private equity


M&A, private equity draw US law firms to Munich

  • May 16, 2023
  • Reed Smith, Morgan Lewis, Kirkland & Ellis among at least nine international law firms to expand Munich presence in 2023
  • German city is a key M&A and private equity hub

(Reuters) – International and U.S. law firms continue to invest in Germany, with cross-border M&A, finance and private equity hires driving legal market growth in the country.

Reed Smith is the latest to add to its Munich office, roping in two partners from U.S. rival McDermott Will and Emery, including its German private equity group leader, Nikolaus von Jacobs, the firm said last week.

Expansion in Germany is a “key commitment” for the firm, Pittsburgh, Pennsylvania-headquartered Reed Smith said in a statement.

A McDermott spokesperson did not immediately respond to a request for comment on the departures.

Other U.S. law firms have also grown in Munich, most notably Morgan, Lewis & Bockius, which opened its second German office there in March with a 19-attorney group from rival Shearman & Sterling, including its country head and M&A leader Florian Harder.

Kirkland & Ellis, McDermott, Dechert, DLA Piper, Allen & Overy, Ashurst and Dentons all added transactional partners in the Bavarian capital this year.

“The opening of a Munich office is strategically aligned with our global client base, as the city is home to many multinational companies, such as Amazon, Google, Siemens, Linde, Allianz, Audi, BMW, MunichRE, and Microsoft,” Morgan Lewis chair Jami McKeon said in a statement in March.

Goodwin Procter, which launched a Munich office last year, called the city “a private equity hub.”

Germany’s financial capital Frankfurt also saw partner hires by Dentons, Herbert Smith Freehills and Latham & Watkins this year.

Freshfields Bruckhaus Deringer advised on more than $13 billion worth of deals involving German companies announced in the first quarter of 2023, the highest for any

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Law firm Squire Patton Boggs debuts M&A-focused Dublin office

  • May 13, 2023

  • Dublin outpost launches Monday under managing partner Dennis Agnew
  • M&A partner George Kennedy also joining from UK firm Philip Lee
  • Office opens with initial focus on private equity M&A and corporate advisory work

April 28 (Reuters) – Global law firm Squire Patton Boggs on Monday became the latest law firm to set up an office in Dublin, with the Irish capital continuing to attract international law firms to its shores.

The office will initially focus on cross-border M&A, particularly on private equity and corporate advisory work, managing partner of the Dublin outpost Dennis Agnew said in an email.

The 1,500-attorney firm said the office is commencing operations from Upper Mount Street in the city’s central business district Monday with corporate partner George Kennedy joining Agnew in Dublin from UK-firm Philip Lee.

Kennedy has “deep connections” in the corporate finance and investor community in Ireland and will help attract cross-border and Irish M&A matters to Squire Patton Boggs, Agnew said.

The firm in November announced its plans to set up a Dublin office to be led by Agnew, who previously headed up the Dublin M&A practice at international law firm Pinsent Masons.

Squire Patton Boggs’s international private equity clients have expressed an “increasing interest” in acquiring Irish targets in recent years, for which it was collaborating with an Irish law firm, Agnew said.

The firm now plans to handle this work from their Dublin outpost.

“Having the one firm providing strategic joined-up advice makes sense for our clients and networks,” Agnew said.

The firm is “actively” looking to hire lawyers in Dublin to expand its Irish cross-border corporate practice, the firm’s EMEA managing partner Jonathan Jones said in a statement.

The Irish economy has been bolstered in recent years by an “unprecedented wave” of foreign direct investment,

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Healthtech CEO sues law firm Seyfarth Shaw for $13.5 million

  • March 1, 2023

(Reuters) – The CEO of Los Angeles-based health information database company Prism Science LLC on Monday sued U.S. law firm Seyfarth Shaw for at least $13.5 million, alleging the firm botched the sale of his other companies to a London-based private equity firm.

In a lawsuit filed in Manhattan federal court, Mahesh Naithani claimed the companies were initially valued at $100 million by their buyer, Inflexion Private Equity Partners LLP, before Seyfarth’s faulty advice led to their sale for less than half that amount.

Inflexion bought the companies — Medmeme LLC, Pharmaspectra LLC and Medical Intelligence Solutions LLC — for about $43.2 million in 2019, the lawsuit said. Naithani alleged that had Seyfarth properly advised him, he would have rejected Inflexion’s lowball offer.

A Seyfarth spokesperson did not immediately respond to a request for comment. A lawyer for Naithani and his companies declined to comment.

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Seyfarth earned $2.25 million from its work on the Inflexion acquisition, the lawsuit said. Naithani said he is seeking at least $13.5 million in damages.

Naithani also alleged that Seyfarth’s negligence put him on the hook for a $25 million breach-of-warranty claim Inflexion later filed against him. The claim resulted in a settlement and $2 million in “unnecessary and wasted legal fees,” Naithani said in his lawsuit.

The case is M3 Cubed US LLC v. Seyfarth Shaw, U.S. District Court for the Southern District of New York, No. 1:23-cv-00957.

For the plaintiffs: Joshua Ray of CANDEY

For Seyfarth Shaw: Unknown

Our Standards: The Thomson Reuters Trust Principles.

David Thomas

Thomson Reuters

David Thomas reports on the business of law, including law firm strategy, hiring, mergers and litigation. He is based out of Chicago. He can be reached at [email protected] and on Twitter @DaveThomas5150.

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