Rising stars - the new wave of dealmakers at top City law firms
A look at the new generation of M&A partners making their mark in the wake of the financial crisis
July 24, 2015 at 07:27 AM
16 minute read
From the magic circle to the elite US firms in London, a look at the new generation of M&A partners making their mark in the wake of the financial crisis
FRESHFIELDS BRUCKHAUS DERINGER
Oliver Lazenby Qualified: 2001 Made partner: 2011 Key deals: John Laing Group's £600m initial public offering (IPO) on the London Stock Exchange; Mexican drinks company FEMSA's auction of its brewing business, which was eventually sold to Heineken in return for a large equity stake Defining moment: "I like doing deals with an international element. The FEMSA deal was New York law governed. You might ask what an English lawyer was doing in the middle of all that. You have to appreciate that people from different parts of the world approach deals in very different ways." Do you think global firms still need rainmakers? "More than ever: there are often one or two key people at our end who act as the interface between the client and the firm."
Piers Prichard Jones Qualified: 2001 Made partner: 2009 Key deals: Columbus International's proposed $3bn (£1.9bn) sale to Cable & Wireless in 2014; a consortium comprising Aena, the Spanish airport operator, and AXA Private Equity on its acquisition of Luton Airport in 2013; the $90bn (£57.7bn) Glencore/Xstrata merger in 2012-13; BAE Systems' proposed $30bn (£19.2bn) merger with EADS in 2012; a Ferrovial-led consortium's $12bn (£7.7bn) acquisition of BAA in 2006
Jennifer Bethlehem Qualified: 2000 Made partner: 2009 Key deals: Novartis' three-part transaction with GlaxoSmithKline, including the setting up of a consumer healthcare joint venture; IPOs of Aer Lingus and Air Berlin and subsequent M&A and capital raising transactions for Air Berlin Defining deal: "The Novartis deals taught me that you have to harness all of the resources you can around the world. You need to be a business lawyer rather than a jurisdiction lawyer. This is the way the law is going now and the way the big complex deals are going."
ALLEN & OVERY
Dominic Morris Qualified: 1998 Made partner: 2008 Key deals: Iberdrola Group's acquisition of ScottishPower; Vale's disposal of its global aluminium business to Norsk Hydro; Shell's divestment of its downstream Africa business Defining moment: "I came from investment banking where you spend a huge amount of time on business development. I think having that appreciation and the willingness to really go after business was key when I switched back to law."
Simon Toms Qualified: 2003 Made partner: 2012 Key deals: 21st Century Fox's sale of Sky Italia and its majority stake in Sky Deutschland to BskyB; Rwanda Development Board's disposal of a majority stake in the Development Bank of Rwanda to Atlas Mara Co-Nvest
Ed Barnett Qualified: 1998 Made partner: 2007 Key deals: GlaxoSmithKline's sale of its drinks brands Lucozade and Ribena to Japan's Suntory Beverage and Food for £1.35bn; software business Interwoven's acquisition by Autonomy Corporation
HERBERT SMITH FREEHILLS
Mike Flockhart Qualified: 2005 Made partner: 2013 Key deals: Longview Asset Management's sale of a stake to Northill Capital; Veritas Asset Management's sale of a majority interest to US giant Affiliated Managers Group. Defining moment: "Winning the [Longview and Veritas] work. Both were good-sized M&A deals and came to me through intermediary contacts who recommended me to the client." Do you think global firms still need rainmakers? "Yes. Global brands are becoming more important with the effect of reducing the role of rainmakers and making it more about brand – but there will always be certain star individuals who generate a disproportionate share of work."
Gavin Williams Qualified: 2001 Made partner: 2014 Key deals: the takeover of British Energy by EDF; the takeover of Alliance Boots by KKR and Stefano Pessina; advising the winning bidder for the Thames Tideway Tunnel Defining moment: "I have probably learned the most from deals where there has been latitude for creativity."
|CLIFFORD CHANCE
Graham Phillips Qualified: 2004 Made partner: 2015 Key deals: Shell's 2013 $4.4bn (£2.8bn) acquisition of part of Repsol's LNG portfolio; British outsourcing firm Serco Group's £555m rights issue and refinancing of existing lending facilities Defining moment: "The hot auction process [on Repsol]. It was a very desirable asset and we essentially needed to fly out to Madrid for a couple of months and work 24/7 to land a complex transaction." Do you think global firms still need rainmakers? "All partners need to be able to help the firm strengthen its relationships with existing clients as well as establishing relationships with new companies, especially given the increasing competition in the legal market over the past decade."
