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The opportunity to realise a unique value proposition due to distress exists but can be overstated and overemphasised as compared to business fundamentals. Read what Spencer Winters at Kirkland & Ellis LLP has to say on distressed M&A in our December 2023 issue roundtable: https://lnkd.in/ewJjYmSv #mergersandacquisitions  

🚨Latham & Watkins and Kirkland & Ellis rank 1st and 2nd in the Top 10 Legal Private Equity Advisors Across Europe for Q1 2024 by Buyout Deal Value, according to Mergermarket. Krugman Insights offers comprehensive and reliable analysis across Investment Banking, Private Equity, and Asset Management. 🔍 Latham & Watkins topped the list with a deal value of $6.2bn, up a massive 638.6% from Q1 23, the year prior. Kirkland & Ellis followed closely at 2nd with a deal value of $6.1bn, up 115.3% from the year prior. 🎖️ The prestigious list also features: Hengeler Mueller, Freshfields Bruckhaus Deringer, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Simpson Thacher & Bartlett LLP, Paul Hastings, Bredin Prat, Clifford Chance, Pérez-Llorca. Data is based on transactions over 5% or 50m USD and is based on Mergermarket's deals database. ✅ Weekly Industry Newsletter: https://lnkd.in/eVAM6hue ✅ Try 30 Days Free: https://lnkd.in/eBHYx37M #PrivateEquity #Advisory #KrugmanInsights #BusinessStrategy #Law #Buyouts #Deals #LathamandWatkins #KirklandandEllis #Freshfields #Europe ⏭ Instagram: https://lnkd.in/eS6vwx_m

Cooley LLP’s global M&A team is killing it in H1'23: Bloomberg: 🥇 for global and US deals by deal count, as well as global and US deals - principals by deal count. Refinitiv: 🥇 for US target side based on deal count & 🥈 for global deals by deal count. Mergermarket: 🥉 in US league table by deal count and 🍀 (#4) in its global league table getting in the reps while everyone else is standing on the sidelines in a tough market. Hit up Gwenlynne Lee and the team in Singapore for our views on #SEA M&A trends. #mergersandacquisitions #deals

After a little reshuffling from last quarter, Kirkland, Latham and Wachtell are now the top three principal advisers by deal value. Last year at this point, they were first, fourth and second, respectively. The final two firms in the top 5 took big leaps to get there: Davis Polk & Wardwell LLP, which was No. 13 at this point last year, is currently at No. 4, gaining 4.1% market share and bringing in $162 billion over 80 deals. Fifth in the Q3 rankings this year is Paul, Weiss, Rifkind, Wharton & Garrison LLP, which had the largest jump of the top five, going from No. 19 at this point last year to No. 5 via 100 deals totaling $154 billion. On deal count, Goodwin Procter (again) took the title, as it has every quarter for several years now, even with a slowdown in technology deals. Kirkland (No. 3) and Latham (No. 5) are the only two firms to be ranked in the top five in both value and deal count, and the deal volume top 5 is rounded out by Cooley at No. 2 and DLA Piper at No. 4. The total for worldwide M&A through nine months in 2023 is $2 trillion, down 27% from last year, according to data from the London Stock Exchange’s Refinitiv. While the third quarter was up 16% compared with the fiscal second quarter, it was the lowest third quarter for deal value since 2012 and most law firms have seen tanking deal count.

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

From Metrics to Exits and Beyond: Formalising an Operating Partner Strategy Link: https://lnkd.in/eSNB8Has The private equity landscape has changed considerably over the past couple of years, particularly as many firms have had to hold onto investments far longer than originally anticipated. This has meant firms have had to change how they work, manage deals and opportunities as well as appoint new team members, including Operating Partners (OPs). Following on from his 2022 white paper, Associate Director, Mark Scollay has spent the past few months interviewing professionals to see how the role of an OP has changed and how private equity firms can create a strategy to utilise OPs and forge long-term relationships. Read the paper on our website to find out more. #privateequity #operatingpartner #executivesearch #mergersandacquisitions https://lnkd.in/eSNB8Has

Holland & Knight LLP had a different strategy than most firms going into 2023 and it turned out for the best. The firm had a great year for its corporate practice in a year when most big firms did not. The firm focused on fields of practice of newly acquired firms over the last year. For example, Holland & Knight LLP spent a great amount of time and manpower in the energy sector due, in part, to the merger with Thompson & Knight and its energy-heavy practice. In addition, it spent a great deal of time and manpower in the healthcare sector due, in part, to its merger with healthcare-focused Waller Lansden Dortch & Davis. The firm then doubled down with the addition of a five partner energy group from Eversheds Sutherland spread between D.C. and Houston. With these focuses and an intentional focus on the middle market, instead of on VC and SPACS, the firm has been able to steadily keep its transactional attorneys very busy. #lawfirmmanagement #firmstrategy #biglaw

Hey, M&A lawyers, are you ready?   In 2024, the M&A landscape seems ready to take off, particularly in private equity.   Private equity deals have dipped over the last two years, but some industry insiders at Cooley LLP, Baker Botts, and Latham & Watkins expect a strong comeback this year, especially in the second half.   Especially interesting is that they’re expecting creative deal-making strategies like carve-outs, minority-stake deals, and intricate debt covenant arrangements, addressing the accumulated demand.   It seems like a lot of work for M&A lawyers! I'd love to hear what you think.   #PrivateEquity #MandA #BusinessStrategy #2024Outlook #LawyerLife #LawNews

ICYMI. In this article, legal industry observer Hugh A. Simons explores the true, though perhaps unspoken, benefits of a merger between Allen & Overy and Shearman & Sterling.

Q: Aren’t you underestimating the value creation potential in saying goodbye? Leading companies consistently, objectively, and thoroughly re-evaluate their corporate portfolios to discover value creation potential in alternative structures and ownerships. We conducted research together with our friends at Goldman Sachs on the increasingly critical topic of corporate separations, which showed that on average they lead to ~6% excess total shareholder return over 2 years post-closing. Read the full article below and let me know your thoughts :-) Sharath Sharma Michael Swanson Daniel Riegler Lasse Laurio Risto Lummaa Henrik Eriksson Tarek El-Ghazaly Krister Skålberg Kristin Ringland Martin Cardell Tobias Bengtsson Christopher Lenning Kristian Ivancic Mikko Äijälä Trond Olberg Pawel Bukowinski Gavin Edwards Anders Lau Tuxen Helge Fredheim Azim Omar Gregory Hughes Fabio Nani Aurelie Saulnier Liselore Sauer Giuseppe Donatelli Efrain Olalla Chris Locke Hsuan Chen Michael CF Chow Angus Blackwood Yo Takehana Kyuhan Kwon Lucia Posova Doug Jenkinson Fabio T. Schmitt Alex He Andy Lorenzetti Mitch Berlin Yew-Poh Mak Maranatha Peterside #ShrinkToGrow #Carveouts #EYParthenon #EY #SayGoodbye #UnlockValue