Krugman Insights’ Post

Kirkland & Ellis reclaimed the top spot as a leading dealmaker, beating competitors like Skadden and Latham & Watkins. UK Magic Circle firms like Freshfields and Linklaters also secured top positions, showing strength across the Atlantic. Increased M&A activity is expected, with more companies looking to expand, fueled by strong cash reserves and fewer regulatory challenges. Falling interest rates will likely spur more deals, providing a further boost to transaction-driven practice areas. Firms have seen strong demand across practice areas, signaling continued profitability moving forward. https://lnkd.in/gBfBGx3M

𝑨𝒏𝒐𝒕𝒉𝒆𝒓 𝒃𝒊𝒈 𝒔𝒉𝒂𝒌𝒆𝒖𝒑 𝒊𝒏 𝒕𝒉𝒆 𝑩𝒊𝒈𝑳𝒂𝒘 𝒍𝒂𝒕𝒆𝒓𝒂𝒍 𝒎𝒂𝒓𝒌𝒆𝒕 𝒄𝒐𝒎𝒊𝒏𝒈 𝒔𝒕𝒓𝒂𝒊𝒈𝒉𝒕 𝒐𝒖𝒕 𝒐𝒇 𝒕𝒉𝒆 𝑾𝒊𝒏𝒅𝒚 𝑪𝒊𝒕𝒚! Overall it's been an encouraging 2024 thus far in the #CapitalMarkets space, with activity in the first eight months that has had many teams eyeing an even stronger close to the calendar year. I'm a big believer in the fact that perceived strength in a practice area can often be measured by notable partner/group moves, as firms will often look to bolster their ranks to lure cash cow clients or handle expected heavy workflow. So when I see a move like this in the Capital Markets space, I start to think that the decision-makers at Willkie Farr & Gallagher LLP are seeing something in the tea leaves. Earlier this week, the 100+ year old New York-born Willkie managed to lure away an 11-person team from the Capital Markets group at Chicago's own Mayer Brown... a move made right in Mayer Brown's own backyard! This group included five partners, most notably rainmaker and group co-head Edward Best, along with 20 year capital markets veteran 𝐉𝐞𝐧𝐧𝐢𝐟𝐞𝐫 𝐂𝐚𝐫𝐥𝐬𝐨𝐧 and John Ablan, Esther Chang and Susan Rabinowitz. This move is really interesting because not only does it lend belief to a resurgence in the Capital Markets space, but it also shows a tremendous amount of investment in the 𝐂𝐡𝐢𝐜𝐚𝐠𝐨 market, which has historically taken a backseat to the coastal metropolises when if comes to securities offerings. #BigLaw #lateralmarket https://lnkd.in/escN6F8H

Reed Smith LLP Partner Tom Whelan has been quoted in Legal Business Magazine's article: ‘Doubling down’: CC’s London PE head sets out strategy as buyout partners predict uptick. "It has been a fragile market, but there are signs of optimism as the year goes on. Last year was not the best year in terms of volume of private equity transactions, but there is now increasing pressure on sponsors from their investors to achieve some exits and return capital and/or deploy capital rather than just pay management fees with sponsors doing nothing with the committed capital." Read the full article below: #privateequity #London #business

Boom or bust? Are PE and M&A markets at tipping point? For almost 2 years, we've seen global M&A and #PrivateEquity activity slow down 📉 (falling to the lowest levels in 10 years in 2023*) due to high interest rates and economic headwinds💨. What has kept most Associates busy is a steady flow of #carveout, #spinoff and #JV work. What's keeping me busy now is keeping up with the moves in the space 🤹♂️ We're seeing a repetition of what Funds Partners' were doing 6 months ago --positioning themselves for the uptick in work to come 🤓🔥 ➡️ Tobias Knapp joins Baker McKenzie after his almost 10 year stint at O'Melveny where he lead the M&A and #PE practice. Allegedly, the move have been based partly on the fall out between O'Melveny and A&O over their failed merger talks. ➡️ Chelsea Darnell joins Paul, Weiss, Rifkind, Wharton & Garrison LLP from Kirkland & Ellis, continuing the battle for talent between the two firms both here and in London. ➡️ Daniel Fayock rejoins K&L Gates after spending time as counsel for a  Fortune 500 company. ➡️ Mike Ringler and Peter Jones have joined Sullivan & Cromwell LLP in California adding considerable expertise to their tech transactions and M&A practices. ➡️ Trent Bridges joins Akin Gump Strauss Hauer & Feld LLP in Texas bringing strong projects experience from Sidley Austin LLP and Magellan Midstream Partners. *Source: Reuters #biglaw #biglawcareers

Latest Megadeals Within the M&A Market! Exciting insights from The American Lawyer reveal some standout deals led by Freshfields Bruckhaus Deringer, Fenwick & West, Simpson Thacher & Bartlett LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates amidst geopolitical concerns impacting the M&A bounceback. Highlights include: 💡 Freshfields led Johnson & Johnson $13.1 billion acquisition of Shockwave Medical 💡 Simpson's strategic counsel with Blackstone Real Estate Partners in its $10 billion buy of Apartment Income REIT Corp (which was represented by Skadden) Read the full article here: https://lnkd.in/eg65Zm7B #MergersAndAcquisitions #DealInsights #LegalNews #MegaDeals #LegalNews #LegalInsights

