Shail Shah

One year after their partners voted to approve the merger between Troutman Pepper and Locke Lord, #troutmanpepperlocke Chair Tom Cole and Vice Chair David Taylor sat down with The American Lawyer to discuss the firm’s client-centric focus, strong financial performance, successful integration, and growing operational sophistication. #TPL #lawfirm   Learn more: https://lnkd.in/dnK2Sncw

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McDermott Will & Schulte, a newly created Am Law 50 law firm, is integrating its leadership across key management committees, the firm said Monday, having launched a website unifying the two firms’ names. McDermott said the former partners and leaders of legacy New York firm Schulte Roth & Zabel will “assume key roles across the management, executive, and compensation committees.” They will also serve as co-leads for the firm’s New York and London offices, the firm said. The merger—from talks in the early spring to closing on Aug. 1—was completed in a much shorter time frame than is typical for large Big Law combinations. McDermott chair Ira Coleman, in an interview Monday morning, said the speed with which the firms were able to accomplish the merger is a “harbinger of things to come." “This is a perfect example of what law firms can do when they execute quickly and trust each other,” he said. The faith both firms have in their C-suite helped expedite the process, he said, adding that it can show clients that impactful decisions can be made with both speed and accuracy. He said there will likely be some pivots with the tactical elements but the trust of the partnership makes that manageable. In a statement, Marc Elovitz and David Efron lauded the combination. “Combining with McDermott empowers us to broaden our impact, deliver unmatched value, and redefine what clients can expect from their legal partners. We’re excited to chart this future together.” Full story from Patrick Smith: https://lnkd.in/e6CMWCJp

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Top depository firm National Securities Depository Ltd (NSDL), that holds and manages securities in electronic form, has tightened rules regarding unlisted shares, allowing private companies to restrict transfer, pledging, and hypothecation of their unlisted stocks in the market. Our Senior Partner Yash J. Ashar shares his views on this in an article published by Business Standard. Read it at: https://lnkd.in/dbKAtyHR #NSDL #CapitalMarkets #UnlistedShares

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New York partner Scott Greenberg, Global Chair of our Business Restructuring and Reorganization Practice Group, was recently interviewed by Debtwire (subscription required) about the growing trend of companies paying work fees to third-party lenders in anticipation of potential “deal aways.” Scott explained that while third-party financings are threatened in nearly every liability management transaction, they are rarely executed. Sponsors typically prefer to reach agreements with existing creditors, especially when a maturity is approaching. He also noted that subordination protection in credit agreements can help align drop-down proposals between existing lenders and third-party financing providers. “However, in the absence of subordination protection, existing lenders can typically offer a priming facility and be more competitive in pricing given their attachment point.” While third-party financings are on the rise, Scott emphasized that they remain uncommon. “It sounds like there may be a few cases here or there, but it is certainly the exception and not the rule,” he said. “Perhaps we are poking the bear, but I think until you see it really tick up in practice, [third-party financings] will continue to be a bit of a hammer for negotiations rather than a real alternative.” Debtwire noted that Gibson Dunn is “known for engineering some of the market’s most complex and high-profile transactions.” Read the full story here (subscription required): https://lnkd.in/gWPFGJu3

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New York Law Journal reported on Andrés Berry’s arrival as partner at Hughes Hubbard – the third addition to the firm’s Banking & Financial Services practice this year.   The article also quotes Managing Partner Robb Patryk, who explained that Berry and other recent additions to the banking and financial services practice were brought on as part of the firm’s strategy to expand our financial services offerings.   “You know, largely when the market looks at us, they look at us as one of the premier aircraft finance practices,” Patryk said. “We want the market to look at us as a premier finance practice, with a capital F. Whatever kind of financing you need.”   Read the article: https://lnkd.in/egYiVmP6

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Exciting news in the SPAC market: Nelson Mullins advised Cartiga, LLC on its $540M business combination with Alchemy Investments Acquisition Corp 1. This deal will create Cartiga Holdings, Inc., further advancing Cartiga’s mission as a data-driven platform investing in legal claims and law firms. Congratulations to the Nelson Mullins team, led by Jonathan Talcott and Mike Bradshaw with support from Wells Hall, Kaylen Loflin, and Drew Calamaro, for guiding this transaction to signing. More here: https://lnkd.in/ecd8Bktt

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