Amy Mahon Qualified: 2000 Made partner: 2008 Key deals: a consortium comprising CDPQ and Hermes on its acquisition of a 40% equity stake in Eurostar International; Banco Santander's $1bn (£642m) sale of a portfolio of renewable energy and water infrastructure assets to Cubico; Apax, Permira and New Look's dual track exit and sale to Brait How do you develop good client skills? "I spent two years working in a bank and developed a lot of good relationships there. Acting on both sides of the table helps you develop relationships and work out what clients want. It is important to spend time with your clients in between deals, so you can figure out how they prefer to work." Do you think global firms still need rainmakers? "Absolutely. An institutional relationship still requires a number of personal relationships at several different levels."
Nicholas Hughes Qualified: 2004 Made partner: 2013 Key deals: Actis' establishment of Lekela Power, a $1.9bn (£1.2bn) pan-African renewable energy generation platform with Mainstream Renewable Power; International Power's $20bn (£12.8bn) combination of International Power and the international energy assets of ENGIE; the subsequent offer by ENGIE to acquire the shares in International Power it did not already own
LINKLATERS
Alex Woodward Qualified: 2004 Made partner: 2012 Key deals: US private equity firm Carlyle's sale of half of its majority stake in roadside recovery service RAC Defining moment: "You learn something from every deal; the RAC transaction reinforced the importance of being well prepared and being able to find pragmatic and commercial solutions quickly." What's the most important skill needed to service clients well? "An understanding of the client – their business, their drivers and the world in which they operate. You need to take the time to get to know the people as well as the institution."
Tracey Lochhead Admitted in the UK: 2010 Made partner: 2014 Key deals: Glencore's $70bn (£44.9bn) all-share merger with Xstrata; the break-up of ABN Amro; Investec's sale of Kensington Mortgages to Blackstone and TPG Defining moment: "You learn something new from every deal, which is what makes M&A so interesting. One of the biggest challenges is to genuinely understand what your clients, the various counterparties and key stakeholders want and why." What do you think are the key traits for a rainmaker? "All of the rainmakers I have met have stood out through their own distinctive style. Traits they shared include building relationships and bringing people together, delivering genuine insight and perspective, and perseverance and resilience."
Dan Schuster-Woldan Admitted in the UK: 2002 Made partner: 2010 Key deals: Lloyds Banking Group's sale of Abbey Life to Deutsche Bank; Swiss bank Julius Baer's acquisition of Merrill Lynch's international wealth management business outside of the US
SLAUGHTER AND MAY
Chris McGaffin Made partner: 2015 Key deals: Cadbury's takeover by Kraft Foods; PTT Exploration and Production's acquisition of Cove Energy; Cable & Wireless Communications' takeover of Columbus International and placing of new shares
Rob Innes Qualified: 2007 Made partner: 2015 Key deals: Royal Dutch Shell's recommended cash and share offer for BG Group; Aviva's sale of the RAC Group to The Carlyle Group Defining moment: "Working on a massive deal such as Shell's $70bn (£44.9bn) recommended offer for BG Group demonstrates the importance of having a suitably sized team and procedures in place to make sure that the central corporate team can keep track of what's happening across the board."
Sally Wokes Qualified: 2007 Made partner: 2015 Key deals: UK software company Autonomy's £7bn takeover by US technology group Hewlett Packard; Canary Wharf owner Songbird Estates' £2.6bn takeover by Qatar Investment Authority and Brookfield Property Partners Defining moment: "I've learned that it always pays to expect the unexpected. Clients need you to be clear and nimble in thought so that you can react quickly and effectively to changes in terms, tempo and tactics."
HOGAN LOVELLS
Maegen Morrison Admitted to the UK Bar: 2004 Made partner: 2007 Key deals: Optimal Payments' €1.1bn (£465.9bn) acquisition of Sentinel Topco; HSBC, JPMorgan Cazenove and Numis Securities' £100m rights issue of Mothercare What do you think are the key traits for a rainmaker? "Knowledge. Not of the law or market practice but deep knowledge of what keeps your client up at night. What clients remember is the adviser who can guide them proactively rather than waiting to react to a question or an issue."
