Paul, Weiss, Rifkind, Wharton & Garrison has announced the addition of two dealmakers from rival firm Skadden, Arps, Slate, Meagher & Flom. The hires underscore the growing importance of asset management M&A in the corporate legal sector.
Per Reuters, David Hepp, who previously co-led Skadden’s financial institutions group and spearheaded its asset management transactions practice, will be joining Paul Weiss in New York. Accompanying him is Matthew Collin, another partner from Skadden. This strategic acquisition by Paul Weiss comes at a time when demand for legal services in corporate transactions is experiencing a resurgence, following a period of sluggish activity. This trend was highlighted in a recent report by the Thomson Reuters Institute, which examined the performance of law firms during the second quarter of 2024.
Paul Weiss and Skadden are both recognized as leading advisors in the U.S. for mergers and acquisitions (M&A). Hepp, who spent nearly 25 years at Skadden, will be at the helm of a newly established asset management M&A practice within Paul Weiss’ corporate department. Hepp emphasized the growing significance of this segment, noting that asset management M&A “has grown and continues to grow into a really, really robust segment of the M&A market.” He added that the increasing size of deals and the growing clientele are drawing substantial attention to this sector.
This development comes on the heels of another major departure from Skadden’s financial institutions group earlier this year, when Sven Mickisch, along with several other partners, transitioned to Simpson Thacher & Bartlett. Mickisch has since taken on the role of managing partner for Simpson Thacher’s financial institutions practice.
Throughout their careers, Hepp and Collin have advised on several high-profile transactions. Notably, they counseled BlackRock during its $12.5 billion acquisition of Global Infrastructure Partners, a deal that was announced in January. Their client portfolio also includes industry giants such as Wells Fargo, Affiliated Managers Group and Dai-ichi Life.
Source: Reuters
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