Gibson Dunn Nabs Paul Hastings Private Equity Partner as Crisis Calls for Client 'Triage'
"These are logistically challenging times, but it has been much easier than I thought," Stefan dePozsgay said of his move.
March 24, 2020 at 04:18 PM
4 minute read
Business as usual may be on hold in the U.S., but Big Law partners are still making moves, even if remote work protocols and economic uncertainties have upended the usual lateral rhythms.
Gibson, Dunn & Crutcher is among the latest firms onboarding new partners in the new normal, adding Paul Hastings private equity partner Stefan dePozsgay to its New York office. And three days after his arrival, dePozsgay said Tuesday that the process has gone remarkably smoothly.
"We began remotely in every single way," dePozsgay said in an interview. "I've been really impressed with it. These are logistically challenging times, but it has been much easier than I thought."
DePozsgay's practice focuses on a range of mergers and acquisitions and private equity transactions, including venture capital and growth equity matters, the firm said.
"We are very excited to welcome Stefan to Gibson Dunn," chairman and managing partner Ken Doran said in a statement. "Stefan is a strategic, commercially minded dealmaker who will add greater depth to our M&A and private equity teams."
DePozsgay specializes in deals in the sports, media and entertainment sectors, and said that Gibson Dunn's depth in those areas was a big factor in his move. He spent three years at Paul Hastings, which he joined from Boies Schiller Flexner.
"In New York and Los Angeles in particular, there is a really strong sports practice that crosses over," dePozsgay said of his new firm. "Having an industry group that crosses over like that was one of the biggest drivers in me coming over."
He said he anticipates clients will make the move with him, citing long-term relationships and Gibson Dunn's broad practice offerings.
His clients have included RSE Ventures, Tudor Investment Corp. and Centerbridge Partners, according to his Paul Hastings biography. He has also advised Goldman Sachs, including roles advising on the bank's investments in Crossbeam Systems, Uni-Pixel Inc and others.
Not surprisingly, dePozsday said the COVID-19 outbreak is having a huge impact on the industries he serves. He said deals are being delayed, though not necessarily canceled, and he expects this slowdown to continue over the next couple of months. But that doesn't mean things have been quiet.
"A lot of our work now is counseling clients," he said. "Keeping them appraised of potential government subsidies, advising on portfolio management. It is a lot of triage right now."
Clients, he said, have questions regarding employment law in particular, as companies, especially in the media, sports and entertainment industries, struggle to operate in an environment where mass gatherings are prohibited.
He said that he expects many of his private equity clients to focus on their portfolios in the short term, but others will be reexamining opportunities involving distressed companies now that valuations have dropped.
"People who have capital to deploy will do so," he said. "It may not be the seller's market we are living in anymore."
Before his time at Paul Hastings, dePozsgay was an associate and then partner at Boies Schiller Flexner in New York.
"I'm pleased that Stefan is joining our team," Steven Shoemate, co-chairman of GIbson Dunn's private equity practice group, said in a statement. "He is a well-known, energetic partner in the New York market, who will further deepen our strong bench of private equity lawyers."
In a statement, Paul Hastings said the firm wishes dePozsgay well.
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