Ben Higson Qualified: 1999 Made partner: 2009 Key deals: a joint venture between Mitsubishi-Hitachi Metals Machinery and Siemens; Kuwait Petroleum International's acquisition of Shell's Italian downstream petroleum business Defining moment: "Quite early on I got responsibility to do a deal for TFU. It started a flood of energy deals and I was given responsibility for selling seven big power stations – it consolidated in my mind that I wanted to do big transactions." What advice do you have for younger lawyers in this field? "Being a successful M&A lawyer is a long-term game and you need to have patience, tenacity and resilience. Never forget that the key person in all of this is the client – everything you do must be orientated towards the client and its needs."
MACFARLANES
Alex Edmondson Qualified: 2006 Made partner: 2014 Key deals: Avant Homes' group restructuring; US consulting company Exponent and other selling shareholders' sale of Gorkana Group to Cision Defining moment: "Avant Homes highlighted two fundamental truths of doing complex, multidisciplinary transactions: you have to be comfortable working outside of your immediate sphere of expertise and you need all parties and their advisers to be pulling in the same direction to get the transaction over the line." Do you think global firms still need rainmakers? "They always serve a purpose but the antiquated notion of a rainmaker who wins the work and then leaves others to do it has less currency these days."
Emmie Jones Qualified: 2005 Made partner: 2013 Key deals: Exponent's acquisition of Big Bus Tours; energy companies Royal Vopak, Greenergy and Shell's joint venture that acquired assets of the former Coryton oil refinery
Jessica Adam Qualified: 2003 Made partner: 2013 Key deals: Slater & Gordon's acquisitions of Taylor Vinter's PI practice and Goodmans Law; Duke Street Capital's tertiary buy-out of Wagamama
NORTON ROSE FULBRIGHT
Fiona Millington Qualified: 2002 Made partner: 2014 Key deals: Barrick Gold's proposed disposal of its 75% holding in African Barrick Gold; Allied Gold Mining's merger with St Barbara; HSBC's sponsor on Quintain Estates Development's new joint venture arrangements to develop the Greenwich Peninsula
Sarah McKellar Qualified: 2005 Made partner: 2014 Key deals: Crest Nicholson's listing on the London Stock Exchange; Delta Airlines' proposed transatlantic joint venture with Virgin Atlantic
TRAVERS SMITH
Lucie Cawood Qualified: 2005 Made partner: 2012 Key deals: Exponent's acquisition of Immediate Media, formed from a merger of BBC Magazines, Origin Publishing and Magicalia Media; Langholm Capital and selling shareholders' sale of Tyrrells to Investcorp
CLEARY GOTTLIEB STEEN & HAMILTON Sam Bagot Admitted in the UK: 2007 Made partner: 2011 Key deals: Vale's $1.6bn (£1bn) acquisition of mining interests in Argentina and Brazil from Rio Tinto; deals in-house on secondment for one of the mining majors Defining moment: "Working in-house, I was responsible for helping to manage the external lawyers and for dealing with the business teams internally, which gave me insight into what it's like on other side." Do you think global firms still need rainmakers? "Definitely, competition is becoming fiercer all the time and the markets are becoming bigger and more globalised – and so rainmaking skills are ever-more important."
Gabriele Antonazzo Admitted in the UK: 2010 Made partner: 2013 Key deals: Bank of America Merrill Lynch's sale of its asset management business in more than 20 jurisdictions to Julius Baer; Russian state oil company Rosneft's $55bn (£35bn) acquisition of TNK-BP Defining moment: "I worked on those two very complex deals in 2012, which was the year I was up for partnership. They taught me the importance of simplifying complexity." What advice do you have for younger lawyers who want to become rainmakers? "Keep your practice as broad as possible, invest time in building your substantive knowledge and take ownership of your projects."
