”. In Hong Kong, James Walker heads Clifford Chance’s Asia investment management practice and is “highly regarded for funds transactions and regulatory work”.

Sidley Austin LLP also fields six listings and the firm has advised clients like Merrill Lynch, Citadel and DB Commodity Service. Michael J Schmidtberger in New York co-heads the investment funds, advisers and derivatives group. “I have always been impressed with his knowledge and responsiveness to clients”, said one prominent lawyer we interviewed, “he takes a practical approach to solving legal issues”. Susan D Lewis is “a real fighter” and “any client should count themselves lucky if she is negotiating for them.” In Hong Kong, Effie Vasilopoulos, head of Sidley’s investment funds practice in Asia, focuses on funds transactions and structuring and “can be counted on for work involving complex and innovative fund structures. In London, the “excellent” Bruce Gardner advised on hedge and alternative investment products.

Schulte Roth & Zabel LLP’s Stephanie R Breslow co-heads the investment management group and is “very good for hedge funds” and “astute and known for being an adviser who can see from the client’s perspective”. Founding partner Paul N Roth is an adviser to AIMA and chairs the ABA committee on federal securities commission’s subcommittee for hedge funds and is “incredibly experienced”. Christopher Hilditch is the head of the London office and is “one of the best lawyers in the UK for hedge funds work”. Three further Schulte Roth partners are listed.

Twelve practitioners are included from SJ Berwin LLP, a firm whose alumni populate a significant proportion of our listings. Jonathan Blake, the senior partner of the firm, has been called “the godfather of fund formation in the UK” and he is based in London. Nigel Van Zyl is considered “a market leader” in Middle-Eastern, African and Asian work and his clients include Lion Capital and Silverfleet Capital Partners. Benjamin Aller is the most highly nominated practitioner in Dubai, where he is the managing partner. He is also a part of the Paris fund formation team and one commenter said “he was a go-to guy in Paris and he is even more so in the UAE”. George Pinkham is the head of the Paris Funds team and “stands apart from the crowd”.

Recent Moves Within Private Funds:

Offshore Firms

Walkers is the leading funds firm in terms of the number of listings and the offshore firm earns 15 inclusions this year. In the Cayman Islands, Mark Lewis is a “go-to guy on critical issues” who is “creative, business-oriented and understands coming up with practical solutions”. Jonathan Tonge is the managing partner and is a lawyer who peers “wouldn’t hesitate to recommend”. Heidi de Vries “reliably provides the right answers to any legal problem” and is the former managing partner of Walkers’ BVI office. Richard May is the current head of the investment funds group in the British Virgin Islands office and is “responsive and has experience of all types of funds work”. Vicki Hazelden manages the Dublin and London offices of the firm and is “first class”.

Maples and Calder funds lawyers are hailed by our sources as “excellent attorneys, very thorough, practical and easy to work with” and ten earn inclusion. Iain McMurdo is “a favourite Cayman lawyer who is responsive, thoughtful and smart”. Henry Smith at the same office is the global managing partner of the firm and Paul Govier in London is “incredibly knowledgeable and easy to work with”. In Dublin, Barry McGrath “has an almost unrivalled knowledge of how to structure UCITS funds”.

Nine lawyers from Ogier appear in the following pages. James Bergstrom is “a great all-round funds lawyer” and is based at the Cayman Islands office. In Guernsey, William Simpson is “an excellent lawyer, accurate and pleasant to deal with” and Roger Le Tissier, the founding partner of the Guernsey office, “has an impressive depth of experience”.

United States and Europe

Jeffrey Tabak is co-head of Weil Gotshal & Manges LLP’s private equity fund formation practice based in New York. He represents clients such as Lee Equity Partners, AXA Private Equity and New Century Holdings and our sources called him “a beacon of excellence” and “a man whose advice you can count on no matter what”. Three other lawyers are listed from this firm, including executive partner Barry Wolf, who is “charismatic and erudite”.

Six Ropes & Gray LLP funds lawyers earn listings this year, including William McCormack whose clients include Greenpark Capital, Clearview Capital and Phoenix Equity. Laurel FitzPatrick, head of the hedge fund practice, is “very well known in the private equity field” and has been recently much noted for her work on seed funds.

Iain Cullen is “one of the best funds lawyers in the UK” and “top of his game”. His clients include Brevan Howard, BlueCrest and institutional investor Gartmore. Five other Simmons & Simmons practitioners make the grade and all are in London. Steven Whittaker is “extremely skilled at setting up hedge funds” and Noel Ainsworth is “a true funds specialist” who advises clients such as Cambridge Associates, Gartmore on its merger with Hermes and a range of institutional investors.

Macfarlanes has four listings, including the “superlative” Bridget Barker who is “a regulatory lawyer’s lawyer”. She is the head of the investment funds and financial services group and her client list includes Darwin Capital, Greenhill European Capital Partners and Spirit Capital. Stephen Sims is “very strong” and has advised clients such as Haymarket Financial, Goldman Sachs and Hermes.

A number of continental European firms and practitioners performed very well in our research. In Frankfurt, Andreas Rodin of P+P Pöllath + Partners is “one of the best by far in the country” and “he can solve the tax problems of investors coming into Germany”, according to our sources. Three other lawyers are listed from that firm.

Two practitioners are listed in Dublin from Dillon Eustace including David Dillon, the most highly nominated funds lawyer in Ireland and the vice chair of the IBA investment funds committee.

Shelby R du Pasquier is at Lenz & Staehelin in Geneva and is one commenter’s “favourite lawyer in Switzerland for funds work”. He is co-head of the firm’s banking and finance group with François Rayroux, whose experience includes fund management and distribution.

In Luxembourg, Claude Kremer, the founding partner of Arendt & Medernach, leads a contingent of four from that firm. He is head of the investment management group and has almost 30 years’ experience of funds work.

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