As we've crossed into the second half of 2024, it's clear that Skadden Arps Slate Meagher & Flom has taken the lead as the top legal advisor in the robust M&A market. With a total transaction valuation of $212.5 billion, they've outpaced giants like Latham & Watkins and Kirkland & Ellis. Despite facing a milieu of economic obstacles including inflation, tight credit, and a hike in interest rates, the M&A landscape has shown resilience with deal volumes increasing by 13% compared to last year. Skadden's global head of Transactions Practice, Allison Schneirov, highlights an interesting shift towards carve-out and spin-off transactions as innovative strategies to enhance value. The energy and healthcare sectors have been the front-runners in blockbuster deals, but challenges for private equity firms are on the rise. High-interest rates push them to opt for minority investments over full acquisitions, presenting a complex landscape that tests the agility and strategic foresight of M&A professionals. It's a dynamic time for M&A, and the movements we've seen this year underscore the importance of expertise, strategic vision, and adaptability in navigating this ever-evolving market. What are your thoughts on the future trajectory of M&A amidst these challenges? Keen to learn about the roles we have for M&A lawyers or the current market in general? Reach out to [email protected] or drop me a message on LinkedIn! #MergersAndAcquisitions #LegalAdvisory #BusinessStrategy

A&O Shearman officially launches today. Now comes the hard part: making Big Law's first major transatlantic merger in more than a decade a success. That will be judged largely on how the combo of Allen & Overy and Shearman & Sterling LLP fares in the U.S., the world's largest legal market and a tough nut to crack. The combined firm still lacks the profits and private equity fire power to take on Kirkland & Ellis, Latham & Watkins, Paul, Weiss, Rifkind, Wharton & Garrison LLP and other elite players. Meanwhile, London's other Magic Circle firms (Freshfields Bruckhaus Deringer, Linklaters, Clifford Chance and Slaughter and May) are taking different approaches to trying to meaningfully break into the U.S. "As long as U.S. private equity continues to drive the market, the rest of the U.K. global elite will keep trying to break the U.S.,” said Scott Gibson, a London legal recruiter for Edwards Gibson. “They have no choice if they want to stay elite." Mahira Dayal and Roy Strom are reporting for Bloomberg Law. https://lnkd.in/efmQJxKM https://lnkd.in/eYWAta5k

🚀 Flint Bishop's acquisition of Walker Morris' banking and finance recoveries division is set to make waves in the legal world. This strategic move not only increases Flint Bishop's headcount to over 280 but also cements their presence in the bustling Leeds market. As a legal researcher, it's fascinating to observe how such acquisitions can bolster a firm's capabilities and market reach. #LegalTrends #RecruitmentInsights #BankingLitigation 🚀

#PrivateEquity #LawFirm and Deal of the Year!

The Government, regulators and the London Stock Exchange have gone to great lengths to try to make the public markets an attractive place for companies to be, with the relaxation of various provisions in the Listing Rules and the introduction of PISCES. However, the trend for taking companies private shows no sign of abating as the private markets continue to flourish.   The public to private exodus is one of the key themes at our M&A Summit, taking place on 21 October. Book your place today to hear from Derek Shakespeare, Chairman, EMEA M&A, Deutsche Bank, who will share his views on what this means for the future of public and private dealmaking.    Other confirmed speakers include: 🎤 James Arculus, Deputy Director General, The Takeover Panel 🎤 Chris Emmerson, Managing Director, Goldman Sachs 🎤 Joel Bamford, Executive Director, Mergers, Competition and Markets Authority 🎤 Will Pearce, Partner, Davis Polk & Wardwell LLP 🎤 Michael Nicholson, Head of M&A, Peel Hunt 🎤 Patrick Sarch, Partner, Head of UK Public M&A, White & Case LLP 🎤 David Petrie, Head of Corporate Finance, ICAEW 🎤 Julie Shacklady, Director, Primary Markets, UK Finance 🎤 Nick Benham, Partner, Davis Polk & Wardwell LLP 🎤 Sonica Tolani, Partner, White & Case LLP 🎤 Nicholas Levy, Partner, Cleary Gottlieb Steen & Hamilton LLP 🎤 Katharina Dalka, CEO and Founder, StellarOne Ltd., Co-Founder and Chairwoman, Dydon AI   The Summit is a unique opportunity for you to explore how M&A deals are developing including: ➡️ The M&A outlook for the next 12 months: key drivers and deal trends, including cross-border activity, the energy transition and the role of private equity ➡️ Developments in the application of the Takeover Code ➡️ The potential impact of “carried interest” reform on the sale of portfolio companies by PE firms ➡️ The use of private credit as an alternative, or complementary, financing option ➡️ The objectives of the Digital Markets, Competition and Consumers Act in relation to merger control in digital/tech companies The full agenda can be found here: https://lnkd.in/e8BEu-se ✨ Sponsored by Davis Polk & Wardwell LLP, Cleary Gottlieb Steen & Hamilton LLP and White & Case LLP✨ #MergersandAcquisitions #PrivateEquity #ListingRules