SHEARMAN & STERLING
Jeremy Kutner Qualified: 2003 Made partner: 2012 Key deals: Lloyds Banking Group's acquisition of HBOS at the height of the financial crisis; advising a collection of hedge funds in relation to the restructuring of The Co-op Bank Defining moment: "Navigating through differences to reach a common goal that everyone is happy with. But probably the most important lesson I have learned is to listen more than you speak." What advice do you have for younger lawyers who want to become rainmakers? "Talk to people rather than email. Also, try to be confident in your views – if you come across as confident, your colleagues and clients will place their trust in you."
Simon Burrows Qualified: 2003 Made partner: 2013 Key deals: private equity company GMT's sale of maritime training software business Seagull; Samsonite's $1.25bn (£800m) listing on the Hong Kong Stock Exchange Defining moment: "I suspect if I ever feel that a deal has not helped me develop in some way or leaves me better equipped to do a subsequent one, then it's probably time to stop practising." Do you think global firms still need rainmakers? "Yes, although simply generating a personal book of business and keeping that in a silo is not what will make firms succeed. You need individuals who are liked and respected in the firm."
SKADDEN ARPS SLATER MEAGHER & FLOM
James McDonald Qualified: 1999 Made partner: 2011 Key deals: Israel Corporation's Kenon Holdings spin-off; advising the underwriters in the National Bank of Greece's $2.3bn (£1.5bn) capital raising; vodka producer Central European Distribution Corporation's bankruptcy plan Defining moment: "Kenon involved many complex layers and the management of advisers in three continents to effect the first US-Israel dual listing of a non-Israeli corporation. This deal has taught me that with the right team around you it's possible to achieve amazing results."
Scott Hopkins Made partner: 2012 Key deals: Japanese media company Nikkei's £844m acquisition of the Financial Times; XL Group's US$4.2bn (£2.7bn) acquisition of Catlin Group; AbbVie's proposed £32bn acquisition of Shire
SULLIVAN & CROMWELL
Chris Beatty Qualified: 2005 Made partner: 2015 Key deals: an acquisition financing transaction for Royal Philips in the spin-off of its Lumileds lighting business; German car parts manufacturer ZF Friedrichshafen's $13bn (£8.3bn) acquisition of US rival TRW Defining moment: "The way the Royal Philips transaction played out, we ended up negotiating both a US financing and a European leveraged loan that was underwritten by the Bank of China."
Ben Perry Made partner: 2008 Key deals: Apollo Management and CVC Capital Partners on the takeover of Brit Insurance by Fairfax; Mecom Group's acquisition of De Persgroep; Goldman Sachs' Merchant Banking Division's acquisition of a 50% stake in Hastings Insurance
SIMMONS & SIMMONS
Ania Rontaler Qualified: 2005 Made partner: 2015 Key deals: Advising BlueCrest on the acquisition of Man Group's minority stake in the group for $633m (£415m) and the spin out of its systematic trading business into a separate business, Systematica Defining moment: "Being named as one of the '50 Leading Women in Hedge Funds' by The Hedge Fund Journal in 2015. I was very proud to receive this award alongside so many successful and prominent women and to be recognised for my specialist hedge fund expertise."
WEIL GOTSHAL & MANGES
Samantha McGonigle Qualified: 2003 Made partner: 2013 Key deals: Technology Crossover Ventures' investment in Spotify; Avista Capital Partners and Nordic Capital's joint offer for Swiss pharma company Acino
Simon Lyell Qualified: 2003 Made partner: 2013 Key deals: Access Industries, Alfa and Renova Consortium's $28bn (£18bn) sale of their 50% stake in Russian oil joint venture TNK-BP to state-owned oil company Rosneft; private equity companies Cinven, Blackstone and CPPIB's multibillion-euro bid for the assets of building materials businesses Holcim and Lafarge
WHITE & CASE
Marcus Booth Qualified: 2005 Made partner: 2015 Key deals: York Capital's acquisition of the National Bank of Greece's real estate portfolio with a co-investor; led the corporate team acting for GSO Capital Partners on its £115m debt and equity financing of the management buyout of XLN Telecom Defining moment: "I've just supported [fellow partner] Ian Bagshaw on the acquisition by CVC Capital Partners of a controlling stake in pharmaceutical company Alvogen." Do you think global firms still need rainmakers? "Yes. A law firm is a collaboration of different talents, but I think firms need to be entrepreneurial to develop new clients and respond to changes in the market such as the birth of new capital providers."
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